₦airaland Forum

How long will N30k in cash last for a "big" Nigerian?

They can go through that in a couple hours.

Like, nobody is going to carry so much cash on their persons that it will last for like 6 months, right?

Time frame is more 1 week to 1 month, not 6 months or a year.

violent: True!..The argument was meant to illustrate that more physical notes in an individual's possession will generally prompt use of more banking activities and in effect keep liquidity flowing through the system



The difference is in the comfort of holding money. If i can keep 6 notes of 5k naira in my pocket, i wouldn't normally find any reason to stash it away in a bank's vault compared to having 1500 notes of 20 naira

Well, if we are now talking about mobile cash (cash someone has in their wallet for upcoming purchases), then this is not likely to have a huge effect on liquidity. Since it:

a) tends to be spent fairly quickly,
b) is a small % of the total amount of money available

https://www.youtube.com/watch?v=n70XWfn9lpE

She really knows how to fill out a dress lol. Very nice body

btw who the heck is this Hajia Sawaba? Never heard of her before in my life.

centje: sure dude. Thats the kinda response i expected frm u...simply means u got my message!!

Correct. You seem to have deduced that I only give people responses that they are deserving of. And since you are who you are, it makes no sense to expect anything but crude insults from me.

van bonattel: you must be a child, to be boasting of laying girls of a particular tribe, I have lost count of the number of babes I have laid, white babes, blue, black and yellow, slim ones, albino, orobo, fulani, housa, yoruba, edo, ibo, ijaw, twins, village virgin, ashewo, student, hawker, even the ones with red color bear bear for their v-junction, and you think you have seen anything go to bed child

Lol @ the guy saying "little prick" to a dude he has never met calling someone else childish

violent: In the days of my grandfather, you will normally need a bullion van, arms wielding police support and some fetish support from Sango to transport a million bucks to the bank. In a couple of months, Nigerians will be able to keep 200 notes of 5000, equivalent of a million bucks in their homes without hassles. That's a million bucks that a bank will have to make out for in it's capital ratio to risk assets and will involve reducing lending activity.

The value of those two amounts is quite different, no? N1 million in your grandfather's day was $1 million+. Today, it is like $6k.

If i don't spend this money in the next 3 years, it will probably remain in my pillow. In the bank, this money could have been learnt out to some SMEs who will now be forced to fund at a higher rate since banks have less cash.

200 notes of 5k, 1000 notes of 1k. What difference does it make, if someone is anti-bank?

For people who are against storing their money in the bank, there is nothing you can really do I guess.

centje: f.uck you!! Ass.hole!!!

Fvck you too, sh1tstain

N1k note dey, yes?

So introduction of N5k note only cuts down the amount of space I need to store my cash by a factor of 5.

Is that going to make a huge difference in the habits and behaviors of these people?

van bonattel: Ojukwu is a warrior, dead or alive, he will just wake up and give you a sound slap that will crack your skull, and kick that your small prick into your tummy

Dead or alive, warrior or not, there is nothing he can do to avoid being pissed on. Moreover, said prick has kept several of his ethnic sisters quite satisfied...it is a probably a mistake to underestimate its power

Anyway, I don't know the habits of rich people in Nigeria very much.

But the ones I know in the US use banking pretty heavily...it is (for the most part) only poor people who avoid banks.

Storing your money under your mattress is a helluva lot more risky than storing it at a bank.

violent: Increase the value will mean higher prices, NO?

No. Rather than X units of naira chasing Y units of goods, if Z units are stored under beds, we have less naira (X-Z) now chasing that Y units of goods. So the currency becomes more valuable, and the goods less expensive in terms of price per unit of good.

So what difference does it make if he spends the money slowly now, or spends it all at once at some future point in time?

In the former case, I guess the amount of inflation per unit time is small but a constant. In the latter, it happens all at once.

But the same amount of money is being spent in both cases...

