But these traders like the currencies produced by the banking system they don't trust? Kindly advise them to return to trade by barter or use of cowrie shells.

MiaBeer:

There are ordinary traders who don’t know jack about your era and they have no trust or confidence in the banking system too.

This is serious

However you can learn how to create charts in Microsoft Excel

Check my signature for details

Ventura1:
But these traders like the currencies produced by the banking system they don't trust? Kindly advise them to return to trade by barter or use of cowrie shells.

Some of them are related to you as well. Do the needful for them as well. Lol!

Pwettylinda:


Good so that when Thief thiefnubuu want to release looted funds for campaign it won't hide

You're very stupid for that comment. I advise you leave the platform if you don't have anything constructive to say. We're here talking about serious issue that is crucial to our economy and well-being and you're typing rubbish. Take the truth and that's all politicians spends looted money including your Saint Obi. Since this campaign started tell me the source of the money of your candidate? Na hin salary e dey spend? Keep deceiving yourself at whatever age you're. Nonsense talk.

#200 should be the highest currency denomination. This will encourage transactions to be done electronically thereby making funds transfer to be trailed. It would reduce corruption. CBN should fast track it and the earlier we embrace eNaira the better for our economy.

The CBN should scrap the #1000 and #500 denomination. Let #200 be the highest currency denomination in circulation.

I am shocked to hear what is coming out of this Man's mouth, how can he compare a poor country to a rich country, this is like v unlike.
The sole reason people carry naira notes in thousands is solely because of inflation. One can hardly see anything priced at 20 or 50 naira notes. a loaf of bread in the UK can still be bought for 50p while in Nigeria it is usually #500 and above.

uvie66:
I am shocked to hear what is coming out of this Man's mouth, how can he compare a poor country to a rich country, this is like v unlike.
The sole reason people carry naira notes in thousands is solely because of inflation. One can hardly see anything priced at 20 or 50 naira notes. a loaf of bread in the UK can still be bought for 50p while in Nigeria it is usually #500 and above.

.... comparing like v unlike......

Dongyi123:
The CBN should scrap the #1000 and #500 denomination. Let #200 be the highest currency denomination in circulation.

....that means we will hold #100000 in Ghana must go..

MadamVanessa:




Buhari government is the only government I saw cluelessness walking pure naked with so much pride.

Now the UK pounds this clown of CBN governor is comparing to worthless Naira of Nigeria are the same in value and worth?

How many people can used online banking even among learned old people they find it hard to. When these fools talks and make implementations you tend to wonder where they used in reasoning,if at all is their head or anus and you see why Buhari government is the worst ever government in the history of mankind.

.... the thing weak me how one compare a currency that is on a ratio 1: 850

IranianSea:
Ode ni e!

na Ewo malam u bi oo

uvie66:
I am shocked to hear what is coming out of this Man's mouth, how can he compare a poor country to a rich country, this is like v unlike.
The sole reason people carry naira notes in thousands is solely because of inflation. One can hardly see anything priced at 20 or 50 naira notes. a loaf of bread in the UK can still be bought for 50p while in Nigeria it is usually #500 and above.

I agree with you but I want you to know that these higher denomination were partly responsible for inflation we have today. Higher denomination killed #5, #10, #20, and coins. Some keep #1000 and #500 to satisfy their ego.
At parties, people used to spray #20 , but today it either #500 or #1000. Let #200 be the highest currency denomination and I bet you Naira will regain its value and respect.

kennyz247:
miss placed piority
useless policy from a useless government

Olodo, what is misplaced about this priority?? ��‍♀️

thebosstrevor1:
Nice

Bigbashiru, this what you have been saying since, seems like the cbn governor and the government are now thinking through.

Operation reduce inflation.

This also means CBDC and internet banking useage will increase, counterfeiting will reduce.

Kudos to Buhari and the CBN governor.


They should start tackling bdc and enacting anti money laundering laws now

The price of something is N6980 they will tell you "just make it N10,000" lol

yes ! but let's start somewhere .

chariisGRACE:
He should also extend his reduction exercise towards other denominations... N10 to N200 are means of exchange, too.

