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Senate Orders CBN To Suspend N5000 Note Introduction - Politics (5) - Nairaland

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Senate Orders Nigerian Electricity Regulatory Commission To Suspend 40% Hike / Senate Orders Jonathan's Probe / Jonathan Orders CBN To Stop N5,000 Note Plan (2) (3) (4)

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Re: Senate Orders CBN To Suspend N5000 Note Introduction by tnktosin(m): 8:14am On Aug 28, 2012
When d head is sick, d body is 2. While it's a gud move by the senate, methinks they're just looking for their cut. Abi no be these same thieving politricktians?
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Echepet(m): 8:17am On Aug 28, 2012
.this people want make the poor Nigeria die of hunger,....they r complaining of no jobs,light issues,n they r tinkin of implementing bigger notes...tk 4 instance in sm state in d north,u hardly see 20naira notes cos of inflatn in price of guds,cos if t was available,t cld av bn worst
Re: Senate Orders CBN To Suspend N5000 Note Introduction by free2ryhme: 8:22am On Aug 28, 2012
for once i agree with the senate.The CBN governor should think of other ways of making the naira have value.A new denomination of naira will not solve our problems at this point in time.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by unachi: 8:28am On Aug 28, 2012
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....!
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Dee60: 8:41am On Aug 28, 2012
Sanusi should do it the other way round. Make the kobo become relevant. The highest denomination in Nigeria should be 500 Naira and there should be only a few of that in circulation. Decimate all prices by 100 and then arrive at new currencies. If you earn N200,000 per month now, it should become N2000. If the price of bread is N300 it should become N3. That will force the kobo to become relevant as some bread sellers will want to sell theirs at N2.95k.

This is very simple to do. Ghana did it succesfully about 5 years ago while Nigeria is beating about the bush in 2012 because of some strange and selfish (sometimes silly) policies coming from our technocrats. I actually remember that Soludo submitted the blue-print for that decimation before he left CBN. That Soludo option is better for Nigeria.

The idea of N5000 sounds silly and points to how far some people will go to pursue selfish interests at the expense of the economy.

Introducing N5000 note and N20 coins will mark the final burial ceremony for the kobo. That does not make any sense. America still has the cent and Britain has the pence after many centuries.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by ibemeekene: 8:42am On Aug 28, 2012
Let's called a spade a spade the senates has done the right thing
Re: Senate Orders CBN To Suspend N5000 Note Introduction by chuksnwite(m): 8:49am On Aug 28, 2012
Can't Mr. Bassey say STOP with immediate effect........this was how they suspended new plate number....which way NIGERIA.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by mayowaeh: 8:54am On Aug 28, 2012
Ijeoma Obasi: The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5, 000 note until the Senate was properly briefed.

The Chairman of the Committee, Sen. Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja. Otu noted that the re-denomination of currency required the approval of the National Assembly, warning that the CBN must avoid sending the wrong signals to stakeholders in the economy.

He said it was vital for the CBN to discuss the implications of the currency re-denomination with the Senate before it was implemented. `` I believe that a project of this nature requires parliamentary approval because there are numerous fiscal implications on the entire economy.

``The CBN must be very careful in order not to send the wrong signal to the domestic sector and external partners that the Nigerian currency is valueless. ``So, we are sending a letter to them (CBN) to stop all further actions on this until the Senate of the Federal Republic is properly briefed,'' he said.
May God Help us in Nigeria


He warned that the conversion of some denominations into coins would lead to a waste of public funds as the previous exercise did not yield the desired result. ``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,'' he added.

The Committee chairman said there were other mechanisms available to the apex bank to tackle the problem of inflation other than the re-nomination of the nation’s currency.
http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/43469-senate-orders-cbn-to-suspend-introduction-of-n5-000-note
Re: Senate Orders CBN To Suspend N5000 Note Introduction by xpensive05: 8:54am On Aug 28, 2012
THEY DONT NEED GHANA-MUST-GO-BAGS NO MORE.........PITIFUL
Re: Senate Orders CBN To Suspend N5000 Note Introduction by DonaldGenes(m): 8:58am On Aug 28, 2012
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.

