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Nairaland Forum / Nairaland / General / Business / Redenomination Are We Due For N5000 Note Release (439 Views)
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Redenomination Are We Due For N5000 Note Release by Cargoed: 11:09am On Sep 01, 2016 |
In times of inflation, the same number of monetary units have continually decreasing purchasing power. In other words, prices of products and services must be expressed in higher numbers. ....wikipedia Will it not be better and calm things down if we have N5000 note released now so that there will be reduced pressure on hoarding of the Dollar. I know it will kill N10, N20 and N50 notes as they will all turn to N5 note as of today. But do we have a better option now? |
Re: Redenomination Are We Due For N5000 Note Release by DjAndroid: 11:13am On Sep 01, 2016 |
But honestly, I do not understand how introduction of 5k not will reduce pressure on dollar. 2. In my understanding, redenomination will not support high denominations but will covert 1k to 100naira This is my own understanding. I don't know economics. |
Re: Redenomination Are We Due For N5000 Note Release by Cargoed: 11:35am On Sep 01, 2016 |
Well you are right but hoarding some times is about quantity and thats where this comes in, export is the only way for value increase. or reduce your demand for dollar. But when under pressure you may have no choice, but to print and print more money. That is what is called stimulus or Quantitative Easing in Africa with already high inflation in a reccession the only thing you can do now is to just Redenominate. |
Re: Redenomination Are We Due For N5000 Note Release by lgboks(m): 1:14pm On Sep 02, 2016 |
Not an economist but I don't see the need for doing that now as that has yeilded little result in the past (introduction of 1000 notes etc) Would yeild more results if the money that would be spent in designing, printing etc of new denominations be channeled into investment (like agriculture and other ventures aside oil). Our problem didn't start over night (not when we've come to depend on importing everything(even down to lether and other goods we used to produce). So quick result should not be our priority as that would only bring future problems....lets be patient, focus on building our economy and stand together as one nation with true love for one another (thats the only solution).. Just my thoughts |
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