Good job. This is democracy. It has to be halted to keep in check this self-perpetuating cycle of arbitrariness as championed by Sanusi..

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?

good. Mallam Mai Hula [/i]can go and get his [i]Hula on

I wish I could say I had faith in these men but unfortunately I don't. I think they are just looking for what they'll chop. May God help us in this country.

So wrong we don't want anyone of them as CBN Governor again.

noblezone:

So wrong that I want Soludo back.

Was there any legislative approval when 100, 200,500 and 1000 naira note bills were introduced. I hope the senate isn't arrogating itself some powers they don't have

Please I will like to ask some questions?

What has happened to "kobo" which used to be our basic unit of currency? Since our phone and bank account balance still reflect the currency why should the coins/note be phased out of our money denominations?

CBN says the 5k note will enhance cashless banking, which means fewer notes will be carried about, I ask, if you have a 5k note and you buy a recharge card of 500 naira, what's "cashless" in having a 4,500 naira change of 100 naira notes only?

Looking at the other benefits of this new note, what percentage of the 167 million Nigerians will benefit from it's introduction and that should be compared to those that will not benefit from it, putting in mind that 65% live below $1 (160 naira max) daily and 77% below $2 (320 naira max), hope they are not simply converting the poor people's money to coins and restrict the paper notes to the rich of the land?
(perhaps 5,000 naira should also come in coins)

Since Nigerians detest coins and usually associate it with beggars, fetish stuffs, and how it get lost easily, why can't we just have our 50 kobo, 1 naira, 5 naira, 10, 20, 50, and 100 naira in notes (on matter how small it will look) just like the dollar-cent and pounds-penny relationship, so that at this stage, if you need to carry 2 million naira nobody will force you before you go cashless?

My contribution; lives and property are not secured in some parts of this country, here we're talking about improving the security of naira notes...Buses full of passengers will disappear on the road because of money ritualists...average nigerians will trek long distances, forced to go hungry, miss appointments, stay thirsty, because the retailers of what they need won't have "change" for everybody. Due to avoidance of coins, price of common goods and services will be fixed at the nearest 50..

But what's the point of being a millionaire in naira and thousandnaire in other currencies? These so-called millionaire should help the redenomination of our currency for the common good.

the problem with hausa thinkong this that no midldle class either u be rich(magida) or poor(tarakiwa)and the rich is blinding the poor and sanusi as hausa prince dont believe in middle class

spyder880: Toothless senators, what happened to their order to stop the new plate number that reads from the right to left?

I keep on imagining whats wrong with our Senetors

Obviously timely.Sanusi goofed on this.Clueless and contradictory perhaps playing a script.

If u believe these mercurial Senators, u are on a long thing.

amades: As for me, even if senate get informed financially by CBN and they approve this project, we Nigerians should reject the currency. By the time we all start rejecting the note, they will
withdraw the notes back.

what if someone donates to you 1,000pieces of same currency...would you REJECT? 8-)


N5,000? Somehow a part of me doesn't 'buy' the idea while the other part says bring it on, Sanusi.... If you could remember, same 'unacceptable' excuses were given before the introduction of N500, N1,000 notes, and yet we survived it and could still afford the price of garri...lol Sure, we're going to survive this, too. But, then can't we just redenominate our currency as Ghana did?


#really, we've got an handful of what to remember SLS for -Mass
retrenchment of bank workers, cashless policy, N5,000..

.

Who is fooling who? Plan work!
They KNOW about it before now.

Walahi, i know economics pass Sanusi Lamido

isangedigh: 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?

My guy becos u redominate naira no mean say value of the naira go rise like omi gari o. i no study econs for school but i do know that 100/50 = 2 and so is 2/1 all you doing is playing with numbers. if we redominate and and 1 US dolapo equals N1.55k you better trust and believe that ur paycheck too go miss zero so at the end of the day you back to square one and you still going to be left with the same naira value.

I wonder wat is goin on abt all diz

"In 2005, the CBN undertook a major currency restructuring to re-coin some denominations which ran into billions of Naira. ``It did not work at all because both the goldsmiths and the blacksmiths converted the coins to moulding bangles, earrings and so on.''

I can't just stop laughing reading the above quoted sentence

SLS is just confused always coming up with controversial issue N5000 note in an economy where naira exchanges at N165 to a dollar. I would not be surprised if half of that money is going to sponsor boko haram

Ifeanyispace: Was there any legislative approval when 100, 200,500 and 1000 naira note bills were introduced. I hope the senate isn't arrogating itself some powers they don't have

You are right. And was there approval for the 40Billion earmarked to print the new currencies? Whose approval was that? Who actually checks Mr. L. Sanusi? I am asking because we don't want a situation where the CBN is run like someone's private account. I just hope the Senate will do a good job this time. It shouldn't be what we have seen in the past where they invite Sanusi to make some speech before them and then they give him a standing ovation when he is done. And thereafter he is allowed to go do as he pleases. We put our hope on them for now because we are in a country where the the democracy practiced is one of the government, for the government and by the government only. The gully between the rulers and the ruled gets wider each day!

If NOI was recalled, why shouldn't Soludo be recall?

SANUSI IS A SENIOR BOKO HARAM SPONSOR-ER. TAKE IT OR LEAVE IT. BOKO HARAM HAS DIFFERENT TACTICS TO DI-STABILIZE NIGERIA , SANUSI'S PLAN IS JUST ONE OF THEM.

@Post

I don't know what kind of leaders we have in Nigeia. So the senate was not consulted before CBN made up their mind to come up with a new currency? Don't these leaders talk amongst themselves and come to an agreement over a decision before announcing it to the public?

Nigeria we hail thee!

they're only reminding SLS of their share of d 40billion naira

Better.

it is wonderful when you imagine how much time was spent thinking and rallying about and taking flights and long indoor meetings and contracts and other resources that went into the birth of the 5000 Note. Imagine how these people managed to reach a conclusion in the midst of all the bokoharam issues and chaos in the country. I wonder.

nosa gold: Now this is definitely affecting d price of garri in the market

Lol yeah, dis one is.

Michky: For the first time, i salute the senate for this order. I hereby move the motion that this cattle rearer be replaced and sent back to his primary contituency (the cattles)with immediate effect. If you're with me say HAI!

hehe