Better

5 and 10 naira now have no value in Nigeria


I spent 50kobo oh! And what I used to buy with 50kobo 10naira cannot buy now.

Gradually, the real aim of withdrawing the old notes is coming to the fore

Anything to make this country a better place...

It's okay

Judolisco:
D kind money wey dey go around now ehn.... Even d smell alone can make u vomit... Na Abuja people go understand

Na mint?

So we go start carrying bundle of 20s to buy bread ....the guy no well.

Now, 500 and 1000 naira will likely be scarce. It will likely increase robbery because traders will have a hard time moving around with 100 and 200 naira notes.

This man and his failed policies. How can you compare 50 pounds to naira. Do they have the same value?

How many items can 50 naira purchase? People crave for higher naira denomination because the value of naira is worthless. Is he just dumb or pretending to be?

Konjiboii:


Na mint?

no be mint oh... Old notes...

The days of Ghana Must Go bags of money are on the way back...!

...Except we effectively go cashless!

kennyz247:
miss placed piority
useless policy from a useless government

Ode ni e!

Why are they moving around with huge cash in this era of e-transaction?

MiaBeer:
Now, 500 and 1000 naira will likely be scarce. It will likely increase robbery because traders will have a hard time moving around with 100 and 200 naira notes.

I seconded

With time, our small denomination will begin to have value.

Na now Emefiele dey think well

Exactly my thoughts

JosephXavier:
Nigerian Central Bank needs to stop the printing of 500 and 1000 naira note and see how to make the currency stronger and also reduce inflation so that the lesser currencies will have purchasing power

No matter how fewer those notes are printed, they will still not have any purchasing power than it does except inflation is tackled

The plan is gradually unfolding. I mentioned on this forum that CBN will reduce the volume of naira in circulation when the new design is out.

A greater chunk of the paper currency is to be replaced by eNaira. This is part of the greater cashless policy.

Everyone should also brace up for a new foreign currency policy. If you hoard dollars in your house, the new policy might not favour you. Nigeria to witness foreign exchange stability in a long while. Watch out!!

Supported

Moh247:
If only Sanusi was let to complete his Coins policy and Cashless policy

sanusi's policies are far better than this. Let's our highest most acceptable currency be 200 and the least be 50 kobp and see how inflation will reduced by 20 percent

Ventura1:
Why are they moving around with huge cash in this era of e-transaction?

There are ordinary traders who don’t know jack about your era and they have no trust or confidence in the banking system too.

slivertongue:
CBN suddenly woke up

Or just falling asleep ?

Abeg which one is that you can't carry 50 pounds around in UK or they will report you? Funny statement

AllDModsAreMaad:
Incompetent people at the helm of affairs.

Una reduce am or not, e no consign me.

So if I wan carry 1 million, I go dey pack am with 200 OR 100 naira notes?

Go and pack 1 million pounds and be moving about in UK if it won't make the headlines.

VeryWickedGoat:


Abeg na which pump you use for ya yansh?

that's photosphed that body can not carry that kind of yansh

And in fact, we are beginning to think that increasing the high denomination is also part of what is fueling inflation

A CBN governor is not even sure, na trial and error these people just dey do...good move but the truth is the CBN doesnt even really know why they are doing what they are doing.......he just dey do am because according to him, they dont carry big denomination in UK.
When you dont even understand why u are doing what u are doing how will u be able to follow up with supporting initiatives and policies

Confusion everywhere

To what end?

Banks will kill you all with transaction fees.

bid4rich:
I seconded

With time, our small denomination will begin to have value.

Na now Emefiele dey think well

Na endless bank transaction charges you go dey see.

It should be taken off completely. Let the highest denomination be 100 or 200 note. It will help cashless policy.

chariisGRACE:
He should also extend his reduction exercise towards other denominations... N10 to N200 are means of exchange, too.

I support total withdrawal of #500 & #1,000 from circulation. Let #200 be our highest currency denomination.

Just like he said, 50pounds is not so common in UK just as $100 in the US. I helps reduce money laundering.

AllDModsAreMaad:
Incompetent people at the helm of affairs.
Una reduce am or not, e no consign me.
So if I wan carry 1 million, I go dey pack am with 200 OR 100 naira notes?

That's the mentality of poor nations.

Higher denominations of currency gives automatic ticket to corruption. Look at your line of thought now, the same reason that corrupt politicians will prefer higher notes to carry around for ease of distribution.

The developed countries of the world don't have very high denominations of currency like the poorer counterparts. Now, you know why!

Rubbish. There was a time they brought back coins.. Where is the coins today? They will just be looking for every opportunity to loot.

1x2x3:


Na endless bank transaction charges you go dey see.

It doesnt matter. I believe that one also will be regulated.

But im looking at the positive sides

*Inflation will drop
*Corruption will reduce
*Naira will gain value against dollars
*Kidnapping and banditry will reduce among other benefits