₦airaland Forum

this boys are lucky,, i feel bad for their girlfriends.. i wonder if they would share amongst themselves lol

i pretty sure we import most of the sugar and wheat for bread too...consumer gluttons

taharqa: You see I have not responded to you and cos I dont debate with midgets.

If there is any Data I have used that is incorrect just point it out. If you do not know that Nigeria has been having a Positive Balance of Trade for many years, then you do not have any clue about Nigeria's economy( and you re attempting to argue with me?). Now get LOST plz
http://www.tradingeconomics.com/nigeria/balance-of-trade

interesting didnt know this!!

shymexx: Did it ever occur to you that most of these low level people have their own personal mini-banks in their houses, probably somewhere under their beds - how does the CBN intend to mop that out??

Did it ever occur to you that low level people with cash at hand do business with people of their own creed, and they don't need the bank for anything?



The highest denomination of the Ethiopian birr is the 500birr(which they have stopped printing) - and all their notes including 500birr were first printed in [size=18pt]1945[/size].

Unlike Nigeria, Ethiopia hasn't printed anything higher than the ones they printed in 1945. So you can see the difference between Ethiopia and Nigeria - Nigeria is a country controlled by uneducated gamblers..



Why do you keep comparing a stable exporting country, with an advanced banking system - to a Nigeria that has no banking policy Japan is 70 years ahead of Nigeria - so comparing apples to oranges...

Guy u don they irritate me.. Oh so its ok to compare ethiopia to nigeria now.. but when i did in previous posts you said am comparing apples to oranges... why don't you answer the question about japan and stop avoiding it,, Since high denomination is the issue and not exports( something u just learned today)..

how come japan with a higher denomination than nigeria has lower interest rate than us.. and how come ethiopia with no great exports has higher currency than japan??

i can see u started goggling, it would help if u understood the concept and not the top layer...u would be surprised nigeria has one of the most formidable bank policies in the world!! u want proof?

2mch: You keep shifting the goal post. I read your comment perfectly. No need for story. You have run out of things to argue about because you are totally ignorant. Stop trying to lie and justify things that are wrong. I have schooled you and exposed you. It is either you work for the government or you are truly ignorant. This is my last post to you.SMH. You definitely need to read before you write. Are you sure you are in medical school? You must be a physicians assistant. Your IQ is poor

lol at this monkey running away.. i just posted what u posted and what i posted.. now tell me where i said i collect money from circulation like everyday u run away.. Freaking Coward!!!

ifeci: That guy I believe he's communicating from the moon or maybe he's an alien, he got all his facts wrong

he is actually right!! we export more than we import,, however whats the value at the end of the day.. you can export 100 cocoa beans at $3 dollar each.. but then go ahead to import 10 chocolate bars at $40 each.. trade deficit -$100........ thats what we do in nigeria, there is no added value to raw material, crops or anything...

b4 insulting do ur own research..

Leboska: seriously u sounded like a fool!

lol nice just what i wanted!! ;Dbut this is what they want right?? its very easy to do,, as far as i become president though!! i will give them the opportunity to travel to europe with 10,000 naira change to 10,000 pounds and shop till they drop!! am sure u wan that too, u know u want that Son

shymexx: T[b]he bolded part is still at the high level. What about the low level[/b](the normal people with no bank accounts)? You need to always put everything into the Nigerian perspective - a country where majority don't keep their money in the bank... Would the CBN also sell treasury bonds to them for cash

I know no one goes to the bank to give money back - but how would they retrieve the excess currency(lower denomination) in circulation back from the low level people



You answered your own question... Ethiopia exports than it imports - but Nigeria imports than it exports, so Nigeria can NEVER be Ethiopia... You're comparing apples to oranges here... And I don't think Ethiopia stays printing junk higher denomination every 7 years like we do - do they??



Good in theory but the practicality in the Nigerian context is this problem..

Bros i dont claim to know it all, but for everything i do i research before opening my mouth,, i also dont follow the bandwagon we as nigerians love to do.. If you really want to know about Low Level Goggle is your friend use it..

I could also say that since the people dont have bank account how did they get money in the firs place?? there is always money in circulation, its just the excess thats being mopped out, and i believe a number of devices are used..dont really care to answer that bro


the talk about ethiopia is just to make u think!! having a bank account or not doesn't affect mopping of extra cash in system... ethiopia doesnt have as much banks as us but yet they do this efficiently and maintain their high currency

another food for thought?? how come japan has the 10,000 yen but their currency is higher than ours and inflation lower too...does this now dispel the ignorant stance of high denomination and currency value??

Genius100: Look at this moronic intellectual midget. I've lived virtually all my life in the US and you are telling me $50 and $100 are very rare. You are incredibly daft. You belong in the zoo, as I'm sure even a silverback monkey has a higher IQ than you. What an ignoramus.

lol abeg no abuse am,, ignorance is bliss..

