₦airaland Forum

Warmaterial:
They should do it at least 5000 and 10000 naira note just as CFA because the 1000 naira note now is as useless as 'P' in psychology.

Kayberg:
Experts in the house… what's your take on this?
Because this will be a total Inflation. The same happened with Zimbabwe, that their currency has become almost useless that they now request only the US Dollars for transactions.

Hemanwel:
I have made this suggestion sometimes ago. You don't even need to be a financial expert to know this.

Due to the reduction in the purchasing power and the hyper-inflation in the country, the need for the CBN to issue higher denomination notes is sacrosanct. Abi, until when we start using a bundle of N1000 note to purchase a cube of Maggi, bah?




Oga, what exactly are you saying? You must be a young person in Nigeria.

JuanDeDios:
I've been saying this. Having N1000, which is less than 1 dollar, as your biggest currency note is untenable

COMPAQ:
You are actually the one that doesn't understand basic economics! The denomination has little to do with inflation.

Buhari printing N22trln of ways and means did 100 times more damage than having N10,000 note will ever do.

Operating a N20trln deficit does more damage to inflation than the value of your denomination will ever do.

The critical thing CBN needs to do is to ensure that if they print 1 million notes of N10,000 bills, which is N10bln in value, they have to remove equivalent value in lower denominations from the market so that money supply remaiins the same.

Manyfacturers do not increase prices because of the level of denomination.

If Milo is N100, it remains N100.

That gist of the denomination will increase inflation is actually the beer parlour gist

fineboynl:
it’s not what caused the inflation. The face inflation for western sanctions the sanctions with Venezuela. Ghana face inflation too and they add 10k notes. Inflation is why they print higher denomination because it pointless to print valueless currency like we are doing today

FutureFocus:
IMF moles, ignore them

Have they issued 20,000 pounds and dollars note?

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]What a bad idea...

We are talking and praying on how to improve Nigeria economy so that Kobo would become relevant... then someone is giving suggestions to further gaslight Nigeria economy...

See it this way... Nigerian economy is badly wounded... and rather than suggest means of healing... the so-called experts suggest draining out blood and cutting out more bones and tissue from the body...

Well I know Nigeria will live again... RENAISSANCE

Namaster:
Experts in what?
Stupidity and buffoonery?
Do they know anything about Macroeconomics?

If the CBN implements the NONSENSE, we'll leave the realms of Galloping inflation for the stratosphere of SUPERSONIC inflation.

We'd be using a Wheelbarrow-load of money to buy SNIPER while looking to the sweet release of death with FONDESS.

"Experts" should STOP this nonsense and go back to their Beer Parlour.

Klington:
Nobody is urging them to issue anything. It's just apc and tinubu way of destroying the country completely.

Heffalump:
Those calling for higher naira denominations have evil intentions. Do you know how this will drive inflation? It is very illogical to have higher notes when the purchasing power of the naira is low. Why do developed nations like US, Britain, and France, etc don't have crazily higher notes? Yet we thrive to evolve like them. Those who want higher naira notes should simply create their own currency and introduce one million denomination if they like.

tymicjay77:
Stupid advice from clowns, it baffled me how this people dnt copy developed nation economy policies.they will not replicate the good things from those country. Having a higher denomination with this unstable economy and harsh economy,it will lead to higher inflation and also it will render almost all lower denomination to be useless there increase price of commodity for common man.atleast we can still buy things of 100# ,200# and so on .. having a denomination of 10,000 and above means seller will by sole decision start rejecting those denomination that a common man usually have.

panpan:
The naira should be redenominated.
For example, N1,000 should be redenominated to N1, N500 to 50 kobo, and so on.

fineboynl:
It’s long overdue. I would suggest 5000 and 10000 for a start. After a years or 2 we can add 20000.

More of 5k then fewer 10k. and make 20k very scares to see.

When obj introduce 1000 the value today would be like 30-40k. People shouted then. Because it almost amounts to 10$ at the time. Considering dollars also devalued too.

If you give anyone 1k then they will look it in the sun or through touch light just to tell you of it value as at then. But not anymore today.

The only alternative is to redenominate the naira by removing 2 zero or bring higher denomination. If you withdrew 100k in the market. You can’t even use it to buy anything tangible which shouldn’t be.

In fact it should have been done last year.

Higher denomination doesn’t translate to more money in circulation. It only means money on circulation os compressed and scares to see around.

In response to people saying it will cause inflation like zimbabwe
it’s not what caused the inflation there. The face inflation by western sanctions. Same sanctions with Venezuela. Ghana face inflation too and they add 10k notes. Inflation is why they print higher denomination because it pointless to print valueless currency like we are doing today. They print higher denomination to counter the inflation. Not the higher denomination cause the inflation. If 20 billion is in circulation and you mob it up with higher denomination with the same 20billion it won’t cause inflation. Alternative is to remove some zero from the currency.

Obj add the option to remove some zero but the senate rejected it. So they introduced higher denomination.

Zocalite:
You are comparing nigeria with US, UK, France - lolzzzzz 🤣
These are power brokers, inventors, decision maker, etc
Do you know how much they say US is owning, does it affect them? No
In 10yrs the price of bread may not increase in this countries, and they will be telling you who are suffering to remove subsidy
Stop the comparison

FutureFocus:
IMF moles, ignore them

Have they issued 20,000 pounds and dollars note?

COMPAQ:
You are actually the one that doesn't understand basic economics! The denomination has little to do with inflation.

Buhari printing N22trln of ways and means did 100 times more damage than having N10,000 note will ever do.

Operating a N20trln deficit does more damage to inflation than the value of your denomination will ever do.

The critical thing CBN needs to do is to ensure that if they print 1 million notes of N10,000 bills, which is N10bln in value, they have to remove equivalent value in lower denominations from the market so that money supply remaiins the same.

Manyfacturers do not increase prices because of the level of denomination.

If Milo is N100, it remains N100.

That gist of the denomination will increase inflation is actually the beer parlour gist

Kayberg:
Just asking, what economic policy is behind having the power to devalue the currency, but must require some 'thing' to strengthen it again?

b5ive:
Do you know how much naira jas been devalueld since Obj's regimei?

Do you know the implications of having higher denominations in circulation within a weak economy like Nigeria?

Have you try drawing references from the experiences from other nations who adopted such an economic suicide?

Looting amongst our ruling class will become a bragging right cos billions can be looted within a few notes of the new denominations (10k, 20k)

The naira will eventually be so useless that you would need a truck or wheelbarrow to carry ypur money just to buy few items in the market.


Be careful what you wish for.........

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Lol . The wealthy are getting ready for the tax reforms in January . They need to keep money in much larger denominations or dollars .

The other day Dangote came out and asked people to sell their dollars. Sharp people.
There is a mop up of dollars by the wealthy in anticipation of the new tax implementation and for the 2026 campaign year .