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If #500 Was Our Highest Denomination (pix) - Politics - Nairaland

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If #500 Was Our Highest Denomination (pix) by Dalnadoni: 1:16am On Oct 25, 2022
The rate at which the naira is losing value made me wonder how things would have been like if #500 note is our highest denomination we have in Nigeria. Common #100 can't buy any reasonable thing in this country.

I think the inclusion of #1000 note made things really expensive and if there were to be #5000 note, things would have been worse.

Where did we get it wrong? Which naira note do you think should have been our highest denomination?
And do you think #5000 note would have been a good idea in this country considering our present economy?
What do you think should be done to make the naira strong again?

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Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 1:23am On Oct 25, 2022
For more audience...mod
nlfpmod
Re: If #500 Was Our Highest Denomination (pix) by budaatum: 1:31am On Oct 25, 2022
Denomination of currency is not what made our currency lose value or anything expensive.

What makes a currency lose value is people not adding value to their exports..

If Nigeria exported petrol instead of importing it, our currency would be worth more than it currently is worth.

We are so bad at adding value that one can't buy a Nigeria made chocolate bar!

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Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 2:30am On Oct 25, 2022
budaatum:
Denomination of currency is not what made our currency lose value or anything expensive.

What makes a currency lose value is people not adding value to their exports..

If Nigeria exported petrol instead of importing it, our currency would be worth more than it currently is worth.

We are so bad at adding value that one can't buy a Nigeria made chocolate bar!
So true...but don't you think #1000 note needs to be removed to give our currency more value even when we export and buy our locally made products?

1 Like

Re: If #500 Was Our Highest Denomination (pix) by budaatum: 2:37am On Oct 25, 2022
Dalnadoni:
So true...but don't you think #1000 note needs to be removed to give our currency more value even when we export and buy our locally made products?

Removing ₦1000 will not add value to our currency. A dollar will still be ₦437.00 (todays official rate), and bread will cost what it cost.

You just think. ₦10000 is ₦10000 whether in ₦500 notes or even ₦100s.

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Re: If #500 Was Our Highest Denomination (pix) by NotBeenPaid: 2:55am On Oct 25, 2022

Export more, import less. Also avoiding unnecessary borrowings. Borrow for capital projects, don't borrow for consumption.

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Re: If #500 Was Our Highest Denomination (pix) by orisa37: 4:04am On Oct 25, 2022
We should have N100 N50 N20 N10 N5 all made of POLLSTER MATERIAL.
THEN COINS OF N1 DENOMINATION.
THANK GOD THAT JONATHAN AND NOI QUICKLY DROVE SANUSI LAMIDO OUT OF CBN. HE WOULD HAVE PRODUCED N5000.
Re: If #500 Was Our Highest Denomination (pix) by VeeVeeMyLuv(m): 5:09am On Oct 25, 2022
Also the gap between bdc & official rate should not be more than N10

the current gap which is N300+ has caused alot of damage, and is still causing damages to our economy.

This round tripping has to stop, it affects alot of things! Multiplier negative impacts on the economy.

I searched for BDC, black market and parallel market rate on Google, only Nigeria keep coming up.

Nawaoooo...
Re: If #500 Was Our Highest Denomination (pix) by falcon01: 5:54am On Oct 25, 2022
Buy less sell more That's what give value to a countries currency and boost its economy when that happens we would be forced to change the current denomination

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Re: If #500 Was Our Highest Denomination (pix) by RepoMan007: 6:01am On Oct 25, 2022
Denomination has nothing to do with inflation. It only ensures CBN prints less notes and thus save us all ink, paper and most importantly taxpayer's money.

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Re: If #500 Was Our Highest Denomination (pix) by RepoMan007: 6:04am On Oct 25, 2022
NotBeenPaid:

Export more, import less. Also avoiding unnecessary borrowings. Borrow for capital projects, don't borrow for consumption.
Don't inflate capital projects. Do value adding capital projects. And above all, encourage productiveness above sharing money.

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Re: If #500 Was Our Highest Denomination (pix) by VeeVeeMyLuv(m): 7:06am On Oct 25, 2022
RepoMan007:
Denomination has nothing to do with inflation. It only ensures CBN prints less notes and thus save us all ink, paper and most importantly taxpayer's money.
What about cashless policy?
Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 7:08am On Oct 25, 2022
orisa37:
We should have N100 N50 N20 N10 N5 all made of POLLSTER MATERIAL.
THEN COINS OF N1 DENOMINATION.
THANK GOD THAT JONATHAN AND NOI QUICKLY DROVE SANUSI LAMIDO OUT OF CBN. HE WOULD HAVE PRODUCED N5000.
Exactly my point...we should have still be making more use of the 1naira coin...and maybe 50kobo sef.