2mch: I exposed your lie, that is the point. You said you get 100 and 50 dollars like it is in circulation and used everydayFAil!!. When you actually have to specifically go into the bank and ask for it. Obviously those are the largest amounts of currency in the US and they are not as common as the lower denominations. I know stores that will not accept the 100 dollar note, and will closely scrutinize it before accepting. Now i want you to explain, why the US does not creat 1,000 notes so that you can boast around or carry 3 notes of your 1,000

Lol no insult but i think u dont read properly for real!!

this is what u said: Even 100 and 50 dollar bills are very rare. Most people dont accept it because of security reasons. You dont know what you are talking about. Please logout.

this is how i responded : how do u get your information,, i withdraw cash everyday i get some in $100, and $50 too much 20's and u could loose em...



Now tell me where i talked about circulation? lol when the word i mentioned was WITHDRAW!! pertaining to withdrawal from banks abi na lie?


the usa doesn't need $1000 their currency is on par with any in the world. Nigeria currency has a ratio of 157: to 1 US dollar... it means if u buy an imported good from usa and want to pay in naira you have to pay 150x the amount of that good..thats too much cash to be carrying in my own opinion.. it is also too costly and inefficient for the cbn, banks and maybe u

if u cant understand that, then i dont think i can make it simpler..i suggest u look at facts.

Now i have a question for you the #1000 naria was introduced in oct 2005, sometime that year inflation droped from 27.8% to around 12% How is this possible? You need source i can provide?

taharqa: Absolutely @ the Bolded....though I dont quite agree that the naira is "useless"

lol i dont either ,, bros i wonder why people think this would lead to corruption.. those thieves only steal in dollars, 5000 is barely more than $30.. imagine wanting to steal as much money as possible and get on the next plane out of naija.. is it naira u want or dollars, and which country apart from naija could u change that at... even domestic bribery lawan vs otedola was done in dollars

2mch: You dont know what you are talking about. I have lived in the US. It is mostly foreigners that bring in 100 and 50 dollar notes. Nigerians to be precise. Am definitely arguing with someone that has no idea. The most common currency in circulation in the US is 20 dollars and below. You can never withdraw 50 or 100 from the ATM. you have to go into the bank and specifically ask for it.

can u read does withdrawing specifically mean atm machines.. as a med student here in the states, i withdraw cash from 3k to 4k depending on situation.. its not even safe to do that driving through those atm machines, dont get killed bro lol

obviously $20 is common so is $1 which is probably more common... but the point u stated previously was that 50, and 100 are not really used??

shymexx: What about the excess currency already in circulation, how are they going to retrieve them in a country where more than 60% of the people don't have a bank account?

Good in theory, but this is Nigeria not an advanced country where most people keep their money in the bank.

lol i believe your smarter than this.. ever heard of interest and lending rates?? well the banks can increase their lending rates this way its harder for people to borrow money as loans.. this takes out cash from system overtime!! cbn can also sell treasury bonds to banks and collect cash from them..no one personally goes to the bank to give money back or vice versa!!

ethiopia currency is about 7 : 1 US Dollar

Ethiopians is not a modern country either they dont have as much banks as us either, so why is this so?? they import less than they export and have a better trade deficit..

the issue of having banks, and denomination is such a non-issue to cry about that i feel sad about the Nigerian ignorance !!

2mch: Stick to what you know, music. Stop being a Fo#ol. I have explained and you are arguing what you have no idea about. Mumu like you.SMH. Even 100 and 50 dollar bills are very rare. Most people dont accept it because of security reasons. You dont know what you are talking about. Please logout.

how do u get your information,, i withdraw cash everyday i get some in $100, and $50 too much 20's and u could loose em...

2mch: With higher denominations comes inflation. Do you think developed countries are fools? If it was a matter of how much money to handle, would they not have predated us in issuing 1 million dollar notes? Now the price of everything is going to increase drastically, and we have the same level of income. It is also going to devalue our currency on the international market. Your purchasing power vs international markets will be much lower as people have less confidence in your currency. It all has to do with how people will view your currency. Issuing higher notes creates a panic in the currency market, the trickle down effect is inflation. .

lol a bit silly bro.. inflation is caused when the total value of currency printed is way to high compared to goods and service on the demand floor.. if cbn wants to print 5000 it only means fewer lesser denomination would be printed so the total value is the same... our useless naira is due to the fact we produce nothing in nigeria our trade deficit is horrible.. and sometimes economic growth can spur a bit of inflation so it can be trivial at times..

[quote author=A-ZeD]If you introduced a daily withdrawal limit of N500,000 which large transaction are they talking about that they need N5000 note? The $100,000 bill was never for the general public while the other large notes $500 and above was last printed in 1945.... So give us a recent example oga[/quote]those large bills are used in within the federal reserve institutions in the usa.. of course no one walks with 100,000 bills in the usa!!! u can carry on using 1000 and 500, i doubt u will come across anyone carrying the 5000 note..

