logica: Fine. Penalties. Some people don't mind the penalties and still go collect 500k with GMG bags as you can see from this thread. Providing them with 5000 notes makes it easier for them; it's like an encouragement. Do you realize the reason most Nigerians (apart from those who use GMG bags to collect same) will not collect 500k is simply because of the bulk even with 1000 Naira notes?

hercules07:

The cashless policy is meant to make it safer to transact business, if it reduces stealing all well and good, the police and efcc can still catch the corrupt guys by following the trail, I am more inclined to use electronic means of transacting business instead of physical cash.

coogar:

goodness gracious!
don't you ever stop - you have to be close to the customer to know which particular currency he was paid to begin with. with a man dragging a GMG bag, you don't need to be a rocket scientist to know he's dragging money. one of them is more prone to be marked as a target than the other - that is the point! your username is logica and yet you display the attributes of an intellectually-sterile baboon!

coogar:
logic evades you.....
the plan is to mop up the worthless currency denominations and gradually introduce the 5000 note. there would be availabilty of the 5000 note and a bank can run short of any currency denomination at any given time.....it has little to do with the general circulation, another customer present at the bank earlier could have hauled off all the 1000 notes available for the day so what's your point?

hercules07:

The cashless policy is meant to make it safer to transact business, if it reduces stealing all well and good, the police and efcc can still catch the corrupt guys by following the trail, I am more inclined to use electronic means of transacting business instead of physical cash.

phraze: Only people with foresight emulate the steps of Great Leaders. Mr. Seun has supported this, don't know why i should'nt. Ekù ishè Sir

logica:
LMAO. So the prying eye in the lobby is not close enough? The guy that came into the lobby just to be sure he knows who's carrying money doesn't know what he's doing? If it was to determine who's carrying large sums by judging from GMG-dragging-dolts (as yourself), does he need to be in the lobby? Was it not a few posts back you said robbers stay at the entrance of banks? Keep grasping at straws. Once again, only a zinjanthropus will go collect large sums of money that require GMG (and without being accompanied by armed policemen).

Any with the part in bold, were you being logical when you jumped for joy that now you can collect 2 bundles of 5000 notes, when there really is no guarantee that they will ALWAYS be available?

crown777:

It is no longer news that CBN plans to introduce N5,000 note by January 2013 .

The crux of the matter is the implication that this will have on our individual lives and national economy. One of the indices of a GROWING INFLATION, is the creation of Higher Local Currency Bill, NO matter what CBN or the Managers of our economy say, they know too well in their minds.

The highest bill in the US is $100, Britain is €50, Ghana 50 Cedi, Have ever had a scene where you're forced to spend N100 or above for a service that's worth N50, all because the service provider claims ;"No Change"? This in itself is inflationary.

Ask them in Zimbabwe where the highest currency in circulation is $100 Trillion Bill, but no one spends it. Instead, people use the US dollars and South African rands for their daily transactions!

We will soon be buying things now sold for about N3,000 - N4,500; for N5,000.00!

It is terrible!

Why are we not emulating Ghana where they just redenominated their currency? Why can't we do same to manage our economy?

The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad. For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1. In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against many currencies and stealing money abroad will become unattractive.

Why are we going for higher denomination when CBN is spending billions to promote a cashless economy?

Join to say no to introduction of higher denomination of naira . Let's save our economy. If we have 2 re-occupy Nigeria or CBN (this time), let's do it....even if ₪o† for ourselves then let's do it for d future of our children and their unborn children!! Before they turns us to millionaires that can't buy bread

We elected them we don't need a higher currency.

coogar:
stop barking without biting - not everybody in the banking hall can be in a position to see what is being paid @ the counter. i cannot say for the community bank you operate in your hamlet where banking operations are done under mango tree! i have made my point, high denomination currencies are easier to count and much more comfortable to transit from one point to another. it now means i can have half a million in a small envelope without being marked by miscreants like yourself!

coogar:
the availability or the lack of it would be determined by the demands of the customers!
if the bank is situated where big merchants operate then you can expect more 5000 notes than your community bank where the total cash in their vault is less than N50,000.....you lack wisdom and please quit these moronic lines of arguments and let other people advance their own points....

Jarus: After more than 3 years of intense debate on issues CBN on NL , I have actually decided to softpedal on debates that have to do with Sanusi. Although the primary reason why I have not been so active on this currency discourse is because I have been involved in so many things of late and hardly have time for these long posts and back-and-forth debates again. But having been at the forefront of his defence in the past, I think people that sought to know my take on this issue are very right.

First, I have never hidden my fanship of SLS, far before he became CBN boss(check this March 2009 thread: https://www.nairaland.com/248924/role-model-corporate-nigeria. But our path never crossed until sometime last year. One thing you can't take from SLS is his openness and breaking down of communication. I am not the first person to publish an unofficial communication with him (one Zainab something did during the subsidy wahala, as did Tunde Fagbenle, popular Punch columnisthttp://www.punchng.com/viewpoint/sanusi-lamido-sanusi-and-me/). SLS is one of the very few public officers in Nigeria that are very accessible and breaks class barrier to interact when public officers dont shield themselves from us nobodies in the society and everyone can just literally walk up to a public officer and seek clarifications.

What I only did here was to post his response to some clarifications I sought from him over the weekend at least to raise NL profile, not necessarily to convince anyone, but to present his case. I did not record it. I just picked the main points from the 17 minutes dicussion. I did not even seek his permission to post this. In hindsight, I think I erred not seeking his permission, especially now that his critics like Pat Utomi have latched on to this largely informal discussion and circulating on his website and FB page.

