This Sls person is simply loosing credence by the day
what wont one c in dis we 9ja
Abeg pple lets all stand out and say no
No to this corrupt n un patrotic pple
lets all rise n defend wht is left of our dear nation frm d hands of these evil forces

Wizeboy: In as much as I agree with his decision to introduce the new N5000 note, where my worry lies is the introduction of N20 coin. Though COIN is been used in more advanced countries of the world as a means of transaction but I doubt if that will work in Nigeria.

I remember when 50kobo and N1 was converted to coin, the price of sweet, biscuits and some other items quickly rise to N5 and had been like that since then. I strongly believe if N20 notes is finally converted to coin, hardly will the value worth what it is today (the price of Pure Water, Biscuit, Sweet and some other things will change drastically) because of Nigerians mentality.

He should therefore, let N5, N10 and N20 remain paper note, in order not to cause hardship for Nigerians.

"Also note that, we are not cancelling the notes.
We are introducing the coins side by side. So you will still have N20 notes, for example, with N20 coins, until it gains acceptability."
I guess that should settle your worries about the coins issue

phraze: Mr Ben i am not Dumb. Maybe you think you are. If you still think i'm supporting him wrongly then who do you support?.. Nobody!.. TheBen i support the policy and Mr.Seun spoke my mind. R we even nw?

na people like you follow jim jones die yapata. Give your own stance or shut the phuck up.
@all have you guys thought about the millions of nigerian students? Many will be scared to even have the note unless they change it to 1k pieces. The reasons are so many.

crackhouse: This jarus of a guy didn't do a nice job here. He was busy [b]romancing & laughing with the dude [/b]and agreeing to whatever he said instead of asking him good & challenging questions. This interview is more of a friendly one than an investigative or fact finding one, Infact it's not explicit. Thumbs down my guy jarus. This shows u are not into professional journalism.

Do you have the full interview with you or you based your assertion just from what he said...mehn spiritual beings dey Nairaland o

@Op are you a journalist or a critic of some sort?#just wanna know

@jarus
I must commend U for trying to clarify issues before making comments but can't believe such policy by CBN will be based on such fallacious reasons,
1.I'm a banker and the introduction of N5K has no effect on ATM mgt as claimed by SLS,The amt loaded in an ATM machine is regulated by banks to reduce cost of insurance and not the size of the machine.
2.N5K notes will not reduce cost of money mgt by CBN cos it's a new currency with it's attendant cost wc include,design,printing,circulation etc.
3.Pls wen next u call him,remind him dat d polymer notes introduced by his regime failed to achieve it's aim as a lot of N20 and N50 notes is being destroyed daily due to the easy fading nature of polymer notes wen exposed to our climate for long.
4.Economic realities are peculiar,wy wld you rely on a study to formulate policies?Nigerians don't like carrying coins,we associate coins with beggers,fetish beliefs and children no jupiter can change that,d coins introduced earlier have all disappeared and no bank in Nigeria has coins in it's vault.
5.CBN is not mandated to fight corruption,but wy increase the burden of the police and EFCC?
6.European countries and the US highly regulate the flow of high denomination as counterfeiters find it profitable to duplicate.A criminal can afford to spend 2K to produce a high quality counterfeit of 5K
I can go on and on,but I suggest government shld invites stakeholders to a forum to discuss the new policy b4 implementation.
@Seun,I'm quite surprised but I take it ur view is based on certain info wc might not be too accurate.

Bra ra ra ra.... All these mumbo jumbo self.

One world summarizes it. INFLATION !

There is no DEMAND for a N5000 note. Majority of the transcations in this country are being done with the lower notes (transport fares, feeding, church offerings etc).
For transactions that need high volume or amount of cash, the 1000 naira note is available.
With a N5000 note in the system, things will definitely change within a short period of time.

I don't see how this will reduce the cost of printing and managing currency.
1. A new (unwanted) note is being introduced - it will cost money to print
2. Other notes will continue to be printed (frequently too) - this also costs money
3. No denomination/note will cease to be printed -
4. Coins will be introduced - more cost

So how will this reduce the cost of printing and managing currency when:
- There is now excess money in the system. (We now have 9 denominations of the naira + the reintroduction of coins)

Wizeboy: In as much as I agree with his decision to introduce the new N5000 note, where my worry lies is the introduction of N20 coin. Though COIN is been used in more advanced countries of the world as a means of transaction but I doubt if that will work in Nigeria.

