₦airaland Forum

We are sorry this auditon didn't hold again subsequent upon logistics.

When I first heard the unpopular news of the introduction of the new N5000 denomination, I was greeted with mixed feelings, thus blatantly refusing to lend my voice on the topical debate until the Central Bank justifies its action before the Nigerian populace. So it was much to my chagrin when the CBN Governor highlighted the under listed porous justifications in defense of his controversial policy that has generated a lot of heat. The CBN Governor stated thus:
1. This is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. I
2. It enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs.
3. The cost of printing and managing currency will also reduce.
4. The talk about inflation is unproven. I have challenged people to bring any study or research that say higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency redenomination, not otherwise. In the last 10 years we have been battling double-digit inflation in Nigeria.
Mr. Sanusi, it is obvious as you asserted above that higher currency denomination does not have any effect on the real value of the naira. It is also true that higher currency denomination reduces the cost of cash management in the economy but you did not consider the macroeconomic trade-off that will certainly affect the purchasing power of consumers. On the contrary therefore, the conversion of N5, N10 and N20 to coins, must bring inflationary pressures on the economy.
First, consider the inconveniences of carrying coins around. Consequently, sellers will increase the price of their commodities to be at par with the lowest naira note, which is N50. That means the supposedly cheapest commodity will sell for N50, thereby escalating inflationary pressures on the economy.
This absurd policy would cost the Government a whooping N40 Billion to cover for the cost of designing, printing, circulation amongst others.

It is obvious that Mr. Sanusi is trying to adopt the Keynesian Economic Model (rigidity) in Nigeria as witnessed in the banking industry without taking cognizance of the fact that Lord Keynes Economic Theories succeeded in a corruption-free society. Mr. Sanusi is only interested in the success of his cashless policy and a reduction in the cost of cash handling, without considering the macroeconomic-trade off (opportunity cost)
Furthermore, my over four years experience in Banking has taught me that the introduction of N5000 has no effect on ATM management as claimed by Mr. Sanusi. The amount loaded in an ATM is a function of individual bank policy and insurance and not size of the machine. The polymer notes introduced by his regime has failed to achieve the desired result as it is being destroyed daily due to how susceptible to fading it is when exposed to our climate for long
The Economic realities in Nigeria are peculiar. Nigerians have an extreme disdain for carrying coins and this policy which aims at changing N10, N20, and N50 notes to coins would as well fizzle them out in no distant time.
The challenges we face now go beyond the introduction of a new naira denomination.

When I first heard the unpopular news of the introduction of the new N5000 denomination, I was greeted with mixed feelings, thus blatantly refusing to lend my voice on the topical debate until the Central Bank justifies its action before the Nigerian populace. So it was much to my chagrin when the CBN Governor highlighted the under listed porous justifications in defense of his controversial policy that has generated a lot of heat. The CBN Governor stated thus:
1. This is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. I
2. It enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs.
3. The cost of printing and managing currency will also reduce.
4. The talk about inflation is unproven. I have challenged people to bring any study or research that say higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency redenomination, not otherwise. In the last 10 years we have been battling double-digit inflation in Nigeria.
Mr. Sanusi, it is obvious as you asserted above that higher currency denomination does not have any effect on the real value of the naira. It is also true that higher currency denomination reduces the cost of cash management in the economy but you did not consider the macroeconomic trade-off that will certainly affect the purchasing power of consumers. On the contrary therefore, the conversion of N5, N10 and N20 to coins, must bring inflationary pressures on the economy.
First, consider the inconveniences of carrying coins around. Consequently, sellers will increase the price of their commodities to be at par with the lowest naira note, which is N50. That means the supposedly cheapest commodity will sell for N50, thereby escalating inflationary pressures on the economy.
This absurd policy would cost the Government a whooping N40 Billion to cover for the cost of designing, printing, circulation amongst others.

