Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,156,053 members, 7,828,704 topics. Date: Wednesday, 15 May 2024 at 01:13 PM

Reinforce Use Of Coins - Reps Tell CBN, Banks - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Reinforce Use Of Coins - Reps Tell CBN, Banks (20355 Views)

CBN, Banks, And NPA To Resolve Export Bottlenecks In 90 Days / Prosecute Soldiers Involved In Lekki Shootings, Reps Tell Buhari / Extend Lockdown For Another Two Weeks, PDP Reps Tell Buhari (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by franxalive(m): 9:45pm On Mar 22, 2022
ebukajay184:
IGBERETV REPORT



https://www.facebook.com/100064480731353/posts/337453155080706/

FAILED GUNMENT...IN A FAILED STATE... TALKING BOUT FAILED NAIRA AND ECONOMY angry undecided

Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by clericuzzio(m): 9:46pm On Mar 22, 2022
rep that spend in dollars when they go for clubbing. they don't even use naira self.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by femicyrus(m): 9:47pm On Mar 22, 2022
At a time #100 is very much useless?
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Nobody: 9:47pm On Mar 22, 2022
grin grin grin grin Just like that ? Na so them dey use do things , ? I hope you morherfuckers are seeing the Swine you’re going to be running up and down campaigning for . We don’t produce anything yet you want to enforce the use of smelling coins bunch of clowns
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Ofiadiegwu: 9:48pm On Mar 22, 2022
The economy is more deserving of urgent legislation to revitalize, not the use of money or the legal tender itself. Economy, not the naira denomination, is in need of attention.
Obviously, our political leaders ( esp. the one's in house of Reps) are now confused.

Of all matters bedeviling Nigeria, our Dear Country, they chose to legislate on reverting back to the use of coins. To produce the currency, it comes with huge expenditures that when you are told the actual cost of producing 10 billion naira; you will wish that money wast produced so as to save the cost.

That in essence means they ( CBN) may have to produce #20, #50, and #100 (naira) all in coins...
Coins of #10 or #5 naira are not going to be useful because our bad economy makes the lower denominations unusable.

One naira was in notes in the past. The moment it was changed into coins, the value depreciated and it suddenly lost value. I still remember.

This plot to mint coins may be from the folks who are clamouring for #5,000 single notes of our naira.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by chloride6: 9:51pm On Mar 22, 2022
Why?
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Nobody: 9:52pm On Mar 22, 2022
Useless brain-dead legislators, what can coins afford in Nigeria of today? Busy bodies... busy doing nothing.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Emir01: 9:53pm On Mar 22, 2022
OkpaNsukkaisBae:
nonsense and useless resolution.


A bag of satchet water is #300,
Fuel is #230 per litre,
a satchet of milk is #80,
Multichoice just announced that they will increase price for all the packages they offer starting from April 1st..

Legislative Oversight Function is no longer functioning.

Where are you buying your fuel for 230 nd 300 satchet of water? Most you are worst than the so call politicians. You are not doing anybody good by misleading people. Some might fall victim by those people taking advantage of ordinary Nigerians. You buy something 1 Naira and tell a friend N200. You are contributing to the downfall of the society.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Germi9: 9:53pm On Mar 22, 2022
Mercy after death
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Chinny024(f): 9:56pm On Mar 22, 2022
#20 is already useless talk more of coin...Abi,you want to turn #100 into coin?...mcheeeew..

1 Like

Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by LAFOCUZY: 10:04pm On Mar 22, 2022
WATCHOVER:
Thank God they our law makers are now beginning to feel the heat and getting sense . If the coins was still in circulation inflation rates would not have been this high. No nation economy succeeds without the coins

Do you really mean what you wrote or it's a joke and a metaphor
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by slowice(m): 10:05pm On Mar 22, 2022
The useless rep should be more worried about 10 - 50 naira that have become completely useless to Nigerians due to inflation caused by their ineptitude.

