ghettodreamz: It's quite obvious, US dollar is the Most strongest, Ghanaian Cedi is Strongest, Japanese Yen is Strong, and Nigeria Naira Poor owing to Nigeria's bad economy caused by political instabilities among other factors, topic for another day.

ghettodreamz: Below is the exchange rates as at the moment, bear in mind that exchange rates fluctuates every seconds. Us dollar is the highest on the below list, follow by Ghanaian Cedi, Japanese Yen and Nigeria Naira down below the list, God help our economy.

1.00 USD = 1.89270 GHS
US Dollar ↔ Ghanaian Cedi

1.00 USD = 78.1257 JPY
US Dollar ↔ Japanese Yen

1.00 USD = 157.562 NGN
US Dollar ↔ Nigerian Naira

1.00 GHS = 41.2818 JPY
Ghanaian Cedi ↔ Japanese Yen

1.00 GHS = 83.2492 NGN
Ghanaian Cedi ↔ Nigerian Naira

1.00 JPY = 2.01921 NGN
Japanese Yen ↔ Nigerian Naira


Exchange rate source: www.xe.com

grandstar: It does not make economic sense.

For a car plant to be successful, it needs to invest about a $1bn and produce about 200,000 cars.

We are talking here about economies of scale.

If Nissan does set up an assembly palnt, they'd start championing for higher tariffs on imported cars and having us purchase old model Nissans.

Note that Nissan will be producing newer models whenever they come out. This was what Peugeot did for years. It's a win/lose situation for Nissan/Nigeria.

oradee:

hmm...where do i start wif the highlighted?

was it the same "market" that made u and ur bank stop issuing and accepting coins?

CBN has BROUGHT notes(N1000) and coins during the soludo era...pls enlighten us where they went? cos someone earlier said they were used to make jewelry cos it had a higher value than its face value...so coins and higher denomination aint new to us at all.

and in paying ur rent, u didnt even mention using bank cheques (or is it now more expensive printing cheques than new currencies?...or is CBN trying to faze it out?

and as most have said,Print the darned N5k in coins so u can pay ur rent,do ur domestic and international biz in it,pay for ur meals,laptops and fones etc wif it (after all,notes and coins mean the same thing)...

the US fazed out $1000 and $500 bills yet we are introducing N1000 and N5000...its funny how 1 Ghana cedi = our N100 and our N150 = $1...but our N1 doesnt equate to either of the two...lo(Giants indeed)

oradee:

yeh, true...the same humans in America are the same in zimbabwe,ghana,nig and world wide...so cos its in "dollars" its allowed to be $1 for bread abi while our bread shld be N200 and above? no wonder everyone wants dollars.

i take danfo bus to commute ajah and out and at the toll,the driver gives the highst cash at hand btwn N1000 and n500 so as to source change for his passangers and to pay road tax collectors...u dont think the same wld happen if he has N5k given to him by a passenger who got his from the ATM? and how much change wld the conductor be receiving then at the toll? isnt that more money in his hand?

u sound like the N5k notes wld be made from material other than the usual.I have seen filthy N100,N200,N500 and N1000 so i doubt if ur N5k wld be an exception...and i hear ur guy SLS wants to make it usuable for the visually impared (like its a trophy ) is he gonna put devices on the lower denominations as well so they can be sure their change is complete? (abi they must spend the note in one sitting so as to avoid change? )*rolling to zambia lol*

oradee:

