I see...the plan is now to brain wash us,abi...

Sanusi,we have our own peculiar system,ours cant be the same with the so called 'international best practice' jeez!! Why is this man too theoritical. Always acting like he owns the whole nigeria.

Soludo waz stopped,Why is his own policy unstoppable?

truely: I just need someone to tell me the advantages of the introduction of this 5000 note.....my own view.....if we want to practice cashless economy so y do we need 5000 note then....in us their highest note is 1000 note and the citizens dont even see it not to talk of spending it....CBN mentioned some countries with high denomination like 10 000 note...if u check those countries their economy is no good in any way..... this mallam is just a big fool....cant any one stop him?

.

Bros, am here to lecture you.

It would aid money laundering and provide a way out of escaping the penalties imposed by cbn for daily cash deposit and withdrawal over a certain amount.

I think we should all know by now that all the laws in our land is meant for the masses, this is another form of immunity for the ruling class.


And let me add even though you didn't ask, with the conversion of 5, 10 and twenty naira to coin, be assured that the minimum transaction you would be doing is N50 . This includes; you polish or mend your shoes with aboki, sachet water, tom tom, biscuits. in short, we can vonly transact business in multiples of 50 naira. shaii

Is this policy not suppose to pass through the national assembly?
Dsnt it require president's approval?

d most annoyin thing is dt afta going thru d post,i cudnt see anywea it was written dt d introduction of N5000 wil affect or reduce d price of garri in d market.
i can see world bank n imf behind d scene.
if dey're nt even contemplatin on re-introducin coins it wud've bn beta,dey ar jst interested in ruinin our economy n makin d poor poorer.
God dey

HAHA,God help us in Naija. Another well planned script from our so called leaders.

As for sanusi, im not surprised. He thinks he knows economics more than everybody in Nigeria. Every economist understand the popular acronym 'Ceteris Paribus'

I wonder whether common sense is applied when we talk about all things being equal and whether or not all these politically inclined motives however economically sound they may be, will practically be able to function in the Nigerian system for now.

Im sure Sanusi also understands that we are no where close to what we can call a developing country(underdeveloped is more like it) and for you to create a denomination that ultimately will skyrocket the inflation rate beyond normal in a country where we have love everything foreign and our spending patterns is not commensurate to our earnings is just suicidal.

No need for an in-depth economical analysis as most economists will quite understand the implications of what we are about to witness, but as usual the greed and corrupt motives of a few will overshadow the sincerity of millions.

We can only hope and pray.

van bonattel: Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

Selective sanitization of the banking sector and promotion of sectionalism.

acidtalk:

Oh! Please shut up you silly son of a reatard.

Of course open your bat eyes and read my thread and post and see if I am supporting Sanusi on this?

All I am saying is foo*l like you should always make tribalism anmd religious attacks on the slightest of issues.

Face the game and not the player foo*l.

If they call Okonjo Iweala a biafran spy or warlord or Tinubu an opc tout, you same baboons will come crying and spitting nonsense all over the place.

Less I forget, you haven't even made the slightest iota of sense on this issue.

each time i read something from you, i just know you don't understand anything atall. You feel like you know something but the truth is, you know nothing.

Coconuts do have water but your own coconut head is just empty. What a shame!

I laugh at your madnèss You've been nursing the idea of engaging in an e-fight with me for a while now and in all honestly, i have been avoiding it cuz i know you're suffering from verbal diarrhoea.. And i would not let this pass/slide. Your cup is now full and i will gladly treat your fvck up in everyway/means available to me. I'm not a troublemaker but when i make trouble, someone ends in jail.

You're not in support of Sanusi's policy which is a good development but for you nonsensical brat to talk/type trash at me only shows how gullible you are.. What are you typing that you're feeling good about The sperm that fertilised your egg should have been swallowed during BlowJ, the egg that made you should have been mensturated away cuz you are of no use to yourself, to your friends and the society at large.. Gawd dammit! When you fight someone especially a public office holder, you use every tool and mechanism to hit at him. If i use bokoharam and religious whatever to lash Sanusi, It's none of your fvckin business provided it's a means to an end. Mind you, sanusi is a fvckin tribalistic, egocentric man and he's Anti-The-Masses. What has sanusi really done in the banking sector? Mention one good acheivement? NUBAN? Or that he recapitalised some banks by printing 400billion Naira?

Back to the issue,

1. Will 5000naira note not increase money laundering and corruption? FYI, 2bundles of 5000notes is 1million naira, so what are we talking about?

