N5000 is a big value and the cost of printing will be relatively hence, we should remember some people will go to any extent to make the fakes. e.g if it will cost me one thousand Naira to do a fake N5000 note then I will go to any extent to do it.

PointB:

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

I suggested it SHOULDNT be loaded into ATMs. Get ur glasses!

Chrisbenogor: 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.

one word. Shutup

.

The CBN Gov spoke diplomatically IMO - he 's not really convinced me. Whilst Central Banks ought to review these currencies half a decade, he didn't convince me entirely in this tete-a-tete.

I however like his stance on the media - NL is an example of bigotry deductions from any Mr. Tomiwa, Dickson or Haruna's satement.


". . .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."

- this statement smacks more of prophesy. Definitely, the Central Bank of any nation doesn't sing the "backward ever" anthem but this was what Soludo had in mind. As long as the coins have no value to the eyes of the average Nigerian, they'll not embrace it hence defeating the function of the currency as a store/measure of value.

alienware: who be this jarus or suraj self ? u dey show yourself for front page too much, i sure say u be moderator for here. u and cbn governor talk for dream or for imagination you come put am here ?

Hater, you think everybody here are your mates or in the same social class with you. If not for NL, our paths will never cross. Try to give your life a bearing and stop being jealous of those that are born privileged. While you see SLS on tv, he is a human and has family and friends he is very open to.


Very brilliant response from SLS. I totally support him.

deejay911: . 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

chai dullard. The answer is yes less than N5k note. Commonsense no common oh!

diluminati:
one word. Shutup

Having a vocabulary full of insults does not qualify as intelligent you know

big deal 007: N5000 is a big value and the cost of printing will be relatively hence, we should remember some people will go to any extent to make the fakes. e.g if it will cost me one thousand Naira to do a fake N5000 note then I will go to any extent to do it.

fake things are everywhere, thus your 'fact' sounds lame. Besides, we have agencies that tackle fake products.

blink182: Hater, you think everybody here are your mates or in the same social class with you. If not for NL, our paths will never cross. Try to give your life a bearing and stop being jealous of those that are born privileged. While you see SLS on tv, he is a human and has family and friends he is very open to.


Very brilliant response from SLS. I totally support him.

How is Sanusi's response brilliant?

IMHO This is no way to encourage a cashless economy, Imagine paying for a goods worth 500 with 5000 (single note) and I'm giving change of 4,500 (four 1000 note and one 500 note) means I will be going home with more cash shey? silly policy makers

phemybof: SLS just say dat to defend himsef frm harazment by general public.NEW currency introduction is a real inflation.SALARY EARNERS wl sofer most on introduction because minimum wage has already put inplace, so there won't be strike 4 increase in salary 4 d time being.a busins man can increase his price rate at enytime of favourable condition.on d coins issue,SLS,FED.GOVT. dosnt tink of average nigerians and common man on d street. Ds is just a way of DEVALUATION and it wil increase IMPORT AND DECREASE EXPORT wich wl leads to BALANCE OF PAYMENT DEFFICIT

I sincerely hope you are not an Economist. Infact, for the sake of the integrity of the subject, I hope u didnt waste your time taking any Economics class in school.

Provide justifications which could include but are not limited to real-life case studies / scenarios, for your assertions above.

peaceland: Hello all;
Jarus thanks for this - appreciated
@ all - a simple question - can anyone point out 1 good reason to carry a N5k note?.
what transactions would you be doing in the course of a normal day that would warrant it?
payment for taxis; recharge cards; sweets; plantain chips; water; etc can be done with the current notes
payment for restaurants; hotels; airlines tickets/bills can be done via POS/transfers/mobile money
payments for electronics; building materials; salaries; etc can be done via transfers
I think the reasons adduced by the governor seems a bit lame to me; lets stick to the cashless policy and strive to encourage more people to carry less of cash around
i'm okay with encouraging coins culture but that's a battle that would be long term in nature
i also think the CBN should divert its energy to more enlightenment on mobile money and its acceptance
lastly; fraudsters would be willing to spend N4k to produce fake N5k; why encourage that?.
not to talk of ritualistic (sounds childish but true anytime new higher notes are introduced)
thank you

Do you have to "carry" a 5k note?

what transactions would you be doing in the course of a normal day that would warrant it?