But u aren't gonna use coins to pay for it...thats our point!
the focal point here is if the N5k notes and coins are introduced, the notes stay and the coins dissapear for obvious reasons. This isn't UK so lets not delude ourselves. ur paper theory is true but u havent accepted the reality part of it...
ok,lets analyse bread and sachet water (which i doubt is in UK)...an increase in fuel then caused water to double in price and we know that in Nigeria,prices of things dont go down.
Now ask ur self where the coins went? Did the apex bank stop production and didnt announce it? why did banks stop issuing it to customers? did CBN instruct them to? u claim to own a shop that accepts POS etc, why did u stop receiving coins from ur customers? did CBN tell u to? When ur customer gives u N5000 to buy things worth N2,500,wldnt u give him back the same change ur complaining of paying when ur paying for ur fast foods meals? (has it truly made transaction easier? cos more money wld still exchange hands when it comes to issueing change).
We know cbn means well but seriously,its time we make our economy (which includes our currency)have value in the eyes of its citizens first before u start comparing it to other currencies. if the CBN of america cld faze out $1000 and %500 bills, and Ghana cld remove some zeros, i dont see why we cant do same to ours,after all.someone said removing those zeros from their notes didnt have an effect on their currency strenghth,but what they dont know is that it Psychologically does. if bread is $1 in US,2 ghana cedi in Ghana,N200 in Nigeria and 1million zimbabwean money in zimbabwe,they all have the same price value abi?(they can all buy the same quantity of bread) but we see $1 as cheap and 1million zimbabwea money as expensive...get it

Chykenet:
Let me understand your arguement... Efficiency of transaction and easier movement of cash? Is the reason you back the 5k note? Well, thats not enough. Do you know how much a full frozen chicken costs in UK? £2:50. Does it cost the equivalent in Nigeria? How many average Nigerian earn more to afford to spend multiple #5,000 at a GO?! Why would the poor masses worry about the convinience of 'a payment' they can't benefit?

Can you tell me any sector of anything in Nigeria that is working about 95%? With this coins introduction, traders will try to round most things and their prices to the nearest note! (i remember during Soludos coins when a candy sells for 2 #5 but sells for 1 #5 instead of 1 #2:50. There was coins then but still they didn't accept it) that won't happen in US. We as a nation, don't have any price regulation protocol.

i don't think this is our priority for now. And even if they will go for the 5k note, let them leave other lower denomination in note as coins will do more harm than good. They should change the polymer back to notes and this time, i prefer the old #1 note. The design is fantastic.

oradee:

The world’s biggest economy, the United States, used to have $1,000 and $500 bills but they have gradually been phased out and their current $100 bill is their highest dollar denomination. The distribution of the $1,000 denomination was discontinued in 1964, and the $500 bill in 1969. The reason that was given for stopping these denominations was that they aided drug traffickers in their trade. This would be like saying that the N5,000 denomination will aid corruption and election rigging in Nigeria.

i doubt if u can explain the highlighted above...the same way Americans see their $1,000 and $500 bills is the same way we Nigerians see our N1000 and N500 notes...its people like you who have devalued the naira in the mind before it takes effect literally.

u argue using coins in '89 but yet u havent explained where Soludo's coins went. u argue N5000 wld make biz easier and cheaper but u havent said how the cashless policy augments the N40bn to be used to print notes that are rejectable but u forget it wld still cost more to transact wif cos divisiblity of money has its cost implications (u print more lower denominations to support its divisibility).

and i did notice ur eluding the point of printing the N5000 in COINS (or isnt it possible)

oradee:


in favor of ur argument, since u seem to have toured the globe,i wanna ask why hasnt the Bank of America printed $5000 notes since it wld be cheaper and convenient for business transactions...after all that's where we go to study the economics we are applying. (and pls dont tell me about the value of their dollar wldnt allow it)

oradee:

the same way i pay my okada/keke/BRT/danfo/bread/sweets/manicure&pedicure/hair cut/cinema tickets/fast food meals...etc (does that answer ur Q?)

so now that ive answered u,shld i start using N5000 notes to pay for them henceforth?

as i said,i wld support u and ur arguement if the N5000 is printed in COINS or are u gonna argue why N5000 cant be printed in coins?

chamber2:


^^^

Your line of thinking is prevalent among govt officials, i wouldn't be surprised if you are one. Just because one policy favours you doesn't necessarily mean it will be in the best interest of the others.Sir, nobody said the CBN shouldn't engage in currency management activities. When soludo came he vigorously pursued a currency restructuring initiative; changing the wordings in the currency, introduced coins, polymer and finally printed the N1000 note. That was about 5yrs ago. Until now Nigerians are yet to feel the impact of such frivolous exercise. Why then are we in a haste to introduce a new currency? Aside the issue of convenience, and efficiency what other benefits do we stand to gain from this initiative? Remember, the cashless policy was designed to address the issue of cost, efficiency, convenience etc. So why the N5000 note, at least at this point when we can barely finance the power sector challenges?

One would therefore expect the current CBN governor to pay more attention to the cashless policy initiative rather spending over N40b to introduce a new currency. After-all, the both have similar objective- which is cost reduction and efficiency. The cash policy will reduce the volume of cash transactions, reduce cost both on the part of the CBN, banks and populace. It will also encourage the use of coins through the establishment of facilities that will enhance its use. You don't put the cart before the horse.

infolekan:

You can easily spare us your elderly advise and information on the countries you've been to....doesn't make you a wise man or an authority on economic issues.(Half of you so called rich in Nigeria are just stark illiterates with stolen public funds).
Security is still a major challenge.....power....road....educationad almost all sectors are collapsing and the next best thing that can happen to the COUNTRY is this debatable 5000 naira note.
In all your various sojourns....it is well know that it is only Nigerians that spend cash in abroad. Haven't bought anything over a 1000$ with cash before in the US. What's the idea behind the cashless policy if we are still rolling out 5000 naira notes? Thought that was the reason behind the cashless policy? Less cash so as to have money trails and to monitor all these corrupt politicians and heartless businessmen.
And you can ask yourself what happened to our 5k and 10k coins that were introduced and even the 5naira notes self.
The 40billion should be used to fight corruption and build infrastructures and probably to remove nitwits like you who hide behind the anonymosity of social networks to proliferate garbage out of their mouth and still have the audacity to challenge right thinking people calling them 'youths'. Mtschewww

Olu_Bendel:


Bros/Madam are you for real? all these vituperation just to prove how knowledgeable you are and how ignorant the rest of us? hmmm...and you are the one analyzing issues critically? Pls read through @chambers2 and tell us what new economic theory you have been able to postulate to counter his sound argument.
(I just want to believe that your likes have lost touch with the realities in Nigeria). This policy is designed to simply help the rich and further impoverish the poor, can't seem to know how else to explain this to you with you vast knowledge of economics without receiving invective from you as you threw at chambers2.

Why not use your economic acumen to advise CBN to logically, methodically pursue the cashless policy to a desired end first. that way cost will be reduced and efficiency will be brought to bear on our economy. What is the opportunity cost of this CURE programme, should it be our priority as a nation now? are there no better alternative?(in view of the backlash from the citizenry), these are the questions that bothers us sir/ma

oradee:



you obviously dont reside within Nigeria...and by the way,pls take ur tranquilizers before u commment on my post ok!

oradee:



you obviously dont reside within Nigeria...and by the way,pls take ur tranquilizers before u commment on my post ok!

chiboy1928: What is the big deal about these five thousand naira notes I support cbn holeheartedly let the money be in circulation,even ghana here were I live the highest denominations is 50 ghana cedis wich is equivalent to the 5,000 naira notes here in nigeria, and also they make used of their coins such as 10,20,50 pesewas wich is also equivalent to 10,20, and 50 naira and it has not resulted to any inflation, while we here making unneccesary noise about inflation if u don't want to used currency then do away fr it rather than come and misinformed the ordianry nigerians!!!

philip0906:
Listen 2 urself. . .i only used d example 2 show u how bad d naira has fallen copared 2 d $.japan? so Nigeria is now mates with Japan? On what grounds r u making d comparism? economic,political,security or what? and please stop all these noise about economics. Even d illiterate Nigerian hs basic knowledge of econs besides, we are not talking textbook economics but practical.

