₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,052,009 members, 4,412,507 topics. Date: Wednesday, 15 August 2018 at 05:57 AM

Senate Probes Scarcity Of Lower Naira Denominations - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Senate Probes Scarcity Of Lower Naira Denominations (5745 Views)

Army Probes Video Of Soldiers Assaulting IPOB Members / Biafra: US Probes Agitators’ Killing / Senate Probes Buhari, Obasanjo, Yar’adua, Jonathan Over N4tr Customs Revenue (2) (3) (4)

(1) (2) (Reply) (Go Down)

Senate Probes Scarcity Of Lower Naira Denominations by BeeBeeOoh(m): 9:49pm On Feb 13
The Senate is investigating the scarcity of lower naira denominations, which the lawmakers considered a threat to the economy.

The denominations are N5, N10, N20, N50, N100 and N200.

Following the adoption of a motion by Senator Peter Nwaoboshi (Delta-North) titled, ‘Scarcity of Lower Denomination Currency Notes,’ the Senate resolved to mandate the joint Committee on Banking, Insurance and Other Financial Institutions; and Finance to investigate the scarcity.

The committee was further asked to proffer lasting solution to the issue and report back within two weeks.

In the motion, Nwaoboshi said, “The Senate notes with serious concern the protracted scarcity of lower naira denominations.

“It is concerned that scarcity of N5, N10, N20, N50, N100 and N200 notes poses a severe threat to the economy of the nation, which is just recovering from recession, as it is worsening inflationary trends, with attendant consequences.

“The Senate notes that the nation’s currency is highly essential and critical in national development; and if mismanaged, the economy is doomed with adverse effect on the people and the nation.

“The Senate is worried that banks in Nigeria no longer dispense lower naira denominations, with the excuse that they hardly receive them from the Central Bank of Nigeria.

“The Senate is worried also that reports in the media over the issue are not cheery at all.”

The senator stressed that the lower denominations were printed and procured outside the country with the attendant economic and security implications.

“The Senate notes further that if the situation is not remedied urgently, it may lead to total collapse of the economy,” Nwaoboshi stated.

Seconding the motion, Senator Magnus Abe stated that the lower denominations remained a legal tender in the country and decried their scarcity in the polity.

Abe warned that deliberate attempts by some forces to reject the lower denominations from effective circulation might make currency regulators to lose control of the process.

http://punchng.com/senate-probes-scarcity-of-lower-naira-denominations/

Re: Senate Probes Scarcity Of Lower Naira Denominations by madridguy(m): 9:55pm On Feb 13
Nice one from the senate. Infact the scarcity of the lower denominations is alarming. Before you buy anything now, the first question from both buyer and seller is " sey change dey "

18 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by IsYou: 10:10pm On Feb 13
Good,during xmas period i find it difficult to buy recharge card because of inadequate supply of #10,#20 and #50.
Re: Senate Probes Scarcity Of Lower Naira Denominations by eTECTIVe(m): 10:14pm On Feb 13
Ironocally dey promised change and now we no dey see change at all....D condition of d available notes depicts d condition we find ourselves in, especially d #100 notes... Is there anything dat isn't scarce under dis govt? Fud scarcity, Job scarcity, Fuel Scarcity, Power Scarcity. Even sense dat used to b soo common is now scarce as evidenced by d number of e-diots and zombies.

15 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by iambijo(m): 6:16am On Feb 14
What's the use of small denomination currency if petrol is being sold at 200naira+

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by princepeter566: 7:08am On Feb 14
very soon someone will come and blame PDP for this, just watch out from Lai ( lie ) Muhammed.

5 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by valentineuwakwe(m): 7:16am On Feb 14
to me those are not the real lower naira denomination, they forget to add 1 Kobo, 25 kobo, 1/2 kobo, 1 naira, 50 kobo etc.....what will the Senate be investigating when they should be asking why these denominations which are coins are not being used in the country again.,infact they have gone into extinction.....they are only seen in our old cupboard drawers, old school bags, boxes, etc but not in the market, schools or banks where they should be.....thats what the senators should be looking at and talking about....

8 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by valentineuwakwe(m): 7:16am On Feb 14
to me those are not the real lower naira denomination, they forget to add 1 Kobe, 25 kobo, 1/2 kobo, 1 naira, 50 kobo etc.....what will the Senate be investigating when they should be asking why these denominations which are cons are not being used in the country again.,infact they have gone into extinction.....they are only seen in our old cupboard drawers, old school bag, boxes, etc but not in the market, schools or banks where they should be.....thats what the senators should be looking at....God help thus country

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by NonFarmPayrol: 10:28am On Feb 14
all the 100 Naira currently in circulation look like sh]t

9 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by teamsynergy: 10:29am On Feb 14
they are mad...
Re: Senate Probes Scarcity Of Lower Naira Denominations by rastaLivity: 10:29am On Feb 14
mama akpAn doesn't like giving me my change complete, it is always come back later. sometimes just for ordinary #30 condom. someone should tell buhari he is mad

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by EarthXmetahuman: 10:30am On Feb 14
Lower denomination is practically useless, why won't it be scarce?

Can't remember the last time I saw 5 naira.

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by priceaction: 10:30am On Feb 14
Too many mutilated naira notes of these types in circulation that is capable of transmitting diseases..

3 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by eleojo23: 10:34am On Feb 14
I have not seen any new N100 note since January last year.

