₦airaland Forum

thelastPope: You are a f00l! Which president in the world do you see explaining their family issues to you in a press conference. 1diot witchcraft! You won't stop this evil you inherited from your ancestors.

My dear,dont burst a vein trying to reply me ok...u wldnt be flown to germany if u have a high BP!

its not the duty of the President to explain this family issues but its the duty of the "MEDIA" and "Journalists" to report news (wherever they get their news from isnt our biz as long as its true and authentic).

Did the Dr's of late Yar'adua and Stella come on air to announce their patients?

You do ur job (whatever it is u do) and let those whose biz it is to get/give news do theirs ok (cos i and a million more Nigerians like to read and listen to the news)

thelastPope: Many Nigerians are suffering from a long history of ancestral witchcraft. That witchcraft spirit is what makes them to expect evil on their neighbour. Just imagine what some are posting on here. What is your business if Patience is sick or not? Is she your president? Has are activities or non activities stopped government from running? Does she have a constitutional role in government that has been left void?

It is only a witch that expects evil on on others. Imagine what someone is posting. That they should just say the truth. Which truth? You are praying for bad news or what? Is that what you planned in your coven? What is your business about the secrets of a presidents family? You want him to tell you what is wrong with his wife? Are you a doctor or what? Very evil and perveted minds. And some of them attend churches and mosques after posting such nonsense.

What you expect for others will happen to you. If it is good, then good will come. If it is bad, then you will receive it double. Such a sad people with wicked and fetish minds.

You really should look up the definition of Journalism before u come here and call people witches...I wldnt be surprised if u work for NTA cos its only the good news u like to read and hear. Patience might not be the president but she is our First lady and we (and 1)deserve to know the true state of her health. the late Yar'aduaa was ill for months and the media kept hiding it...its normal to fall sick and its our duty as Nigerians to pray for her health.

if the German Dr's have abmitted shes sick/ill,why is Abati not admitting it? or is she above sickness now? Pls call a spade a spade and lets do whats right!

duality: does it mean the president can't make any decision without Nigerians Worry about it?

GEJ traveled; na wahala

GEJ returned; na wahala

which kind close marking be sef?

make una free the guy he is a human being and can make choices like any one else.

nigerians, una wahala too much

You really are a clown...the day he used billions to campaign and win the seat of presidency is the day he signed off his Privacy bill.
or do u think GEJ is ur neighbor down the street who u dont give a rats-behind what he does and how he does it?

[/quote]Why Jonathan returned ahead of schedule –Presidency

September 13, 2012 by Olalekan Adetayo

The Presidency on Wednesday explained that President Goodluck Jonathan returned to Nigeria from his two-nation visit to Malawi and Botswana on Tuesday, a day ahead of his scheduled return, because he accomplished his missions earlier than expected.

Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, said this in an interview with our correspondent.

Abati had in a statement on Saturday said the President would return to Abuja on Wednesday after his visits to the two countries.

But the President returned on Tuesday evening fuelling speculation over the state of health of his wife, Patience, who is believed to be undergoing treatment in a German hospital.

But the presidential spokesman said there was no hard and fast rule about the duration of working visits such as the one Jonathan embarked upon.

He insisted that the President left Botswana after he had exhausted all the agenda on the second leg of the trip, having earlier visited Malawi.

He said, “There is no hard and fast rule about the duration of working visits. It is determined by what the two leaders decide when they meet. There is no rule that it must run its course.

“When we got to Botswana on Tuesday, President Jonathan had a tete-a-tete with the Botswana leader. They also had a bilateral meeting which bothered on mining, agriculture, trade and investment, arts and culture as well as the need to revive the Nigeria-Botswana Bilateral Commission.

“The President visited the mine in the country and had an interaction with Nigerians resident in that country.

“With that, his job was done. He left the country because he had done all he ought to do.

“There was supposed to be a business forum today (Wednesday) where ministers of the two countries will meet. Having delegated assignment to ministers, the President did not need to wait till today (Wednesday).

“He left because he had done his parts.”

Abati added that as at Wednesday, five ministers directly involved in the talks in Botswana were still in that country.

The ministers, according to him, are those of Agricultural Resources, Steel Development, Foreign Affairs (State), Culture and Tourism as well as Trade and Investment.