2. The moment 50naira becomes coin, i bet in the next 2-5years, you should be looking to buy a sachete of pure water with a 100naira note because so much value as been placed on naira note. And if you don't know, Coin as no value in the Nigeria Economy.

3. Spending over 40billion naira to print 5000naira note is wasteful considering you have a cashless policy idea which have not fully gain grounds. I can go on and on talking about the demerits of 5000naira notes. So acidtalk, next time you want to attack my person, think twice cuz you know nothing about Economics, the Economy and Politics in Nigeria. Stay out of my way and never you in your life insult my person again

Nigeria is just like an accident victim that needs urgent medical attention but instead, the victim is being dressed with cap and shoes. Nigeria is really suffering inwardly, yet our leaders keep chasing the shadows of developed countries. Foolish leaders taking us for zombies......

bennyraz: each time i read something from you, i just know you don't understand anything atall. You feel like you know something but the truth is, you know nothing.

Coconuts do have water but your own coconut head is just empty. What a shame!

I laugh at your madnèss You've been nursing the idea of engaging in an e-fight with me for a while now and in all honestly, i have been avoiding it cuz i know you're suffering from verbal diarrhoea.. And i would not let this pass/slide. Your cup is now full and i will gladly treat your fvck up in everyway/means available to me. I'm not a troublemaker but when i make trouble, someone ends in jail.

You're not in support of Sanusi's policy which is a good development but for you nonsensical brat to talk/type trash at me only shows how gullible you are.. What are you typing that you're feeling good about The sperm that fertilised your egg should have been swallowed during BlowJ, the egg that made you should have been mensturated away cuz you are of no use to yourself, to your friends and the society at large.. Gawd dammit! When you fight someone especially a public holder, you use every tool and mechanism to hit at him. If i use bokoharam and religious whatever to lash Sanusi, It's none of your fvckin business provided it's a means to an end. Mind you, sanusi is a fvckin tribalistic, egocentric man and he's Anti-The-Masses. What has sanusi really done in the banking sector? Mention one good acheivement? NUBAN? Or that he recapitalised some banks by printing 400billion Naira?

Back to the issue,

1. Will 5000naira note not increase money laundering and corruption? FYI, 2bundles of 5000notes is 1million naira, so what are we talking about?

2. The moment 50naira becomes coin, i bet in the next 2-5years, you should be looking to buy a sachete of pure water with a 100naira note because so much value as been placed on naira note. And if you don't know, Coin as no value in the Nigeria Economy.

3. Spending over 40billion naira to print 5000naira note is wasteful considering you have a cashless policy idea which have not fully gain grounds. I can go on and on talking about the demerits of 5000naira notes. So acidtalk, next time you want to attack my person, think twice cuz you know nothing about Economics, the Economy and Politics in Nigeria. Stay out of my way and never you in your life insult my person again

Don' mind him dear. They said, EMPTY BARRELS make the most noise.

Is this democracy,lookn at it critically no nigerian is supporting this and yet his still goin on abt it.so wat r we 2 dem noise makers,is there any future 4 our country 5percnt I guess,how as it come to this, I weep

Policewoman: Don' mind him dear. They said, EMPTY BARRELS make the most noise.

the id1ot talks trash @me, he feels he knows it all.. Danboroba, Gawd go let me catch am..

They once said education is not 4 everybody.they sometimes ago said that handset is not 4 everybody.them go soon say #5000 note is not 4 everybody.

I jst hope labour,trade union and the rest of them dnt get bribed. They are highly need now.

Sanusi again...This man is feeling to be on top of the world with excessive and mostly frivolous policies...Cant he be put under control?...wats happening in this country?

van bonattel: Can anybody tell me the real achievements of sanusi since he became Governor of cbn?

I can try, first) Failed Islamic banking. And currently) The molestation of Nigerian monetary value. A great northern Interllectual indeed.

Biggyd2: DESPITE criticisms trailing the proposed currency restructuring exercise tagged ‘Project Cure’, the Central Bank of Nigeria (CBN) has said it is moving ahead as scheduled and there is no going back.

Nigerian Tribune gathered that the apex bank had set up a sensitisation machinery to convince the various interest groups and members of the public on the desirability of going ahead with the project.

The senstisation team, which commenced its tour of Abuja last week, will stopover in Lagos today. The team is expected to go round the six geopolitical zones of the country.