I remember when 50kobo and N1 was converted to coin, the price of sweet, biscuits and some other items quickly rise to N5 and had been like that since then. I strongly believe if N20 notes is finally converted to coin, hardly will the value worth what it is today (the price of Pure Water, Biscuit, Sweet and some other things will change drastically) because of Nigerians mentality.

He should therefore, let N5, N10 and N20 remain paper note, in order not to cause hardship for Nigerians.

i quite agree with your thoughts on this particulary Nigeria's aversion to coins but since he said the coins will be introduced side by side with the notes until they gain acceptability, then, i think it's a good policy moreso since that is what is obtainable in advanced countries

Donalð Genes: Why do nigerians are so fond and quick to carpet any new cash policy programme in this our beloved country,why can't we just allow it to work first and see how it goes?must we oppose anything new?na waoooooo
Sanusi pls ignore them jorr! I lend my credence absolutely with you on this!

i dont tink u pastru schooj at all? (economis,commerce,acount).all these stakeholder in nigeria ar not tink of average nigeria men n common man on d street.they wont make life though 4 low incom earners,its general public can retaliate

I think this is a very dumb move and will work against the cashless policy of the cbn. Nigerians don't like change unless they are forced to change e.g when atm's where first introduced most people still went into the banking hall to withdraw cash until banks started charging for over the counter withdrawals. Sanusi should be making it harder to carry cash by removing the large bills from circulation and watch Nigerians embrace paying with p.o.s and other form of payments.

Historically, Nigerians don't like using coins in transaction. The evidence of that still stare us in face, my nephews and nieces have never seen one before! However, am not against the 5K note, but it should not be everywhere. It shouldnt be loaded into ATMs, cos an average person would not need it. N5,N10,N20 should also remain as note. There and then, inflation would not follow the introduction of higher note.

Someone pointed out that re-denomination would have served same purpose. Why not try that? The whole exercise is even touted to gulp a whooping N40 Billion Naira. It's a misplaced priority.

SLS: All that are unproven talks. I have challenged people to bring any study or research that says higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency renomination, not otherwise.

Mr. Sanusi, it is obvious as you asserted above that higher currency denomination does not have any effect on the real value of the naira. It is also true that higher currency denomination reduces the cost of cash management in the economy but you did not consider the macroeconomic trade-off that will certainly affect the purchasing power of consumers. On the contrary therefore, the conversion of N5, N10 and N20 to coins, must bring inflationary pressures on the economy.
First, consider the inconveniences of carrying coins around. Consequently, sellers will increase the price of their commodities to be at par with the lowest naira note, which is N50. That means the supposedly cheapest commodity will sell for N50, thereby escalating inflationary pressures on the economy.
It is obvious that Mr. Sanusi is trying to adopt keynessian economic theory (rigidity) in Nigeria as witnessed in the banking industry without taking cognizance of the fact John Maynard Keyness economic theories succeeded in a corruption-free society. Mr. Sanusi is only interested in the success of his cashless policy and a reduction in the cost of cash handling, without considering the macroeconomic-trade off (opportunity cost)of his policies.

About Sanusi requesting for evident on the inflationary effect of the proposed N5000 introduction...below is my case;

When N1 became obsolete and retailers started avoiding the metal legal tender, manufacturers whose goods were sold at N1( one naira) were forced to escalate the selling price to 3units for N5 which with time was later increased to N5 per unit and now between N10 and N20 per unit (biscuit for example) even as N50 is fast becoming a burden to some big spenders. Where lies the hope of the proposed N20 coins, having the N20 coins exist with N20 note is nothing but a suicide mission to paralyse the SMEs as retailers would prefer the note to coin thereby translating to a useless N20 coin and a waste of tax payers’ money used in issuing such currency.

