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Nairaland Forum / Nairaland / General / Business / What Happened To Soludo's Coins? (701 Views)
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What Happened To Soludo's Coins? by Jairzinho(m): 6:14pm On Jan 17, 2008 |
Can any erudite economist or anybody at all tell us why the naira & kobo coins failed? |
Re: What Happened To Soludo's Coins? by Jairzinho(m): 11:00am On Jan 18, 2008 |
Coins,both naira & Kobo |
Re: What Happened To Soludo's Coins? by walcolm(m): 12:57pm On Jan 18, 2008 |
what makes u think the coins concept has failed? the only reason the coins are not so common as u'd expect is that we are not totally cashless yet!!! as the card and electronic payment culture deepens, you will start noticing more coins in circulation because people will need coins to pay for small services that cards cannot be used for |
Re: What Happened To Soludo's Coins? by Jairzinho(m): 1:51pm On Jan 18, 2008 |
Have u spent Soludo's coins before(or observed it being spent)? |
Re: What Happened To Soludo's Coins? by walcolm(m): 3:37pm On Jan 18, 2008 |
when they were introduced, there was massive distribution thru banks. you had to take about 2% in coins anytime u withdrew money. i still have some N1 and N2 coins yes, people do spend it |
Re: What Happened To Soludo's Coins? by niyyie(m): 3:39pm On Jan 18, 2008 |
Hmn. Nigerians are no longer used to carrying coins. Its a thing to do with their mentality. The coins would no longer work in Nigeria unless of course they come in higher denominations. |
Re: What Happened To Soludo's Coins? by walcolm(m): 4:59pm On Jan 18, 2008 |
like i said before, since the large denominations in notes are still very much available, the coin culture is still slow to catching on but as soon as d card culture becomes d in thing, there'd be more use for d coins |
Re: What Happened To Soludo's Coins? by Jairzinho(m): 6:00pm On Jan 18, 2008 |
If you ask me,it has little to do with culture & more with inflation. The cheapest item one can buy (tom-tom) now sells for about 3 for 10 bucks ! You can't even get biscuits for less than N5 nowadays. |
Re: What Happened To Soludo's Coins? by walcolm(m): 6:22pm On Jan 18, 2008 |
that culture was brought on by inflation in the past (it is no longer the case in d present dispensation) and the backwardness of the economy. dont forget we are only just trying to play catch up on technology and have never been at the cutting edge of these technologies.(electronic payment systems) if we had, inflation would not have caused people from spending coins because there would be less notes in circulation and using an electronic form of payment will be more widely accepted and possible |
Re: What Happened To Soludo's Coins? by Jairzinho(m): 1:48pm On Jan 19, 2008 |
what is the correlation btw electronic payment ,coins & the mallam selling tomtom,my friend? |
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