But because live in "corruption paradise" they have been cut off from reality and thinks our problem is with coins
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by sweetkev(m): 10:06pm On Mar 22, 2022
Faiththatworks:
God bless the Honourable members that moved and supported this motion.
I really don't understand why any country will totally jettison the use of coins as a legal tender.
The crazy methodology of always rounding up all financial transaction to a round figure is criminal and must be stopped.
Why should pure water be 15 or 20 naira per satchet,when u have more than 9 figures between 10-20 naira.
Why should noodles be sold as round figures,I mean it's either 70,80,90,100 naira.
Why can't we accept the fact that 1,2,3,4,6,7,8,9 naira is also money.
The most annoying is sweet and biscuits like tom-tom and all the other brands.
I don't know why Tom Tom or Vicks sweet be sold for 10 naira,it's criminal.
People don't understand that this obsession with rounding up figures is one of the reasons for galloping Inflation in Nigeria.
A price increase of a product from 5 to 10 Naira is calculated as 100% price increase.
Even developed economies are still using these coins,but trust the average Nigeria to feel carrying around coins belittles him,very funny and crazy citizens we have in Nigeria.
People fail to understand that most supermarkets in Nigeria always price their items using estimated numbers like 1039,955,and other estimated figures because they know no Nigerian will ever ask for change when checking out.
Nigeria banks are the master of using estimated figures,check all your transaction during the month,all banks charges are never rounded to the nearest 5 or 10,they understand the power of adding an extra 1, 2,3,4,6,7,8 or 9 naira will never raise alarm from the Average Nigerian customer so they continue to drain your saving with the little kobos and the naira charges.
Nigerians must accept the fact that kobos and the little naira are legal tender that must be accepted during financial transaction,anyone who rejects it should be arrested and sent to jail as an example to other citizens.
God bless Nigeria.
You gave a valid points but ended it with God bless Nigeria. So in case you don't know, God has turned his back on Nigeria for a very long time grin
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by WATCHOVER(m): 10:07pm On Mar 22, 2022
LAFOCUZY:


Do you really mean what you wrote or it's a joke and a metaphor
Don't ask me stupid questions, the United Kingdom and other European countries you are jealous of use the coins till date, Pride is what is destroying this nation most especially the South
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by edosignature(m): 10:10pm On Mar 22, 2022
I still have coins in my house trill date.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by omoadeleye(m): 10:16pm On Mar 22, 2022
When the face value is more than the increasing value nkan
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by 24brains(m): 10:17pm On Mar 22, 2022
SarkinYarki:
Just look at these silly clowns ..so coins are now to blame for the inflation caused by Buharis bad governance
in cases where pms pump price is at 233 naira, knowing that 3 naira is not payable at the lowest denomination, what will the common man do?
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by BillionKnights: 10:22pm On Mar 22, 2022
WATCHOVER:
Thank God they our law makers are now beginning to feel the heat and getting sense . If the coins was still in circulation inflation rates would not have been this high. No nation economy succeeds without the coins
Mtcheeew
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by WATCHOVER(m): 10:23pm On Mar 22, 2022
BillionKnights:
I am a stack illiterate
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by SarkinYarki: 10:25pm On Mar 22, 2022
24brains:
in cases where pms pump price is at 233 naira, knowing that 3 naira is not payable at the lowest denomination, what will the common man do?

Any amount you give them at fillings station the can program it into the pump
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by MISSCONGENIALITY(f): 10:33pm On Mar 22, 2022
I wonder how many coins one will have to gather before they can buy sachet of water or a box of matches..
20naira can't even buy a cube of maggi and they are talking about reinforcing coin. what will the coin be used for?
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by writeprof(m): 10:33pm On Mar 22, 2022
It's okay if to will contribute to reduce the cost of things in the country.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by King44(m): 10:39pm On Mar 22, 2022
Good news, they should reinforce the use the coin by force. We are killing our currency with our hands while the gvt are also playing their part in ruining the currency by not check mating artificial inflation caused by us. .

