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Re: Conversation Of Jarus With SANUSI On The New Currency Policy - Business - Nairaland

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Re: Conversation Of Jarus With SANUSI On The New Currency Policy by bilms(m): 2:29pm On Aug 27, 2012
When it comes to economic matters,i may be an illiterate,but my illiteracy on that subject matter doesn't take away my ordinary reasoning.

On the conversation of Jarus with SLS, i just like to raise some issue

My Conversation With SLS On The New Currency Policy

SLS:Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system.

If our cashless policy never says there should not be any cash at all,it only discourages heavy cash in the system..Dont you think that the new N5k note and the coin being introduce side by side with the note of N5,N10 ett would contradict the discouragement of heavy cash in the system?

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

I agree with SLS that it is not the duty of the CBN to fight corruption,but i disagree with him that is there no corruption now that there are no N5000 denomination? Yes there is...But don't you think introducing this new note would increase the corrupt tendencies?Just like the EFCC,the CBN is also a part of the govt seeking solution to our national financial challenges which corruption is a major set back,don't you think that every policy to be introduced by the CBN is suppose to put guiding against corrupt tendencies first in its consideration?

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)

in very near future, when we will be paying tolls, paying for newspaper vending, with just coins at vending machine points.

Why do we need coin to pay for tolls,newspaper vending? what is wrong with paying with the note? how does paying toll with coin improved our system? what does it contribute to the discouragement of heavy cash in the system as the CBN stated?

SLS: 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.

If the CBN said it is discouraging heavy cash flow in the system, yet it is introducing new note N5k,introducing coins of N5,N10,N20,N50 etc without withdrawing the previous once,it would also be reproducing the previous note along side with the new coins, how has it discourage the heavy cash flow by bringing in more cash to the system? I really care to know as i am an illustrate on this subject.
Re: Re: Conversation Of Jarus With SANUSI On The New Currency Policy by bilms(m): 4:50pm On Aug 27, 2012
smiley

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