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!

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?

NotBeenPaid:

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

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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.

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.

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...

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...

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?

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...

Dalnadoni:
Hmm...knowlegde will not kill you.

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

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...

Epurogonogono:

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

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

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?

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.

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...

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.

qwertyn:
exactly my taught some days ago.

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.