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CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) (295 Views)

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CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by PGON(m): 12:30pm On Aug 06
Going by the current value of naira to dollar, I think Central Bank of Nigeria (CBN) needs to update currency denominations and include N2,000 and N5,000 bank notes.
I visit the ATM multiple times in a month these days and the queue is usually longer compared to earlier this year.
Also most people tend to make multiple withdraws before they can get the actual amount they want to withdraw.

I know some people may suggest using digital payment methods but the level of penetration of digital payments in local markets is still very low.

My reasons.
1) To reduce queue at ATM machines.
2) When $1,000 was valued at N160,000 the highest denomination of Naira bank note is N1,000. As of today 6th August, 2022 the value of $1,000 in the black market is 710,000 but the highest denomination of Naira bank note is still N1,000.
3) Inflation rate is very high and it is getting higher by the day, and people tend to carry more cash into the market.
4) 5 and 10 Naira notes are almost useless. What can one buy with 5 and 10Naira notes at the market, CBN can discontinue printing of 5 and 10 Naira notes and introduce 2,000 and 5,000 Naira notes.
5) If Naira becomes 1Naira to 1$ CBN can withdraw N1,000, N2,000 and N5,000 after all United States of America did discontinue and withdraw $500 and $1,000 from circulation in 1969.
6) Induce economic growth.

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by Ussycool(m): 12:33pm On Aug 06
You have reason well.
Why don't you analyze it's problem, I very well know that it will be great medium for Nigeria Politicians to enrich themselve and their house hold.
Well, I am just concerned about it effects.
Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by SocialJustice: 12:37pm On Aug 06
What do you mean there's no digital payments in markets? Do you mean there are markets in Nigeria without a single pos or is Internet banking rocket science.

You are the one who chose to suffer with your transactions.

Nigeria does not need higher cash denominations.

2 Likes

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by checkmatez: 12:44pm On Aug 06
PGON:
Going by the current value of naira to dollar, I think Central Bank of Nigeria (CBN) needs to update currency denominations and include N2,000 and N5,000 bank notes.
I visit the ATM multiple times in a month these days and the queue is usually longer compared to earlier this year.
Also most people tend to make multiple withdraws before they can get the actual amount they want to withdraw.

I know some people may suggest using digital payment methods but the level of penetration of digital payments in local markets is still very low.

My reasons.
1) To reduce queue at ATM machines.
2) When $1,000 was valued at N160,000 the highest denomination of Naira bank note is N1,000. As of today 6th August, 2022 the value of $1,000 in the black market is 710,000 but the highest denomination of Naira bank note is still N1,000.
3) Inflation rate is very high and it is getting higher by the day, and people tend to carry more cash into the market.
4) 5 and 10 Naira notes are almost useless. What can one buy with 5 and 10Naira notes at the market, CBN can discontinue printing of 5 and 10 Naira notes and introduce 2,000 and 5,000 Naira notes.
5) If Naira becomes 1Naira to 1$ CBN can withdraw N1,000, N2,000 and N5,000 after all United States of America did discontinue and withdraw $500 and $1,000 from circulation in 1969.
6) Induce economic growth.





instead they should make banks to should stop looking for #65 after 3 withdrawal and increase the #10k limit with each ATM transaction to #20k or more

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by deetin(m): 12:52pm On Aug 06
Why don’t we find a solution to the fall of the Naira instead of printing 2000 and 5000 notes? . With the look of things , that means by the next 10 years we might need to print 10,000 notes and 50,000 notes

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by Holybaddo: 1:11pm On Aug 06
No we don't need it

What we need is good government

Imagine if 5k note lost

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by drmuchin: 3:13pm On Aug 06
Holybaddo:
No we don't need it

What we need is good government

Imagine if 5k note lost

na to cry remain

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by sirp9898(m): 3:46pm On Aug 06
Holybaddo:
No we don't need it

What we need is good government

Imagine if 5k note lost
There is no good government without good constitutions Nigeria constitution is our root problem not this everyday tribal mindsent we all have
Once the constitution favoured we all everyone will no where everyone stand
For now no tribes no its stand for nigeria

1 Like

Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by godofuck231: 4:11pm On Aug 06
Cut down the notes to 200 naira and revalue the naira back to 1980s where the naira was equivalent to the dollar , foolish idiots who devalued their currency over advise from wreckers
Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by PGON(m): 8:00pm On Aug 06
checkmatez:
instead they should make banks to should stop looking for #65 after 3 withdrawal and increase the #10k limit with each ATM transaction to #20k or more

The idea of increasing maximum amount per withdrawal transaction at the ATM and reducing ATM charges will help.
At the moment, ATM withdrawal of N10,000 attracts charge of N35 and some banks set maximum withdrawal per ATM transaction at N10,000.
Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by Justiceleague1: 8:12pm On Aug 06
PGON:
Going by the current value of naira to dollar, I think Central Bank of Nigeria (CBN) needs to update currency denominations and include N2,000 and N5,000 bank notes.
I visit the ATM multiple times in a month these days and the queue is usually longer compared to earlier this year.
Also most people tend to make multiple withdraws before they can get the actual amount they want to withdraw.

I know some people may suggest using digital payment methods but the level of penetration of digital payments in local markets is still very low.

My reasons.
1) To reduce queue at ATM machines.
2) When $1,000 was valued at N160,000 the highest denomination of Naira bank note is N1,000. As of today 6th August, 2022 the value of $1,000 in the black market is 710,000 but the highest denomination of Naira bank note is still N1,000.
3) Inflation rate is very high and it is getting higher by the day, and people tend to carry more cash into the market.
4) 5 and 10 Naira notes are almost useless. What can one buy with 5 and 10Naira notes at the market, CBN can discontinue printing of 5 and 10 Naira notes and introduce 2,000 and 5,000 Naira notes.
5) If Naira becomes 1Naira to 1$ CBN can withdraw N1,000, N2,000 and N5,000 after all United States of America did discontinue and withdraw $500 and $1,000 from circulation in 1969.
6) Induce economic growth.





Wicked
Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by PGON(m): 8:14pm On Aug 06
The value of the highest denomination of Naira compared to other African currencies is among the lowest (if not the lowest) when we also compare the current value of USD.

Example: Ghana have 50cedis and as of 2019 100 and 200cedis was introduced.
200 cedis is N9,577
Re: CBN Needs To Print 2,000 And 5,000 Naira Notes (opinion) by Kobicove(m): 2:01pm On Aug 07
We don't need higer denominations cos it will induce inflation.

Once you introduce higher denominations the depreciation of the Naira will spiral out of control because when people are able to easily carry larger sums of money they're more likely to engage in making impulsive purchases without haggling

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