talk true: Imagine you rejecting N5000 notes from a cashier, the cashier will just enter the bulk room and pack N10 coins and give to you in a brief case
You have to bribe him to give you back the N5000 note

touch_me_hard: Bros, why did you quote the whole thread only o say this? It doesn't make sense now. The thread is already there for us to see, you don't have to quote it again, plzzzz. It's too long. Thanks

oradee:

You really shld study the nigerian history and metality...

1)Atedo Peterside says the new notes wld make it difficult for robbers to operate in dollars (but easier to rob in naira). are they making stealing more convenient for them?
2) i our futile bid to imitate the Western country,is there anytime you,ur parents or family and even those going on foreign trips have withdrawn $1000 or %5000 dollars from foreign banks or ATM's?
3) in line of their argument that it costs less to print one N5000 than printing one hundred N50, dont u know that it wld actually cost twice as much cos a N5000 transaction wld definately require change (unless they expect us to always completely spend N5000 in one sitting)
4) while Ghana is smart enuf to remove two zero's from their currency, cant we borrow a leaf from them and start from one zero?
50the same arguement in favour of the N5000 is tha same they gave for the N1000...shle we expect more notes from future CBN govts?
6) We (south,east and west) dont trade in coins...lets not delude ourselves any further..
7) i strongly believe that CBN's insistence on going along wif this is becoming an Ego thing...Sanusi dont wanna be seen as GEJ who makes absurd policies without due considerations

solayemi: . :-D:-D. No break ma ribs ds early momo.

Ogbodavies: No comment 4 now,chiling with pop corn n zobo

Acidosis: sir don't even stress yourself talking and explaining. The people your talking to won't reject ANYTHING. Infact they'll gladly accept the #5000 note with honour expecially when its new . You know Nigerians with their "ego" .

"a typical Nigerian guy would insert the new note in the br. east pocket of his starch - looking transparent white shirt for all to see especially babes..

"some will even upload bundles of note on facebook..lol"

Allow d babe RIP na

"Na that time we go know who get money for party... esp wedding& birthday"

"na that time hungry dude go talk 'baby you can keep the change', for fastfood & boutique" all because dude wan impress babe..

"na that time we go know the next cynthia"

Acidosis: sir don't even stress yourself talking and explaining. The people your talking to won't reject ANYTHING. Infact they'll gladly accept the #5000 note with honour expecially when its new . You know Nigerians with their "ego" .

"a typical Nigerian guy would insert the new note in the br. east pocket of his starch - looking transparent white shirt for all to see especially babes..

"some will even upload bundles of note on facebook..lol

Na that time we go know who get money for party... esp wedding& birthday"

"na that time hungry dude go talk 'baby you can keep the change', for fastfood & boutique" all because dude wan impress babe..

"na that time we go know the next cynthia"

Gaiden k: Mallam na mallam,whether u spell am from front or back,what u expect from a cattle rearer,daft speech.

talk true: Imagine you rejecting N5000 notes from a cashier, the cashier will just enter the bulk room and pack N10 coins and give to you in a brief case
You have to bribe him to give you back the N5000 note

ballabriggs:

You see that is where you people miss the point. What is the real naira value of a $1000 or a $5000 and what is the real dollar value of a N5000 and N1000. The N5000 in real dollars is not even up to $40, it is not even up to a 20 pound note. What this tells me as an economist is that to buy an iphone from the market, while an American would use roughly about 10 to 20 notes, the Nigerian would have to go with bundles of notes to effect the same transaction. This is a waste on the system and it must be changed.

Now some have talked of reforms by removing some zeros from the currency. Good idea ala OBJ. However, also note that the highest note with a currency reform of such would be a N50 note which equates to the N5000 in real terms. Also there is no way you re-denominate without having coins in the system. The N10 will become a 10kobo in real terms. Are you still going to have your 10kobo in notes?

What a waste on your system!!!

oradee:

You really shld study the nigerian history and metality...

1)Atedo Peterside says the new notes wld make it difficult for robbers to operate in dollars (but easier to rob in naira). are they making stealing more convenient for them?
2) i our futile bid to imitate the Western country,is there anytime you,ur parents or family and even those going on foreign trips have withdrawn $1000 or %5000 dollars from foreign banks or ATM's?
3) in line of their argument that it costs less to print one N5000 than printing one hundred N50, dont u know that it wld actually cost twice as much cos a N5000 transaction wld definately require change (unless they expect us to always completely spend N5000 in one sitting)
4) while Ghana is smart enuf to remove two zero's from their currency, cant we borrow a leaf from them and start from one zero?
50the same arguement in favour of the N5000 is tha same they gave for the N1000...shle we expect more notes from future CBN govts?
6) We (south,east and west) dont trade in coins...lets not delude ourselves any further..
7) i strongly believe that CBN's insistence on going along wif this is becoming an Ego thing...Sanusi dont wanna be seen as GEJ who makes absurd policies without due considerations

klax: Please do Nigeria have a president at all

So whatever Lamido want must happen by fire by force??

Pls who rule this country is it Lamido or GEJ because I have never see any country in the world where ordinary CBN Gov. is second to almighty making Nigeria look like a Banana Republic?

