.

harryem: I see dis policy or policies as a step needed for a devoloping country so as to propel us to a developed country stage...

The developed countries like USA, CANADA, UK, AUSTRALIA and even CHINA that is springing up so fast, have you ever asked your self the highest bill they have in their countries? But go to Zimbabwe, the idiot president can't even control the amount of inflation anymore because of the stupid high bills of currency.

Okoroafor or what ever u call your self, you are suporting an uneducated plan ?!!! Am sory to say that most of the apointment in the national assembly was to settle some scores among political hudlumes or not to say the right thing, how can an educated man like you all in the CBN define cashless nigeria as creating higher denomination of currency, instead of withdrawals of the existing higher .what do this oportunist leaders take us for ?We are already suffering from the increament of pure water buscits and other food stuffs which was caused by subsidi removal,you illitrates does not impliment a law on price control and enforce it,or emmulate a good character from america of whome you quote in some of your policies, example the bigest currency in america is100 dollar britain 50 pounce look at the problem in europe were 500 euro is in the hands of men of quetionable character why not introduce 50 naira or 200 as highest. if the cbn staff are now coropt the country is finish we need military intervention

I just dey imagine how many piece of the 5,000 naira note will be some people's salary.

People should not mention pure water satchet in this forum again as a yardstick for inflation. I was born in an era that there was no water satchets. It was not and is still not considered hygienic to drink water from polythene sachets. It should be banned out-rightly to save the environment and human lives. Satchet water was not always there, it just came into picture about 10yrs ago. We used to carry water jar to school with portable water, and that's how people i advanced climes carry designer water jars till date.

Good for politicians.They'll no longer need 'ghana must go' bags.

sonyjacobs: I just dey imagine how many piece of the 5,000 naira note will be some people's salary.

LOL You receive salary in cash ?

.

godjohnson: Good for politicians.They'll no longer need 'ghana must go' bags.

So politicians are paid in cash ? I thought such volumes of salaries and allowances go straight to bank accounts.

Agiliti:
coming from someone whose last name is goat, billy goat.
dont even go there with me boy, i'll turn your words into leaves and make u eat them

Are you a magician ? How can you turn words into leaves ? No vex sir, but you are always sounding like an hungry man. Always pro-poverty.

Future tense: The Introduction of 5000 PAPER money by CBN will encourage cash savings reducing cash less savings

.

How can you encourage cashless saving at the same time make cash easier to carry

Interesting to see how the collapse of our national economic is fast approaching......

info: How can you encourage cashless saving at the same time make cash easier to carry

The entire cashless policy was to reduce quantity of notes in the system, not to stop you from spending. If consumers stop spending, the economy crumbles. Read my earlier comments.

How absurd?

kodred: perhaps we are all in a haste to judge quickly.....lets see hw it goes, afterall evrytin has its advantages nd disadvantages

Yeah, people like you are the ones who sit back and see how it goes until you are destroyed. Haven't you seen how the fuel subsidy went?, where you not in Nigeria when the N1000 note was introduced, from that time till now, how has inflation been? Nigeria has one of the highest inflation rates in the world at present and you are sitting down and seeing how it is going.

Billyonaire: The entire cashless policy was to reduce quantity of notes in the system, not to stop you from spending. If consumers stop spending, the economy crumbles. Read my earlier comments.

My question was: How can they are (CBN) encourage cashless saving with a large amount as much as 5000 is also in circulation?

Billyonaire: LOL You receive salary in cash ?

it is the 'BESTEST' way to receive it (unless your pay is 6 digits) . . . even you should know that

centje: ur choice of words and reasoning. They appear masculine.

i dont know if i should take this as a compliment or as an insult

but you miss road sha (waayy over the bar) . . . ;P

rash47: @ mrs i-smoke weed

First time u reason well,kip it up nd restrain ursef from going back to ur habitual ways

first time kè ?

mstsheww!

INHALING & EXHALING

Pls can they make it 1 million a note pls. Since they think that Nigerians are fools. How can you marry cashless economy with introduction of higher denominations.
Fools that think that they public are fools like them..

dis story of N5000 i nova hear am from the president mouth cos e bi like say any body way dey power go just com do him own policy without involving the humble joe. Na really shame to us ooo cos the man at the top suppose don com address this issue. this na him government why is he not active.

Billyonaire: That is NOT what I wrote. I stated that CBN will pull out equivalent amount of lower notes from the system that is introduced in 5000 notes. So the volume of cash in circulation will remain the same, but the quantity of cash in circulation will drastically reduce - This is Pro-cashless policy. As far as the lower denomination notes are withdrawn from the system and destroyed while 5000 notes are being introduced, there will be no excess liquidity in the system, meaning no inflation.

Wow! Just like I thought based on my example. So you would rather pull out smaller currencies, replace them with SUPER SUPER larger ones, stifle the economy because the supply becomes lesser than demand because not everyone can afford the larger bill (though the money in circulation remains the same), at least according to the average Nigerian purchasing ability, and you argue this is cashless? How is it cashless when qty supply of money tender is reduced? I'm failing to see how that happens because, in as long as there is reduced supply, more than 75% of people who refer to themselves as average or poor will continue to demand the smaller bills because that's what they can afford, that's the minimum risk they're willing to take.

munaco: dis story of N5000 i nova hear am from the president mouth cos e bi like say any body way dey power go just com do him own policy without involving the humble joe. Na really shame to us ooo cos the man at the top suppose don com address this issue. this na him government why is he not active.

simly because he is inactive

Paul John: N5,000 will strengthen the cashless policy – CBN official
The Director, Corporate Communications Affairs of the Central Bank of Nigeria (CBN), Mr Ugochukwu Okoroafor has affirmed that the apex bank’s decision to introduce the N5,000 note is to strengthen the cashless policy of the bank.

