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Conversation With Sanusi On "New" Currency Policy - Business (7) - Nairaland

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Re: Conversation With Sanusi On "New" Currency Policy by mathskill: 1:07pm On Aug 27, 2012
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1 Like

Re: Conversation With Sanusi On "New" Currency Policy by odedele: 1:08pm On Aug 27, 2012
@niyooo,Tank u bro.and 40billion will b wasted in printing dis unnecessary,inflationary notes.
Re: Conversation With Sanusi On "New" Currency Policy by bittyend(m): 1:08pm On Aug 27, 2012
To those arguing the N5000 notes would help Nigeria become a 'cashless society', why can't we go for the kill and print N100,000 notes, since most Nigerians have more than N100,000 in their accounts anyway?

You guys aren't making sense at all. What problems are the N5000 notes going to solve? How will it reduce inflation?

This is just another wasteful project, I bet they would spend billions of Naira to print the notes. This is madness in a country where the budget hasn't even been implemented, and there are so many things crying for funding. Why waste billions of Naira to print unnecessary and elitist notes?
Re: Conversation With Sanusi On "New" Currency Policy by nlofficial(m): 1:09pm On Aug 27, 2012
Funkymallam:

I suppose you buy pure water, food stuff in your local market with TOKENS abi? Have you ever seen a token sef?

Its very ok being an ignoramus but making it a trademark is criminal and never accepted!

[size=15pt]You are one big poor mumu, that's why you guys always think like lizards.

Why should take 5000 naira note to pepper seller only to buy something of 200 naira?

Even with 1000 naira note, the pepper seller still might not have change.[/size]
Re: Conversation With Sanusi On "New" Currency Policy by Kay17: 1:10pm On Aug 27, 2012
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.

If no one buys it, it would revert back to its actUal value. Maybe there is a sociological impulse to weigh money materials and accord some value to it.

1 Like

Re: Conversation With Sanusi On "New" Currency Policy by bittyend(m): 1:11pm On Aug 27, 2012
mathskill: "The renowned global financial intelliegence magazine, The Banker, published by the Financial Times, has conferred on Mallam Sanusi Lamido Sanusi two awards. He has been recognised with the global award for Central Bank Governor of the Year, as well as for Central Bank Governor of the Year for Africa.The TIME magazine also listed Sanusi in its TIMES 100 list of most influential people of 2011"
I bet on my life,till you die you wont achieve quarter of SLS success in life.


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We all know international plutocrats, bankers etc. give out awards to those who do their will.

Do I need to remind you that OBAMA won the noble peace prize, yet he has been involved in more wars than George Bush.

Those awards don't count, they're reserved for stooges. undecided

1 Like

Re: Conversation With Sanusi On "New" Currency Policy by chucky234(m): 1:11pm On Aug 27, 2012
bittyend:

And who told you Mallam Jarus has a brain? shocked The guy is just another Fulani servant, who views everything based on Islamic brotherhood. Sanusi is just an Islamist with Ph.D in Islamic studies from the Sudan, I still don't know what he's doing at CBN. Sanusi would be better off as the head of Sharia council, than CBN.
That's what I think my brother,SLS has done more harm to the banking sector than all the past CBN governors combined.
Re: Conversation With Sanusi On "New" Currency Policy by uwex: 1:12pm On Aug 27, 2012
I suppose we should give it trial. Nigeria must work again!
Re: Conversation With Sanusi On "New" Currency Policy by Kay17: 1:12pm On Aug 27, 2012
bittyend: To those arguing the N5000 notes would help Nigeria become a 'cashless society', why can't we go for the kill and print N100,000 notes, since most Nigerians have more than N100,000 in their accounts anyway?

You guys aren't making sense at all. What problems are the N5000 notes going to solve? How will it reduce inflation?

This is just another wasteful project, I bet they would spend billions of Naira to print the notes. This is madness in a country where the budget hasn't even been implemented, and there are so many things crying for funding. Why waste billions of Naira to print unnecessary and elitist notes?


Its a readily circulatory currency note NOW. All thanks to inflation of course.
Re: Conversation With Sanusi On "New" Currency Policy by coogar: 1:16pm On Aug 27, 2012
bittyend: To those arguing the N5000 notes would help Nigeria become a 'cashless society', why can't we go for the kill and print N100,000 notes, since most Nigerians have more than N100,000 in their accounts anyway?