Meanwhile, independent investigation conducted by our correspondent showed that the President’s early return to the country was not in connection with Patience’s alleged ill-health.

Unlike what would be obtainable if he was disturbed, Jonathan entered the Council Chamber venue of the Federal Executive Council meeting on Wednesday at exactly 10am, to the surprise of members and journalists.

Most times, the meeting does not start until about 30 minutes behind schedule.[quote]

Alleged? so he still isnt admitting that shes ill despite the fact that the Dr's in germany have confirmed it?
Thank God for social media and networks...

mba emeka: @ All

dont take my word for bond but you can as well read what I have to say- Dailynews is partly correct if not mostly. I know alot of people here just want to believe in the Authenticity and thoroughness of the recruitment process but the truth is that it doesnt really exist.

yes a minor 10-20 of the 595 may have been credible, competent candidates but I can assure you that it would not have exceeded that number. Government officials, senators, Honourables etc. greatly affect the process. let me give you an example- in 2008 DPR a subsidiary of NNPC recruited massively. After the mandatory shortlisting, Testing and Interview process a handful of successful candidates were muddled with the "IM" candidates. The proportion was say 60 of the Credible-40% of "IM" of a total of 250 persons. The DPR had already planned on publishing the names at a particular date only for a fax to arrive from the "presidency" on the eve of that date with a list of names to be employed by the DPR containing. . .wait for it. . .250names! If you know anybody who works there and is of repute you can inquire.

Which brings me to the NNPC. I know 2 persons that were employed by NNPC and were scheduled to resume this August-september resumption following the 2010 "massive recruitment". Here is the challenge- the 2 of them didnt apply in 2010 as they were still in the university. They finished say septemeber of that yearv (Canada), served from the November batch of that year and finished by october of 2011 hence they couldnt apply(they lacked the neccessary NYSC discharge cert.).Interestingly they didnt even attend the interview. The just got the offer straight-no hassles! Please dont come and tell me that what I am saying isnt true because one of them is my younger brother and the other My cousin! I also know why and how they did it but thats another issue for another day. The fact remains that the the process is usually marred with malfeasance and "mago mago".

If you can apply, please do I believe in God and miracles. If you know "someone" please contact them becasue it is another vital forte. Whether dailynews suggested that NNPC should have simply recruited more people from the last recruitment is still unclear and for reasons of being a good sport I wont take him up on that. It is fine that they have decided to recruit more lads now and taking further years into cognizance is not only right but is commendable. The real question is whether the process is deviod of "ojoro" to a bearest minimum and the answer is a resounding NO!!

didnt plan on commenting on this post but...CAN U LINK ME UP? (aint no shame in asking sir)

faithin9ja: Man,

You comparing N5000 to $5000 they are NOT the same. You need to understand that basic economic fact. N5000 is $75 period.

N5000 buy exactly(almost) what $75 buys. I asked you question yesterday; can N5000 buy a used car, of course not. but $5000 can buy a used car.

N5000 is equivlent to 3 days work. $5000 is equivalent to 2 months work (yes, even in America)
You need more lessons in exchange rates and value of money;

1 USD = 160 naira = £0.60 (UK) = 78YEN (Japan) = 1.90 Cedis (Ghana)

According to which is the stronger currency? does that mean Cedi is stronger than the Japanese Yen?

Solodu never made N1000 coins
Soludo made one naira coins at a time when there were no goods to be bought for one naira.

'Big transactions such as paying your rent or buying a car pay by bank transfer, or [b]cheque or even N5000 notes - is that so difficult?'
[/b]
You obviously are not reading my posts

truth is i tire for ur point of view...the same arguement for the N5k note is the same we heard for N1000...

is Nigerian the only place we do "Big Transactions"? dont they pay rent and buy cars in US? do they pay its value in cash using $100 bills?

Soludo made N1 and 50kobo coins even though nothing was sold for the price cos he was trying to make things get sold for their true price (if 2 sweets= N5 it means 1= N2.50...is that gonna be appliable if N20 is in coins?) Glo suscessfully did per-second billing yet we cant practice per-product pricing).

as far as im concerned, my N100 shld have as much value to Nigerians the same way $100 does to the Americans (before we start coverting and determining which has a stronger value on the international trading floors)

BTW, im still yet to see the palliative buses on lag roads...and if they r already plying it, is their price from cms to ajah diff from the regular buses? if no,what was the use in adding them to the number of existing vehicles on the road (not digressing from the topic)

faithin9ja: My friend

The market is a very powerful force which creates it's own laws with or without government intervention.