4 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by Didi2d(m): 10:37am On Feb 14
BeeBeeOoh:


http://punchng.com/senate-probes-scarcity-of-lower-naira-denominations/

If you've noticed, the #100 note in circulation are all very bad and old...
Don't know if it's been done in purpose

3 Likes 1 Share

Re: Senate Probes Scarcity Of Lower Naira Denominations by Chibabe1(f): 10:37am On Feb 14
Our currency notes are like products. When there's demand for a particular product it will be in circulation. Now, it's no longer news that it's difficult to find commodities that N5, N10, N20 or coins can afford and as such scarcity of such denominations. First thing I think the government should do is make commodities to be affordable for consumers then have these denominations produced and circulated.

2 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by Badonasty(m): 10:38am On Feb 14

1 Like 1 Share

Re: Senate Probes Scarcity Of Lower Naira Denominations by badoh(m): 10:42am On Feb 14
That 100 note is the most scarced.

4 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by austin2all: 10:44am On Feb 14
100 naira note in particular.
or are they deliberately making the 100 naira note scarce just because it has no islamic inscription on it.
thanks to GEJ for the star of david though.
[/b][b]

4 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by Nobody: 10:45am On Feb 14
Hmmm

There is nothing to probe.

The simple reason for scarcity of lower denomination notes is that CBN, in order to reduce printing costs and inflation deliberately prints higher denomination notes , the better to save more for Nigeria.

Nigeria has to fundamentally change its economy from a consumerist to a producer-type economy, with high levels of exporting manufactured goods in order to break free of the cycle of money scarcity and inflation...then we can print lower denomination notes all we like..
Re: Senate Probes Scarcity Of Lower Naira Denominations by agarawu23(m): 10:46am On Feb 14
iambijo:
What's the use of small denomination currency if petrol is being sold at 200naira+
you don't understand economics. This isn't about fuel price

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by Nobody: 10:51am On Feb 14
princepeter566:
very soon someone will come and blame PDP for this, just watch out from Lai ( lie ) Muhammed.

Funnily enough, we had the same issue under PDP....again the problem being the structure of our economy...which isn't earning enough for our needs.

In brief...Nigeria is not rich.
Re: Senate Probes Scarcity Of Lower Naira Denominations by bigpicture001: 10:52am On Feb 14
I don't have to be in any committee to know the reason those denominations are scarce..the reason is simply that Nigeria as a nation led by her massive youth population. has embraced electronic banking very fast as encouraged by the CBN. now most money withdrawal are done via the ATM. nd knowing that 98% of ATM's dispense only cash from 500 naira upwards.. it started to shrink the volume of low demonisation in circulation, hence the scarcity. so the fault is from the CBN. they need to order the banks to load na dispense lower currency denominations along side large denominations....

4 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by khalids: 10:53am On Feb 14
This country sef.....How on earth are we suppose to have lower currencies...

We say we are operating a cashless policy......you can't get money over the counter unless is in millions....

ATMs are stuffed with only 500 and 1000 notes to ensure efficiency........Inflation has taken over every where......

We cannot have our cake and eat it.......

Bring down the inflation rates.....ensure ATMs are stocked with lower notes and have options to request for lower notes....

Or set a rule that all transaction on ATM will issue lower notes for the last 1000 naira.......

3 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by bigpicture001: 10:54am On Feb 14
Cromcruach91:
Hmmm

There is nothing to probe.

The simple reason for scarcity of lower denomination notes is that CBN, in order to reduce printing costs and inflation deliberately prints higher denomination notes , the better to save more for Nigeria.

Nigeria has to fundamentally change its economy from a consumerist to a producer-type economy, with high levels of exporting manufactured goods in order to break free of the cycle of money scarcity and inflation...then we can print lower denomination notes all we like..
..very very wrong analysis...

2 Likes

Re: Senate Probes Scarcity Of Lower Naira Denominations by Nobody: 10:54am On Feb 14
It's mainly the N100 note cos bubu doesn't want to print new ones after GEJ removed the arabic inscriptions when the new design was launched in 2014.

When last did any of you see brand new N100 notes?

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by Lucid1(m): 11:00am On Feb 14
This is long overdue. Availability of lower bills is inversely proportional to inflation rate. Lucid1 - 2018 (work in progress)
Re: Senate Probes Scarcity Of Lower Naira Denominations by iambijo(m): 11:04am On Feb 14
agarawu23:
you don't understand economics. This isn't about fuel price
you didn't understand my message.
Re: Senate Probes Scarcity Of Lower Naira Denominations by bigpicture001: 11:05am On Feb 14
Chibabe1:
Our currency notes are like products. When there's demand for a particular product it will be in circulation. Now, it's no longer news that it's difficult to find commodities that N5, N10, N20 or coins can afford and as such scarcity of such denominations. First thing I think the government should do is make commodities to be affordable for consumers then have these denominations produced and circulated.

...hey..there is a big difference between supply of money into the economy nd supply of lower denomination currencies into the economy. the former is done is done to boost demand, economy activity and investment, also to fight recession. but the latter is done to better organise the pricing system,to ease transaction challenges nd etc nd that is what the senate is talking about

1 Like

Re: Senate Probes Scarcity Of Lower Naira Denominations by debolayinka(m): 11:15am On Feb 14
I've not even being bothered because this denominations can hardly buy you anything beyond sachet water in this regime.

1 Like

(1) (2) (Reply)

Madam Kemi Really Did Her Nysc, See Prove (photos) / Ibru Brothers In Legal Tussle Over Federal Palace Hotel / Sambo's House Attack: 2 Arrested At Zaria Hospital

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2018 Oluwaseun Osewa. All rights reserved. See How To Advertise. 87
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.