You guys aren't making sense at all. What problems are the N5000 notes going to solve? How will it reduce inflation?

This is just another wasteful project, I bet they would spend billions of Naira to print the notes. This is madness in a country where the budget hasn't even been implemented, and there are so many things crying for funding. Why waste billions of Naira to print unnecessary and elitist notes?

nigeria is not zimbabwe that was forced into hyper-inflation by the various sanctions imposed on their economy. this is nigeria, the 5000 note would help ease transaction process! why do you think many organisations in nigeria transact in dollars? it is because of the ambiguity of counting worthless naira notes!
Re: Conversation With Sanusi On "New" Currency Policy by odedele: 1:16pm On Aug 27, 2012
mathskill: "The renowned global financial intelliegence magazine, The Banker, published by the Financial Times, has conferred on Mallam Sanusi Lamido Sanusi two awards. He has been recognised with the global award for Central Bank Governor of the Year, as well as for Central Bank Governor of the Year for Africa.The TIME magazine also listed Sanusi in its TIMES 100 list of most influential people of 2011"
I bet on my life,till you die you wont achieve quarter of SLS success in life.

dont be caried away wit those awards.Cecilia Ibru,Akingbola all get award



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Re: Conversation With Sanusi On "New" Currency Policy by logica(m): 1:18pm On Aug 27, 2012
coogar:

don't be daft ......
what tip-off would a hoodlum standing at the entrance of a bank need when he sees an alhaji dragging several gmg bags out of a bank? all he needs is to follow him and pin-point where he resides and so on n forth.....but if the same alhaji puts a bundle of 500k in his agbada, he can walk out of the bank easily without attracting prying eyes!
Speaking of daft, please refer to the point on cashless policy. Alhaji is very daft to be carrying GMG bags out of a bank. You initially spoke of carrying 500k in GMG (even more daft as I don't see how 500k will require GMG bag). And once again you obviously don't know the MO of armed robbers. Standing at the entrance of a bank? Do you know how much harassment you get just by parking close to a bank not to talk of hanging around the entrance. Dude, you have no clue.


coogar:
it rhymes with the cash-less policy as the 5000 note would effectively reduce the volume of currency in circulation! 1 X 5000 note = 25 X 200 notes. 200 notes of currency is more than one note. contrary to what you think, you are actually shooting yourself in the foot!
Further speaking of daft, what proof do you have that 5k note would ACTUALLY reduce the volume of currency in circulation? Dude, did your brain fall out or what? So you are saying just by introducing 5k notes, every single transaction will be done with 5k notes?
Re: Conversation With Sanusi On "New" Currency Policy by brabus(m): 1:19pm On Aug 27, 2012
coogar:

don't be daft ......
what tip-off would a hoodlum standing at the entrance of a bank need when he sees an alhaji dragging several gmg bags out of a bank? all he needs is to follow him and pin-point where he resides and so on n forth.....but if the same alhaji puts a bundle of 500k in his agbada, he can walk out of the bank easily without attracting prying eyes!

No smoke without fire bros! Here's a real account that happened about 2 months ago to a friend.

The robbers followed him till he got to a tight corner and they told him the time he collected the number, the denominations he was paid. Where he went, how he stopped to purchase fuel at XYZ filling station, how entered the mosque at 2pm to pray. They told him they knew he kept the money inside the car and that he didn't go into the mosque with the money so he shouldn't even think about acting funny.

SLS is just creating opportunity to frustrated Nigerians, hoodlums and bag-snatchers. Why not see the Cashless policy to fruition before the introduction of N5k?

coogar: it rhymes with the cash-less policy as the 5000 note would effectively reduce the volume of currency in circulation! 1 X 5000 note = 25 X 200 notes. 200 notes of currency is more than one note. contrary to what you think, you are actually shooting yourself in the foot!

Go over your post and define inflation. Then tell Sanusi.
Re: Conversation With Sanusi On "New" Currency Policy by AZeD1(m): 1:19pm On Aug 27, 2012
Cougar
it rhymes with the cash-less policy as the 5000 note would effectively reduce the volume of currency in circulation! 1 X 5000 note = 25 X 200 notes. 200 notes of currency is more than one note. contrary to what you think, you are actually shooting yourself in the foot!


How can it rhyme with the cashless policy when you are encouraging people to carry more cash?