omq! I no fit shout when we went to delta state 2days ago and i coudn't believe what i saw,
Damnit! I saw ''Michael and cecilia Ibru university',Michael and Cecilia ibru private clinic,Michael and cecilia Ibru estate,Inshort they bought a whole village as the villagers there intimated us as we stopped to see Corruption on a grand monumental scale of such magnitude such that i was in a state of Trance.i wonder if their salary is what they use in acquiring all those ill-gotten wealth
Re: Senate Orders CBN To Suspend N5000 Note Introduction by noblechriss(m): 8:59am On Aug 28, 2012
They want it suspended because they've not been properly informed,i bet u when sanusi bamboozes them with his economic brouhaha aΩ̴̩̩̩̥d̶̲̥̅̊ terms,they'll not have any other choice but to let him have his way!Truth be told...the bottomline's Nigeria does not need this re-evaluation or wotever its called at this particular point in time.Sanusi's §Ơ̴̴̴̴͡ wrong that he should just throw in the towel!still tryna understand the relationship between cashless Nigeria aΩ̴̩̩̩̥d̶̲̥̅̊ #5000 note! *smh
Re: Senate Orders CBN To Suspend N5000 Note Introduction by omosexy1: 9:06am On Aug 28, 2012
I really don't understand this guy Sanusi. Is he trying to create an impression? First it was cashless policy, which actually is good for the economy. Rather than chase this to the latter, he has now resorted to wasting N40billion to introduce N5,000 currency and make our other currency notes invaluable. Why should this man be thinking of introducing cash currency if he was actually chasing cashless policy? See the way the man crumbled the banking industry and made thousands of people jobless and selling banks to friends. Why didn't he go the route of the US Federal Reserves who injected funds into dying banks? Is he trying to impress his generations by telling them "Na me Sanusi introduce N5,000 currency for naija". I believe the accolade that his fictitious associates give to him is now making him mad.

The Senate should quickly go educate themselves properly and call this man to order. They should avoid being bombarded and left confused by his fluency of English words. The Ministry of Finance should call this man to order too. This action of Sanusi has left me to wonder if he is actually trying to lift the economy out of its prolong recession or plunge it further into the bottomless pit of depression by always seeking attention and trying to always grace the covers of Newspapers and Financial magazines.

As a matter of fact, Nigerians should rise and reject this currency introduction and call for the resignation of Sanusi.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by lukecent: 9:20am On Aug 28, 2012
Planning a cashless economy and a new 5000 naira note, what a contradiction
Re: Senate Orders CBN To Suspend N5000 Note Introduction by alexisalvarado: 9:35am On Aug 28, 2012
These are absolutely great, but way to expensive. Not worth the price! I acquired an absolutely authentic pair of Beats Pro at beats pro for alot less then or biggest score.. them can be a little greedy
Re: Senate Orders CBN To Suspend N5000 Note Introduction by May22nd(m): 9:38am On Aug 28, 2012
Sanusi selfish interest is cheap popularity, he has nothing to offer nigeria anymore. In fact,the man is totally confused. He needs to resign honourably before he will be disgraced from the office as CBN governor.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Nobody: 9:44am On Aug 28, 2012
lukecent: Planning a cashless economy and a new 5000 naira note, what a contradiction

The man is confused, Soludo is still Best CBN governor. The Banking Sector was too corrupt and he put most of them in Order,.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by wakky4me(m): 9:53am On Aug 28, 2012
Nwa_Nimo: The Senate need to be 'Settled' . . .

Sanusi - Just add anoda 10billion to the costs of printing the notes and distribute that one to the senate.

Naija ohh . . The left hand cant make a move without paying bribe to the right hand.


Plz can Y̶̲̥̅̊o̶̲̥̅̊и justify Ur comment with τ̅ђё Fact? S̴̩☺̴̩̩̥ dat it will βﻉ safe †̥σ βﻉ treated as a Fallacy.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by jegedejoseph(m): 10:04am On Aug 28, 2012
Dis decision is very wrong b/cos introduction of new note is not d solution for nigeria economy and nigeria problems. This is another way that this people want to smuggling our money. Introduction of new note will cause inflation in nigeria while many people are suffering. The senators have power to stop dis decision bt they would not do because of their person benefit.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by apala911: 10:22am On Aug 28, 2012
For now, I think it is the best thing to do............let's stem the tide of insecurity
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Louisonofighe(m): 10:56am On Aug 28, 2012
Of all the numerous problems facing nigeria, their pains is d introduction of 5000 naira note, shame!!! :DOf all the numerous problems facing nigeria, their pains is d introduction of 5000 naira note, shame!!!
Re: Senate Orders CBN To Suspend N5000 Note Introduction by toluxa1(m): 10:57am On Aug 28, 2012
niddamugu: Poor thinking.....At a time when you say cashless, you are introducing another currency of higher denomination. Is that not contradiction? these guys think the majority of Nigerians are not right thinking people....

