obailala: Please, can someone be kind enough to explain to me why/how the N5000 note will destroy our economy/nation?? If the words of CBN are anything to go by, the new N5000 notes will not necessarily be in circulation; just like in the US where they have the $1000 and $10,000 bills _{(which are however not in circulation)}

Dis Guy: so these FG are also imcopetent like SLS? how can world renowned economist like Ngozi and Aig agree to this?

All the journalists/e-economist said it will cause inflation and encourage corruption, these world class economist no gree hear word o

So they really are in on this northern agenda Sanusi is selling them

obailala: Please, can someone be kind enough to explain to me why/how the N5000 note will destroy our economy/nation?? If the words of CBN are anything to go by, the new N5000 notes will not necessarily be in circulation; just like in the US where they have the $1000 and $10,000 bills _{(which are however not in circulation)}

obailala: Please, can someone be kind enough to explain to me why/how the N5000 note will destroy our economy/nation?? If the words of CBN are anything to go by, the new N5000 notes will not necessarily be in circulation; just like in the US where they have the $1000 and $10,000 bills _{(which are however not in circulation)}

Believe it or not, it wasn’t just to save space in fatcats’ wallets. When the Treasury started printing these giant bills, their main purpose was making transfer payments between banks and other financial institutions. Before sophisticated wire transfer systems were fully developed, it was apparently easier and safer just to fork over a $5,000 bill to settle up with a fellow bank. Once transfer technology became safer and more secure, there really wasn’t much need for the big bills anymore

Billyonaire: [size=15pt]I HATE COINS !!![/size]

centje: mr genius,do you have proof that the project will do otherwise...
If not STFU at once.

Zeus I: Sanusi should be hold responsible not Ngozi, Ngozi is nothing more than a minister and an adviser, and a person can choose to ignore an advice given to him/her. Anything that ensued from this move, whether good/bad, should be credited,as long as Nigeria lasts, to Sanusi and Goodluck.

miky:

u dey mind them? the usa even has $100,000 bills

Slyp: I ve always try as much as possible not use an abusive words on Gej
but now he kinda bush me. despite the fact that more than 90 percent of Nigerians were against this proposal yet federal govt. still went ahead to endose it. Our nation is indeed finished, honestly I doubt the future of this country. This people shouldn't forget that when you bush someone to the wall the only option left for such person is to fight back.

ITbomb: The federal government Tuesday formally endorsed the introduction of the 5,000 naira note introduction despite the criticism that has greeted its introduction.

In a meeting of the Economic Managament Team chaired by President Goodluck Jonathan, the CBN governor, Sanusi Lamido gave a detailed explanation of the programme.

.
www.vanguardngr.com/2012/09/fg-okays-introduction-of-5000-naira-note/

A-ZeD:

If you introduced a daily withdrawal limit of N500,000 which large transaction are they talking about that they need N5000 note? The $100,000 bill was never for the general public while the other large notes $500 and above was last printed in 1945.... So give us a recent example oga

floridam: Someone with #18,000 minimum wage salary will be given just 3 of the #5000 note and 3 of #1000 notes for a whole month ?
LOL

Elueme: I still don't get how this note will destroy our economy.. As much as I don't subscribe t o the new denominations especially coins I don't see how it will aid our corrupt leaders in looting more than they are currently doing. Do u need naira notes to inflate contract or mk fake subsidy claims? Other countries have far higher denominations of their currencies and their economy hasn't scrumbled.. We should state what the real grouse is and stop pegging it on shallow excuses.

vire: people should stop crying about this and cry more when you hear BONDS are been sold or when you hear about what our fractional reserve ratio is... redenomination of a currency is not a bad idea....but devaluing our currency from month to months via BONDS is the real problem

floridam: Someone with #18,000 minimum wage salary will be given just 3 of the #5000 note and 3 of #1000 notes for a whole month ?
LOL

2mch:

With higher denominations comes inflation. Do you think developed countries are fools? If it was a matter of how much money to handle, would they not have predated us in issuing 1 million dollar notes? Now the price of everything is going to increase drastically, and we have the same level of income. It is also going to devalue our currency on the international market. Your purchasing power vs international markets will be much lower as people have less confidence in your currency. It all has to do with how people will view your currency. Issuing higher notes creates a panic in the currency market, the trickle down effect is inflation. .

taharqa:

My friend with due respect, you are just ranting. Where is the DATA suggsting that "With higher denominations comes inflation" or ny of the other things you claimed above? Stop doing "Street talk" plz

2mch:

With higher denominations comes inflation. Do you think developed countries are fools? If it was a matter of how much money to handle, would they not have predated us in issuing 1 million dollar notes? Now the price of everything is going to increase drastically, and we have the same level of income. It is also going to devalue our currency on the international market. Your purchasing power vs international markets will be much lower as people have less confidence in your currency. It all has to do with how people will view your currency. Issuing higher notes creates a panic in the currency market, the trickle down effect is inflation. .