In the 1990's as I said I used to buy tokunbo cars from Germany and Holland. We would change naira with Mallam in Lagos for Deustchmarks (DM) this was before the Euro. We would take 1000DM notes to Germany. We could only use these notes when buying our tokunbo cars, they did not accept the notes in fast food or petrol stations as the notes were too big and the sellers wouldn't have change. In my Nigerian ignorance in those days I would be arguing with them because i thought it was discrimination against me a blackman, until my German based Nigerians friends explained to me that those small sellers cannot change the 1000DM because of 7DM market.

The same happens today in UK, if I spend £2 (N520) Nobody will accept a £50 note unless a very big shop.

CBN is bringing coins and notes.

Coins is for Ajah to toll gate bus fare, pay your conductor with N100 in coins or N50 depending on your drop. Just like I used to pay Molue drivers with 10 kobo. Even today would you give bus conductor or Okada man N1000 for a N30 fare? No.


N5000 as I said before is when you are paying your landlord for one year rent instead of 'Ghana -must go bag' you hand over a small bundle of N5000 to cover maybe your N200k rent.

N5000 will not be used as widely as N1000, N500 or N200.

When you go into a bank in UK or US to withdraw depending on the amount the ask what denominations you require. Here in Nigeria if I withdraw money, I will complain if the give N50,000 in ten naira notes, Skype bank tried that with me once, I took the money to pay into GTB (a supplier account) and GTB refused the money, I took it back to Skype and Skype gave me my money in N1000 denominations, ie only 50 notes.

Like I said before; small transactions like bus fares, pure water, etc we will pay with coins - these are more durable than small denomination notes.
larger transactions N200, N500, N100 and maybe N5000
Larger shops will use POS.
Big transactions such as paying your rent or buying a car pay by bank transfer, or cheque or even N5000 notes - is that so difficult?

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)

faithin9ja: [/b]


Unfortunately I have your time.

$1 is not cheap if you do not earn $1, 1 million Zimbabwe dollars is cheap if you earn one trillion zimbabwe dollars.

It is simple economics on value of money - not perceptions.
Value of money depends on the earning capacity of the people. All those protesting the introduction of N5000 note, how many of them earn or spend less than N5000 a day?

A previous example, daily paid labourer earns N1500 a day, he spends N1300 on food and transport.
in US a daily paid labourer earns $20 a day, he spend $17 a day for his transport and food. For that US Labourer $5000 is equivalent to 125 days works, whilst the Nigerian labourer N5000 represents only 3.5 days work.

hence N5000 is not equal to $5000 but equal to $75 (ie 3 and half days work).

Thus in Nigeria it is easy ask somebody to lend N5000, if you ask somebody for $100 in America, they won't answer, because to them that is like asking somebody for N16,000.

This one problem Nigerians in diaspora have with their people back home, their people will be asking for money because like your example they think $1 is cheap!! They will be phoning 'brother send my $500 because they think $500 is easy like N500.


You go into fast food, they charge N2500, you give them N5000, they give your change - N2500 (in different denominations)
Coins are good for small amounts like N20, N50 and N100. Small demoniations most places in the world are in coins becasue they are most widley used and last longer. See all the N10, N20, N50 notes in circulation, by the time market women with Palm oil stain them, Okada and pure water sellers stuff these notes into their pockets the notes become defaced and the same market women and petty traders will refuse to accept the notes. Most countries use coins for small transactions.

Nigerians used coins for many transactions for over 50 years right up to 1989, it was the massive devaluation of the naira in the lates 80's and 90's that caused the disappearance of coins.

The Nigerian naira has depreciated from N150 to the dollar to N160 to in the last 3 years. In the 1990's when we started business, we would go to Europe, buy tokunbo cars when naira was N30 to one dollar, by the time our vehicles arrive in 6 weeks naira would be N55 to one dollar. Those were the tough days of business. Right now naira has been more or less stable for over 5 years compared to the bad old days.