About banks being able to reducing storage and related cost and being able to stock ATM with 5times the present value when N5000 is being introduced is nothing but a bullshit. You mean if i want to withdraw N15000 from the ATM, I would get three N5000notes and God forbid I misplace a note, what happens to a common man who earns N20000 and misplace a note of N5000?. This policy sucks Mr. Sanusi.
Sir, must you sign on a note before being possibly sent packing? Must every republic introduce a new note? You started well but you are fast losing focus sir. You were my role model until you and Ngozi propounded and played the Nation like Messi with your anti-human subsidy remove policy at a time Kerosene was being sold between N120 and N150 per litre and a time when we don’t trust our public officer holders. We await patiently for the palliative which seems to be another creative lie.

I seldom comment on Nairaland land but I cant just watch my Nation being strangled to death in the hands of some over zealous and supposed messiah.

crackhouse: This jarus of a guy didn't do a nice job here. He was busy romancing & laughing with the dude and agreeing to whatever he said instead of asking him good & challenging questions. This interview is more of a friendly one than an investigative or fact finding one, Infact it's not explicit. Thumbs down my guy jarus. This shows u are not into professional journalism.

YES YES YES
CHATTED LIKE BIG MAN TO BIG MAN AND NOT DEFENDER OF THE MASSES. IF JARUS WAS SO REALISTIC AND THOUGHT ABOUT THE COMMON AVERAGE DUDE AND ALIGNED HIS QUESTIONS ACCORDING TO EVERY DAY ORDINARY NIGERIAN'S SPENDING AND BUSINESS TRANSACTIONS YOU WOULDNT HAVE SAID THAT.

While they are busying dissecting the associated costs, have they thought about the fact that nothing less than 5% of this currency will be fake eventually? It is profitable for counterfeiters to print this note. An issue of this nature is still dangling over the head of Soludo. And, the Australian government had to investigate Securrency, the Australian company that minted our notes.
Read this:

http://traceblog.org/2012/06/09/former-securency-executive-set-to-plead-guilty-in-foreign-bribery-case/


And this: https://www.nairaland.com/426652/cbn-securency-bribe-scandal-australia-sacks


2.8 percent of currency in Britain are fake. We can only imagine what the percentage is in Nigeria.
With #5, 000 notes, we can say with certain reasonableness that the percentage will be significantly higher.

50 pounds, the highest denomination in Britain was introduced in 1725. They haven't bothered to introduce a higher one because they are aware of its negative impacts.

The highest denomination in America was first introduced in 1929. Well, up till now, they haven't introduced another one.

In fact, the US retired higher denominations, that is $500, $1, 000, $5, 000 and $10, 000 notes in 1969.


Who do they think they are fooling?

Effing wankers.

Reggie234: Historically, Nigerians don't like using coins in transaction. The evidence of that still stare us in face, my nephews and nieces have never seen one before! However, am not against the 5K note, but it should not be everywhere. It shouldnt be loaded into ATMs, cos an average person would not need it. N5,N10,N20 should also remain as note. There and then, inflation would not follow the introduction of higher note.

So when you load it into the ATM, who goes there to withdraw, rich people? Guy, na wa o.

nl.official:
[size=20pt]Make all of una enter una banks go collect online banking and tokens.

STOP nagging like bi[i]t[/i]ches![/size]

how far your granny for village. Hope say you go give am him ONLINE BANKING TOKEN, ESTEEMED IDIOTTT

And to think that banks will force the N5000 note into our hands with the excuse of not having lower denomination notes thereby causing unintended expenditure is scary.

Seriously Seun, you should consider an aptitude test before people join this forum. This place is fast descending to a beer parlor with okada men analysis.

Nobody likes change, everyone fought Seun when he changed this website, kicking and screaming like kids that the internet would shutdown if he changed things, so many months later nobody remembers.

In this Kangaroo country, when you see people moving in one direction take the other direction and 9 times out of 10 you would be safer. At some point here you all queued to laud GEJ and screamed fire and brimstone that he should win, now he won you all have joined the chorus to tear him down even at the cost of destroying this country. Nigerians are as clueless as he is, we want to have 24 hrs light and have speed trains and have every good thing life has to offer, but we want it while we are stand still.