PS: cashless doesn't neccesarily mean the number of notes on you.
1 5k note is more cash than 10 50 naira notes.
Re: Conversation With Sanusi On "New" Currency Policy by nitrogen(m): 1:20pm On Aug 27, 2012
By the way, @jarus, please what is your take on this? I hope your opinion wont be influenced by the relationship that exists between you and Mr Sanusi.
Re: Conversation With Sanusi On "New" Currency Policy by omodapson(m): 1:22pm On Aug 27, 2012
I am not prophesying doom but a day is coming when N100 will be made coin, that if the trend is not reversed.

I see no justification for the introduction of 5000 note and the conversion of 5, 10 and 20 notes to coins. If we are preaching cashless, shouldn't we be making efforts at educating the citizen on its benefits?
Re: Conversation With Sanusi On "New" Currency Policy by Kobojunkie: 1:24pm On Aug 27, 2012
Jarus: 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.

But how can it be UNPROVEN when we have never really INVESTIGATED the phenomenon? Clearly there is evidence of this in other countries, and even Nigeria, but how can the CBN declare it UNPROVEN when the same CBN has never really investigated this issue? undecided undecided undecided
By the logic presented above, if Oyinbo never investigated the link between unprotected sex, and AIDS, Nigeria (a country that never really had to conduct it's own formal investigation) would have continued to sell the people the silly story that AIDS is not via unprotected sex.
Re: Conversation With Sanusi On "New" Currency Policy by iykak47: 1:25pm On Aug 27, 2012
The authenticity of this interview is questionable, i don't understand why sanusi must mention the (op)Suraju before he would answer any question.
It wont be wrong for one to conclude that this is just the imagination of Sura.
Re: Conversation With Sanusi On "New" Currency Policy by chy22(m): 1:26pm On Aug 27, 2012
The introduction of more coins will go a long way in helping the cashless policy already in place.
1. Nigerians don't like coins which means giving them more of it will force them to go cashless ( using pos,ATM and others) because no body will want to carry more coins.
Even the 5k note will not be used very often since changing it will get you more coins people will prefer to use mobile banking.
In all for the cashless policy to be effective nigerians need something that will scare them away from carring cash which coin will do. .
Re: Conversation With Sanusi On "New" Currency Policy by seedord247(m): 1:26pm On Aug 27, 2012
I think professor pat utomi is on here... I saw him posting this on his facebook wall. shocked
Re: Conversation With Sanusi On "New" Currency Policy by Tisa: 1:27pm On Aug 27, 2012
The 5k note is not really the issue but the changing of the N20,N10 and N5 notes to coins. He said his basis is cos there will soon be coin machines for buying newspaper etc, y not wait for the machines to come first before introducing coins cos I don't know if the pure water seller or danfo conductor will know the coins is being introduced cos of some machines.

SLS shd just stop being stubborn for once n listen to the wishes of his people, an average Nigerian is very intelligent so he is only privilege to be occupying that post, there are countless others that can perform better in that office so he shd desist from forcing tyrannical policies down our throats cos he feels we are all illiterate. The level of suffering in this nation today is second to non. All my life till now I ve never come across families that will come to me to beg for food cos they ve not eaten in 3 days with their 2 toddlers, I entered my house and shed tears before giving them all d cash I ve on me just this saturday and someone is here trying to bring up a policy that will throw even more people into poverty.

Guys no matter how comfortable u are please remember that a lot are going to bed hungry daily in nigeria, just this weekend I attended to two of such (people I know on the street here). Let's us resist policies that are harming us.

GOD bless us all.
Re: Conversation With Sanusi On "New" Currency Policy by AjanleKoko: 1:27pm On Aug 27, 2012
Kobojunkie:

But how can it be UNPROVEN when we have never really INVESTIGATION the many suggestion that it does?