My personal take: I am very much in support of N5000 note introduction, but I still have issues with the higher denominated coins. But then, what is wrong with in giving him benefit of doubt?

NB: My major take-home from this thread as an active Nairalander for more than 5 years plus now is that most Nairalanders (nay Nigerians) are actually genuine in their criticisms and not necessarily driven by sentiments in their criticism of public officers. This is why Ajanlekoko, Ekt Bear and few other top critics of SLS (including Seun)over years actually saw reason in this policy, when they are usually at the front of anti-SLS debates. I think analysis on NL will be good for it if we look at individual cases/events/policies rather than the face of the bearer. This is why I think most of us are being unfair to GEJ not seeing any good in whatever comes from his government. I have personally reviewed my assessment of GEJ based on more facts(but that is a matter for another day).

1000 Naira bundles

Ghana-must-go-bag

cowgurl: bank robbers are gathering right now to review their robbery plans to make their task much easier as well, maybe they'l resort to following and robbing any individual coming out of a banking hall not minding if he/she went in for deposition or enquiries

charlie193: So is only coins someone can use in vending machines. When there are new High tech machine that now accept notes. Our leaders always shows their ignorant about the latest world technology

dplordx: Weak and f00lish justification. Why cant that monkey fire this CBN emir

Katsumoto:

In economics, you don't look at individual or minor transactions, you look at a majority of transactions.

Nigeria's underground economy is at least 75% of the overall economy and most of those transactions will be in cash.

This policy runs counter to the Cashless society policy.

bittyend: I still don't know how you can be "cashless" in country like Nigeria where there is no electricity, and 90% of business transaction is done with cash. How many people do online shopping in Nigeria? How many stores have chip and pin counters? How many payments are made online? How many people have access to internet? How many people have bank accounts?

Nigeria can NEVER be cashless in the next 20 years - this mallam is just putting the horse before the cart.

Theben: Sanusi is just a mere politician who knows the best answer to give at any time. That is not to say all he said was right. Does he know better than the professors in Economics who are advocating against this new currency introduction?

Jarus: After more than 3 years of intense debate on issues CBN on NL , I have actually decided to softpedal on debates that have to do with Sanusi. Although the primary reason why I have not been so active on this currency discourse is because I have been involved in so many things of late and hardly have time for these long posts and back-and-forth debates again. But having been at the forefront of his defence in the past, I think people that sought to know my take on this issue are very right.

First, I have never hidden my fanship of SLS, far before he became CBN boss(check this March 2009 thread: https://www.nairaland.com/248924/role-model-corporate-nigeria. But our path never crossed until sometime last year. One thing you can't take from SLS is his openness and breaking down of communication. I am not the first person to publish an unofficial communication with him (one Zainab something did during the subsidy wahala, as did Tunde Fagbenle, popular Punch columnisthttp://www.punchng.com/viewpoint/sanusi-lamido-sanusi-and-me/). SLS is one of the very few public officers in Nigeria that are very accessible and breaks class barrier to interact when public officers dont shield themselves from us nobodies in the society and everyone can just literally walk up to a public officer and seek clarifications.

What I only did here was to post his response to some clarifications I sought from him over the weekend at least to raise NL profile, not necessarily to convince anyone, but to present his case. I did not record it. I just picked the main points from the 17 minutes dicussion. I did not even seek his permission to post this. In hindsight, I think I erred not seeking his permission, especially now that his critics like Pat Utomi have latched on to this largely informal discussion and circulating on his website and FB page.

My personal take: I am very much in support of N5000 note introduction, but I still have issues with the higher denominated coins. But then, what is wrong with in giving him benefit of doubt?

NB: My major take-home from this thread as an active Nairalander for more than 5 years plus now is that most Nairalanders (nay Nigerians) are actually genuine in their criticisms and not necessarily driven by sentiments in their criticism of public officers. This is why Ajanlekoko, Ekt Bear and few other top critics of SLS (including Seun)over years actually saw reason in this policy, when they are usually at the front of anti-SLS debates. I think analysis on NL will be good for it if we look at individual cases/events/policies rather than the face of the bearer. This is why I think most of us are being unfair to GEJ not seeing any good in whatever comes from his government. I have personally reviewed my assessment of GEJ based on more facts(but that is a matter for another day).

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.

vodkat: as long as the point of sale has electricity and the bank has electricity this shd not be a problem so ur not correct. Assuming u go to a store or a barber for eg after he cuts ur hair all you need is to swipe ur card. The barbers terminal will connect to the bNk and approve the transaction simple

cowgurl: Forgot to add this...
with the new currency policy on ground, [s]bank robbers are gathering right now to review their robbery plans to make their task much easier as well, maybe they'l resort to following and robbing any individual coming out of a banking hall not minding if he/she went in for deposition or enquiries[/s],
so be warned!
you didn't hear it from me.

wasiudvd: To what extent will the effect of N5,000 note have on cash management? All banks have limit on all their ATMs, even though their is still space in the cassettes, u can't load more than the your limit.
Each branchs vault have limit too, this limit is not number of notes but figures, so as soon as d limit is reached, it does not matter if u are moving just a single note with bullion van, you will incure the same expense when u are moving hundreds.
Any time dis man wan do sumtin, he no dey think twice?

ayox2003:

He is a Nigerian who uses his intellect to dissect issues, conduct interviews and make good contributions on this forum. Unlike some of you who howl "price of garri" on every posts.

Read it and make your contribution because this subject might actually affect the "price of garri".



Frawzey.