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Nairaland Forum / Nairaland / General / Business / CBN Plans To Introduce N5000, N2000 Notes (32627 Views)
CBN Plans Sanctions Against Exporters – Emefiele / CBN To Introduce Lower Denominations On Atms / CBN To Introduce N5,000 Note (2) (3) (4)
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CBN Plans To Introduce N5000, N2000 Notes by Nobody: 10:40am On May 13, 2012 |
In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N2,000 and N5,000. The bank has also made plans to convert N5, N10, N20 and N50 into coins which are all presently notes. The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy. Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to LEADERSHIP SUNDAY, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones. Okoraforwho made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank’s leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank’s directors. But a source who is a staff member of the bank told LEADERSHIP SUNDAY, under the condition of anonimity that, “The top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy.” The source who could not say when the policy would take effect or when it would be announced to the public said, “All the smaller denominations from the N50 downwards are also to be converted into coins.” A financial expert and executive chairman of the Society for Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the policy is carried out, it would not only lead to inflation but would increase the ability to carry out cash transactions. He said the activities of the CBN were becoming more commercial in nature, suggesting that this was more of a fiscal policy than a monetary one and that it should be decided by either the minster of finance or the president. Owoh said, “There has been no official pronouncement from the CBN on this policy but, if it is carried out, it will only give the bank’s management the capacity to award more contracts, making it a purely selfish and commercial endeavor. The CBN has been carrying out commercial activities, which are normal banking operations – they set rules on how to withdraw or not withdraw money.” He said, “ The CBN has invested a lot into the cashless policy and point of sale terminals will suffer; 100,000 units of hardware for e- transactions have been installed in different places. “The process of printing money is clearly a fiscal issue. Embarking on this policy would indicate a lack of harmony between the fiscal and monetary policies.” http://leadership.ng/nga/articles/24507/2012/05/13/cbn_introduce_n5000_n2000_notes_n50_n20_n10_coins.html 2 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by Abagworo(m): 11:11am On May 13, 2012 |
Back to square one. This is getting as boring as fuel subsidy removal. Since I was born, it has been a cycle. 1 Like |
Re: CBN Plans To Introduce N5000, N2000 Notes by jamace(m): 11:26am On May 13, 2012 |
Our Naira will soon turn to Poo money - valueless. |
Re: CBN Plans To Introduce N5000, N2000 Notes by Yeske2(m): 11:41am On May 13, 2012 |
Hope this is not true, instead of printing higher denomination the CBN could redenominate the existing face value eg, removing two zeros from the value so #100 becomes #1 etc. With that the use of kobo coins will be possible. Don't know what that mallam is up to, does he need a rocket scientist to tell him that could reduce the cash one can carry about? 6 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 11:41am On May 13, 2012 |
This country is just bleeped dudes. I think ojukwu's face will be on the 5000naira note while rashidi yekini's face will be on the 2000 naira note. What a lawless country? Still thinking what cashless policy really mean 1 Like |
Re: CBN Plans To Introduce N5000, N2000 Notes by jamace(m): 12:46pm On May 13, 2012 |
Viewing this topic: belvo(m), opydan, fork adict(m), babs2aroks, Whizkay(m), coolcharm, Mpetempe(m), HABRUZZY, icon2, Hasino2258, Buskete(m), mukina2, kelvin uche(m), stillme(m), horlajide(m), PeeDaVinci, LogoJ(m), OAM4J and 18 guest(s) Above people are just watching the show. They are dumbfounded. 11 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by morgist(m): 12:47pm On May 13, 2012 |
na lie THIS NA RUMOR.... GOD FORBID!!! @op abeg weting dey do you get important topic to post abeg! |
Re: CBN Plans To Introduce N5000, N2000 Notes by lifestyle1(m): 12:51pm On May 13, 2012 |
If this allegation is true, then they are all bunch of illiterates |
Re: CBN Plans To Introduce N5000, N2000 Notes by Mpetempe(m): 12:52pm On May 13, 2012 |
jamace: jamace: You Try! Job Well Done... Kudos. |
Re: CBN Plans To Introduce N5000, N2000 Notes by jason123: 12:54pm On May 13, 2012 |
Nigeria deserves this. Next time we would appoint or vote based in competence not ethnicity or quota system. *Almost in tears* |
Re: CBN Plans To Introduce N5000, N2000 Notes by stillme(m): 12:54pm On May 13, 2012 |
