Ola one:
Thus defeating the whole 'cashless' idea

coogar:

how does this policy defeat the cashless policy? the withdrawal limit is still pegged at N500k! with the 5000 note,[b] i only need 100 notes to walk around with my maximum limi[/b]t.
that can easily fit into my pocket rather than needing bags that would attract hoodlums!

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

401kk: Thanks Jarus for bringing this to nairaland.
SLS made some points quite well but I don't agree still.

First of all how will this reduce the cost of printing and managing currency?

Acidosis:

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

PapaBrowne: 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!!

coogar:

how does this policy defeat the cashless policy? the withdrawal limit is still pegged at N500k! with the 5000 note, i only need 100 notes to walk around with my maximum limit.
that can easily fit into my pocket rather than needing bags that would attract hoodlums!

Ola one:
Why would you want to walk around with such a large amount? Isn't that odikwa risky in Nigeria?

Acidosis: Thank you for these clarifications. Nigerians always want to talk. . .always want to talk rubbish. . .on things they know nothing about.

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.

big deal 007:

Dude, I've been noticing your contributions on this issue and it seems you are just bent on defending this SLS policy by all means. Pls, gimme 20 good reasons why We should have the 5k note and I will give 200 reasons why we shouldn't.

A-ZeD:

But if it was with 50 naira or 20 naira notes, you would embrace internet banking, pos and the likes.

coogar:
i can work with this piece r i wouldn't need a ghana-must-go bag to transport half a million naira anymore.

J12:

How is Sanusi's response brilliant?

AjanleKoko: I'm with Sanusi on this one.
Nigerians can't be blaming the government for their attitudes. Why can't you give people change? Why should people be melting down coins? What nonsense. People who are caught melting coins into other stuff should be jailed, frankly speaking.

logica: Half a millon is 500k. That's 5 bundles of 100k. If u need a GMG bag for that, I posit your bag is filled with old newspapers.

2ru-talk:


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.

ayobase:

What happened to those that rejected then....are the new rejectee gonna be jailed?

coogar:


break your high denomination currency before going to the road to get a cab! uk!

puskin:




The bolded part is a complete fallacy as at now. I say this because the maximum a bank's cash officer can load in any ATM is 2million. Anything above that is at the risk of the cash officer and that amount is the maximum NDIC can cover in the event ATM theft should arise.
So the issue of loading more money into the ATM doesn't arise here......unless that policy is reviewed.

ifeci: 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.

ANY-PEN :


What's even his business with how much they load or how they load? What is his business with easing the process of loading in an ATM and How is this affecting the economy positively. This is a very lame excuse & with just that excuse I'm sure the other ones are lame as well.