At the pace at which inflation is soaring on a daily basis, with the
naira purchasing power being limited and diminished in the open
market, a Lagos based Developmental Economist, Henry Boyo, has
predicted that the Federal Government, might have no option than to
introduce an additional N10,000 note, if the negative trend is not
checked.

It could be recalled, that since 2015, the naira has been subjected to
intense pressure, due to the introduction of diverse contradictory
monetary policies by the President Muhammadu Buhari-led led Federal
Government.

The straw that broke the camel’s back, was the hike in Premium Motor
Spirit, PMS, popularly called petrol, from N86.50 per litre to N145 per
litre, which has also affected the price of Diesel, Kerosene and Aviation
fuel.

According to Financial Experts, the spiral increase in energy sources,
coupled with the hike in electricity price, had triggered inflation across
board, from 11.4 percent in February, to 16.5 percent in June.
Boyo, postulated that many households across the country are
presently severely traumatized by the escalating prices of goods and
services, particularly in the last six months, or so.
The uneasy feeling according to him, has probably become common
after every visit to the market, where the smallest available plastic
sachet, may be all that is needed to pack your N10,000 purchase (s)
from the ubiquitous street corner medicine stores in our cities.


Boyo said, ”If the currency’s present free fall remains unchecked,
and the naira tumbles to N1,000=$1, the N10,00 note may sadly
ultimately, also, assume the intensive role of lower denomination
coins despite its fragile fabric.


“Indeed, if the naira could drop from N165 to almost N400=$1 as it
did in the last 12 months, while dollar supply still remains grossly
inadequate to match the subsisting excess naira supply, naira rates
will continue to dip and ultimately an exchange rate of N1,000=$1,
may become inevitable.

“In such an event, even if N10,000 note is introduced as the
highest denomination, it will only exchange for $10.

“Similarly, new issues of N2,000 and N5,000 notes, will exchange
for $2 and $5 respectively.

“Clearly, unless the fundamental flaw in the pricing model that
produces the naira exchange rate is addressed, inflation rate will
also rage well beyond 20 percent and further naira depreciation will
prevail, and ultimately compel the introduction of N20,000 and
N50,000 notes”.

He added: “This may seem far-fetched, but we should be reminded
that Ghana’s currency profile included 50,000 Cedi notes, before the
four point re-decimalization in 2006.

“Higher denomination naira notes will obviously facilitate
portability, but they may also attract the usual threat to security
associated with large cash transactions, and will also set back the
gains of the cashless initiative.

“Higher denominations will however, become inevitable if the
continuous slide of the naira exchange rate is not arrested.

“From a cost perspective, the issuance of higher notes may require
relatively modest outlay for production and promotion, since the
existing currency profile and format will remain unchanged,” Boyo
said.



http://www.weeklypostng.org/2016/08/naira-on-free-fall-as-fg-set-to.html?utm_source=&utm_medium=facebook&m=1

He that is down fears no fall...nigeria is already down

bubu lacks the knowledge to move nigeria forward


"Dwindling Economy" most Nigerians like saying these words. They're
sexy, sexy words

this man bubu is on mission

Biafra1000:
At the pace at which inflation is soaring on a daily basis, with the
naira purchasing power being limited and diminished in the open
market, a Lagos based Developmental Economist, Henry Boyo, has
PREDICTED that the Federal Government, might have no option than to
introduce an additional N10,000 note, if the negative trend is not
checked.

It could be recalled, that since 2015, the naira has been subjected to
intense pressure, due to the introduction of diverse contradictory
monetary policies by the President Muhammadu Buhari-led led Federal
Government.

The straw that broke the camel’s back, was the hike in Premium Motor
Spirit, PMS, popularly called petrol, from N86.50 per litre to N145 per
litre, which has also affected the price of Diesel, Kerosene and Aviation
fuel.

According to Financial Experts, the spiral increase in energy sources,
coupled with the hike in electricity price, had triggered inflation across
board, from 11.4 percent in February, to 16.5 percent in June.
Boyo, postulated that many households across the country are
presently severely traumatized by the escalating prices of goods and
services, particularly in the last six months, or so.
The uneasy feeling according to him, has probably become common
after every visit to the market, where the smallest available plastic
sachet, may be all that is needed to pack your N10,000 purchase (s)
from the ubiquitous street corner medicine stores in our cities.


