Genius100: Quite frankly, I really do not understand what you guys are crying about. Why are Nigerians so ignorant? You have been challenged to bring forth any reputable study that links inflation with currency denomination, no one has been able to. Yet you are here lamenting over something you know nothing about. Do you have any rational and conclusive proof of the adverse effect of this policy? If not, STFU..

ur laptop number please?

Are you guys sure Okonjo Iweala and Mallam Sanusi are not economic 'hitman' and 'hitwoman' working for western interests in Nigeria?

Watch this video:

John Perkins - Confessions of an Economic Hit Man

https://www.youtube.com/watch?v=yTbdnNgqfs8

shymexx:

I can't believe you just posted the bolded part, what do we export, apart from oil - and maybe cocoa?? However, we export the oil, and import refined oil products and petrochemicals... And for the cocoa, we export the raw cocoa, and import the finished products... We import virtually almost everything, including toothbrush...

Fam, we import more than we export..

That guy I believe he's communicating from the moon or maybe he's an alien, he got all his facts wrong

Leboska:
seriously u sounded like a fool!

lol nice just what i wanted!! ;Dbut this is what they want right?? its very easy to do,, as far as i become president though!! i will give them the opportunity to travel to europe with 10,000 naira change to 10,000 pounds and shop till they drop!! am sure u wan that too, u know u want that Son

The problem is not just to copy other countries and introduce higher bills it is in managing it. e.g in india, their highest denomination is 1000 = N3000, but their ATM still bring out 100rupees bill if u want but in Nigeria when was the last time ATM brought out even 500 let alone 200. if u withdraw over the counter they charge u. u are forced to buy what u don't want b'cos u need change. so what happens now with the introduction of 5000. those economic bigboys don't enter buses neither do they buy maize on the street or pure water and hey constitute less than 0.5% of the population and they just say it is good. i'm just tired

I've known this for a very long time that Mr clueless and his team are going to endorse it, so what are we waiting for?

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..

Mr. Know it all, how is what he said in line with your ignorant answer? Let america start using $5000 bill and turn $100 bill 50, 20, 10 and 5 dollar bills to coins and see where their currency value will find itself before other currencies. When Prof. Soludo introduced the reduction of two zeros what did Nigerians do? Now you are ignorantly, and shamelessly so, before the whole viewers here, defending nonesense. Mcheeew. Bunch of illiterates.

Genius100:

Guy, when the N1,000 was introduced, it did not cause inflation. Currency redenominations have been performed in virtually all countries and there has been no evidence that it leads to inflation. You clowns need to go find something worthwhile to cry about. Instead of you guys demonstrating over corruption that has essentially denied all Nigerians access to what they're entitled to, you're here crying over a non issue.

How much were u promised. Don't worry take this campaign of yours to ur family 4 us we are wiser now mr ingenuity

ifeci:

That guy I believe he's communicating from the moon or maybe he's an alien, he got all his facts wrong

he is actually right!! we export more than we import,, however whats the value at the end of the day.. you can export 100 cocoa beans at $3 dollar each.. but then go ahead to import 10 chocolate bars at $40 each.. trade deficit -$100........ thats what we do in nigeria, there is no added value to raw material, crops or anything...

b4 insulting do ur own research..

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

I'm asking you ... Oya, explain why it is a good policy

my fellow widows.u na don see what happen to a country lead by somebody refered as dead even when alive

2mch:

You keep shifting the goal post. I read your comment perfectly. No need for story. You have run out of things to argue about because you are totally ignorant. Stop trying to lie and justify things that are wrong. I have schooled you and exposed you. It is either you work for the government or you are truly ignorant. This is my last post to you.SMH. You definitely need to read before you write. Are you sure you are in medical school? You must be a physicians assistant. Your IQ is poor

lol at this monkey running away.. i just posted what u posted and what i posted.. now tell me where i said i collect money from circulation like everyday u run away.. Freaking Coward!!!

miky:
I could also say that since the people dont have bank account how did they get money in the firs place?? there is always money in circulation, its just the excess thats being mopped out, and i believe a number of devices are used..dont really care to answer that bro

Did it ever occur to you that most of these low level people have their own personal mini-banks in their houses, probably somewhere under their beds - how does the CBN intend to mop that out??

Did it ever occur to you that low level people with cash at hand do business with people of their own creed, and they don't need the bank for anything?

the talk about ethiopia is just to make u think!! having a bank account or not doesn't affect mopping of extra cash in system... ethiopia doesnt have as much banks as us but yet they do this efficiently and maintain their high currency

The highest denomination of the Ethiopian birr is the 500birr(which they have stopped printing) - and all their notes including 500birr were first printed in [size=18pt]1945[/size].