Lamido would have spoil things with 5000 naira note.

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Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 7:14am On Oct 25, 2022
VeeVeeMyLuv:
Also the gap between bdc & official rate should not be more than N10

the current gap which is N300+ has caused alot of damage, and is still causing damages to our economy.

This round tripping has to stop, it affects alot of things! Multiplier negative impacts on the economy.

I search for BDC, black market and parallel market rate in Google, only Nigeria keep coming up.

Nawaoooo...
Its just sad... Imagine if there were to be 1000 dollar note. Do you think the dollar will still be the strongest currency in the world?
People dont seems to just understand.
Re: If #500 Was Our Highest Denomination (pix) by inoki247: 7:40am On Oct 25, 2022
Lol all this 2 by 2 economy analysts sef....


As Korean won no get value reach Naira is the country still not doing well...


Ghana wey delete some Zeros are dey not collecting it left and right now...

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Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 7:50am On Oct 25, 2022
inoki247:
Lol all this 2 by 2 economy analysts sef....


As Korean won no get value reach Naira is the country still not doing well...


Ghana wey delete some Zeros are dey not collecting it left and right now...
I'm not an economic analyst..true. But do you think there would have not been any diffence if there were no 1000naira note in the 1st place?
Re: If #500 Was Our Highest Denomination (pix) by inoki247: 8:00am On Oct 25, 2022
Dalnadoni:
I'm not an economic analyst..true. But do you think there would have not been any diffence if there were no 1000naira note in the 1st place?


There will stil be no difference cos this present economy wotowoto no b wetin denomination fit fight....


see for instance Cefa wey useless towards Naira na him strong pass for West Africa now...

At least av hold 10k Cefa before is a single note that's almost 12k or so in Naira right now...

Xefa right now is strong to dollar and all the currencies surrounding dem..

so denominations av no role to play in all this...

Ghana only deleted Zero from there money buh he didn't stop dem from collecting wotowoto from the world economy problem...

1 Like

Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 8:07am On Oct 25, 2022
inoki247:



There will stil be no difference cos this present economy wotowoto no b wetin denomination fit fight....


see for instance Cefa wey useless towards Naira na him strong pass for West Africa now...

At least av hold 20k Cefa before is a single note that's almost 22k or so in Naira right now...

Xefa right now is strong to dollar and all the currencies surrounding dem..

so denominations av no role to play in all this...

Ghana only deleted Zero from there money buh he didn't stop dem from collecting wotowoto from the world economy problem...
Hmm...knowlegde will not kill you.

So you mean there is 20k cefa that is just one note?
Re: If #500 Was Our Highest Denomination (pix) by inoki247: 8:12am On Oct 25, 2022
Dalnadoni:
Hmm...knowlegde will not kill you.

So you mean there is 20k cefa that is just one note?


Sorry my bad na 10k Cefa stop..


Yes dere is a single note 10k Cefa infact that's like 12k to Naira...

So for now no currency strong reach Cefa for West Africa right now

Anytime I change money and someone gives me that single note I dey look him with one kain eyes and the note is too small sef not big up to our 5naira note too small same as 5k Cefa...


And Dollar still change between 660 to 690 Cefa in doz West Africa Francophone country for more than 4month now it as been stable like that....


So denominations no get any role to play...

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Re: If #500 Was Our Highest Denomination (pix) by Epurogonogono(m): 8:16am On Oct 25, 2022
inoki247:
Lol all this 2 by 2 economy analysts sef....


As Korean won no get value reach Naira is the country still not doing well...


Ghana wey delete some Zeros are dey not collecting it left and right now...



The Korean won is more valuable than the naira, their currency just has more zeros and large denomination.

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Re: If #500 Was Our Highest Denomination (pix) by Nobody: 8:20am On Oct 25, 2022
It's so terrible, just remember M.I- MONEY

Money slow to enter
Money quick to go
Money slow to enter
Where money dey go ah!
I dont know, I dont know oh

1 Like 1 Share

Re: If #500 Was Our Highest Denomination (pix) by inoki247: 8:22am On Oct 25, 2022
Epurogonogono:




The Korean won is more valuable than the naira, their currency just has more zeros and large denomination.


