Leboska:
ur laptop number please?

Guy, Abeg no kill me with lafta. I think Jonathan is one of the most incompetent Presidents we've ever had. But I don't have a problem with this policy..

Shymmex stop feeding the trolls. The point has been perfectly made. If you go through their posts you will realise you are arguing with a dumb bag of rocks. That miky is so tupid it is shocking. It lies and twists like a forking lil Arrow. If it is getting anything from these lies, its family will meet a very terrible end. The thing is worthless and dumb. Am quite disappointed I engaged it. . When it was caught it started speaking gibberish.rotflmao.

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.

Guy, stop disgracing yourself on this forum. What you need to compare is the value of the currency not the number on the denomination. A more apt comparison is the Japanese yen. 1 dollar = 75 Japanese Yen and guess what the Japanese had a 10,000 Yen note.

http://www.japanorama.com/money.html

Guys, seriously find something worthwhile to argue about. This policy has no bearing on the price of groundnut in the market. Protest about the incompetent Jonathan and the high level of corruption under him...

Anybody with an idea on how ghana undertook that there revolution that eradicate all there corrupt leaders

I will welcome N10,000 Note but I need 1 Naira coin converted to a Note. Coins are not welcomed. I hate coins!!!

Godogwu: 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

As they(FG: under OBJ) have weighed the benefit of Nigerians from fuel-price increment and some Nigerians complained, right? Agatu.

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..

free2ryhme:




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

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/

All i want is for Sanusi/anyone to give more Information on this Policy!

Genius100:

Guy, stop disgracing yourself on this forum. What you need to compare is the value of the currency not the number on the denomination. A more apt comparison is the Japanese yen. 1 dollar = 75 Japanese Yen and guess what the Japanese had a 10,000 Yen note.

http://www.japanorama.com/money.html

Guys, seriously find something worthwhile to argue about. This policy has no bearing on the price of groundnut in the market. Protest about the incompetent Jonathan and the high level of corruption under him...

And with all your wisdom, you felt that since Japan has ¥10,000 with stabler economics to Nigerian's, that we should imitate them? At times i imagine if some people in Nigeria still possesses a functioning brain. Do tell professor, if Nigerian's Balance of trade, monetary policy and foreign reserve( in all angle) is anywhere near Japan's? With that #5000 note(which is not the most essential issue) plus the coinage of 20-100 naira, Nigeria is going down the drainage; and you with it.

olowo200: Anybody with an idea on how ghana undertook that there revolution that eradicate all there corrupt leaders

Yes! They did what soludo wanted doing and was asked to quit, decimation of zeros, not coinage of their lower denominations, nor is it increment of note. Nothing more; nothing less.

Abbott: 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!

Woe to nairaland

Van snickers:




All i want is for Sanusi/anyone to give more Information on this Policy!

Chief, what happened in Argentina is that Inflation led to the redenomination of the currency, not the other way around. Same for Zimbabwe.

savcy: As if we didnt know they(GEJ and Crew) will endorse it.
Its now more cash value and less carrying weight 4our politicians. Afta al,how many many Nigerians transact in Millions and Billions? Kudos Lamido. Zimbabwe in sight.

Hooo my country...I weep for thee! I'm powerless I dnt know what and how to help thee!

=N= 5,000:00 Note is not a priority right now. History have shown that printing high denominations does not Help a third world Country ladden with Corruption Like Nigeria. Some of us will even argue for and I wonder the kind of Education we get these days.....SMH

Genius100:

Guy, stop disgracing yourself on this forum. What you need to compare is the value of the currency not the number on the denomination. A more apt comparison is the Japanese yen. 1 dollar = 75 Japanese Yen and guess what the Japanese had a 10,000 Yen note.

http://www.japanorama.com/money.html

Guys, seriously find something worthwhile to argue about. This policy has no bearing on the price of groundnut in the market. Protest about the incompetent Jonathan and the high level of corruption under him...

Pls mr Genius, may I know the level of your education? Let's assume dat you're a blind man, pls are you deaf and dumb as well You're just a jack ass of a fellow! Kindly face front n drive bluudclaat!!!

jimmyboy1010:
Pls mr Genius, may I know the level of your education? Let's assume dat you're a blind man, pls are you deaf and dumb as well You're just a jack ass of a fellow! Kindly face front n drive bluudclaat!!!

Una no go wound pesin for dis NL.