Unlike Nigeria, Ethiopia hasn't printed anything higher than the ones they printed in 1945. So you can see the difference between Ethiopia and Nigeria - Nigeria is a country controlled by uneducated gamblers..

another food for thought?? how come japan has the 10,000 yen but their currency is higher than ours and inflation lower too...does this now dispel the ignorant stance of high denomination and currency value??

Why do you keep comparing a stable exporting country, with an advanced banking system - to a Nigeria that has no banking policy Japan is 70 years ahead of Nigeria - so comparing apples to oranges...

Woe unto GEJ.
Woe unto all the members of NASS.
Woe unto the Minister of Finance:Okonjo Iweala.
Woe unto the FEC.
Woe unto Sanusi Lamido Sanusi.
Woe unto all of you.
May your get entrapped in the devices you imagine for Nigeria and never be able to come out of it.
WOE!

nigeria economy is treading d path of doom...uhmmmm!!who will save us

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

iiiiiiigidi....choi...lol!!!!

People are not respected...The masses have been forsaking,the youths future have been mortgaged and the public opinions are no more respected...since the inauguration GEJ all of his policies have been anti peoples policy...I wonder if this guy remember how it feels to live in a hopeless situation...I knew all their plan is to make us shout and clamour but the deed has been done and they have a master plan.What we saw january was the the tip of an iceberg...If we don't fill up the street now with protest by january next year we will buy a slice bread for 500#....This isn't democracy but an authoritian government that don't seek the public opinion before they launch their stupid policies

shymexx:

I can't believe you just posted the bolded part, what do we export, apart from oil - and maybe cocoa?? However, we export the oil, and import refined oil products and petrochemicals... And for the cocoa, we export the raw cocoa, and import the finished products... We import virtually almost everything, including toothbrush...

Fam, we import more than we export..

My frnd cool down. Read: http://www.tradingeconomics.com/nigeria/balance-of-trade

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..

Zeus I: Mr. Know it all, how is what he said in line with your ignorant answer? Let america start using $5000 bill and turn $100 bill 50, 20, 10 and 5 dollar bills to coins and see where their currency value will find itself before other currencies. When Prof. Soludo introduced the reduction of two zeros what did Nigerians did? Now you are ignorantly, and shamelessly so, before the whole viewers here, defending nonesense. Mcheeew. Bunch of illiterates.

The idiot just wan show us say him dey america ni. Na mumu him be.

Now, to be serious. In as much as I refrain from insulting people on NL, some people will just always ask for it.

My arguiment about the issue is not about corruption but inflation. To say this policy will not cause inflation (and what does inflation means, the rising cost of goods and services, isn't it ... pls tell me if it's otherwise) is turning the arguiment up-side-down.

Was it not the eradication of one naira and fifty kobo note that resulted into every thing being priced to the nearest currency in note?

ifeci:

That guy I believe he's communicating from the moon or maybe he's an alien, he got all his facts wrong

You see I have not responded to you and cos I dont debate with midgets.

If there is any Data I have used that is incorrect just point it out. If you do not know that Nigeria has been having a Positive Balance of Trade for many years, then you do not have any clue about Nigeria's economy( and you re attempting to argue with me?). Now get LOST plz
http://www.tradingeconomics.com/nigeria/balance-of-trade

miky:

he is actually right!! we export more than we import,, however whats the value at the end of the day.. you can export 100 cocoa beans at $3 dollar each.. but then go ahead to import 10 chocolate bars at $40 each.. trade deficit -$100........ thats what we do in nigeria, there is no added value to raw material, crops or anything...

b4 insulting do ur own research..

and where did u get ur statistics from? i bet u've neva bn to any of Nigeria's seaport before to see the volume of imports on daily basis let alone the under-declaration of the quantity of goods imported by importers! get ur own facts right

taharqa:

My frnd cool down. Read: http://www.tradingeconomics.com/nigeria/balance-of-trade

Don't tell me you believe the break down below:

Nigeria imports mainly: industrial supplies (32% of total), transport equipment and parts (23%), capital goods (24%), food and beverage (11%)

Where's the percentage for oil products and petrochemicals - and miscellaneous items like: clothes, shoes etc..? CBN just make up numbers smh... What about the informal sector and the billions of dollars worth of imports smuggled through our porous borders?? I guess there are no records for them..

