CBN Should Phase Out #1000 and #500 Notes And reintroduce Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

CBN Should Phase Out #1000 and #500 Notes And reintroduce Nigeria coins, 50Kobo, 1 NGN and 2 NGN.

Nigeria will not be the first nation to discontinue with bank notes with high face values. The United State of America USA used to have $500, $1000, $2000 currency notes until December 14, 1945, when the high denominational bills were last printed and officially discontinued on July 14, 1969 by the Federal Reserve System. European Central Bank also phased out the printing and use of use of 500 Euro notes in 27 April 2019.

Top performing currency in the world make use of coins and the maximum face value for their bank notes is 200.

Here is a list of top performing currencies, their bank note value values and their coins:


--.Kuwait Dinar KWD: ( 1 KWD = 1,412.78 NGN )
Bank notes: 1/4, 1/2, 1, 5, 10, 20 Dinars
Coins: 5, 10, 20, 50, 100, 200 Fils


--.Bahraini Dinar BHD: ( 1 BHD = 1,159.41 NGN )
Bank note: BD 1/2, BD 1, BD 5, BD 10, BD 20
Coins: 5, 10, 25, 50, 100 Fils, BD 1/2


--.Omani Rial OMR: ( 1 OMR = 1,135.00 NGN )
Bank note: 1/2, 1, 5, 10, 20, 50 Rials
Coin: 50, 10, 20, 50, 100 baisa and rarely used 200 biasa


--.Jordanian Dinar JDD: ( 1 JDD = 616.44 NGN )
Bank notes: 1, 5, 10, 20, 50, Dinars
Coins: 1/2, 1, quirsh, 21/2, 5, 10 Piastras


--.British Pound GBP: ( 1 GBP = 507.29 NGN )
Bank notes: €5, €10, €20, €50
Coins: 1P, 2P, 5P, 10P, 50P, €1, €2


--.Caymanian Dollar KYD: ( 1 KYD = 525.03 NGN )
Bank notes: 1, 5, 10, 25, 50, 100 Dollars
Coin: 1, 5, 10, 25 Cents


--.Euro EUR: ( 1 EUR = 439.65 NGN )
Bank notes: €5, €10, €20, €50, €100, €200 and €500


--.Swiss Franc CHF: ( 1 CHF = 442.99 NGN )
Bank note: 10, 20, 50, 100, 200, 1000 francs
Coins: 5, 10 and 20 Rp/cts, 1/2, 1, 2 and 5 Fracs


--.United State Dollar USD: ( 1 USD = 437.05 NGN )
Bank note: $1, $2, $5, $10, $20, $50, $100
Coins: 1C, 5C, 10C, $1/4, $1/2, $1.

To stabilize Naira and reduce inflation, I believe that there are many economics to be considered but I strongly believe that my suggestion is one of major factor to put into place.

Brace up for 5000 naira note.

Unless you want to be carrying wheel barrow full of money to buy bread.

The urchins won’t rest until we need wheelbarrows full of 100 naira notes to buy sliced bread.

That’s when they will be happy, when we are all wailing.

After all, they see us as wailing wailers.

I normally point this out too. We are using two different policies on the same money. Cashless policy and high currency denomination doesn't sound well to me. I'm just an engineer, I may be wrong

Tolumiide:
I normally point this out too. We are using two different policies on the same money. Cashless policy and high currency denomination doesn't sound well to me. I'm just an engineer, I may be wrong

I hope the CBN will see to this and do something about it

I am with op. We don't need more than #200 notes in circulation. If you don't want to carry bulky notes, embrace cashless policy.

joyandfaith:
I am with op. We don't need more than #200 notes in circulation. If you don't want to carry bulky notes, embrace cashless policy.

Thanks. It will also discourage loathing of cash thereby discourage corruption.

What can 1naira buy if they reintroduce it.

Lanretoye:
What can 1naira buy if they reintroduce it.

It's a gradual process. Coins will start getting attractive when the high denominations are phased out.

Nigeria shalo be great

UncleAyo:


Thanks. It will also discourage loathing of cash thereby discourage corruption.

When 500 was introduced, sensible ones didn't buy d ideal, when they phase out 500 and 1000, I believe kobo will appreciate a bit.

brownemmanuel43:

When 500 was introduced, sensible ones didn't buy d ideal, when they phase out 500 and 1000, I believe kobo will appreciate a bit.

I'm happy a some of people just like you still understand simple stuffs as this.

UncleAyo:



I'm happy a some of people just like you still understand simple stuffs as this.

Coins has to be reintroduced back, then 1000 and 500 has stop circulating.

A currency redenomination doesn't mean your currency has appreciated. You're just deleting zeros.

I just saw the new cbn policy. I'm happy about it.