oradee:

and because of this, the US has decided to print $5000 so that it wld be convenient for them when they wanna go to fast food? (cos thats ur excuse in relation to 20 pounds)

philip0906:
what r u blabbing about? U are still hitting the point i am driving home. . .How come we have fallen so low? Why are we not trying 2 get back 2 d good 'old days or @ least measure up with the peeps we competed with back in d days? Y must we fall with our back 2 d ground? Don't people earn $10 every hour in the u.s and feed themselves well with it? can someone who earns N10 every hour feed himself 2day? I am not talking economics, I am talking practicals here.

chamber2:



You seem to me like one ''obodo oyibo'' bred kid! No economy functions in isolation of the socio-psychological disposition of the people. Spending N40b just to print some piece of paper so as to create some measure of convenience is bad economics if you ask me, especially in a country riddled with poverty, inequality, corruption and unemployment. The ONLY benefit of the N5000 is the assumed convenience it creates and the reduction in currency management cost. Aside this, nothing else. Over the last few months the CBN and it's agents have been selling the ''cashless'' policy gospel to Nigerians. This policy was designed to reduce the quantum of cash in circulation, promote operational efficiency, reduce thievery and other vices, and ultimately leads to job creation through the establishment of POS and other payment infrastructures. Now, tell me where the N5000 enters into the equation? Cashless policy and new currency introduction, complete counter-policy initiative!

[b]On the issue of coins, history has shown that Nigerians dont feel comfortable carrying coins. This may be as a result of lack of facilities that will facilitate the use of coins e.g phone boots, train transportation etc. So, reducing N20 to coin will mean outright disappearance of these lower denominations thereby making N50 the lowest denomination with its attendant inflation pressure. So, couldn't the CBN wait for a while to see how successful the cashless policy will be before this new currency restructuring? Why the haste? The cashless policy would have complemented the new currency if adequate time was given for a complete introduction of the cashless regime.

[/b]Now, one CBN deputy governor came up to say that the people can reject the N5000 note from the commercial banks if they deem necessary. Reject a legal tender, how possible? The problem we have as a country is that we live in a time when those in positions of authority systematically lie to its people so as to gain little personal advantage. This is the delima of the Nigerian society

oradee:


well, the rulers/govt of UK have kept and protected their economy to make it what it is today...
its not the Nigerian citizens fault that one pound is N250.
Why not ask CBN and co why/when we wld start spending N20 to eat a meal at a fastfood in Nigeria[b]!!(afterall N20 and 20 pounds are both the same with diff initials)

The Japanese Yen is one of the strongest currencies in the world. It is one of the currencies used as a store of international value yet $1 = 78YEN. does that make the Yen worthless

philip0906:
You are obviously deluded. . .what change are u talking about? Many years back #1=$1 now #160=$1. Is dat the change u r talking about? Nigerians are asking what happened 2 50kobo and d likes? Nigerians are craving 4 when #500 could feed u and ur family.Thats what we are talking about.U r calling japan and Korea? countries whose economies dwarfs ours?y not call the u.S.A and Britain whose currencies we rivaled back in d days.If u don't mind kindly tell us one policy that ur paymaster sanusi has brought that has +vely affected the lives of d masses?
U are calling China? D china dat has a zero policy on corruption? The china dat has pushed aside politics 2 better the lives of the masses? U need 2 get ur head checked or better still update urself like i earlier suggested.

oradee:

You really shld study the nigerian history and metality...