This is what will happen;

Small transactions between N10 - N500 will be carried out with coins.
Most day to day larger transactions will be done with notes up to N1000
if you come to shops like mind you will pay with your card and POS.
when you pay your yearly rent or buy a car, you will pay by bank transfer, cheque or with N5000 notes.

That's how it's done around the world and will be done like that in Nigeria. This is how people complained about N1000 note, don't we use everyday now? I remember 1996, Nduka Obiagana writting in this THISDAY that GSM phones would be too expensive for the masses.

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*

faithin9ja: Frozen chicken in UK is £2.50, £2.50 is approx N750. Chicken in Nigeria is between N500 - N1000. Almost the same price. whats your point?

In UK I can pay for the chicken £2.20 in coins, what is wrong with me paying for Chicken in Nigeria with N100 or N50 naira coins?

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

ndu_chucks: Your view of the problem at hand is quite simplistic. A lasting solution would probably need to contain the designation of certain federal land which would cut across several state, as "Herding Zone". This kind of zoning will go a long way in addressing the Fulani/Local conflicts which have increased nation-wide lately. It would keep you people away from encroaching on Fulani historical territories and check your sprawling.

Sir,the real Q here is "Must they travel and touch base in the south and east before their journey is complete? Cant they just walk in circles round the north? after all the two are conducted on foot"

A-ZeD:
I'm willing to bet a vast majority of Americans would pay the 100 dolls with their card not cash.

Busted...i doubt if CBN,SLS,Faithin9ja and other pro-N5000 notes crooners know this...case dismissed!!!!!!

faithin9ja: Bank of America does not issue legal tender in America - the US central bank is the Federal Reserve Bank
$5000 is equal to a second hand car, $5000 is N750,000 is CBN printing N750,000 note?
N5000 note will buy a meal for two in KFC, $100 note will buy a meal for two in KFC.

Ask yourself when last you spent N5000, then ask the American when last he spent $5000 - but the American did spend $100

N5000 equals $75 NOT $5000

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)

faithin9ja: So you feel like a big man when you carry bundles of notes to pay for N100,000 phone or laptop, you like using those dirty torn notes to pay for your Okada

so in all fairness and patriotism, u really believe deep within ur heart that the N5000 notes wldnt wear or tear or get squeezed or wrinkled or be sealed wif celo-tape...wow,ur really dont live within Nigeria sha...

mosh_musth: Oyinbo!!! Sometimes am happy I was born an African because been an African open yiur eye to taboo, what should be done, what is just and what's not.

yes,African (Nig) mothers wld have written the lady off as either a witch or sufferering from the effects of abortions but this mother decided to surrogate for her daughter...go back to ur village and stop living a double life

nagoma: Igbo again! This is how they brought us to where we are now - their ethnic cleansing agenda of 1966. He is calling for the killing of northern and western leaders. You have not learnt any lesson from your bloody nose of the Biafran war.

Jerry Rawlings of Ghana is also an Igbo man?
When Usman Danfodio was jihading the north,he was an igbo man in his other life abi?

infolekan: 5,000 Note

I don’t give a damn whether N5,000 note is introduced or not. Only those who are likely to benefit from the booty would give a damn. I don’t see how the introduction will improve my personal economy or that of the nation. None of the proponents of the introduction of the N5,000 note starting from the Central Bank of Nigeria (CBN) to the highest echelons of Aso Rock has even made the case that the introduction of the note will improve the Nigerian economy. Not one of them! The only thing I have seen so far is a desperate defensive posture to whatever well-meaning people say. They keep telling us that the introduction of the note will not cause inflation. OK, fine; will it reduce inflation? Or strengthen the value of the naira? Or turn the naira into a convertible currency? So what boost will this move give the Nigerian economy to warrant this desperation to spend a princely N40 billion on its production?

If we have N40 billion disposable fund as a nation at this critical time, it is hardly on such trifle idea that we should be spending that kind of money. In spite of all the talk and promises, the nation’s electricity problem has actually worsened since Jonathan took over power. Our obsolescent infrastructure begs for heavy investment: it has been estimated that Nigeria needs an investment of $10 billion yearly over the next 10 years in order to join the modern world. We still have no transportation system and our refining capacity, for a nation of 167 million people, has become a joke, as we now rely on countries like Niger Republic for our fuel needs.