Anyway, this money-under-the-bed argument is not at all convincing

Regarding Ojukwu, someday I will visit his grave and urinate on it

So don't hold your breath waiting for me to be a fan

I have always been a Soludo fan.

Temporarily assuming that I am a "tribal bigot", it doesn't follow that I must hate every member of an ethnic group, lol

violent: The immediate effect of introduction of higher denominated currencies will be a massive dry up of liquidity from the financial system since people can easily keep their millions at home without hassles. Not only will this mean that capital can no longer flow easily from individuals with surplus (i.e those guys now keeping their billions in a brief case under their beds) to SMEs that require funding through banks, it will also mean that banks will in effect become squeezed to hold off lending and maintain their level of capital ratio.

The effects multiplies easily through the system along with the recent consistent increase in prices due to oil subsidy removal.

and kaboooom, fast forward to 2025.....we are now Zimbabwe!

So larger note = people keep all their cash under their bed? Rather than just storing the large amounts of cash more conveniently and with less risk (armed robber, fire, inflation, etc) at the bank?

OK, so let's pretend that is true.

But, won't all that money effectively taken out of the system, INCREASE the value of what is remaining rather than decrease it? So if your assumptions are correct, then there will be a small amount of deflation rather than inflation from this move.

I personally don't see how redenominating the naira is any different from shifting to larger notes.

I am also not convinced that shifting to larger notes causes more inflation.

Perhaps an economist in the house can link to some published research suggesting that this causation exists.


With that said, I dislike Sanusi, a lot. So anything that makes him look bad or even more hated, I enjoy

A census in which ethnicity and religion are written, one supervised by some neutral third party (or several third parties) is likely the best way to settle this.

oyb, I too wonder about this.

Maybe it is the system/culture which causes them to be corrupt? Maybe she thinks it is OK to do in Liberia what she wouldn't try elsewhere?

I don't know the answer...I hope that it is not something inherently wrong with us as a people

kandiikane: I have a flat nyash so my skirt never rides up.

There is a way to fix flat nyash.

A magical machine called a squat rack

Anything a man can do, a woman can do better.

In this case, nepotism and corruption

heh.

Do you believe in Santa Claus?

Just...amazing.

https://discovermagazine.com/2012/jul-aug/06-ice-age-flower-blooms-again/campion.jpg

Deep in the frozen tundra of northeastern Siberia, a squirrel buried fruits some 32,000 years ago from a plant that bore white flowers. This winter a team of Russian scientists announced that they had unearthed the fruit and brought tissue from it back to life. The fruits are about 30,000 years older than the Israeli date palm seed that previously held the record as the oldest tissue to give life to healthy plants.
The researchers were studying ancient soil composition in an exposed Siberian riverbank in 1995 when they discovered the first of 70 fossilized Ice Age squirrel burrows, some of which stored up to 800,000 seeds and fruits. Permafrost had preserved tissue from one species—a narrow-leafed campion plant—exceptionally well, so researchers at the Russian Academy of Sciences recently decided to culture the cells to see if they would grow. Team leader Svetlana Yashina re-created Siberian conditions in the lab and watched as the refrigerated tissue sprouted buds that developed into 36 flowering plants within weeks.
This summer Yashina’s team plans to revisit the tundra to search for even older burrows and seeds.

http://discovermagazine.com/2012/jul-aug/06-ice-age-flower-blooms-again/

Why Nigeria won't ask Olajuwon for help to build their own program, I do not know.

If stars like LeBron, Kobe, Amare, etc can come ask for help, how much more Nigeria?


https://www.youtube.com/watch?v=iyohV1xoDzs

I thought Tinubu was a wanted criminal who is banned from the US?

What is he doing in DC, let alone giving public speeches there?

I guess it pays not listen to Nairaland gossip.

Mr Jarus, happy birthday man. Despite my antipathy for certain things you highly regard, I still like you a lot

pretty much ordinary black man hair, i guess. Curly and nappy.

"Taxes are up 50% and services down 37%, thus boosting Anambra Corporation's profit by billions of naira! "