1)Atedo Peterside says the new notes wld make it difficult for robbers to operate in dollars (but easier to rob in naira). are they making stealing more convenient for them?
2) i our futile bid to imitate the Western country,is there anytime you,ur parents or family and even those going on foreign trips have withdrawn $1000 or %5000 dollars from foreign banks or ATM's?
3) in line of their argument that it costs less to print one N5000 than printing one hundred N50, dont u know that it wld actually cost twice as much cos a N5000 transaction wld definately require change (unless they expect us to always completely spend N5000 in one sitting)
4) while Ghana is smart enuf to remove two zero's from their currency, cant we borrow a leaf from them and start from one zero?
50the same arguement in favour of the N5000 is tha same they gave for the N1000...shle we expect more notes from future CBN govts?
6) We (south,east and west) dont trade in coins...lets not delude ourselves any further..
7) i strongly believe that CBN's insistence on going along wif this is becoming an Ego thing...Sanusi dont wanna be seen as GEJ who makes absurd policies without due considerations

bashy_demy: Sorry Ewu are you conparing a 1990 Honda accord to a 2009 accord?

occam:

Its about the purchasing power of the Naira not NPV. In 1994 diollar was N35; today it's N160. And because we import everything, inflation is always high and wages will rise constantly to keep without

In the early 80s the naira had real purchasing power, today it's worthless like toilet paper. That's what I'm talking about

Since IBB introduced SAP the Naira has been on a downward spiral. When you can buy food for N5 then and today N200 gets u nada

Compare price increase in USA/Canada vs Nigeria in for the last 20 yrs and you'll see how much imported inflation has decimated our economy.

occam: Let's do some math here:

In 1994, my dad bought a Honda accord for N150,000. I believe it was a 1990 model tokunbo from a dealer in western ave.

Today a 2009 accord sells for N2.5 million. So 17 yrs ago this amont will buy me 16 accords! 17yrs ago

Mehn things don wowo for this our Naija no be small o

Any other item to compare?

carlinks: Atimes i wonder who is fooling who..a fetus in the womb knows the harsh economic implications of the CBN's CURE project on their purchasing power...let's break this down..minimum wage is 18k,the new NEPA bill in my flat now is 3500 monthly..leaves the guy with 14,500 left..fuel price has gone up so has transportation cost so he has to pay more to fuel his gen and pay more to get to work..i beg,what is that guy left with@the end of the month?? and GEJ wana add this CBN's evil CURE to it!!! a lot of doctorate degree doesn't make someone smart and intelligent atimes...GEJ and SLS are good examples why not to have a Doctorate degree...2 moronic confused imbeciles

This is common secondary school economics for goodness sake and GEJ just needs to pull his face out of his Anus to see this

Olu_Bendel:

Sorry sir/ma, we are not as illiterate and ignorant as you want to believe.We are just facing plain realities of the circumstances of Nigeria, the perpetual disconnect between the lead vs leaders, rich vs poor

The crux of these barrage is that a government is not doing enough to protect the common man (70% of who live on less than 2 dollars a day), will go to any length to make life easier for the rich, at the end of the day the rich only gets richer and the poor masses gets poorer.

Yes, nothing is wrong woth paying a taxi driver in coins, but do you know that presently Nigerian banks don't even accept coins as deposits from customers? is that the situation in UK?

When you say we useD coins before the mid 80's, remember our highest bill then was N20!

Yes, they will still be corrupt, but they will not find it easy carting their loots if our highest bills remains as it is.remember one of the reasons for going cashless was to curb corruption, as most illegal deals are cash based (to avoid trails), no criminal wants to pass their loot through the banking system or cashlessly.

The poor are the victim of this new policy, it will not affect many of those opposing, who barely use the lower notes as they are already.The lower bills are mostly used by the poor and less priviledged,and you'd be shocked how much these monies are valued outside the city centers(especially in the rural areas) once you coin these notes IT WILL GO OUT OF USE, it has been proven time and time over in this environment, we need not make pretenses about it with big sounding grammars and UK templates.

How many will the pure water/orange seller be able to hold in his/her pocket before they start to wear him/how down? which bank will they take them to at the end of the day's sales? will you expect him/her to still collect them the next day after the agony of the previous day? no sir, he will simply tell you "oga na 5 for Hundred naira" then goes the end of the coins.