Yes, let the CBN explore other mechanisms for controlling inflation and other problems of the economy. Well, CBN and the presidency are set to promote high-calibre bribery and cash spree. What a despot we have in FGN and CBN?

There will be no limits to how this government will disrespect Nigeria Constitution and rule of law.How could this government announced a monetary directives without briefing the National Assembly or at least the affected committee that is not only important but could have helped shape the discussion.

lasspee: There will be no limits to how this government will disrespect Nigeria Constitution and rule of law.How could this government announced a monetary directives without briefing the National Assembly or at least the affected committee that is not only important but could have helped shape the discussion.

Because there is no legal requirement to do so.

Ninilowo: I ve said it over and over that this mallam had just two issues immediately he came 1. To deal with Erastus n Ibru 2. To prepare for 2015.

1 and 2. are correct.
3. Islamic banking.

Sls is not fit for that position, i've said it time and time again. The whole of his term is a waste, a boko sympathiser.
All his policies are useless and keep creating unemployment not just in the banking sector but other sectors.

zoro d ninja: Obviously timely.Sanusi goofed on this.Clueless and contradictory perhaps playing a script.

Seconded! Am suspecting a script somewhere.

Am an Acccountant, majored in finance, Sanusi should better watch it, cos if he dears introduce 5k note, poverty will kill may Nigerian, our currency will drop by 50% nd above, share dividends value will reduce. Infact these re all signs of End time.

So SLS did not say anything to the masses, the Senate or National assembly before taking such an important step that will undoubtedly impact very hard (positively or negatively) on this country forever. What kind of democracy is this?

pembisco: So we stl av sensible leaders at d senate! Dt means hope dei 4 we contri oh...or wt do u tink?

guy true talk

it should be suspended immediately... sanusi(gworo mouth) wants to bring naija currency down.... unfare... but just forget the whole jist and lean new things that will help you out... make at least $20 per day and withdraw with liberty reserve account... click below to start making money online

What happened to Suspension of:
1. Post UME?
2. Petrol Subsidy?
3. New Plate Number?
Same will happen to N5000 note.

I pray that God will come to our aid to save us from the evil hands of bad leaders in Jesus name.

I think we should give kudos to the senate. Someone has to stop sanusi.

He introduce cashless systems inorder to reduce heavy cash transaction.
Moreso, there is cash limitation of 500,000 for individual and 3,000,000 for corporate per day

Why the 5,000 note? what purpose will it serve rather than stealing and impoverish the masses.

BRT fares obviously will jump from 70 to 100 naira while 120 to 200 naira, since 20 and 50 will be converted to coins.

I see inflation skyrocketing.

Someone should remove this mallam before he cause a colosal damage

Nigerian govt is thinking of rolling out #5,000 Note when a large percentage of the citizen cannot boast of making #1,000 a day. Make Senate go keep quiet jo, once they're given their own portion, their so called briefing is over. GOVT AND ITS POLICY !!!!.

Introduction of 5000 naira note and re_coining our lower denomination will not solve our problem. Converting our lower unit to coin will not have a purchasing power n therefore is valueless. This because nobody will like move along with coin n it cannot purchase anything in the market. Again., CBN should ensure that introduction of cashless society go round in nigeria n not introducing 5000 naira note Introduction of 5000 naira note and re_coining our lower denomination will not solve our problem. Converting our lower unit to coin will not have a purchasing power n therefore is valueless. This because nobody will like move along with coin n it cannot purchase anything in the market. Again., CBN should ensure that introduction of cashless society go round in nigeria n not introducing 5000 naira note Introduction of 5000 naira note and re_coining our lower denomination will not solve our problem. Converting our lower unit to coin will not have a purchasing power n therefore is valueless. This because nobody will like move along with coin n it cannot purchase anything in the market. Again., CBN should ensure that introduction of cashless society go round in nigeria n not introducing 5000 naira note

let me reiterate my earlier submission on dis mediun:
1. Remove N1000 notes 4rm circulation so dat we hv only N500 note as d highest denomination. why?
2. Print more of N5 - N100 notes.
3. Print 50kobo, N1 & N2 notes in 1/4,1/3 & 1/2 sizes respectively of d N5 note. examples of dis is in China where dey hv an equivalent of 50kobo, N1 & N2 in note forms in addition 2 having dem in coins.
4. CBN to establish a 5-7yrs regime where d highest naira denomination will be phase out as dis will b d true test of appreciation of d currency.