Lamido want Islamic Bank he got it. He want Casheless he got it. Lamido want to destroy our currency he got it again what is going on here??

I'm so dissappointed and shock to see my country in this level of reasoning that ordinary CBN Gov. is one of the most powerful man in this land this is strange. I say over again I have never see any country in a whole world with my vast experience in travelling and live in a foriegn land where CBN Gov.is so powerful and so independent like Lamido this is strange to me absolutely because when he says No that is No when he say Yes that is Yes.

oradee:

so whats ur point? that we shld print notes to the eqivalent of their value? instead of trying to strengthen our our curency?
America is 3times the size of Nigeria (wif more influx of immigrants) yet neither u nor i have withdrawn $5000...
Im sure this was the arguement Zimbabbwe had till their economy became hyper-inflated.
You still havent told me/us where cash-less policy comes to play in this N5000 thingy

ballabriggs:

This is the most bizarre and stupid argument I have heard on this issue. Now one of the biggest ways of financing crime and money laundering is through international trade, foreign capital flows and international banking. Should we then stop trading with other nations because it "promotes money laundering"? Should we also stop electronic transactions because it also promotes money laundering and thus ignore the benefits of millions in diaspora who use it to support relatives at home? Bottom line is, every innovation in finance is a source of crime but we cannot ignore the benefits because we want to keep living like cave men as the NBA would want.

The new currency regime would promote efficiency of transactions, save cost for the system and should be implemented. I have coins with me minted in 1982, now show me any Nigerian currency minted in 2000 or even 2006. It's either been fixed with cello-tapes or it is no more. There is no reason why transactions at the low end where there is a high velocity should be done in cash, it is a waste. For an environmentalist, this is a crime on ecoversity as trees are being cut to make these notes.

ballabriggs:

Good!!! How does Nigeria work? That people like you still move with a cave-man mentality. That people like you have refused to move with the realities of the changing world. That you will rather happily and ignorantly live in a chaotic environment than in a well organised society and refuse to accept change which could better your lives. At the same time you complaining your country is not developing, you want to be like Japan, you want to move like the Koreans but refuse to do things the way they did.

I've heard some idiots talk about "IMF policies, Neo-Classical policies". Now let me give you an example of China. China has a strict one child per family policy. What is that? It is in line with Solow a neo-classical economists thoughts of population growth rate control and growth. Can you do the same for the benefit of Nigeria or would you rather spend your whole life moaning about things not working for you rather than accept change.

faithin9ja:


This is the problem with many of our people in Nigeria, $5000 is N750,000!!!!
Many Nigeians believe your relatives are abroad because you think they pick pounds and dollars like we pick naira in Nigeria. You ask your senior brother to send you $500 because you think $500 is the same and as easy as N500. You don't realize that many people do not earn $500 a week!!!

If I go to a eatery in Nigeria with my family I can easily spend N7500 (that's if we eat very little), I will pay with a least 8 notes (ie 7 x N1000 and 1 x N500)

In UK if I go into an eatery with my family I will spend £20 (N5200)- I will pay with one note £20.

Why should not use a N5000 in Nigeria.

In UK I use £1 (N260) coins to pay for my taxi and bus, why can I not use N100 coinn to pay for BRT !!!

philip0906:
You are obviously deluded. . .what change are u talking about? Many years back #1=$1 now #160=$1. Is dat the change u r talking about? Nigerians are asking what happened 2 50kobo and d likes? Nigerians are craving 4 when #500 could feed u and ur family.Thats what we are talking about.U r calling japan and Korea? countries whose economies dwarfs ours?y not call the u.S.A and Britain whose currencies we rivaled back in d days.If u don't mind kindly tell us one policy that ur paymaster sanusi has brought that has +vely affected the lives of d masses?
U are calling China? D china dat has a zero policy on corruption? The china dat has pushed aside politics 2 better the lives of the masses? U need 2 get ur head checked or better still update urself like i earlier suggested.

philip0906:
You are obviously deluded. . .what change are u talking about? Many years back #1=$1 now #160=$1. Is dat the change u r talking about? Nigerians are asking what happened 2 50kobo and d likes? Nigerians are craving 4 when #500 could feed u and ur family.Thats what we are talking about.U r calling japan and Korea? countries whose economies dwarfs ours?y not call the u.S.A and Britain whose currencies we rivaled back in d days.If u don't mind kindly tell us one policy that ur paymaster sanusi has brought that has +vely affected the lives of d masses?
U are calling China? D china dat has a zero policy on corruption? The china dat has pushed aside politics 2 better the lives of the masses? U need 2 get ur head checked or better still update urself like i earlier suggested.

oradee:


well, the rulers/govt of UK have kept and protected their economy to make it what it is today...
its not the Nigerian citizens fault that one pound is N250.
Why not ask CBN and co why/when we wld start spending N20 to eat a meal at a fastfood in Nigeria[b]!!(afterall N20 and 20 pounds are both the same with diff initials)

The Japanese Yen is one of the strongest currencies in the world. It is one of the currencies used as a store of international value yet $1 = 78YEN. does that make the Yen worthless