Anything to sell the kool aid and make people shout EUREKA - freaking brilliant..

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.

So i was even argueing with a half baked Nigerian? How on earth would you compare Nigerian system with U.S'? Theoretical slowpoke.

401kk: This is absolute nonsense. I actually can't believe that NOI endorsed this new programme. As a world bank executive, she is supposed to know that this decision will harm the economy. I'm highly embarrased.

If you don't know where to heap your grievances, go to bed then. Since when did Ngozi become the president whose endorsement is imperative to progression of that nonsense act. Policy dictates that she act as though she were in support even if she is not. Blame Sanusi and GEJ!;>

shymexx:

Don't tell me you believe the break down below:



Where's the percentage for oil products and petrochemicals - and miscellaneous items like: clothes, shoes etc..? CBN just make up numbers smh... What about the informal sector and the billions of dollars worth of imports smuggled through our porous borders?? I guess there are no records for them..

Anything to sell the kool aid and make people shout EUREKA - freaking brilliant..

Then PLZ believe anything you what to believe guy. I am sure you know more about the volumes of trade that leaves and comes into our ports from London where you reside, than all the economists and trade experts in Nigeria(including the officials handling the trade); the have been lying to us and the world for more than 20 years, right? I see...When I debate, it is not not my intent to convince people. I just try to test Assumptions- mine and others- that all. So I would not demur you from believing whatever you want to.

By the way: 32 + 23 + 24 + 11 is not = 100%.
And you "conveniently" forgot to quote everything:

Nigeria imports mainly: industrial supplies (32% of total), transport equipment and parts (23%), capital goods (24%), food and beverage (11%) and consumer goods.

I guess the Bolded would solve your "concerns"

Again, I believe that this policy should be suspended for the time being, but not cos of any "arguments" some of yu have been putting out on this thread. I am preparing a response to one of your comments on your understanding of inflation. Just some time.

shymexx:

Did it ever occur to you that most of these low level people have their own personal mini-banks in their houses, probably somewhere under their beds - how does the CBN intend to mop that out??

Did it ever occur to you that low level people with cash at hand do business with people of their own creed, and they don't need the bank for anything?



The highest denomination of the Ethiopian birr is the 500birr(which they have stopped printing) - and all their notes including 500birr were first printed in [size=18pt]1945[/size].

Unlike Nigeria, Ethiopia hasn't printed anything higher than the ones they printed in 1945. So you can see the difference between Ethiopia and Nigeria - Nigeria is a country controlled by uneducated gamblers..



Why do you keep comparing a stable exporting country, with an advanced banking system - to a Nigeria that has no banking policy Japan is 70 years ahead of Nigeria - so comparing apples to oranges...

Guy u don they irritate me.. Oh so its ok to compare ethiopia to nigeria now.. but when i did in previous posts you said am comparing apples to oranges... why don't you answer the question about japan and stop avoiding it,, Since high denomination is the issue and not exports( something u just learned today)..

how come japan with a higher denomination than nigeria has lower interest rate than us.. and how come ethiopia with no great exports has higher currency than japan??

i can see u started goggling, it would help if u understood the concept and not the top layer...u would be surprised nigeria has one of the most formidable bank policies in the world!! u want proof?

Even illeterates will be yarning dust here....I'm sure the FG and Sanusi have weighed the positive and the negative effects of the introduction of the note, some Nigerians always want to complain. Sheesh

taharqa:
You see I have not responded to you and cos I dont debate with midgets.

If there is any Data I have used that is incorrect just point it out. If you do not know that Nigeria has been having a Positive Balance of Trade for many years, then you do not have any clue about Nigeria's economy( and you re attempting to argue with me?). Now get LOST plz
http://www.tradingeconomics.com/nigeria/balance-of-trade

interesting didnt know this!!

hajj imam: It has been said by a great musician earlier b4 now,MR FUJI that when ever an Igbo man get to ASO ROCK he will surely turn naija to business center.GOD bless naija.

Goat meat, who is the Igbo man. Must you drop a comment? The battle field seem to have overwhelmed you. Ezi Bida

Anyhow....we go survive jawe!!?

ifeci:

Where were you when Soludo introduced one naira coins? do we need to remind you that the prices of almost everything that was one naira became 5naira; including pure water and chewing gum! you were probably a toddler then.

You said what! Soludo introduced one naira coins? Transformed or introduced? Special announcement please!!! If you know that you are not a Nigerian or you are, but have spent most of your time living abroad, you should leave this forum with immediate effect! >@Ifeci, You first!