Results/Benefits:
1. To make us appreciate d naira while spending it wisely.
2. Stabilize inflation n eventually reduce it.
3. Also,to assist d so-called CBN Cashless policy.
4. Businesses n products will b created and sustained 4 many years as a result of d lower currency denominations(50k,N1 & N2 notes) while maintaining d already existing N5 notes.

Pls,I am tired of complaining,let's come up wt our own suggestions.

Clueless naija

Good moves. And Sanusi should also be told to discard the idea completely.

These people lack ideas of the way forward. Another president and CBN Govenor will be there tomorrow and the will tell us they want to redenominate and turn our N1m to a note and also turn N1,000 to a coin. They will still come here and tell us the same useless reasons:
- we waste too much on printing
- ATMs can now load a billion naira
- we would have reduced d volume of cash being carried by individual
And countless meaningless reasons thereby making life more difficult for d masses. SLS please can u tell us why we still need to carry cash around when we have our ATM cards and what is/are d reason(s) for ur so called cashless economy?

[quote author=spyder880]Toothless senators, what happened to their order to stop the new plate number that reads from the right to left? (Supported. All they need from Sanusi is some ghana must go bag, and their stand will change. God deliver us from this pharaohs of our time)

Please what Ȋ̝̊̅̄ don't understand I̶̲̅s if this people think at all
before they act.nobody I̶̲̥̅̊n̶̲̥̅̊ his right senses will tell U̶̲̥̅̊ he wants
†̥O̲̣̣̥ bring 5000 note into existence. I̶̲̥̅̊n̶̲̥̅̊ what way I̶̲̅s this suppose
†̥O̲̣̣̥ help †ђξ Nigerian economy

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!

Hai!!

maasoap: Sorry sir, Sanusi may be wrong on this one as you've said but Soludo was a disaster. He raised the Nigerian banks capital base to 25billion naira each, and right under his nose, that capital base of many banks were reduced to zero coz of corruption and he claimed he wasn't aware of their then financial situation.

Dont agree with u. Soludo was the best CBN gov we've ever had.
He kickstarted the banking sector and gave it international relevance.
It was his proposed revaluation policy of the naira that put him out of favour with greedy and corrupt politicians who would have effectively had there financial wings clipped.

VPG:

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.

It looks to my mind too that redenomitn is not really our problem but d "chop ur own make I chop my own" dat is endemic in d land. I'm aware dat america has bigger denominatn. 5000, 10000 even 100,000dols doh d latter not 4 public use but for certain internal transactions. Bring suya, bring suya, no be from cow body d suya dey commot?

Even the senators knew ACIDTALK was right.

https://www.nairaland.com/1030089/why-n5000-note-should-kicked

pembisco: So we stl av sensible leaders at d senate! Dt means hope dei 4 we contri oh...or wt do u tink?

............Didinrin

SENATE is simply waiting to collect there own 'national cake' and then like the drivers licence syndrome it wud b 'SLS' carry go wt ur 5k rubbish

The only benefit of the N5000 note is to aid corruption and Money Lundry. 1 bundle of N5000 note is N500,000 while 10 bundles will give N5,000,000 then 100 bundles will give N50,000,000. so you can see how easy it will be for Sanusi and his corrupt friends in government to do money Lundry. I just do not know why every bad thing starts from Nigerian Government

You can't withdraw more than 300, 000/day as an individual. So, I would like to know if 300 wads of Naira seem too heavy to carry.

You intend to go cashless and, at the same time, you want to introduce a higher denomination. Isn't that counter-intuitive?!

Sanusi has become gaffe-prone!

Somebody jst put ur feet down & order sanusi 2stp dis madnes...wot is ds country turning into 10naira cnt buy u anytin useful again even 50naira sef & wt d 5k bill we cn as well say gud bye 2d usefulnes of 100 & 200naira bills all because of coruption..sumtyms ds country sucks!

Nw it has because obvious dat GEJ is a weak presidnt or he hs no genuine plan 4 dis country 2 move 4ward in all sector. Instead of dem 2 b thinking of removing 1000 and 500 naira note 4rm circulatn dey r der thing of hw 2 embezzle more mony. May God help d poor masses.