There are other denominations for you to carry, do you always carry a 1k note?

payment for taxis; recharge cards; sweets; plantain chips; water; etc can be done with the current notes

Very good then, the current notes have not been phased out.

payment for restaurants; hotels; airlines tickets/bills can be done via POS/transfers/mobile money

Dude do you live only in lekki or Abuja? I just got to ogwashi uku and I need to stay in a hotel for a week, the receptionist does not even know what POS means. Please how many restaurants or shops in naija outside the big cities have you paid with your card?

payments for electronics; building materials; salaries; etc can be done via transfers

Very true, but then I have to buy building materials for my house in the village

i'm okay with encouraging coins culture but that's a battle that would be long term in nature
i also think the CBN should divert its energy to more enlightenment on mobile money and its acceptance
lastly; fraudsters would be willing to spend N4k to produce fake N5k; why encourage that?.
not to talk of ritualistic (sounds childish but true anytime new higher notes are introduced)
thank you

There is an inherent risk I agree, but I dont agree that it outweighs the practicality of having 5k notes.

marleygab: well just an honest opinion. but i suspect this overhauling of our currency has something to do with this islamic. . . . . . sorry Non interest banking thing.

islam is a global faith, u can only hate it, i mean its normal 2 hate islam but u can't do nothing about it. Islam has come 2 stay either u like it or not. Salam

higher denomination leads to looting i.e. terminating the trade agreement of the formal to gain profits from new contractors handling the introduction of the new note

when i become CBN governor i will introduce N10,000. then i will know whether such policy doesnt bring about inflation

cbjonstage: higher denomination leads to looting i.e. terminating the trade agreement of the formal to gain profits in the introduction of the new note

when i become CBN governor i will introduce N10,000. then i will know whether such policy doesnt bring about inflation

Which is why you would not be one. I can see you are a gunner

Will this decision affect the cashless policy negatively or positively?

Me: want τ̅☺ take a cab τ̅☺ wuse (Abuja)

Me: driver, wuse
Driver: #400
Me: entered, afta 2min drive, driver do u ve change #5000?
Driver: no, pls come down
Me: stopped anoda cab, wuse
Driver: #300
Me: entered, afta 2min drive, driver do u ve change #5000?
Driver: no, pls come down
Me: flagged down anoda cab, wuse
Driver: #200
Me: entered, afta 70sec drive, driver do u ve change #50000?
Driver: no, pls come down
Me: just walked 2min τ̅☺ my destination.
The introduction of #5000 denomination will cost more harm than good in all ramifications, IMO

Jarus: 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.

good job, jarus!
i can work with this piece rather than the sensationalised drivel i get to read on "saharareporters". i agree with the introduction of 5000 naira note, i wouldn't need a ghana-must-go bag to transport half a million naira anymore.

DIG1: Me: want τ̅☺ take a cab τ̅☺ wuse (Abuja)
Me: driver, wuse
Driver: #400
Me: entered, afta 2min drive, driver do u ve change #5000?
Driver: no, pls come down
Me: stopped anoda cab, wuse
Driver: #300
Me: entered, afta 2min drive, driver do u ve change #5000?
Driver: no, pls come down
Me: flagged down anoda cab, wuse
Driver: #200
Me: entered, afta 70sec drive, driver do u ve change #50000?
Driver: no, pls come down
Me: just walked 2min τ̅☺ my destination.
The introduction of #5000 denomination will cost more harm than good in all ramifications, IMO

break your high denomination currency before going to the road to get a cab! besides, this denomination would not be prevalent! just like the 50-pound note is a scarce commodity in the uk!

It's the mobile money operators that I pity the must

coogar:

good job, jarus!
i can work with this piece rather than the sensationalised drivel i get to read on "saharareporters". i agree with the introduction of 5000 naira note, i wouldn't need a ghana-must-go bag to transport half a million naira anymore.

Carry go jare

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

Don't be deceived by that. Sanusi himself stated on the day he announced this new policy to journalists that the N5, N10, N20 notes will be withdrawn from circulation gradually until all is completely withdrawn from the system, and so we will be left with the coins.
Sanusi is only finding a excuse to implement this anti-people policy. He knows what he is doing; he's only playing out a script.
Sanusi and many others are the evil geniuses ruling this country. They are only after their pockets and not for the masses. The people must rise against these people because With these people, the future is disastrous!