It will be recalled that ‘Project Cure’, especially the planned introduction of N5,000 note and coinage of lower denominations, has generated furore, with many prominent citizens calling on the CBN governor, Lamido Sanusi, to dump the project.

However, CBN had insisted that there was no going back.

According to the apex bank, under the CBN Act of 2007, it has the overall control and administration of the monetary and financial sector policies of the Federal Government. It stressed that the planned project was in line with global best practice which demands that countries restructure their currencies every five and eight years to be ahead of counterfeiters.

It explained that the coinage of the lower denominations up to N100 was recommended by the currency management key stakeholders at different forums held in Lagos and Abuja prior to the restructuring, noting that the redesigning of the notes was aimed at making them more secure, enhancing their durability to last longer in circulation and streamlining their aesthetic and security features.

The banking watchdog maintained that the new N50 and N5,000 would be launched during the first quarter of 2013 and which would be followed by the gradual introduction of the two denominations at a time.

Re-enforcing the stand of the apex bank, Head, Corporate Communications of CBN, Ugochukwu Okoroafor, averred that it would be cheaper to print and issue N5,000 note, stressing that the introduction of a higher bill would complement the cashless policy initiative by reducing the volume of bank notes to be printed.

According to the CBN spokesman, countries around the world was looking for a way out of polymer notes, stating that the move to do away with polymer notes was consistent with the CBN’s position of changing with times and technology.

He disclosed that the apex bank had started reaching out to various interest groups to ensure acceptability, adding that the project was also in line with the country’s Vision 20:2020 policy.

http://tribune.com.ng/index.php/lead-stories/46916-cbn-insists-on-implementation-of-n5000-note-begins-sensitisation-tour

we wil also sensitize sanusi on our ocupy nija protest

I think its high time somebody make this foolish Sanusi realize that the CBN is not his father's corporate organization where he can wakes up every morning to take decisions without considering the effect of such absurdity on Nigerians and the economy.
Imagine an Islamist scholar who carved a name from plagiarized ideas imposing policies on Nigerians,a man who single handedly destroyed the banking sector now want to destroy the economy with his failed policies.
He want to spend N40bn to print N5000 notes when such amount can build eight standard hospitals with world class facilities,with such facilities in place I see not reason why Dame Patience should be flown to Germany to treat ordinary food poisoning.

am eating cooked groundnut now

Biggyd2:

According to the CBN spokesman, countries around the world was looking for a way out of polymer notes, stating that the move to do away with polymer notes was consistent with the CBN’s position of changing with times and technology.

From the above quote, I think he's trying to pull out the polymer notes. This is another waste of money campaign.. Considering the amount we spent in converting our N5 - N50 to polymer notes, when its not up to 5 to 6 years of introduction.

Too late man....Mr.CBN,we don't need it.

I once said that this man is a suicide bomber and he had not proved me wrong.

And where is that loud mouth pastor so called bakari tunde of the save nigerian group? Has he gone mute?

I believe SLS and his team of advisers are the ones who needs to be sensitize...

SLS predicted sometime last year or 2010 that a day will come in Nigeria when the masses will see the son of a rich man/woman driving along in his/her car and they will stop the car and drag the driver/owner out and kill him/her simply because he/she is rich via corruption. He said this when he was honored by Silverbird.

I think he wants to use this policy to hasten the arrival of such times.

Our leaders shd not think they are immune to the crisis that will be unleashed when the masses are forced into a revolution, cos all the bombs and guns in d world won't be able to stop the anger of the people (just like libya and syria)

They shd stop Sanusi now. A word is enuf for the wise.

Biggyd2: DESPITE criticisms trailing the proposed currency restructuring exercise tagged ‘Project Cure’, the Central Bank of Nigeria (CBN) has said it is moving ahead as scheduled and there is no going back.

Nigerian Tribune gathered that the apex bank had set up a sensitisation machinery to convince the various interest groups and members of the public on the desirability of going ahead with the project.

The senstisation team, which commenced its tour of Abuja last week, will stopover in Lagos today. The team is expected to go round the six geopolitical zones of the country.

It will be recalled that ‘Project Cure’, especially the planned introduction of N5,000 note and coinage of lower denominations, has generated furore, with many prominent citizens calling on the CBN governor, Lamido Sanusi, to dump the project.

However, CBN had insisted that there was no going back.

According to the apex bank, under the CBN Act of 2007, it has the overall control and administration of the monetary and financial sector policies of the Federal Government. It stressed that the planned project was in line with global best practice which demands that countries restructure their currencies every five and eight years to be ahead of counterfeiters.