The most intractable issue of our time is the current security challenge. The entire nation has been taken over by hoodlums because our police are ill-equipped and poorly funded. In the last three years, the police have not received up to 20 per cent of their approved budgets and we only need to compare the quality of weapons used by our police with those of Boko Haram or the Niger Delta militants or even armed robbers – who, these days, use grenades to rob banks – to know that Nigeria doesn’t stand a chance. So, if we have N40 billion to spend, it will certainly not be to print fancy N5,000 notes. Our current police strength of about 360,000 is scandalously inadequate for a population of 167 million people.

To start with, to have a fighting chance of surviving our current insecurity mess, Nigeria needs at least one million well-trained and equipped policemen to match the threats of all the militants and kidnappers and armed robbers that have currently declared a war against the Nigerian nation. And if we have any disposable N40 billion, this is one of the projects we should be deploying our minds towards.

A major problem the Jonathan government and all those associated with it face is the trust deficit among Nigerians. The turning point for Nigerians was at the point of the revelations that came out in the wake of the fuel subsidy removal uproar. By the time it was revealed that all those who had hidden under economic principles to support the president’s plan to remove the subsidy were economical with the truth – it was eventually exposed that they knew about the theft of N2.6 trillion in the name of subsidy payments at the time they were heartlessly pontificating on economics – whatever credibility they had collapsed. So, even if they mean well on this idea of spending N40 billion to print the N5,000 note, Nigerians already think the idea is corruption-driven. That is what happens when government people lose credibility. What Nigerians believe is that the idea of the N5,000 note itself is driven principally by the N40 billion. Or, putting it more plainly, what would be made from the N40 billion contract, which many believe will not be less than N10 billion. And this is a very, very conservative estimate.

This corruption narrative of the N5,000 note doesn’t even end there. Many believe that the N5,000 note makes it very easy to share bribes as it is easier to carry. For instance, N2.6 trillion corruption money is easier to carry around in N5,000 notes than it will be in N1,000 notes. And it would be much easier to share bribes to delegates in 2015 in N5,000 notes than the current N1,000 notes. That’s just basic common sense or, as the Americans would say, it’s a no brainer. Well, if the proponents of the N5,000 note want to deny this assertion, then, they should make N5,000 coins instead.

There is nothing that those who want to spend N40 billion to produce N5,000 note will say that will make sense. 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.

Those who want to produce larger naira denominations in Nigeria are only being clever by half. They should work on the Nigerian economy to gradually phase out the N1,000 and N500 denominations instead, and make the N100 note our highest bill. But they will not. The stakes for them are really quite high.
-Sam Nda Isaiah

i hope the pro-N5000 note crooners are now economically updated...as Atedo Peterside said, it wld prevent dollar stealing by "Thieves"(but wld encourage the naira version)...N40bn to print rejectable legal tender? *rolling to zimbabwe laughing*

faithin9ja: Actually I have never had a government contract in my live, i never worked for any Nigerian company or Nigerian government. I am infact a trader. And you are right when I am in UK or US I hardly pay for anything over even $100 in cash, in recent years I use my Nigerian issued Fidelity Bank Visa card (naira account oh!!! not dom account). I use this Nigerian card all over UK even to buy fuel of £20 (N5200). I actually feel proud to use a Nigerian bank card like this.

I hate it in Nigeria that just to pay for Mr Biggs with my family on a Sunday afternoon I have to bring out a bundle of notes to pay out just maybe N7500.

I also enter Keke Marwa and Okada near my business premises, I would willing pay these people with coins if coins were available.

We should concentrate on the real problem in Nigeria, ie income of the people - not the unit of currency. Ghana removed 'zeroes' from their currency, it did not suddenly make everybody richer, just easier to conduct business. The cedi did not gain in international value because zeroes were removed from the back of it.

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)

faithin9ja: Answer the question; when you bought your phone or laptop how did you pay?

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: ^^^^

you are the one talking rubbish! Yes, complete rubbish. You forgot these were still the same problem the cashless policy was designed to curtail. Why do i even need to carry cash to buy a single computer when i can conveniently order online or pay with card?