No its not. Two things you should know is that cashless doesn't mean no cash at all, that's not possible. Secondly cashless very much implies volume of cash, so instead of using 10 500 notes to pay for a good or service, you use 1 5000 note, how is that contradictory?
Re: Senate Orders CBN To Suspend N5000 Note Introduction by toluxa1(m): 10:57am On Aug 28, 2012
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.

The two are laudable. They both needed to be dealt with and every Nigerian citizen has the right to vote and be voted for7n so what is your beef?
Re: Senate Orders CBN To Suspend N5000 Note Introduction by klechie: 11:11am On Aug 28, 2012
[color=#990000][/color]i have always said that sanusi is sick in the head. Did he consider the inflationary tendency of this policy. Perhaps he need to go back to school. For crying out loud, this policy conflict. Trying to solve 1 problem while creating numerous other problems. Where was he when soludo wanted to remove the zeros in our currency? Look at Ghana economy. Why is he just running around? Using trial and error method in our economy? Islamic banking, cashless society now 5000 after this what next. Is he blind? Does cashless society go with higher currency denominations. Sometimes i just wonder if he really paid attention in class oq whether he really studied economics his first degree. God, help us!
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Reference(m): 11:19am On Aug 28, 2012
lukecent: Planning a cashless economy and a new 5000 naira note, what a contradiction

I don't think it is a contradiction. Plainly put the higher the denomination the less the quantum of notes out in the open, i.e. Less cash > cash less.

However it is my belief that one of the primary roles of the CBN is keeping inflation in check through sound monetary policies. This move fuels culturally induced inflation due to our reluctance to accept coins.

Thus the move of the Senate is timely and I hope they eventually do away with the coinage of lower denos while suggesting even a 10,000 and 20,000 naira note. Not bad.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by dapo338(m): 11:52am On Aug 28, 2012
Stupid man, he said he wants cashless society but he wanna make it coins-much, changing 20, 10, 5naira to coins is irritating... He don't want us to walk silently anymore
Re: Senate Orders CBN To Suspend N5000 Note Introduction by folowo(m): 11:52am On Aug 28, 2012
If 100million of nigerian reject this 5000 naira note. I think Sanusi shd listen to 9ja ppl. The money for the project shd be use for job creation for our youth
Re: Senate Orders CBN To Suspend N5000 Note Introduction by sdbaba: 11:57am On Aug 28, 2012
It's amazing that most posters here are not seeing Sanusi's real aim of trying to spend N40B to print new notes at this time in our economy when everything seems to be going the other way.

His real aim here is to raise funds for his Campaign to become the next Governor of Kano State, now that the thieving Farouk has been eliminated from the picture, he feels the coast is now clear for him. That is where he's headed I tell you and you and I both know that politicians don't use their own personal money for political campaigns anymore in Nigeria.

God no go gree for am, AMEN!
Re: Senate Orders CBN To Suspend N5000 Note Introduction by PrincessEni(f): 11:58am On Aug 28, 2012
Ninilowo:
HAI!
.
Ha
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Chinom(m): 12:01pm On Aug 28, 2012
nosa gold: Now this is definitely affeting d price of garri in the market

For once on NL, this whole Garri issue has made sense. Hurray!!. The real killer is the coining of N5 , N10, and N20 notes. Nigerians abhor coins. Don't want anything to do with it. Besides, what purpose will the N5,000 note achieve?. And why spend so much money to print new notes ?. What's wrong with the ones we're using now?.
The idea is very stoooopid. It does not add any value whatsoever.
Re: Senate Orders CBN To Suspend N5000 Note Introduction by Gonzaga1010(m): 12:03pm On Aug 28, 2012
Fools
Re: Senate Orders CBN To Suspend N5000 Note Introduction by searay(m): 12:08pm On Aug 28, 2012
nosa gold: Now this is definitely affeting d price of garri in the market
how does this affect the price of Garri?
Re: Senate Orders CBN To Suspend N5000 Note Introduction by 7footre(m): 12:12pm On Aug 28, 2012
Ummm.... Where are those asking for how this nd that affect the price of garri? I bet you've found what you looking for right?......*dnt. Mind d digression

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