Illustartion of the planned N5000 with leading female activists by Vanguard newspaper.
He further explained that the Project Cure which is the review of the nation’s currency announced by the CBN last week, is in-line with the CBN’s statutory policy of reviewing the nation’s currency. He also stated that the move is in line with global best practices of reviewing nation’s legal tender on a regular basis of every five-eight years.

Mr Okoroafor on our weekly breakfast show, Sunrise, noted that the N1,000 has been in existence in the last seven years. N500 has been around for 11 years, N200 for 12 years and the N100 for 13years, hence the need for this overall review of the currency, which according to him is ‘over-due’.

The corporate affairs manager also argued that it is essential to rejuvenate the currency, “to make it new”, “for an economy that is just coming out a global recession” he said.

However, a chartered accountant, Bala Zaka, countered the CBN’s policy, describing it as ‘irrelevant brilliancy’.
http://www.channelstv.com/home/2012/08/25/n5000-will-strengthen-the-cashless-policy-cbn-official/

hw stupid do they think nigerians re?u want a review of d currency, y nt change d note instead of adding another denomination?if dats hw past pple have been adding notes we 4 neva get 1million naira note by now?y nt add 2000 note sef,na 5000 dem c.hw dem won give person change inside bus,or if u go buy pepper?dis is stupid
Wen was d last time american or other leading nation added a new denomination?2 get change 4 a $100 bill is war.seriously?jona no go stop dis kind madness.

Billyonaire: LOL You receive salary in cash ?

Most people can be paid in cash now, even someone collecting N1m can slot 2packs in his pockets. Remember some Nothern LGAs still pay salaries in cash, that's why BH guys went around robbing them on pay days sometimes back.

[quote author=Area_boy]I dont see what the big deal is here. I doubt that bill will be as common as 1000 and its predecessors.

Secondly, Nigeria will go cashless soon whether or whethant.


I guess the whole idea here must be politically backed. They are sick of looting huge sums in visibly large quantities and they rather steal the nations wealth easier. Imagine 4 bundles of that will be 10million naira



why wont they think we are dummies?[/b][b]

ochallo:



Yeah, people like you are the ones who sit back and see how it goes until you are destroyed. Haven't you seen how the fuel subsidy went?, where you not in Nigeria when the N1000 note was introduced, from that time till now, how has inflation been? Nigeria has one of the highest inflation rates in the world at present and you are sitting down and seeing how it is going.

D subsidy saga came nd went, broda wt did u do bout it? No be for tv u dey watch d whole tin? Tins r dis way because of d corrupt leaders nd nthn more #andthatisall!

well

Billyonaire: LOL You receive salary in cash ?

Bros some establishment still embark on table payment(package your salary for envelope).
My brother works in an hotel. Their salary are paid in cash. them go put am for envelope give you. And some staff salary are between 10k-15k. just imagine person collect salary of 10k which is just 2 piece of note for the full month.

I lost two pieces of N1000 notes today.

Imagine if those were to be N5000?

I for hear am today.

U av made a point.....jare
The govenor of Ekiti state once said "To change this country,you have to be in power"
I have been having some visiting headache since I got the news of the concluding intentions of CBN....
I have carefully studied these things in my capacity and I smell a conspiracy between GEJ,Ngozi and Sanusi....First,if 5000 notes is released,then its a step to increase fuel price in the nearest future,its another step to make huge withdrawals from the foreign reserve,its also a step to borrow a huge amount from World bank,which most probably have been nearing final approval.....Large currency like 5000 naira makes these operations easy and it would make their transactions cheaper....... And to the common man,price of every goods would increase,traansport fares etc...The price of pure water would firm at around 20 naira,the smallest sized bread would be 100 naira.
Don't forget that,the inroduction of 500 and 1000 naira was what made maggi sold for 2 for 5 naira(from 50k), chewing gum,sweets sold for 5 naira each(from 1 naira) etc just because traders was looking for every means to avoid collecting coins of 50k,1 naira and 2 naira.
All part of the Nigerian trade in a common man market eradicated the need for collecting coins by increasing their goods cost to meet up the nearest Note,which was 5 naira,as a result of these,coins disappeared from circulation.
The same would happen if these 5000 note is allowed by Nigerians....The hardship of Nigerians would increase significantly and no one would be spared.
I call on all Nigerians to halt these move....It is a calculation of gain to the government and its close allies and hardship to the masses which makes up more than 85% of the population.[/quote]

WHAT PAINS ME MOST WE ARE HERE TALKING AND COMPLAINING ABOUT THE SITUATION, WILE THEY ARE TREATING US LIKE KIDS, WE NEED TO DO SOMETHING FAST BE FOR NIGERIA OUR COUNTRY TURN UPSIDE DOWN, WILE THEY RUN AWAY WITH THE MONEY THEY STOLE AND LEAVE US HERE TO FACE THE TERROR.