Slyp: I ve always try as much as possible not use an abusive words on Gej
but now he kinda bush me. despite the fact that more than 90 percent of Nigerians were against this proposal yet federal govt. still went ahead to endose it. Our nation is indeed finished, honestly I doubt the future of this country. This people shouldn't forget that when you bush someone to the wall the only option left for such person is to fight back.

is it push ur calling bush?? those people crying about this non issue have no idea what they are crying about.. is just old cliche redundant rubbish!!

obailala: Please, can someone be kind enough to explain to me why/how the N5000 note will destroy our economy/nation?? If the words of CBN are anything to go by, the new N5000 notes will not necessarily be in circulation; just like in the US where they have the $1000 and $10,000 bills _{(which are however not in circulation)}

u dey mind them? the usa even has $100,000 bills

Genius100: Quite frankly, I really do not understand what you guys are crying about. Why are Nigerians so ignorant? You have been challenged to bring forth any reputable study that links inflation with currency denomination, no one has been able to. Yet you are here lamenting over something you know nothing about. Do you have any rational and conclusive proof of the adverse effect of this policy? If not, STFU..

lol dont spoil the fun mate...

LOL

Nigerians should vote for me!!! i promise to remove two zeros from the nigerian currency with the signing of a single paper on my first day... and also dissolve the 5000-50 naira notes leaving only 20-1 naira notes.. Since this is what Nigerians want?? and according to popular conclusion this should simultaneously reduce INFLATION and make Naira 1:1 with Dollar..

Is this what you guys want

i thought they said elrufai was bad and corrupted..

cyril83: Very soon this may lead to a serious war in lagos,d punishment is too harsh chei wtf...its nt like diz in developed countries

because in people are civil and not animals in developed countries,,no one drives against traffic except there is some detour sign with a clear command instructing them to do so

dont8: If Lagos works, is a matter of time, Nigeria will surely get there.

very sensible statement!!! i find it hard to believe the accused is a VICTIM.. when he actually said he drove against traffic to avoid road block!! i think he is an OFFENDER, we and u who ply the roads are the VICTIMS..

Doesn't matter,, as far as he gave in to something he shouldn't have.. If he was trying to help he could have driven the guy to a hospital to go get prescription... Here in the USA the police lure child sex offenders through Internet, only to charge them later and imprison them..

lol they say God answered their prayers,, what about the small gains in electricity that nigerians now stand to loose out on??

well this move makes sense, until he can find someone competent and reliable.. if he had replaced nnaji within 24 hrs, then the latter would have been obvious

Benshekari: Obj i blv u, but hw much ws in d account whn u left?

60 billion.. its now 33 billion or so

slightlyMad: You are the greatest fool to grace this planet, are you daft?
First off, How hard is it for dangote to get and independent power plant since he makes all the money alone
why will Nepa officials trade of power supply for stipends dangote is paying them?
if i pay 60K multiply that by 10000 homes in darkness 60,000 X 10,000=600,000,000
600 Million naira, thats what we pay in 2 months
when we are the main problem Nigeria has.

your retarded brain blames the government for everything.

Ha another case of Amnesia!! you must have a mouth full of Cum from all the Brain Fcvk u have been getting.. and as your name suggests your more than mad ur a Fckhead.. you even misunderstood my statement lol.. kindly show me where i quoted my guy dangote as sabotaging nepa financially, or where i blamed the government?? u never head sarcasm??

based on your previous posts it seems as if you reiterate my points about dangote and all.. but your are one slow MF for real!! so jump in line Negro!!

billante: Baseless allegation! Most of dangote factories has its own IPP!

you they mind the guy?? how u someone can come to conclusion base on rumors is just mind boggling..

obadiah777: she for bring some of the money wey her papa done steal now. abi ?

what makes u think he stole,, cant u see she had a honest business going for herself? instead of flying around europe/america shopping

slowice: cheiii so up till now sm nigerians dnt knw dat d fact dat dey walk freely in d street z because d police z doin der job....d nigeria police re nt perfect bt dey re sure one of d most intelligent in d world nd abt d best in african continent....dey re also human nd re prone to mistakes nd dey also ve der many ugly sides but sure bet dey re doin der job well given d resources nd freedom available to dem....nd i also knw dey can do more beta if d leaders do tins right.....most of d problems we see in d system z administrative default dat ve lingerd overtym.....ours re good nd dey cn be betta.....amen

bros abeg sheesh dont let the silly ones hear u.. they might accuse u of being a police or an agent...the topic is a no brainier but some peeps are so deluded from believes and few instances

ayox2003: I've not changed! Just that Oyb has a wrong mentality that should be attacked with brute force.

In his farm, Napoleon is always right.

And if you stand against him, he goes through ur post/profile and dig things up.

Such a loser. He believes the opponent is younger, ill-informed, randy and all those cooked -up fantasies from his phantasmagoria of shadowy thoughts.

Anyways. . .na him sabi.



Frawzey

The guy is a complete Freeloading looser..