Say he worst you wan buy am for black market he no go pass 1naira to 1 korean won...


What I'm saying is you can't use denominations to judge a country or dere economy....

if Cefa can still be holding is ground against dollar then no be about denomination...

Re: If #500 Was Our Highest Denomination (pix) by VeeVeeMyLuv(m): 8:25am On Oct 25, 2022
LawMan44:
It's so terrible, just remember M.I- MONEY

Money slow to enter
Money quick to go
Money slow to enter
Where money dey go ah!
I dont know, I dont know oh
grin grin grin grin grin
Re: If #500 Was Our Highest Denomination (pix) by Rickmann: 8:29am On Oct 25, 2022
Dalnadoni:
The rate at which the naira is losing value made me wonder how things would have been like if #500 note is our highest denomination we have in Nigeria. Common #100 can't buy any reasonable thing in this country.

I think the inclusion of #1000 note made things really expensive and if there were to be #5000 note, things would have been worse.

Where did we get it wrong? Which naira note do you think should have been our highest denomination?
And do you think #5000 note would have been a good idea in this country considering our present economy?
What do you think should be done to make the naira strong again?

As CBN governor, Charles soludo tried to do this by scrapping the 1000,500 and 200 naira notes respectively, making the100 naira our highest denomiation thereby almost equating it with the 100dollar and also reviving the production,circulation and use of coins, but the politician thieves kicked against it cos they knew it will hamper their theft and physical movement of large sums without been caught...this was exactly what cost him is Appointment and Job as the then CBN governor.

1 Like

Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 8:39am On Oct 25, 2022
Rickmann:


As CBN governor, Charles soludo tried to do this by scrapping the 1000,500 and 200 naira notes respectively, making the100 naira our highest denomiation thereby almost equating it with the 100dollar and also reviving the production,circulation and use of coins, but the politician thieves kicked against it cos they knew it will hamper the theft and physical movement of large sums without been caught...this was exactly what cost him is Appointment and Job as the then CBN governor.
Hmm...it would have been the best move to save the naira. But its sad our leaders don't want beta for us execpt there pocket.
Re: If #500 Was Our Highest Denomination (pix) by Epurogonogono(m): 8:43am On Oct 25, 2022
inoki247:



Say he worst you wan buy am for black market he no go pass 1naira to 1 korean won...


What I'm saying is you can't use denominations to judge a country or dere economy....

if Cefa can still be holding is ground against dollar then no be about denomination...


I agree with you.
Re: If #500 Was Our Highest Denomination (pix) by Rickmann: 8:52am On Oct 25, 2022
Dalnadoni:
Hmm...it would have been the best move to save the naira. But its sad our leaders don't want beta for us execpt there pocket.

So sad..

1 Like

Re: If #500 Was Our Highest Denomination (pix) by Dalnadoni: 9:06am On Oct 25, 2022
qwertyn:
exactly my taught some days ago.
Its mind bogging...
Re: If #500 Was Our Highest Denomination (pix) by Dereformer(m): 9:19am On Oct 25, 2022
You people forgot that one of the actions of this present administration that completely eroded the value of Naira was the continues printing of more Naira notes by the Buhari's administration.

When Obaseki told the whole world that Buhari throughf Emefiele was printing Naira notes with reckless abandon, people almost crucified him.

But we have seen the impact today. I have it on good authority that Naira is heading to #1,100 per Dollar before December 2022.

2 Likes

Re: If #500 Was Our Highest Denomination (pix) by dmz1: 9:29am On Oct 25, 2022
Imagine if our biggest denomination is N50. online transactions using POS and debit cards would have taken off strongly. Corruptions would have been easier to trace as the money trail would follow every large money transfers.

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Re: If #500 Was Our Highest Denomination (pix) by dmz1: 9:32am On Oct 25, 2022
Dereformer:
You people forgot that one of the actions of this present administration that completely eroded the value of Naira was the continues printing of more Naira notes by the Buhari's administration.

When Obaseki told the whole world that Buhari throughf Emefiele was printing Naira notes with reckless abandon, people almost crucified him.

But we have seen the impact today. I have it on good authority that Naira is heading to #1,100 per Dollar before December 2022.

Tell me something. Is it really true?

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