It is far better to try something and fail than to not try at all, if anyone has any good objections to what SLS said, quote him and say why he is wrong. If you claim he is wrong without giving us any reasons we can also dismiss your claims without giving you any reasons.

big deal 007:

"Also note that, we are not cancelling the notes.
We are introducing the coins side by side. So you will still have N20 notes, for example, with N20 coins, until it gains acceptability."
I guess that should settle your worries about the coins issue

If you actually believed that, then you need a lesson on what they call 'spin.' I would advise you to contact Alastair Campbell. He's pretty good!

big deal 007:

"Also note that, we are not cancelling the notes.
We are introducing the coins side by side. So you will still have N20 notes, for example, with N20 coins, until it gains acceptability."
I guess that should settle your worries about the coins issue

If you actually believed that, then you need a lesson on what they call 'spin.' I would advise you to contact Alastair Campbell. He's pretty good!

My Conversation With SLS On The New Currency Policy

Aftermath of all the issues raised on my FB wall and elsewhere, I decided to hear directly from SLS on this issue of currency introduction and others. I am publishing these relevant parts and left out private matters

ME: (by SMS) Sir, I wouldn't know if you're free now so I can call. I have some issues I want your clarifications on regarding this new currency policy. Suraj

SLS: (called immediately) Suraj, I am very busy today but...(line went inaudible)

ME: (by SMS) Let me raise my issues by SMS. MTN has been having reception issue here

SLS: (called) Suraj, I am very busy today. I have Bleep meeting tomorrow and YYY meeting on Tuesday before travelling to ZZZ on Wednesday. But we can have the discussion by phone in few minutes

ME: OK sir. I just needed your clarifications on some of the issues my friends have been inundating me on this CBN new policy. First, don't you think it is counter productive that at this time that we are advocating cashless Nigeria, we are introducing another currency, a higher one, N5000.

SLS: See, Suraj. It is not. First, know that this is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. So what are we saying? It also enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs. The cost of printing and managing currency will also reduce. We

ME (cut in): But sir, don't you think this will ease corruption and movement of funds among our politicians?

SLS: Well, is there no corruption now that there are no N5000 denomination? It is not the duty of CBN to fight corruption among political class, you know. We are trying our best to block all holes of corruption, but that doesn't stop CBN from introducing a currency management policy that it deems fit. Fighting corruption is the work of EFCC, Police etc

ME: Sir, what of the issue of inflation. Is it not inflationary?

SLS: All that are unproven talks. I have challenged people to bring any study or research that says higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency renomination, not otherwise. In the last 10 years we have been battling double-digit inflation in Nigeria.

ME: What of this scenario: an item that is worth say N4,800 will be forced to be rounded up to N5000?.

SLS: But we have not phased out N1000, N500, N200 now? So you mean it is only N5000 you can use to pay for a N4800 good? How have you been paying before? (laughter)

On coins, Suraj, at CBN we are forward-looking. Look, in the next few years, even when I must have left as governor, people will look back and realize this is a good policy. We are looking at not only currency management but also modernization. A time will come, in very near future, when we will be paying tolls, paying for newspaper vending, with just coins at vending machine points. That is why we are promoting coin culture now. Also note that, we are not cancelling the notes. We are introducing the coins side by side. So you will still have N20 notes, for example, with N20 coins, until it gains acceptability.

ME: Sir, have you been speaking to be the media on this issue?

SLS: Suraj, you know I have been on this job for more than 3 years and most times when I talk to the media, the matter is sensationalized and controverted, so I have deliberately minimized my interface with the media in recent time.

NB: He quoted some statistics at relevant points in time which I can't exactly recall and weeded out to avoid misquoting him.

It is obvious that the interviewer is a novice in the field of Economics. How can you interview someone on a field you are completely ignorant of? It is totally unprofessional. I think there ought to be core specialization and division of labour in journalism, if we really want to make it result oriented.

diluminati:
im fine but you deserve a hot slap you know

forget sanusi and the big men and think about the common man like you. It will affect you badly, just be realistic and stop hero worshipping

I am not hero worshipping anyone ma'am however I don't see reasons why we should always lay complaints on every new policy. Complains are natural, infact some people make money with it but the available justification is enough reason for any well educated person to succumb with. Its so funny to hear some comments on corruption as it affects the new denominations as if Abacha, IBB didn't steal even while there wasn't anything like #1000 or #500 notes.