I will never listen to ecconomics jagons. Within me i know this is not right. It is irrelevant to introduce #2000,#5000 notes,when cashless policy has been introduced. |
Re: CBN Plans To Introduce N5000, N2000 Notes by gigabytes: 12:55pm On May 13, 2012 |
What about cashless society? Have they jettisoned it. |
Re: CBN Plans To Introduce N5000, N2000 Notes by DAvIt0(m): 12:56pm On May 13, 2012 |
no c0mment |
Re: CBN Plans To Introduce N5000, N2000 Notes by jason123: 12:56pm On May 13, 2012 |
NIAJA! |
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 12:57pm On May 13, 2012 |
N5 and N10 and N20 for coins? If this is true then sanusi is a lunatic and needs medical attention. Well sha make una put Ojukwu head for that N5000. |
Re: CBN Plans To Introduce N5000, N2000 Notes by horlajide: 12:57pm On May 13, 2012 |
[b][/b] ollah1: This country is just bleeped dudes. I think ojukwu's face will be on the 5000naira note while rashidi yekini's face will be on the 2000 naira note. What a lawless country? Still thinking what cashless policy really mean Imagine d picture- dose agbero runnin after danfo buses for coins 6 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by aljharem(m): 12:59pm On May 13, 2012 |
Buhahahahahahahahahahahahahahahahahahaha My belle oh !!!! Well those that did wanted fuel subsidy to be removed without any other source of revenue are seeing it now. Very soon it would be 1000000 note for ONE peak milk Bunch of tribalistic iddeeiots. Maybe Asari and Ohaneze can explain this Chai I miss Gani and Fela 3 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by reloboy(m): 12:59pm On May 13, 2012 |
Wack |
Re: CBN Plans To Introduce N5000, N2000 Notes by amosy007: 1:00pm On May 13, 2012 |
Stupiid rumour.... Salusi abi na panusi wnt dare sumtin as stupid as that.... Its all just a rumour started by a jobless person... When nigeria is going cashless... How would he now print higher denomination when we are not even allowed to move above 1million naira around freely.... Just another stupid post 3 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by aljharem(m): 1:00pm On May 13, 2012 |
jamace: Yes o !!!!! I voted for GEJ not PDP are now looking |
Re: CBN Plans To Introduce N5000, N2000 Notes by amosy007: 1:02pm On May 13, 2012 |
gboss4sure: N5 and N10 and N20 for coins? If this is true then sanusi is a lunatic and needs medical attention. Well sha make una put Ojukwu head for that N5000.keep dreaming... Who will put d face of a rebel on our naira note? N:b ojukwu didnt fight 4 nigeria... He fought 4 Igbo... When u have ur biafra u can put his face on all ur currencies 2 Likes |
Re: CBN Plans To Introduce N5000, N2000 Notes by ANTITRIBALISM(m): 1:02pm On May 13, 2012 |
Hahaha! Maybe the CBN governor wanted his signature to appear in the Nigeria currency especially the higher denominations. 1 Like |
Re: CBN Plans To Introduce N5000, N2000 Notes by aljharem(m): 1:06pm On May 13, 2012 |
[size=13pt]Shebi una talk say you no go learn, You go learn by thunder by fire. Sanusi is just following the economy so stop blaming Sanusi If you increase price of fuel in a mono economy like Nigeria, every commodity inflates, thus devaluing the Naira. eg what 10 can buy before would be less now SO STOP BLAMING SANUSI !!!!!![/size] |
Re: CBN Plans To Introduce N5000, N2000 Notes by RICHIEBOI1(m): 1:06pm On May 13, 2012 |
Na more inflation be dis ooo! |
Re: CBN Plans To Introduce N5000, N2000 Notes by beldcat(m): 1:08pm On May 13, 2012 |
2000 and 5000 ke?....where see change 4 dat 1? |
Re: CBN Plans To Introduce N5000, N2000 Notes by Dipwater(m): 1:08pm On May 13, 2012 |
And they say these guys are not members of illuminati . |
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 1:10pm On May 13, 2012 |
Oh |
Re: CBN Plans To Introduce N5000, N2000 Notes by Jyde89: 1:12pm On May 13, 2012 |
If that hpns,then that mean's the illuminati boy's have seized controle of our economy....my heart bleed's 4 this country. Our leader's are monster's. 1 Like |
Re: CBN Plans To Introduce N5000, N2000 Notes by lillaowow(m): 1:12pm On May 13, 2012 |
Do these guys listen to themselves at all...... even a 5yr old pikin knows that this ain't right in all ways |
Re: CBN Plans To Introduce N5000, N2000 Notes by aljharem(m): 1:13pm On May 13, 2012 |
Jyde89: If that hpns,then that mean's the illuminati boy's have seized controle of our economy....my heart bleed's 4 this country. Our leader's are monster's.LOL |
Re: CBN Plans To Introduce N5000, N2000 Notes by Weedean(m): 1:19pm On May 13, 2012 |
[/color]Greedy bastards dats wot they all are cuz they keep creating loop holes in d guise of makin it easier 4 d cashless policy n d society at large. This is not new, they've done it b4. Thumbs down 4'em. |
Re: CBN Plans To Introduce N5000, N2000 Notes by Attahemma(m): 1:19pm On May 13, 2012 |
My guy i dnt kw wia u got de news 4rm bt if its goin to happen den we should be ready to cry cos one politician will steal workers 1 month salary nd hide it in his house. Lol |
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