Boyo said, ”If the currency’s present free fall remains unchecked,
and the naira tumbles to N1,000=$1, the N10,00 note may sadly
ultimately, also, assume the intensive role of lower denomination
coins despite its fragile fabric.


“Indeed, if the naira could drop from N165 to almost N400=$1 as it
did in the last 12 months, while dollar supply still remains grossly
inadequate to match the subsisting excess naira supply, naira rates
will continue to dip and ultimately an exchange rate of N1,000=$1,
may become inevitable.

“In such an event, even if N10,000 note is introduced as the
highest denomination, it will only exchange for $10.

“Similarly, new issues of N2,000 and N5,000 notes, will exchange
for $2 and $5 respectively.

“Clearly, unless the fundamental flaw in the pricing model that
produces the naira exchange rate is addressed, inflation rate will
also rage well beyond 20 percent and further naira depreciation will
prevail, and ultimately compel the introduction of N20,000 and
N50,000 notes”.

He added: “This may seem far-fetched, but we should be reminded
that Ghana’s currency profile included 50,000 Cedi notes, before the
four point re-decimalization in 2006.

“Higher denomination naira notes will obviously facilitate
portability, but they may also attract the usual threat to security
associated with large cash transactions, and will also set back the
gains of the cashless initiative.

“Higher denominations will however, become inevitable if the
continuous slide of the naira exchange rate is not arrested.

“From a cost perspective, the issuance of higher notes may require
relatively modest outlay for production and promotion, since the
existing currency profile and format will remain unchanged,” Boyo
said.



http://www.weeklypostng.org/2016/08/naira-on-free-fall-as-fg-set-to.html?utm_source=&utm_medium=facebook&m=1

So according to you "henry boyo's myopic predictions" are now the "FG's sure fire policies?"




Anyway, from your name I'm not suprised at the sort of misleading thread you have created!

I don't believe this

Here cometh Zimbabwe.

biggie73:
Here cometh Zimbabwe.

we are also expecting #1.ooo.ooo note

Biafra1000:

we are also expecting #1.ooo.ooo note

....please, don't.

Rubbish!

[s]

Biafra1000:
At the pace at which inflation is soaring on a daily basis, with the
naira purchasing power being limited and diminished in the open
market, a Lagos based Developmental Economist, Henry Boyo, has
predicted that the Federal Government, might have no option than to
introduce an additional N10,000 note, if the negative trend is not
checked.

It could be recalled, that since 2015, the naira has been subjected to
intense pressure, due to the introduction of diverse contradictory
monetary policies by the President Muhammadu Buhari-led led Federal
Government.

The straw that broke the camel’s back, was the hike in Premium Motor
Spirit, PMS, popularly called petrol, from N86.50 per litre to N145 per
litre, which has also affected the price of Diesel, Kerosene and Aviation
fuel.

According to Financial Experts, the spiral increase in energy sources,
coupled with the hike in electricity price, had triggered inflation across
board, from 11.4 percent in February, to 16.5 percent in June.
Boyo, postulated that many households across the country are
presently severely traumatized by the escalating prices of goods and
services, particularly in the last six months, or so.
The uneasy feeling according to him, has probably become common
after every visit to the market, where the smallest available plastic
sachet, may be all that is needed to pack your N10,000 purchase (s)
from the ubiquitous street corner medicine stores in our cities.


Boyo said, ”If the currency’s present free fall remains unchecked,
and the naira tumbles to N1,000=$1, the N10,00 note may sadly
ultimately, also, assume the intensive role of lower denomination
coins despite its fragile fabric.


“Indeed, if the naira could drop from N165 to almost N400=$1 as it
did in the last 12 months, while dollar supply still remains grossly
inadequate to match the subsisting excess naira supply, naira rates
will continue to dip and ultimately an exchange rate of N1,000=$1,
may become inevitable.

“In such an event, even if N10,000 note is introduced as the
highest denomination, it will only exchange for $10.

“Similarly, new issues of N2,000 and N5,000 notes, will exchange
for $2 and $5 respectively.