It is obvious that Mr. Sanusi is trying to adopt the Keynesian Economic Model (rigidity) in Nigeria as witnessed in the banking industry without taking cognizance of the fact that Lord Keynes Economic Theories succeeded in a corruption-free society. Mr. Sanusi is only interested in the success of his cashless policy and a reduction in the cost of cash handling, without considering the macroeconomic-trade off (opportunity cost)
Furthermore, my over four years experience in Banking has taught me that the introduction of N5000 has no effect on ATM management as claimed by Mr. Sanusi. The amount loaded in an ATM is a function of individual bank policy and insurance and not size of the machine. The polymer notes introduced by his regime has failed to achieve the desired result as it is being destroyed daily due to how susceptible to fading it is when exposed to our climate for long
The Economic realities in Nigeria are peculiar. Nigerians have an extreme disdain for carrying coins and this policy which aims at changing N10, N20, and N50 notes to coins would as well fizzle them out in no distant time.
The challenges we face now go beyond the introduction of a new naira denomination.

When I first heard the unpopular news of the introduction of the new N5000 denomination, I was greeted with mixed feelings, thus blatantly refusing to lend my voice on the topical debate until the Central Bank justifies its action before the Nigerian populace. So it was much to my chagrin when the CBN Governor highlighted the under listed porous justifications in defense of his controversial policy that has generated a lot of heat. The CBN Governor stated thus:
1. This is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. I
2. It enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs.
3. The cost of printing and managing currency will also reduce.
4. The talk about inflation is unproven. I have challenged people to bring any study or research that say higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency redenomination, not otherwise. In the last 10 years we have been battling double-digit inflation in Nigeria.
Mr. Sanusi, it is obvious as you asserted above that higher currency denomination does not have any effect on the real value of the naira. It is also true that higher currency denomination reduces the cost of cash management in the economy but you did not consider the macroeconomic trade-off that will certainly affect the purchasing power of consumers. On the contrary therefore, the conversion of N5, N10 and N20 to coins, must bring inflationary pressures on the economy.
First, consider the inconveniences of carrying coins around. Consequently, sellers will increase the price of their commodities to be at par with the lowest naira note, which is N50. That means the supposedly cheapest commodity will sell for N50, thereby escalating inflationary pressures on the economy.
This absurd policy would cost the Government a whooping N40 Billion to cover for the cost of designing, printing, circulation amongst others.

It is obvious that Mr. Sanusi is trying to adopt the Keynesian Economic Model (rigidity) in Nigeria as witnessed in the banking industry without taking cognizance of the fact that Lord Keynes Economic Theories succeeded in a corruption-free society. Mr. Sanusi is only interested in the success of his cashless policy and a reduction in the cost of cash handling, without considering the macroeconomic-trade off (opportunity cost)
Furthermore, my over four years experience in Banking has taught me that the introduction of N5000 has no effect on ATM management as claimed by Mr. Sanusi. The amount loaded in an ATM is a function of individual bank policy and insurance and not size of the machine. The polymer notes introduced by his regime has failed to achieve the desired result as it is being destroyed daily due to how susceptible to fading it is when exposed to our climate for long
The Economic realities in Nigeria are peculiar. Nigerians have an extreme disdain for carrying coins and this policy which aims at changing N10, N20, and N50 notes to coins would as well fizzle them out in no distant time.
The challenges we face now go beyond the introduction of a new naira denomination.

When I first heard the unpopular news of the introduction of the new N5000 denomination, I was greeted with mixed feelings, thus blatantly refusing to lend my voice on the topical debate until the Central Bank justifies its action before the Nigerian populace. So it was much to my chagrin when the CBN Governor highlighted the under listed porous justifications in defense of his controversial policy that has generated a lot of heat. The CBN Governor stated thus:
1. This is not a monetary policy but just currency management. Our cashless policy never says there should not be any cash at all. It only discourages heavy cash in the system. Whether in N5 notes or N5000 notes, the limit of N500,000 will still be N500,000. I
2. It enhances operational efficiencies. The number of times banks load their ATM machines will also reduce. Banks can now load up to 5 times the value in their ATM and reduces rate of stocking and associated costs.
3. The cost of printing and managing currency will also reduce.
4. The talk about inflation is unproven. I have challenged people to bring any study or research that say higher denomination leads to inflation. Nobody has brought any. Look, it is inflation that brings about currency redenomination, not otherwise. In the last 10 years we have been battling double-digit inflation in Nigeria.
Mr. Sanusi, it is obvious as you asserted above that higher currency denomination does not have any effect on the real value of the naira. It is also true that higher currency denomination reduces the cost of cash management in the economy but you did not consider the macroeconomic trade-off that will certainly affect the purchasing power of consumers. On the contrary therefore, the conversion of N5, N10 and N20 to coins, must bring inflationary pressures on the economy.
First, consider the inconveniences of carrying coins around. Consequently, sellers will increase the price of their commodities to be at par with the lowest naira note, which is N50. That means the supposedly cheapest commodity will sell for N50, thereby escalating inflationary pressures on the economy.
This absurd policy would cost the Government a whooping N40 Billion to cover for the cost of designing, printing, circulation amongst others.