It explained that the coinage of the lower denominations up to N100 was recommended by the currency management key stakeholders at different forums held in Lagos and Abuja prior to the restructuring, noting that the redesigning of the notes was aimed at making them more secure, enhancing their durability to last longer in circulation and streamlining their aesthetic and security features.

The banking watchdog maintained that the new N50 and N5,000 would be launched during the first quarter of 2013 and which would be followed by the gradual introduction of the two denominations at a time.

Re-enforcing the stand of the apex bank, Head, Corporate Communications of CBN, Ugochukwu Okoroafor, averred that it would be cheaper to print and issue N5,000 note, stressing that the introduction of a higher bill would complement the cashless policy initiative by reducing the volume of bank notes to be printed.

According to the CBN spokesman, countries around the world was looking for a way out of polymer notes, stating that the move to do away with polymer notes was consistent with the CBN’s position of changing with times and technology.

He disclosed that the apex bank had started reaching out to various interest groups to ensure acceptability, adding that the project was also in line with the country’s Vision 20:2020 policy.

http://tribune.com.ng/index.php/lead-stories/46916-cbn-insists-on-implementation-of-n5000-note-begins-sensitisation-tour

You are here: Home / News / CBN to print N5, 000 note, others with N40bn
CBN to print N5, 000 note, others with N40bn
August 27, 2012 by Fidelis Soriwei, Olusola Fabiyi and Ifeanyi Onuba
Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi

Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi
| credits:

The Central Bank of Nigeria will spend N40.3bn to produce its new coins and naira notes, The PUNCH has learnt.

Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins. “The bank is spending over N40bn on the production of new coins and notes. The N40bn is the total sum for the production of the coins and the new notes,” a member of the board of the CBN confided in one of our correspondents in Abuja at weekend.

The CBN had on Thursday announced a comprehensive review of the country’s currency. It introduced N5,000 note as the highest denomination and converted N5, N10 and N20 notes to coins.

The new coins will join the 50k, N1 and N2 coins already in existence but which Nigerians hardly use.

The PUNCH learnt that the CBN, at its board meeting two months ago decided that most of the new notes and coins would be printed by the Nigerian Security Printing and Minting Company.

Our source added that the meeting agreed that only the N5,000 note would be printed by a foreign firm which had “the technology and the capacity to handle the sensitive features in it.”

Investigation further revealed that some workers of the CBN would be laid off during a forthcoming retrenchment exercise.

The source said that consultants engaged by the bank had commenced a screening process with the heads of the bank’s directorates with a view to compiling the names of those that would be affected in an imminent purge.

The CBN Board member, who spoke to our correspondent on the condition of anonymity said, “Consultants are already meeting with the various departments to select five to 10 percent of members of staff to be laid off.

“They are doing this in the pretext of normalising staff aggregated appraisal graph through the Head of Departments. The HODs are the ones who determine who to go in their directorates. They are doing it under the pretext that it would be used to categorise staff for productivity bonus payment.”

Efforts to get the reactions of the CBN Director, Corporate Communications Department, Mr. Ugochukwu Okoroafor, were abortive. He did not pick calls to his mobile phone nor responded to a text message sent to him.

The CBN governor, Mr.Lamido Sanusi, at the press conference, where he announced the new structure of the naira, had declined to give the cost of printing the currency.

He said that the cost would be seen in the CBN’s balance sheet at the end of the year.

“The cost of printing the currency is publicly available information in the published account of the Central Bank of Nigeria and you will see the cost of printing the naira in our balance sheet at the end of the year,” he said.

Sanusi had said that new coins and notes would be produced by the NSPMC but that if the mint failed to meet the apex bank’s standards, the job would be given to other printers.

He added that unlike in the past whenprinters held the patent of the features of the naira, the CBN would hold the patent of the new currency. This, he noted, was vital for the security of the naira.

Meanwhile, opposition parties on Sunday warned that the unintended consequences of introducing the N5,000 note might outweigh the benefits of the new measure.

The Congress for Progressive Change advised the Federal Government to spend the money earmarked for printing of N5,000 notes on the provision of jobs.

The Action Congress of Nigeria, in a statement on Sunday by its National Publicity Secretary, Alhaji Lai Mohammed, said the country should learn from the bitter experiences of Zimbawe and others that introduced higher denominations.

It said that there was strong historical evidence that the introduction of higher currency notes in an economy often signified a regime of increased and sustained fiscal deficit financing.