Re: Conversation With Sanusi On "New" Currency Policy by OluBendel: 1:27pm On Aug 27, 2012
COMPARATIVE ANALYSIS OF VARIOUS CURRENCIES OF SELECTED TOP 50 ECONOMIES
GDP Rankings Country GDP (PPP) Currency Highest Note Lowest Note Highest Coin FX to Naira Highest Bill in Naira Eqv
1 US 14,660 dollars 100 1 1 157.95 15,795.00
2 China 10,090 yuan 100 1 5 24.8429 2,484.29
4 India 4,060 Ruppee 1000 5 50 2.836 2,836.00
5 Germany 2,940 Euro 500 5 2 197.838 98,919.00
7 UK 2,173 Pound 50 5 2 249.778 12,488.90
22 Saudi 622 Riyal 500 1 1 42.1185 21,059.25
25 S/Africa 524 Rand 200 10 5 18.8216 3,764.32
26 Egypt 498 Pound 200 5 1 25.9335 5,186.70
29 Maylasia 414 Ringgit 100 1 0.5 50.788 5,078.80
31 Nigeria 378 Naira 1000 50 2 1.000 1,000.00
Re: Conversation With Sanusi On "New" Currency Policy by 1forall: 1:29pm On Aug 27, 2012
Specious arguments! SLS as usual defending what is obviously not good for us, we never forget subsidy oh. No matter how excellent the grammar is, it cant obscure the plain fact that the political class would benefit from it. Was he trying to portray that he is not a part of the political class he referred to?

We havent forgot the ₦100bn SLS donated to his Kano State oh, nor the ₦25 billion he donated to the Church after the noise was too much.
Today the CBN announced that it would spend ₦40bn to produce this 'currency management' operation, what would he say again to that?

I dont know how long we're gonna wait as these guys abuse and insult us, we should just go ahead and treat them like scum they are!
Re: Conversation With Sanusi On "New" Currency Policy by Kobojunkie: 1:29pm On Aug 27, 2012
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.

Oh boy!!! I would rather vote for re-denomination than the above.
Re: Conversation With Sanusi On "New" Currency Policy by Nobody: 1:30pm On Aug 27, 2012
Seun: I support Sanusi on the "new" currency policy. It's simply the most practical way to reduce the cost of cash management. I also support his decision to keep a low profile this time, since people won't understand that this has nothing to do with inflation. Uneasy lies the head.

You are here commenting on serious issues while you send ur ediotic moderators to mess the whole IGBO nation up. Are you saying you are not seeing this malicious topics in front page againt Ndi-IGBO.
Re: Conversation With Sanusi On "New" Currency Policy by Kobojunkie: 1:31pm On Aug 27, 2012
AjanleKoko:

what is your question?
Re: Conversation With Sanusi On "New" Currency Policy by AjanleKoko: 1:31pm On Aug 27, 2012
Kobojunkie:
what is your question?

Check your grammar.
Re: Conversation With Sanusi On "New" Currency Policy by Nobody: 1:32pm On Aug 27, 2012
Okay, the argument here is simple.................


What is inflation? When too much money chases fewer goods... In essence, it is when we have plenty money in circulation chasing fewer goods..

Okay, will introducing a higher currency denomination currency cause inflation? Yes. This is because producers will be forced to push up prices, without pushing up production....

Why will they do this? This is because of general perception in the market that lower denominations are less desirable....... Higher denomination won't cause inflation directly, but has the capability to do so, because of general market perception which will favour higher currency denomination over the lesser ones, hence push the prices of goods up.


If I'm an economic Advisor to the CBN governor, I won't recommend it due to reasons I gave above. Nigeria already struggles with inflation, and it isn't a wise idea aggravating it further.

Come to think of it, why is it that most developed Economies the world, UK, USA and the Euro region aren't adopting this policy, if it is indeed proven to enhance cashless society and reduce the cost of printing money?

Why should printing money in Nigeria be costly, when in most countries, its virtually zero to produce?

2 Likes

Re: Conversation With Sanusi On "New" Currency Policy by ELOGBO: 1:32pm On Aug 27, 2012
Hmmmmmmmmmmmm only God kwn d brain bkhand all tinxxxx
Let cmpared dis wit other cashless societicxxx do tere hav such cmplexiticxxx?
My problm is after Sanusi, anoda CBN Gov.wol reverxx cashless policy, den imagine hw politicanxx wol dup dis country God........
Re: Conversation With Sanusi On "New" Currency Policy by ELOGBO: 1:33pm On Aug 27, 2012
Hmmmmmmmmmmmm only God kwn d brain bkhand all tinxxxx
Let cmpared dis wit other cashless societicxxx do tere hav such cmplexiticxxx?
My problm is after Sanusi, anoda CBN Gov.wol reverxx cashless policy, den imagine hw politicanxx wol dup dis country, God hlp us

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