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.

Sir, the limits at ATM machines are not based on number of bundles of naira notes but on the amount itself. Also, if cash handling expenses are reduced for the banks, how will it impact the common man? Will lending rates be reduced? Will COT be reduced? Will interbank ATM charges be reduced?Will bank staff be paid higher? Will banks become socially responsible?

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

Agreed, but why make their job harder? With the perception that the average Nigerian has of his thieving leaders, you are only sending an unintended message: That you're deliberately making theft of public funds easier to perpetrate.

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.

Sir, this is not a matter of economics or research, but of basic human psychology. Nigerians are psychologically attuned to price increases when new currencies are introduced. Therefore inflation in this case will become a self-fulfilling prophecy.

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)

With this you have just shown us how out-of-tune you are with the psyche of the average Nigerian. I'm not surprised though, you once admitted that you have NEVER bought a litre of fuel with your own money your entire life.

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.

But there are vending machines that accept notes. We are paying Lekki toll fees with naira notes. Who says coins MUST be used to pay at vending machines? When will you get it, sir, that NIGERIANS HATE COINS? It's simply not convenient for us to carry coins when its so much easier to carry notes neatly arranged in our purses and wallets. Who wants the burden of carrying coins which tend to make annoying clinking sounds that could attract unwanted attention?

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.

If you're 100 percent convinced of the soundness of this policy, then you wouldn't be hiding from the media. You would come out and explain this policy again and again until it gains public acceptance, just like you have been doing for the cashless policy. But you don't seem to be sure of yourself, so...

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

Those "statistics" were probably some bunkum about "best practices" or where some advanced societies have introduced new denominations successfully. He has forgotten that those are productive, dynamic and well-run economies and not extractive, corrupt, poorly-managed rentier states like Nigeria.

This "currency review" is a poorly-conceived, ill-timed, ridiculous policy that will only benefit banks and corrupt politicians and impoverish Nigerians further. To this obnoxious policy I say NO, NO, NO!!!

coogar:

good job, jarus!
i can work with this piece rather than the sensationalised drivel i get to read on "saharareporters". i agree with the introduction of 5000 naira note, i wouldn't need a ghana-must-go bag to transport half a million naira anymore.

Thus defeating the whole 'cashless' idea

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

While reading the contents of this interview, I thought it was recorded by the poster. But at
the end, he stated that he couldn't recall some of Sanusi's quotes. This will suggest that it
was not recorded and that the poster was writing from his recollection of the conversation.

Is it possible to quote somebody at length in such a detailed manner from memory? Before
responding to this thread, one should first ascertain the authenticity of the statements
attributed to Sanusi.

zeal500: 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

I support but u knw we can't do it alone,we need our labour unions,TUC,civil society groups nd wat have you to learn the process,i do stand to be corrected.

BizBooks:

while reading the contents of this interview, I thought it was recorded by the poster. But at
the end, he stated that he couldn't recall some of Sanusi's quotes. This will suggest that it
was not recorded and that the poster was writing from his recollection of the conversation.

[b]Is it possible to quote somebody at length in such a detailed manner from memory? Before
responding to this thread, [/b]one should first ascertain the authenticity of the statements
attributed to Sanusi.

It is possible.
The Offa chap is quite clever.

Pls mr sanusi, We know that high denomination currency results in ease of corruption and weakening of banking system. In addition to this ease, cash transactions are by definition, non-traceable, since unlike in the bank, they leave no footprint. These properties of high denomination currency make it the preferred currency for storing black money which fosters parallel economy. This also means that people who steal Government money can store large chunks at home without traces. Additionally, mr sanusi, the introduction of high denomination notes will grossly reduce d use of the banking system as large ticket transactions can now be done without the need for banks; of which the direct result is, poor credit formation and inadequate capital supply to the economy.

deejay911: . 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

Dnt mind d poofaced tard (˘̯˘ ) ( ˘͡ -˘͡) ( ˘˘̯)

I ma not a Sanusi fan. But I totally agree with him on this. Higher denominations don't cause inflation except there is no other currency close by that could serve as interchangeability. All this talk about politicians and corruption and inflation. . . abeg una no sabi economics!!

The area that would have caused inflation is the lower denominations been changed to coins. But Sanusi addressed it succintly. The coins would run side by side the notes until we begin to value coins more. Thats brilliant!!