Tareq1105:


I agree with you but I want you to know that these higher denomination were partly responsible for inflation we have today. Higher denomination killed #5, #10, #20, and coins. Some keep #1000 and #500 to satisfy their ego.
At parties, people used to spray #20 , but today it either #500 or #1000. Let #200 be the highest currency denomination and I bet you Naira will regain its value and respect.

Go Market. The price of something is N6980 they will tell you "just make it N10,000" lol....or if the landlord wants to increase rent from N800,000....he won't consider N835,000 or N847,350 he will just increase it to N900k straight or even N1million.

uvie66:
....that means we will hold #100000 in Ghana must go..

Why do you need N100k in cash??

Excellent idea !

you want big transaction ? Go Cashless .

Less circulation of 500 and 1000 bills prompts for more online transactions….banks will benefit more from incessant extra charges hmm

Tareq1105:


You're very stupid for that comment. I advise you leave the platform if you don't have anything constructive to say. We're here talking about serious issue that is crucial to our economy and well-being and you're typing rubbish. Take the truth and that's all politicians spends looted money including your Saint Obi. Since this campaign started tell me the source of the money of your candidate? Na hin salary e dey spend? Keep deceiving yourself at whatever age you're. Nonsense talk.

#200 should be the highest currency denomination. This will encourage transactions to be done electronically thereby making funds transfer to be trailed. It would reduce corruption. CBN should fast track it and the earlier we embrace eNaira the better for our economy.

I actually agree with you on making N200 the highest denomination....nairalanders make una write cbn

Christane:
I really see sense in wat he his saying ...but I just hope it works ...

How will it work when the value of the Naira is worthless because of poor governance, policies and corruption. #5, #10, #20 completely gone and #50 currently on it way out. And lastly, they (the politicians & cbn) will print for themselves, share dollars, etc.

If u want to use large amount make use of the electronics
Let embrace cashless

Fr33born:
I See

True

MadamVanessa:




Buhari government is the only government I saw cluelessness walking pure naked with so much pride.

Now the UK pounds this clown of CBN governor is comparing to worthless Naira of Nigeria are the same in value and worth shey?

How many people can used online banking even among learned old people they find it hard to. When these fools talks and make implementations you tend to wonder where they used in reasoning,if at all is their head or anus and you see why Buhari government is the worst ever government in the history of mankind.

You are outdated.

Now these people will learn how to use online banking.

So because some people can't use online banking, we shouldn't progress

kennyz247:
miss placed piority
useless policy from a useless government

Na you dey useless na.

IMASTEX:

How will it work when the value of the Naira is worthless because of poor governance, policies and corruption. #5, #10, #20 completely gone and #50 currently on it way out. And lastly, they (the politicians & cbn) will print for themselves, share dollars, etc.

Theh have already explain, how it will work in the article.

Also no politician can print money as they like, even cbn cant print money as they like

Tareq1105:


I agree with you but I want you to know that these higher denomination were partly responsible for inflation we have today. Higher denomination killed #5, #10, #20, and coins. Some keep #1000 and #500 to satisfy their ego.
At parties, people used to spray #20 , but today it either #500 or #1000. Let #200 be the highest currency denomination and I bet you Naira will regain its value and respect.

I don't understand, how can the currency gain value if the economy is solely based on oil exportation, and most other items are imported, let me lecture you, I am in my late 40s and can still remember when naira was on the same parity with the pounds. Back then there were no tokunbo cars, TVs, or footwear.

All these items were manufactured/assembled in Nigeria by Peugeot/VW, Leanerds/Bata, and Philips/National, we also had Nigeria Airways. But now all these products and services are being provided by foreign countries. So it is natural that our naira will depreciate
I don't want to even delve into the education or health system which is provided by foreign countries.

What happened to our coins? Countries like the US, UK and Canada are still making use of coins

BigBashiru:


Why do you need N100k in cash??

... because if I go to a strip joint I do not spray the dancers through POS...you happy now.

I knew it would eventually get to this point, the money will be scares . But it's good anything to deal with vote buying is welcome

This is will greatly affect POS agents. That's more jobs will be lost.

This is will greatly affect POS operators. This will also lead massive job loss.