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:
lol i believe your smarter than this.. ever heard of interest and lending rates?? well the banks can increase their lending rates this way its harder for people to borrow money as loans.. this takes out cash from system overtime!! cbn can also sell treasury bonds to banks and collect cash from them..no one personally goes to the bank to give money back or vice versa!!

ethiopia currency is about 7 : 1 US Dollar
Ethiopians is not a modern country either they dont have as much banks as us either, so why is this so?? they import less than they export and have a better trade deficit..

the issue of having banks, and denomination is such a non-issue to cry about that i feel sad about the Nigerian ignorance !!

Elueme: I don't quite agree with your assertions.. The points you raised above could just be your psychology and it is the same way most Nigerians are thinking right now.. There are economic and market forces that determine inflation and cause currency devaluation not on the denomination itself.. Why has the dollar not been devalued even with their $100,000 , $10,000 or $5000 bills.. How abt Japan and other countries.. Ok, let's put Ghana in perspective with their hundreds of thousands of CDs their currency is even waxing stronger.. In as much as I don't advocate for this new policy, we should be able to tell ourselves the real issues other than looting and inflation .. The economists know so I expect them to sensitize us

Ghana’s cedi currency will shed four zeros next July, a central bank official said on Monday, and shoppers weary of carrying big bundles of bank notes welcomed the plan.

Residents of the West African country complain a combination of low-denomination notes and the low value of the cedi—a result of high and sustained inflation in the past—obliges them to carry bags full of tattered currency.

“We will be setting the current 10 000 cedis to one of the new Ghana cedis,” Ernest Addison, the bank’s head of research told local radio station Joy FM.

“It is not a revaluation. It is a redenomination,” he told Reuters later. “Depending on the exchange rate in July, the old currency will just translate into the new one.”

One United States dollar is currently worth 9 200 cedis.

http://mg.co.za/article/2006-11-27-ghanas-currency-to-shed-four-zeros-in-july

Genius100:

Look at this moronic intellectual midget. I've lived virtually all my life in the US and you are telling me $50 and $100 are very rare. You are incredibly daft. You belong in the zoo, as I'm sure even a silverback monkey has a higher IQ than you. What an ignoramus.

taharqa: And @shymexx, before I 4get...I think the Central Bank have said that it might not be up to #40billion, certainly not all would be cos of the new Currency cos it will include the cost of printing already exiting currency- you do not actually think that the existing currency are printed free of charge, do you? . Billions are already been used to print the existing currency; in fact, the Central Bank says that in the long run, the money used to manage the currency would reduce which makes sense cos a larger denomination and the "Cashless" policy would certainly reduce the cost of printing notes....I would try to find out the initial cost in introducing this currency though

Sijo01: Naira has finally lost its value/repect. O ma se o

onye_ngbu*:
I am not with Team GEJ on this one.

I might not be able to prove they are wrong but I dont just believe they are right!

2mch:

I exposed your lie, that is the point. You said you get 100 and 50 dollars like it is in circulation and used everydayFAil!!. When you actually have to specifically go into the bank and ask for it. Obviously those are the largest amounts of currency in the US and they are not as common as the lower denominations. I know stores that will not accept the 100 dollar note, and will closely scrutinize it before accepting. Now i want you to explain, why the US does not creat 1,000 notes so that you can boast around or carry 3 notes of your 1,000

femmy2010: Why promote a cashless economy when they are still going to introduce new bigger denomination.

Genius100:

Look at this moronic intellectual midget. I've lived virtually all my life in the US and you are telling me $50 and $100 are very rare. You are incredibly daft. You belong in the zoo, as I'm sure even a silverback monkey has a higher IQ than you. What an ignoramus.

miky:

Lol no insult but i think u dont read properly for real!!

this is what u said: 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.

this is how i responded : 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...



Now tell me where i talked about circulation? lol when the word i mentioned was WITHDRAW!! pertaining to withdrawal from banks abi na lie?


the usa doesn't need $1000 their currency is on par with any in the world. Nigeria currency has a ratio of 157: to 1 US dollar... it means if u buy an imported good from usa and want to pay in naira you have to pay 150x the amount of that good..thats too much cash to be carrying in my own opinion.. it is also too costly and inefficient for the cbn, banks and maybe u

if u cant understand that, then i dont think i can make it simpler..i suggest u look at facts.

Now i have a question for you the #1000 naria was introduced in oct 2005, sometime that year inflation droped from 27.8% to around 12% How is this possible? You need source i can provide?

taharqa:

If this correlation was true, why would Japan have Y10,000 denomination when there hardly any country in the world whose econmy is as "cashless" as Japan.

You guys should stop doing "Emotional" propositions and call it Arguments, k?

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

shymexx: These policies are elitists and part of extreme capitalism, what about the ordinary Nigerians?

These clowns don't even think about the normal people on the streets before they start throwing words around..

Cashless policy in a country where most people don't even have money to feed, not to even dabble into having current accounts.. GTFOH!!

shymexx:

The bolded part is still at the high level. What about the low level(the normal people with no bank accounts)? You need to always put everything into the Nigerian perspective - a country where majority don't keep their money in the bank... Would the CBN also sell treasury bonds to them for cash

I know no one goes to the bank to give money back - but how would they retrieve the excess currency(lower denomination) in circulation back from the low level people



You answered your own question... Ethiopia exports than it imports - but Nigeria imports than it exports, so Nigeria can NEVER be Ethiopia... You're comparing apples to oranges here... And I don't think Ethiopia stays printing junk higher denomination every 7 years like we do - do they??



Good in theory but the practicality in the Nigerian context is this problem..

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

taharqa:

Just some Correction: Nigeria's Exports far outstrips her imports, just that most of our Exports are unprocessed(just like Ethiopia by the way). Nigeri's problems is its inability to Manufacture

miky: LOL

Nigerians should vote for me!!! i promise to remove two zeros from the nigerian currency with the signing of a single paper on my first day... and also dissolve the 5000-50 naira notes leaving only 20-1 naira notes.. Since this is what Nigerians want?? and according to popular conclusion this should simultaneously reduce INFLATION and make Naira 1:1 with Dollar..

Is this what you guys want

shymexx:

T[b]he bolded part is still at the high level. What about the low level[/b](the normal people with no bank accounts)? You need to always put everything into the Nigerian perspective - a country where majority don't keep their money in the bank... Would the CBN also sell treasury bonds to them for cash

I know no one goes to the bank to give money back - but how would they retrieve the excess currency(lower denomination) in circulation back from the low level people



You answered your own question... Ethiopia exports than it imports - but Nigeria imports than it exports, so Nigeria can NEVER be Ethiopia... You're comparing apples to oranges here... And I don't think Ethiopia stays printing junk higher denomination every 7 years like we do - do they??



Good in theory but the practicality in the Nigerian context is this problem..