₦airaland Forum

Zocalite:
You are still saying Total devaluation, has tinubu not totally devalue the naira so that FX can come in easily according to imf

Unfortunately it didn't work, the sudden devaluation pushed foreign companies out

Also with various instant transfer methods nothing will happen

You can't compare Zimbabwe with nigeria

Which resources Zimbabwe get to sell, Zimbabwe wasn't making money only printing money

Go and watch Korean films don't you see them spending 10k yen a note

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.

Kayberg:
Though I don't watch Korean movies, but this is Nigeria. If there is ever a ₦10,000 note, it will cause more inflation.

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?

Heffalump:
You failed to comprehend my sincere point bro.
There are ethical and economic reasons why these developed nations don't have higher currency bills. We thrive to copy them in everything, including tax policies. So why not consider the aspects of currency regulation?

NOETHNICITY:
In the U.S., a 75 cl bottle of water typically costs around $3–$4, whereas in Lagos and Ibadan, a similar bottle sells for about ₦200.

₦200 in US dollars is approximately US $0.14 (using a rate of about ₦1 = US $0.000684) 

We should stop comparing Naira to dollar. It just doesn’t work.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]We don't need higher denomination money in nigeria but to make the existing ones to have value moreover with the type of people we have in leadership if there should be introduction of a new note, kleptomaniac tinubu will make sure it is his face and signature cap that will be on the note and we don't want that.

alibaba001:
100 Dollar is still the highest note. Can America made 200 or 500 dollar?

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.

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

Buhari4dullard:
bad Nigger


its ineviatble .
You hate Igbos, yet wont let them go.

You kill Christians.

So yes, Nija is in downwards trend

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 in circulation is 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. They face inflation by western sanctions. Same sanctions with Venezuela. Ghana face inflation too and they add 10k notes then. 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 that 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.

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 in circulation is 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. They face inflation by western sanctions. Same sanctions with Venezuela. Ghana face inflation too and they add 10k notes then. 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 that 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.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Oloriburuku analysis

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Analyst without name just analyst analysing like Peter Obi does. This bad advice. If you read post carefully you will notice that they arguments doe not hold water they actually at a point argue against higher denomination and at the same time pushing for it.

Agulu analyst a weaker Naira against the dollar is the best for export only people importing toothpick in containers to Next Super Market that would be yarning for high valued Naira against the dollar.

20 years ago even up till now United States has been trying to force China to increase the value of the Yuan China currency accusing China of deliberately devaluing it's currency against the dollar to attract more trade to China. It started when China was a developing nation before China became the super power it is today and it's a strategy that Nigeria should actively pursue not devaluation by printing 20k and 10k notes that's recipe for self inflicted inflation.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Experts or educated idiots?

ironheart:
They should introduce lower denomination and scrap the 1000 and 500 notes

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

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 in circulation is 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. They face inflation by western sanctions. Same sanctions with Venezuela. Ghana face inflation too and they add 10k notes then. 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 that 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.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Expert! Nah name of street?

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Capital foolish experts, America, Europe, Canada, Britain, all economy well doing nation still using coins because they understand that coins and small denomination sustain the economy. But in Nigeria case, they use useless education titles people to decieve themselves thinking they are deceiving millions of Nigerians that is already know that those managing Nigeria economy are greedy and wicked souls. They only create hard policies that suffer Nigerians more thinking that masses doesn't know. After stealing billions they believe small denomination doesn't have value, they want high denomination to suite their steal fund. Returning back to 1 naira note, 5 naira, 10, 20, 50 naira will be one the best thing that will help Nigeria economy, additional to the circulating notes. But issuing high denomination will create that which the government fear most. Masses revolution, hunger no dey as if president or governor is your brother.

VeeVeeMyLuv:
But their min wage is not 70,000 naira?
But this admin want you to pay $3 to $4 for a bottle of water on top N70,000 naira salary! That is witchcraft

obama30:
Capital foolish experts, America, Europe, Canada, Britain, all economy well doing nation still using coins because they understand that coins and small denomination sustain the economy. But in Nigeria case, they use useless education titles people to decieve themselves thinking they are deceiving millions of Nigerians that is already know that those managing Nigeria economy are greedy and wicked souls. They only create hard policies that suffer Nigerians more thinking that masses doesn't know. After stealing billions they believe small denomination doesn't have value, they want high denomination to suite their steal fund. Returning back to 1 naira note, 5 naira, 10, 20, 50 naira will be one the best thing that will help Nigeria economy, additional to the circulating notes. But issuing high denomination will create that which the government fear most. Masses revolution, hunger no dey as if president or governor is your brother.

fineboynl:
if you have 30 billion in circulation the highest denomination is 1000 notes. You can’t even use withdraw half of the notes and destroyed it. Then introduce higher denomination of half the currency 15bllion. You now have fewer note in circulation with more value.

What causes inflation is having excess money. And Not higher denomination. You can’t even use hardly buy anything useful with 1k notes and destroyed as of today.