According to the opposition party, the issuance of such high value currency notes is likely to be perceived as an indication of government’s failure to effectively control inflation.

“Unfortunately once this perception takes hold, increased inflation expectations can be built up quite rapidly and these have pushed many countries into a situation of hyper-inflation in the past, which has typically culminated in the redenomination or even complete abandonment of the entire currency system,” the ACN said.

It added that the issuance of the N5,000 note countered the recent policy of the CBN to promote a “cashless” economy by encouraging the increased use of non-cash transaction instruments.

The ACN said, “This policy which is aimed at reducing the use of cash had been justified by the need to reduce the burden of the cost of printing and distributing currency notes.

“The introduction of a high face value currency note actually does the opposite because by reducing the unit cost of printing and transportation, it actually would promote the use of cash.”

The party cited countries where introduction of high currency had led to inflation.

These countries, it said, included Argenitina, Bolivia, Nicaragua, Peru, Angola, Zaire/DRC and Zimbabwe.

It said, “Between 1975 and 1991, Argentina experienced a period of inflation during which increasingly higher face value notes were issued. At the beginning of 1975, the highest denomination in Argentina was 1,000 pesos. This rose to 5,000 pesos in late 1976, then to 10,000 pesos in 1979 and rose further to 1,000,000 in 1981.

“As this trend became clearly unsustainable, a series of currency reforms followed. In 1983, the currency was re-named peso argentino, one unit of which was exchanged for 10,000 pesos. This did not curb the inflation. In 1985, another name change occurred, and a unit of the new currency (austral) was exchanged for 1,000 pesos argentinos. Finally one new peso was exchanged for 10,000 australes.”

It said that in Nicaragua, the introduction of higher currencies triggered inflation in 1991.

Citing Zimbabwe, the ACN said, “ On May 5, 2007, Zimbabwe issued currency notes with face values of Z$100m and Z$250m. On May 15, 2007 a new bank note of Z$500m was issued, followed by the issue on 20th May 2007 of currency notes in denominations of Z$5b, Z$25b, and Z$50b. Finally, on July 21, 2007, bank notes with a face value of Z$100b were issued.

“Eventually, Zimbabwe abandoned its own currency and legalised the use of only foreign currencies. Curiously enough, in certain places in Nigeria today the American dollar is the accepted legal tender.”

The ACN said the introduction of the N5,000 note was a step in the wrong direction, warning that it would lead to “a slippery slope towards hyper -inflation and that it is time to abandon failed inflation-control policies and inadequately thought- through experiments.”

The CPC said it was unfortunate that President Goodluck Jonathan could approve the CBN proposal in the midst of economic problems facing Nigerians at this particular time.



http://www.punchng.com/news/cbn-to-print-n5-000-note-others-with-n40bn/

van bonattel: Can somebody tell me what the qualifications of this man is for them to appoint him to such an office as this?

he have a degree on islamic studies. Thats all i know about him. I also know dt he copied someone intellectual work and he was sued i remember dt christine Largarde calld him d most intelligent man in nigeria when she visited just bcs he does whatever IMF wants which i vehemently disagreed on bt was insulted here by one SAGAMITE.Now sagamites insult will go back to him, a bottom licker.

Huraaaay!!
Finally a topic that will definitely affect.....

acidtalk: WE NO GO GREE OH!
WE NO GO GREE!!
WE NO NEED N5,000 NOTE!!!
WE NO GO GREE!!!

Nigerians let us ALL come together and kick against the introduction of this N5,000 note.


See thread below to see important and vital points why we should all kick against the introduction of this N5,000 note.

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


If they tell us we are going CASHLESS in 2013 then why also tell us you need to introduce N5,000 note to reduce the cost of maintaining smaller denominations in circulation.

Please who is fo*oling who in Nigeria?

Nigerian youths it is high time we all start reasoning and unite to fight all this injustice in this county.

if only many Nigerians had Ūя̲̅ kind of drive. Many of us r only waiting n hoping tinz get better one day. D more we look d more we sink

Am fed up wit government issues, d main reason i dnt vote is bcuz corruption has eaten really deep into our society n i dnt tink dre is a solution. We are giving our selves false hope by saying d pple inn govt nw shud be replaced.

Why won't he (Eedris) say Naija jagajaga when tinz lyk ds r stil in place, sincerely cnt no one stop him?

bennyraz: How can a bokoharam leader understand the people? Sanusi is bokoharam.. Mtcheew

Na your papa b bokoharam firstclass mumu kawai