“Clearly, unless the fundamental flaw in the pricing model that
produces the naira exchange rate is addressed, inflation rate will
also rage well beyond 20 percent and further naira depreciation will
prevail, and ultimately compel the introduction of N20,000 and
N50,000 notes”.

He added: “This may seem far-fetched, but we should be reminded
that Ghana’s currency profile included 50,000 Cedi notes, before the
four point re-decimalization in 2006.

“Higher denomination naira notes will obviously facilitate
portability, but they may also attract the usual threat to security
associated with large cash transactions, and will also set back the
gains of the cashless initiative.

“Higher denominations will however, become inevitable if the
continuous slide of the naira exchange rate is not arrested.

“From a cost perspective, the issuance of higher notes may require
relatively modest outlay for production and promotion, since the
existing currency profile and format will remain unchanged,” Boyo
said.



http://www.weeklypostng.org/2016/08/naira-on-free-fall-as-fg-set-to.html?utm_source=&utm_medium=facebook&m=1

[/s]
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket!
the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation:
If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation.
If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies!
I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market!
it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever!
I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!

oyinkinola:
[s][/s]
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket!
the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation:
If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation.
If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies!
I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market!
it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever!
I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!

don't advise Nigerians on what to do, they are not learned enough to understand... solution to the economic woes is not far fetched,
lower the rate at which you import goods because you don't export anything ( that is the reason why naira has no value) whilst you establish and fund already established factories..anything that you can produce locally, DO NOT import it...
Bring back coins and remove #1000 from circulation, all developed countries are still using dem coins till tomorrow...


I know many people have been advising bubu...but


unfortunately


bubu is practically deafffff


and has been 'coming_and_going

Biafra1000:



don't advise Nigerians on what to do, they are not learned enough to understand... solution to the economic woes is not far fetched,
lower the rate at which you import goods because you don't export anything ( that is the reason why naira has no value) whilst you establish and fund already established factories..anything that you can produce locally, DO NOT import it...
Bring back coins and remove #1000 from circulation, all developed countries are still using dem coins till tomorrow...


I know many people have been advising bubu...but


unfortunately


bubu is practically deafffff


and has been 'coming_and_going

You made common sense.

Biafra1000:



don't advise Nigerians on what to do, they are not learned enough to understand... solution to the economic woes is not far fetched,
lower the rate at which you import goods because you don't export anything ( that is the reason why naira has no value) whilst you establish and fund already established factories..anything that you can produce locally, DO NOT import it...
Bring back coins and remove #1000 from circulation, all developed countries are still using dem coins till tomorrow...


I know many people have been advising bubu...but


unfortunately


bubu is practically deafffff


and has been 'coming_and_going

Just read your post again, first you said FG is planning to introduce some new notes, kindly tell me who the F is Henry boyo?? Or is that the new name of FG now?? Here you are again pointing fingers at the president like if he bans importation into the country your people won't storm the streets with their red caps and cardboards. Abegiii just park well

...look at the hand work of biafran here, they were perfect in all form of falsification when they've soaked in biafroine hard drug!

oyinkinola:
[s][/s]
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket!
the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation:
If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation.
If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies!
I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market!
it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever!
I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!

Must you go off topic? OR Misconstrue a sane discourse?

Here comes a suffering economy where sharp rise in general price level, driven by negative government policies attributable to irrational adjustment of prices of essential commodities, identified by OP as killing the purchasing power of Weak Naira.

... And you are busy talking about acceptability of Coins for God's sake...... Haba when shall we begin to face our common economic palava without blaming the shadows?

Kai Baba!

buhari pls pls pls sack emefiele hes a dunce heees responsible for this economic troubles he cant come up with any sound comprehensive plan as cbn gov hees a dog

"Henry Boyo, has predicted that the Federal Government, might have no option than to introduce an additional N10,000 note, if the negative trend is not checked".......When has Henry Boyo''s prediction become the FG's decision? How people manipulate other people's words to suit their narrow views still baffles me!

@Biafra1000, it is sad you set out to misrepresent the issue for those who don't usually bother to read before reaching a conclusion.