Do we even need the higher denomination even when cashless policy is being canvassed? The cashless policy, if well implemented, will address almost all the problems you enumerated. It's not rocket science.

leave them...he/she prolly works wif CBN and endorses whatever policy they cough out...so shld we carry strictly N5000 notes simply becos we dont wanna carry large sums of cash?
they keep acting like the economics they study abroad is 100% applicable to nigeria...

faithin9ja: But you foolish oh!!!!!

$20 = N3200, $50 = N8000, $100 = N16,000
In US they use $20, $50 and $100 bills to pay for their goods and services.

We in Nigeria should be able to pay for something worth $50 in less than 5 notes: we currently pay for something worth $50 with at least 8 notes (ie 8 x N1000) - you work out the cost of printing and transporting those 8 notes. Now with N5000 you can pay with 2 notes or 4 notes.

Please remember $5000 is not the N5000.

The phone or laptop you use to post rubbish on this website cost you how much? You probably carried 50 notes to Computer Village to buy the phone or laptop, why wouldn't prefer to carry only 10 notes?

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

faithin9ja: Which history? we used coins in Nigeria from before independence to the late 1980's. As late as 1989 I was entering Molue from Agege to Oshodi for 10kobo a drop. enter with your change oh! wo le pelu coins oh!!!

whats ur point? when last did u spend coins? when last did u ask for change and u were given coins? when last did molue receive coins from u/
if u want everyone to support the N5000 introduction, then advocate that they should be printed in coins that way every one is happy...(afterall note and coins are one and same legal tender)

faithin9ja: [/b]

Please stop taliking like an illiterate. Naira and Pounds are NOT the same. The intials do NOT matter.

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 please answer

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)

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!

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.

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

#EnoughSaid...

Image123: bank customers can reject 5000naira notes? what of we common people who are not bank customers? the conductors, the gala, la casera and bread hawkers? the recharge card seller and pure water vendors, how do we also reject the 5000naira notes without fights, curses and hype and at no loss?

i just hope someone is smart enough to ask CBN and Sanusi this question during an interview...

ballabriggs: Zimbabwe? Oh no, you better know the fact about issues before you run your mouth.

Firstly, Zimbabwe came under a lot of international sanctions with the land reform. Zimbabwe could not thus earn foreign exchange from exports to meet its demand for imports. What happened? The reserves went almost empty and as goods were not being imported hyper-inlation came about, the Zimbabwean dollar lost its value. It meant you needed a lot of cash to effect a transaction. Using the old denominations became cumbersome as you needed a lot of cash and there was thus a need to print the billion dollars given the rate of inflation. What we have here is the fact that infalation is what brings the need for a reform rather than a reform leading to inflation. So please get your facts right before citing country examples.

The currency reform just like the cashless policy is geared towards efficiency in transactions and thus complements each other.

efficiency? so who amd who wld spend it? is it those operating in billions who use their cheques and ATM's? cos if im forcefully given N5000 note from the ATM,i wld definately wanna break it down fast at either the toll gate or i use it to pay Danfo/BRT, so isnt it gonna require more notes to break down a N5000 note?

we know our mentality as Nigerians, if we didnt accept Soludo's coins,why wld we accept Sanusi's coins? or wld the coins be made from plastic and not the normal material?

and as someone said,why not print that N5000 as coins (along side the other coins)? that way the N5000 coins wld either sustain the existence of the other coins or they wld all die a natural(and expected) death

faithin9ja: This is the problem with many of our people in Nigeria, $5000 is N750,000!!!!
Many Nigeians believe your relatives are abroad because you think they pick pounds and dollars like we pick naira in Nigeria. You ask your senior brother to send you $500 because you think $500 is the same and as easy as N500. You don't realize that many people do not earn $500 a week!!!

If I go to a eatery in Nigeria with my family I can easily spend N7500 (that's if we eat very little), I will pay with a least 8 notes (ie 7 x N1000 and 1 x N500)

In UK if I go into an eatery with my family I will spend £20 (N5200)- I will pay with one note £20.

Why should not use a N5000 in Nigeria.

In UK I use £1 (N260) coins to pay for my taxi and bus, why can I not use N100 coinn to pay for BRT !!!

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!!(afterall N20 and 20 pounds are both the same with diff initials)

klax: Please do Nigeria have a president at all

So whatever Lamido want must happen by fire by force??