The artificial inflation and the normal inflation should be regulated, that would make the reintroduction of coin more pleasing.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Nobody: 10:40pm On Mar 22, 2022
All this old people done chop this country money finish their brains come turn upside down come dey think backwards. Well done old thieves, una mate dey make bitcoin legal una wan bring back coin for where the notes no even dey valuable.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by 24brains(m): 10:49pm On Mar 22, 2022
SarkinYarki:


Any amount you give them at fillings station the can program it into the pump
exactly... It is only going to be programed into a payable amount forcing the buyer to either buy more or lose some naira. If i buy 233 naira worth of fuel at 1Ltr, i will be forced to pay 235 or 240 which is payable in naira, losing either 2 or 7 naira to the filling station. THAT is inflation hike!! multiply such small naira to 200million.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by VaselineCrew: 10:51pm On Mar 22, 2022
WATCHOVER:

I understand that my explanation might sound too local to you but let me tell you that 100% increases in price or hyperinflation is as a result of not using the coins, a sachet of water that was sold for #5 later increased to #10 that is 100% increase but if the coins was still in circulation it would be sold for #6. 50k but because the manufacturer knows that there are no coins they try to sell at even making inflation rates rise very fast

Bros na wa for you oh.

How is it coin’s fault that it is no longer useful in Nigeria? Chai!

Don’t you think it’s the economy over the years that made it useless?

Now you want to force Mr. Coin back by fire by force, when it doesn’t have any place left in society?

What is 5 naira to dollars? That is like just one cent, 5 whole naira is just 1 cent or lower actually? So how much is 1 naira in dollar, that is like 1 cent divided by 5, chai!!!!

Chai chai chai!!

So what is 50 kobo to dollar, that is like 0.08 cents.

I’m sure it would take more money sef than that 0.08 cents to make one 50 kobo coin.

Trust me, coins will make a comeback when it is economically viable, and not before.

Imagine if inflation gets so bad that bread becomes 1 million naira, would you still be supporting 1naira coins? At that point, what really is the point?

So you will carry 2 million 50 kobo coins to go buy one loaf of bread? Let’s be real!

In Countries with strong economy’s, coins have value. I could buy a cheeseburger for 90 cents for example, pay one dollar and I would want my 10 cents change because it’s like 10% of the product I purchased.

Juxtapose that with buying something here for 449 naira and paying 500. I would gladly take the 50 naira change and tell you to keep the one naira if you don’t have it, cause it’s not even up to 0.3% of an already low cost product.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by SarkinYarki: 10:53pm On Mar 22, 2022
24brains:
exactly... It is only going to be programed into a payable amount forcing the buyer to either buy more or lose some naira. If i buy 233 naira worth of fuel at 1Ltr, i will be forced to pay 235 or 240 which is payable in naira, losing either 2 or 7 naira to the filling station. THAT is inflation hike!! multiply such small naira to 200million.

Most Nigerians usually buy round figures and besides they always have change
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Toni19: 10:59pm On Mar 22, 2022
100 naira bill should be change to coin, then I will know you people are serious. What do you want to buy with a coin? Even goat shit is sold for 500naira.
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by nathyx(m): 11:03pm On Mar 22, 2022
Proper case of medicine after death cry cry
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by 24brains(m): 11:03pm On Mar 22, 2022
SarkinYarki:


Most Nigerians usually buy round figures and besides they always have change
so how will you give a #2 change from #5 if you take #3 when there is no coins of smaller denomination of such?
Re: Reinforce Use Of Coins - Reps Tell CBN, Banks by Stanleyq: 11:04pm On Mar 22, 2022
Coins can't be used unless we get items in de market DAT are worth 50k and 1naira, we can get that by these two to three factors, 1, Buhari has to fulfil his campaign promise to make 1naira equal to 1 dollar, 2, to reopen de closed borders to import goods like rice, 3, to make fuel 65naira per litre..QED.

(1) (2) (3) (4) (5) (Reply)

Ngozi Okonjo-Iweala At The GAVI Replenishment Launch At TICAD7 (Photos) / Gbajabiamila Unveils “Light Up Surulere” (Phase 7) / Women Protest In Ondo Over Dino Melaye’s Attack On Remi Tinubu

(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: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 42
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.