Cbn Should Introduce N2000, N5000 And N10000 Naira Notes - Politics - Nairaland
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| Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by NigerianAngelo(m): 7:01pm On Oct 30, 2022 |
It is high time. The CBN needs to introduce N2000, N5000 and N10,000 naira notes. The CFA's highest denomination is CFA10,000. They carry their money about with ease. CFA10,000= NGN10,000 . $100= N77,000 £50= N45,000 ¥(JPY)10000= N70,000 note €500= N400,000 naira note. It is high time naira introduces the N2000 and N5000 naira notes at least for a start. You should be carrying N80k around with ease. Not like one lottery from heaven. N200k should be easily in your pocket. Easy to transport to pay for something. What of N1m? (The least basic amount expected to be in a person's possession)? Nigeria should please come out of Fourth World status. Even the rest of Africa is ahead of us. Writing this for any CBN policy makers to see. Thanks. Nigeria's Guardian Angel. 1 Like 1 Share |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by LogicBomb8: 7:09pm On Oct 30, 2022 |
Mtcheew infact Waka dia 2 Likes 1 Share |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by gaby(m): 7:18pm On Oct 30, 2022 |
Zimbabwe loading..... Na wheelbarrow we go soon take dey carry money to go buy bread.. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by dnawah(m): 7:38pm On Oct 30, 2022 |
NigerianAngelo:u want make i lose my #10000 or make thieves thief am?  |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by Moh247: 7:39pm On Oct 30, 2022 |
2000 and 5000 is long overdue 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by ecolime(m): 7:42pm On Oct 30, 2022 |
Moh247: 5 Likes 1 Share
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| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by bushjeph: 8:25pm On Oct 30, 2022 |
You don't need to be carrying such amount when most transactions are cashless. What the economic team of OBIDATTI should look at is how to ease the suffering of nigerians. Provide jobs, empower farmers with subsidies and loans, enforce naira redenomination, cut govt administrative expenditure eg salary of members of the 2 houses. Give full autonomy to LGAs. Infact, Nigeria is in a big mess. 4 Likes 1 Share |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by Snitch24(m): 9:36pm On Oct 30, 2022 |
this op has no single sense nothing dey ur brain 100$ will be nothing less than 150k 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by fineboynl(m): 9:54pm On Oct 30, 2022 |
In as much as the naira has depreciated 5000 note is long overdue. But there will be no need when there is cashless. 5000 will contradict cashless 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by bid4rich(m): 10:28pm On Oct 30, 2022 |
I think OP's father is a politician. You need more handy one abi? Please can you tell us of any country Nigerians are running to that has more than 1000 as their highest denomination. is it UK, USA etc. Tell us any country that has 2000 or 5000 as their highest denomination that are doing well economically. My conclusion is that you know nothing about economy. 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by NigerianAngelo(m): 10:46pm On Oct 30, 2022 |
dnawah: If you can loose N10000 once in six, seven years because of that you will be making at least N60,000 to N70,000 more every year (or N350,000 to N500,000 in six years) because of the multifarious utilities of such liquidity structuring. 1. Do you know for example that many intra-national transactions (not international) are performed in dollars because the resultant naira value will be too bulky. This places a huge "artificial" demand on dollar (a demand that was not really needed). Naira slightly falls. You in turn as a citizen will spend at least N560k-N580k per annum on "life" instead of N500k because of this. But if your currency was much more valuable to players, such artificial demands will be at least 80% less present. Your balance annual budget may not exceed N530k-N535k as against N500k. Nigerians traveling to UAE could exchange the Naira for Dhraham there without having to first convert their N5m into dollars here at home (space) etc etc. You understand. Plus... the whole world and fellow African countries are not foolish. The least note should be N10000. N1m fits in as a bundle of one hundred N10000 notes. 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by NigerianAngelo(m): 10:55pm On Oct 30, 2022 |
bushjeph: Europeans, Japanese are more cashless than us. But they have the notes. Besides on a daily basis even if you have N40m in the bank and are 98% of the time cashless, you maybe keeping or transporting N100k, N150k or N200k every now and then and won't need it to be feeling your pockets like ghana must go in your pockets. One of the reasons China hadn't as yet toppled the Yen (JPY) as reserve currency is that it stopped at Y100 (hundred Yuan) and that is just a N2500 note before Buhari. Many developing countries did not see it as useful for a reserve currency (because it's equally bulky) (and keep storing money in Yen rather -- Asian countries.. till today). But our focus is our country, and it's overdue. Excessively overdue. The move is necessary even to change the character of the country. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by GodHatesJews: 11:46pm On Oct 30, 2022 |
They should introduce #1,000,000 notes sef. Financial illiterate |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by GodHatesJews: 11:51pm On Oct 30, 2022 |
The CBN sets double digits interests rates, priotizes financial services above real industry, keep printing money and borrowing trillions to Buhari who has quadrupled govt spending and you are here foolishly thinking currency denominations can fix the already battered economy and the currency? The solution is to get rid of Emefile and his entire rogue board at the CBN, reduce interest rates, reduce govt debt and loans, freeze the printing press and mop up all the excess waste paper Emefile has printed from thin air. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by GodHatesJews: 11:58pm On Oct 30, 2022 |
NigerianAngelo: Why are you people so dense? It is not the instrument of exchange that is the problem. Going digital is the same as switching from regular snail mail to email. Its still a means of trade. Emefile and co can easily increase the money supply in a digital economy by simply adding more digital currency with a keystroke on a keyboard. Going digital will not solve the excess liquidity. The naira is crashing because what is used to back it (the USD) is in short supply and so the CBN deflates the naira thereby reducing its value and impoverishing you . Inflation is a govt trick to defray and reduce debt owed. You guys are all illiterates. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by dododawa1: 12:22am On Oct 31, 2022 |
One thing that is certain, no Yoruba men and women opposed this ticket. They support this ticket. I want to tell you that I will bring the TROPHY home. It is not just a Yoruba thing. It is a Nigeria project, JAGANBA. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by LordviccoDaGuru(m): 1:25am On Oct 31, 2022 |
Cool 1 Like |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by NigerianAngelo(m): 2:41am On Oct 31, 2022 |
GodHatesJews: Someone once told me "empty people speak with the most strength, are confident in what they say." Read some of my replies up there. You will understand the need for it, and with time... that you really were dumb. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by Day169: 3:11am On Oct 31, 2022 |
Why not re-denominate the Naira by a hundredth, like Gov Soludo proposed, when he was the CBN Governor? .. it wouldn't neccessarily strengthen the Naira but it saves the hassles of a false sense of belief of carrying huge amounts of money. Imagine a minimum wage worker being paid 3 '10 thousand' notes as salary. It feels dehumanizing. Rather I'd suggest making the 100 naira note the highest denomination. |
| Re: Cbn Should Introduce N2000, N5000 And N10000 Naira Notes by NigerianAngelo(m): 6:50am On Oct 31, 2022 |
Day169: Note necessary. China, Japan, South Korea have all shown it's not necessary. ($1=W1000 of S.Korea) You can continue with your current currency and be just fine. Just use enough structures for mobility as them. Japanese Yen ends at ¥10000. Besides it's better to speak the language of your immediate neighbours who are your chief trade and currency partners (Cameroon, Benin, Togo, Ivory Coast etc). Besides the culture shock from denomination may erase many benefits. (e.g. how tomato sellers will start to reprice the tomato) Just introduce higher structures liquidity (N2k, N5k). So N100k for example will just to ten N10k notes or twenty N5k notes. It musn't be a ghana must go. What will you now do if you need N500k in cash? It can't enter your pockets. |
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