Pls who rule this country is it Lamido or GEJ because I have never see any country in the world where ordinary CBN Gov. is second to almighty making Nigeria look like a Banana Republic?

Lamido want Islamic Bank he got it. He want Casheless he got it. Lamido want to destroy our currency he got it again what is going on here??

I'm so dissappointed and shock to see my country in this level of reasoning that ordinary CBN Gov. is one of the most powerful man in this land this is strange. I say over again I have never see any country in a whole world with my vast experience in travelling and live in a foriegn land where CBN Gov.is so powerful and so independent like Lamido this is strange to me absolutely because when he says No that is No when he say Yes that is Yes.

im telling u its an ego thing...i pray GEJ gets some balls to handle this country before we capsize before 2015

ballabriggs: You see that is where you people miss the point. What is the real naira value of a $1000 or a $5000 and what is the real dollar value of a N5000 and N1000. The N5000 in real dollars is not even up to $40, it is not even up to a 20 pound note. What this tells me as an economist is that to buy an iphone from the market, while an American would use roughly about 10 to 20 notes, the Nigerian would have to go with bundles of notes to effect the same transaction. This is a waste on the system and it must be changed.

Now some have talked of reforms by removing some zeros from the currency. Good idea ala OBJ. However, also note that the highest note with a currency reform of such would be a N50 note which equates to the N5000 in real terms. Also there is no way you re-denominate without having coins in the system. The N10 will become a 10kobo in real terms. Are you still going to have your 10kobo in notes?

What a waste on your system!!!

so whats ur point? that we shld print notes to the eqivalent of their value? instead of trying to strengthen our our curency?
America is 3times the size of Nigeria (wif more influx of immigrants) yet neither u nor i have withdrawn $5000...
Im sure this was the arguement Zimbabbwe had till their economy became hyper-inflated.
You still havent told me/us where cash-less policy comes to play in this N5000 thingy

ballabriggs: This is the most bizarre and stupid argument I have heard on this issue. Now one of the biggest ways of financing crime and money laundering is through international trade, foreign capital flows and international banking. Should we then stop trading with other nations because it "promotes money laundering"? Should we also stop electronic transactions because it also promotes money laundering and thus ignore the benefits of millions in diaspora who use it to support relatives at home? Bottom line is, every innovation in finance is a source of crime but we cannot ignore the benefits because we want to keep living like cave men as the NBA would want.

The new currency regime would promote efficiency of transactions, save cost for the system and should be implemented. I have coins with me minted in 1982, now show me any Nigerian currency minted in 2000 or even 2006. It's either been fixed with cello-tapes or it is no more. There is no reason why transactions at the low end where there is a high velocity should be done in cash, it is a waste. For an environmentalist, this is a crime on ecoversity as trees are being cut to make these notes.

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

ifeci: No, I no graduate but I will also make u understand that the name of a school has an effect its certificates. that is how the real world perceives it. let me tell you, if you go for an interview with lets say a cert from Micheal Okpara uni and someone else comes with a unilag and both of you are at par, my dear preference will given to unilag, i hv bn there&i knw. even when you are filling forms online, you will notice that unilag is alwayz listed while u will have to enter d name of ur own skool underthe others category.

the same goes to one who attended havard compared to one who went to University of Texas...name is everything! if u loose ur identity,u loose urself.

euphoria: This is utter rubbish. He is not a millitary head of state like IBB to change the name of a University without consulting with the school authorities. There is a Professor on STV right now that is very mad at the President's decision to make such a change without consulting the school's senate. They are mourning the past VC at the moment with the burial scheduled for Thursday. GEJ needs to consult with stakeholders before making decisions that affect them. This is DEMOCRACY!!!

the best post ive read so far...is this the best he could do wif his authoriity as the president/is he torn inbtwn military and civilian regime? did he consult anyone before this or is he just good at giving nigerians surprise gifts? would he rename a state and then the nation inorder to immotalise him? did the family of MKO ask for this indirectly?
Unilag is as old as itself and the name should be immortalized...if babangida(a military) did it,i dont think GEJ(a civilian) should do it!

IMO, i would suggest that the family of MKO Abiola kindly decline this 'honor' cos its purpose has been clearly defeated...