It takes a God fearing man to manage our resources, not "absence" of #5000paper.

BTW, I'm expecting the hot slap. . .

Flexskillz: Picture this scenario, i buy an item worth N500, I present a N5000 note i recieve a balance of N4500 in other denominations, am i not gonna ed up with more cash in my pocket?

. Use your brain pls, what if u buy an item worth N150, and u present N1000 note are u going to end up with less cash in your pocket? Pls let us be objective

How can they are (CBN) encourage cashless saving with a large amount as much as 5000 note in circulation? also in common sense (˘̯˘ )( ˘˘̯)

Alamutatalo: @jarus
I must commend U for trying to clarify issues before making comments but can't believe such policy by CBN will be based on such fallacious reasons,
1.I'm a banker and the introduction of N5K has no effect on ATM mgt as claimed by SLS,The amt loaded in an ATM machine is regulated by banks to reduce cost of insurance and not the size of the machine.
2.N5K notes will not reduce cost of money mgt by CBN cos it's a new currency with it's attendant cost wc include,design,printing,circulation etc.
3.Pls wen next u call him,remind him dat d polymer notes introduced by his regime failed to achieve it's aim as a lot of N20 and N50 notes is being destroyed daily due to the easy fading nature of polymer notes wen exposed to our climate for long.
4.Economic realities are peculiar,wy wld you rely on a study to formulate policies?Nigerians don't like carrying coins,we associate coins with beggers,fetish beliefs and children no jupiter can change that,d coins introduced earlier have all disappeared and no bank in Nigeria has coins in it's vault.
5.CBN is not mandated to fight corruption,but wy increase the burden of the police and EFCC?
6.European countries and the US highly regulate the flow of high denomination as counterfeiters find it profitable to duplicate.A criminal can afford to spend 2K to produce a high quality counterfeit of 5K
I can go on and on,but I suggest government shld invites stakeholders to a forum to discuss the new policy b4 implementation.
@Seun,I'm quite surprised but I take it ur view is based on certain info wc might not be too accurate.

Good job, man.

Acidosis:

I am not hero worshipping anyone ma'am however I don't see reasons why we should always lay complaints on every new policy. Complains are natural, infact some people make money with it but the available justification is enough reason for any well educated person to succumb with. Its so funny to hear some comments on corruption as it affects the new denominations as if Abacha, IBB didn't steal even while there wasn't anything like #1000 or #500 notes.

It takes a God fearing man to manage our resources, not "absence" of #5000paper.

BTW, I'm expecting the hot slap. . .

Thank you jare, Nigerians would grasp at straws rather than face the real problems affecting us.

Alamutatalo: @jarus
I must commend U for trying to clarify issues before making comments but can't believe such policy by CBN will be based on such fallacious reasons,
1.I'm a banker and the introduction of N5K has no effect on ATM mgt as claimed by SLS,The amt loaded in an ATM machine is regulated by banks to reduce cost of insurance and not the size of the machine.
2.N5K notes will not reduce cost of money mgt by CBN cos it's a new currency with it's attendant cost wc include,design,printing,circulation etc.
3.Pls wen next u call him,remind him dat d polymer notes introduced by his regime failed to achieve it's aim as a lot of N20 and N50 notes is being destroyed daily due to the easy fading nature of polymer notes wen exposed to our climate for long.
4.Economic realities are peculiar,wy wld you rely on a study to formulate policies?Nigerians don't like carrying coins,we associate coins with beggers,fetish beliefs and children no jupiter can change that,d coins introduced earlier have all disappeared and no bank in Nigeria has coins in it's vault.
5.CBN is not mandated to fight corruption,but wy increase the burden of the police and EFCC?
6.European countries and the US highly regulate the flow of high denomination as counterfeiters find it profitable to duplicate.A criminal can afford to spend 2K to produce a high quality counterfeit of 5K
I can go on and on,but I suggest government shld invites stakeholders to a forum to discuss the new policy b4 implementation.
@Seun,I'm quite surprised but I take it ur view is based on certain info wc might not be too accurate.

Guy you also tried in your own contribution as as jarus. God Bless

The majority of nigerians were not considered in this useless policy. The 5000naira note will mean more lower denomination readily available for change. Inflation de smell o