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..

for those saying how will this lead to inflation. Do u know dat excess liquidation of cash leads to an inflation. I guesr u don't. Y comparing the United state 2 Nigeria which has its own perculia problem such power failure for the POS, no easy acess internet facilities and a bad one if there is. It will stil amount 2 piple carry larger amount of money which wil lead 2 excess money in circulation. Simple economics

sexkillz+mumu:
Naija! Naija!! Naija!!!
Where art thou headed to?

I HAVE HEADED TO OTUOKE IN BAYELSA AND I AM STILL GOING TO SPEND 3 MORE GOOD YEARS THERE,IF NOT 7(SEVEN) YEARS.
JUST BEAR WITH ME,I AM COMING BACK.

sexkillz+mumu:
Naija! Naija!! Naija!!!
Where art thou headed to?

I HAVE HEADED TO OTUOKE IN BAYELSA AND I AM STILL GOING TO SPEND 3 MORE GOOD YEARS THERE,IF NOT 7(SEVEN) YEARS.
JUST BEAR WITH ME,I AM COMING BACK AGAIN.

jimmyboy1010:
Hooo my country...I weep for thee! I'm powerless I dnt know what and how to help thee!

YOU CAN HELP ME BY KILLING THE WRONG POLICY MAKERS IN YOUR MIDST.
NUMBER ONE PERSON,SANUSI LAMIDO SANUSI,A.K.A GOOD ECONOMY HARAM MASTER.

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

....dat means all ur entire life has been spent in Nigeria....my friend try to travel or read about other Countries Fiscal system.

The Madding Crowd Nigerian economy and polity GEJ runs will take the Society to the ocean floor soon and down to Zimbabwe. GEJ is bad luck;outright bad luck and worse evil in less than 2years. Nigerians should be ready to go to war with him and his madding crowd govt. Shikenah!

General pipe: for those saying how will this lead to inflation. Do u know dat excess liquidation of cash leads to an inflation. I guesr u don't. Y comparing the United state 2 Nigeria which has its own perculia problem such power failure for the POS, no easy acess internet facilities and a bad one if there is. It will stil amount 2 piple carry larger amount of money which wil lead 2 excess money in circulation. Simple economics

What do you know about "excess liquidity"(you meant "liquidity" not "liquidation" ) plz? So the introduction of a higher Denomination increases "excess liquidity"? hehehehe...from which economics book you read that one Bros; una no go kill pesin with laugh oh.... Higher denomination do not have a one-on-one correlation with "excess liquidity".

Moreover and for the umpteenth time, it is not excess money that causes inflation; it is excess money RELATIVE to the available goods/services in an economy that cause inflation

To all d leaders dat are makin life difficult for mases, u shall never go unpurnished...wat baffles me most is after all money,and prperties u will aquire wt d stolen money all wat u will gain is 6 ft even ur mansion and expensv car will nt accompny u to d grave...u shall die 1 day either u like ur or nt ....let dem be livin as if dey are going to be alive 4eva...soon u wil see dem dyin after d oder.....cos dey ar d problem of dis nation.ahhaaha i tire 4 dis country oo...

We know there plan no problem,shebi dem go chop finish comot there.nd anoda leader go enta d place den if dem born der community wel mek dem grumble amadioha go colect dem til der 4th generatn God punish al of dem

Hw i wish any of dere relation ar on dis forum to let dem kw "people ar nt smillin"

seriously, i hate COINS. imagine walking on d road and coins are making hell of noise in your pocket,this is apart its getting lost potential. the ma
rket women on d other hand would not want to transact in coins thereby jacking up the minimum transaction value to N50.- more reason for the GARRI price fans to worry.
LET SAY NO TO COINS IF THEY ARE ADAMANT ON THEIR N5000.
i guess some people are after d downfall of d president in conjunction wt d world bank and IMF.
WE SHALL SURVIVE

Rich man
Poor man

they want to turn this country to zimbabwe

What a hell of a place to live. One week one trouble!
Is it now by force for Nigerians to use N5000 note. Who the hell do Sanusi think he is?
Zimbabwe is now in sight and could be a reality if care is not taken.

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).

You have to understand that this is nigeria and things are not well documented but they are well felt. The usa has large denominations yet they are not introduced in the market. Why? For a government that was bent on a cashless policy to now introduce a higher currency then something is wrong somewhere, Nigerians cant really explain it, but they know it. All the countries that have deniminations higher than 1000 except korea also have very bad economies.and you are right of all things to do now, is it the 5000 note that is going to be the breath of fresh air?

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.

I wish I could like your comment twice, I would have done that already