It is obvious that Mr. Sanusi is trying to adopt the Keynesian Economic Model (rigidity) in Nigeria as witnessed in the banking industry without taking cognizance of the fact that Lord Keynes Economic Theories succeeded in a corruption-free society. Mr. Sanusi is only interested in the success of his cashless policy and a reduction in the cost of cash handling, without considering the macroeconomic-trade off (opportunity cost)
Furthermore, my over four years experience in Banking has taught me that the introduction of N5000 has no effect on ATM management as claimed by Mr. Sanusi. The amount loaded in an ATM is a function of individual bank policy and insurance and not size of the machine. The polymer notes introduced by his regime has failed to achieve the desired result as it is being destroyed daily due to how susceptible to fading it is when exposed to our climate for long
The Economic realities in Nigeria are peculiar. Nigerians have an extreme disdain for carrying coins and this policy which aims at changing N10, N20, and N50 notes to coins would as well fizzle them out in no distant time.
The challenges we face now go beyond the introduction of a new naira denomination.

I'm one of those guys who do not like GEJ but today, make it 3 days of uninterrupted Power supply in my house. I might just reconsider my stance towards him if this persists.

Akpan...hahahahahah...Akwa ibom people don suffer for this country. ℓǎ̜̣̍U̶̲̥̅̊G̶̲̥̅ђº¤°`ƠU̶̲̥̅̊Tº¤°`ℓƠU̶̲̥̅̊D̶̲̥̅̊

Dashed hopes! I had my money on you all this while.

AK 48: Igbo and yoruba,a hausa man will "never" betray this country to this extent.

Igbos and Yorubas are the greatest traitors of this country. I agree with you.

.

kommy: Oh my God! What is happening in this country?? The girls representing Great Britain and Austria in the 100M race are NIGERIANS. Abiodun Oyepitan and Ezinne Okparaebo. May God Save Us

My sista, na so we see am ooo. This country is doomed!

Audition! Audition!!

Wokeyim:
@ Post
UTOPIA!!!



Who is this Thomas Moore?

This little girl loves stalking peolpe from most of her previous posts.

Intercontinental bank is a good bank but the attendant pressure is the problem. You can be thrown out in less than 3 months after resumption for non performance. Think twice!

A little more patience and you have made it with ibplc. Honestly, last wk, i just earned my first 150000 as training allowance and almost disbelieved the credit alert. Your time is almost here. Persevere!

Don't tell me you are oblivious of the downward trend in the market in the last 3 weeks. Don't expose your ignorance!

DO YOU know what you are saying? Which inter is in financial mess? keep that latrine shut forever. Those staff were fired for non-performnce.

Ibplc would call very soon. We at Apapa TS are on branch attachment and would repott back to TS on monday 7th. Inter is the place to be don't waste your youth!

Kuwena in the USA at last! Good riddance to bad rubbish.






































I hope you are no longer going to sell your soul to the devil for failing to get NLNG

Intercontinental and PHB are the highest but I doff my hat for IBplc. A bank that pays you 250k for a 10 week intensive training and 173k as a fresher in the system. What else do you need to be happy? Happy customer. . .happy bank!

17 people joined yesterday including myself bringing the total tn 84. TS is all about teamwork. You will all be called. Our lappels and ties might come in 2moro.

@ TRAE_Z. I believe I was billed to commence training in the next batch but was considered for this batch because some people did not turn up for training. Thanks trae_z.

God, I don't know how to thank you for this breakthrough. My joy knows no bound. After more than 6 months of an endless wait. God is awesome!

From what the guy that called me. I am to resume at apapa on monday. He pointed out that I have missed a week's lecture already. I will get you posted.

I have just been called to resume at apapa TS on monday. What a happy ending.

Ja

Can't those 20 be replaced? Ibplc, we will get there.

Ibplc's recruitment process never ceases to amaze me: A process where the first becomes the last. A guy did medicals on Monday and was called to TS on Friday. Our time will come.

Inter, when would you call me?