taharqa: 3 Pages and not single person have put forward a single ECONOMIC reason why this is a bad move. You keep hearing abut the introduction causing inflation yet no DATA is presented to shore up the argument; in fact, the DATA both here in Nigeria and in more advanced Economies, show little or no correlation between Inflation and Currency Denomination. Most of the arguments(if you can actually call the opposition an argument) against the policy are just anti-intellectual- just unbridled expressions of EMOTION and FEAR, Period. Imagine some persons arguing that the introduction of #5, #10, #20 coins would mean that products sold for say #10 would sell for #50 cos "Nigerians do not like coins"(that the present notes and the proposed coins would run side-by-side till the transition is effected is lost on them ). We also have some persons "arguing" that products/services presently going for say #4500 would be rounded up to #5000 as there are no items selling for #9400, #460 and #60 presently.

...by the way, it is my opinion that the policy is suspended, not cos of any ECONOMIC reasons but STRATEGIC ones- this govt should know that it can not afford too much distractions on policies without much over-arching benefits so as to FOCUS on more IMPORTANT issues. Suspend the policy, FOCUS on other some other CRITICAL ones and reintroduce it later(maybe in 2014).

Genius100:

Dude, stop being ignorant. Everybody in the USA use $100 bills, which is equivalent to N16,000. Ghana uses a 50 cedi bill which is equivalent to about N7500. What are you on about? If you ignorant about something, at least ne honest enough to know and say you are ignorant. Please show us the study that links higher notes to inflation..

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. .

2mch:

Look, you are dumb. Go to school or do your own research. if from my post you did not get anything, i cannot help you. An ignorant idiot arguing what he doesnt know anything about. STFU. You dont know you devalue your own currency by issuing higher notes? EWU

miky:

lol a bit silly bro.. inflation is caused when the total value of currency printed is way to high compared to goods and service on the demand floor.. if cbn wants to print 5000 it only means fewer lesser denomination would be printed so the total value is the same... our useless naira is due to the fact we produce nothing in nigeria our trade deficit is horrible.. and sometimes economic growth can spur a bit of inflation so it can be trivial at times..

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)}

miky:
lol a bit silly bro.. inflation is caused when the total value of currency printed is way to high compared to goods and service on the demand floor.. if cbn wants to print 5000 it only means fewer lesser denomination would be printed so the total value is the same... our useless naira is due to the fact we produce nothing in nigeria our trade deficit is horrible.. and sometimes economic growth can spur a bit of inflation so it can be trivial at times..

2mch:

Stick to what you know, music. Stop being a Fo#ol. I have explained and you are arguing what you have no idea about. Mumu like you.SMH. Even 100 and 50 dollar bills are very rare. Most people dont accept it because of security reasons. You dont know what you are talking about. Please logout.

miky:

how do u get your information,, i withdraw cash everyday i get some in $100, and $50 too much 20's and u could loose em...

Ekeeyhandsome: Naija is doomed 4ever....

berem: Fucck Sanusi Lamido!
Fucck Jonathan!
Fucck NASS!
Fucck Nigeria

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)}

shymexx:

Printing money = Inflation.....

Most Nigerians don't even keep their money in the bank, so expect excess currency in circulation, thus resulting in inflation... When will you lot understand that Nigeria is still about 50-70 years behind modern world in terms of banking?? Your leaders just read about something they like in theory - and next, they want to practicalize the crap on the Nigerian economy that isn't stable... Get to the river before jumping into it!!!

But why do you even need to spend billions of dollars to print a higher denomination, when there is nothing wrong with what you've got? Why fix what isn't broken? These people have got their priorities wrong and the billions they're about to waste in printing this junk can be used for other projects the Nigerian populace needs...

shymexx:

What about the excess currency already in circulation, how are they going to retrieve them in a country where more than 60% of the people don't have a bank account?

Good in theory, but this is Nigeria not an advanced country where most people keep their money in the bank.

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. .

miky:

lol a bit silly bro.. inflation is caused when the total value of currency printed is way to high compared to goods and service on the demand floor.. if cbn wants to print 5000 it only means fewer lesser denomination would be printed so the total value is the same... our useless naira is due to the fact we produce nothing in nigeria our trade deficit is horrible.. and sometimes economic growth can spur a bit of inflation so it can be trivial at times..

MostIncredible.DFirst:
It wud not be a bad idea for Sanusi Lamido Sanusi 2b immediately assassinated- in oda to send a strong signal to his likes 2kno dat anti-people policy can no longer be tolerated by nigerians.

2mch:

You dont know what you are talking about. I have lived in the US. It is mostly foreigners that bring in 100 and 50 dollar notes. Nigerians to be precise. Am definitely arguing with someone that has no idea. The most common currency in circulation in the US is 20 dollars and below. You can never withdraw 50 or 100 from the ATM. you have to go into the bank and specifically ask for it.

Tunsbobo: Its a good policy if u ask me.....!

Mr. Globe:
GEJ will not go until he sinks this country. He should make it easier for everybody by just dividing the nation. what a clueless govt

taharqa:
If this is true why did inflation rate go from about 26% in July 2005(The #1000 note ws introduced in Oct 2005) to 12.7% today?

And you re very wrong that the mere "printing of money" causes inflation. It is the money supply REALATIVE t the goods/services available in n economy that "causes" inflation. If this argument is even close to been correct, then Japan should have the highest Rte of Inflation in the world since it has Y10,000(which it introduced in 2007); however, its Inflation rte is -0.4%(actually deflation).

taharqa:

Absolutely @ the Bolded....though I dont quite agree that the naira is "useless"

miky:

can u read does withdrawing specifically mean atm machines.. as a med student here in the states, i withdraw cash from 3k to 4k depending on situation.. its not even safe to do that driving through those atm machines, dont get killed bro lol

obviously $20 is common so is $1 which is probably more common... but the point u stated previously was that 50, and 100 are not really used??

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

taharqa: 3 Pages and not single person have put forward a single ECONOMIC reason why this is a bad move. You keep hearing abut the introduction causing inflation yet no DATA is presented to shore up the argument; in fact, the DATA both here in Nigeria and in more advanced Economies, show little or no correlation between Inflation and Currency Denomination. Most of the arguments(if you can actually call the opposition an argument) against the policy are just anti-intellectual- just unbridled expressions of EMOTION and FEAR, Period. Imagine some persons "arguing" that the introduction of #5, #10, #20 coins would mean that products sold for say #10 would sell for #50 cos "Nigerians do not like coins"(that the present notes and the proposed coins would run side-by-side till the transition is effected is lost on them ). We also have some persons "arguing" that products/services presently going for say #4500 would be rounded up to #5000 as there are no items selling for #9400, #460 and #60 presently.

...by the way, it is my opinion that the policy be suspended, not cos of any ECONOMIC reasons but STRATEGIC ones- this govt should know that it can not afford too much distractions on policies without much over-arching benefits so as to FOCUS on more IMPORTANT issues. Suspend the policy, FOCUS on other some other CRITICAL ones and reintroduce it later(maybe in 2014).