₦airaland Forum

Zocalite:
But there's inflation already

Why are you emphasizing " more"

10k might be too much, for me by now nigeria suppose don get 5k note

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]The headline should be "Enemies of Nigeria" not experts. More higher denomination means naira becomes more valueless, Nigerians get poorer with insecurity rates skyrocketing.

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.

Almunjid:
To tackle inflation and naira devaluation, Nigeria could follow Ghana's lead and redenominate the naira. By removing a zero from current denominations, resulting in new notes like N1 (formerly N10), N2, N5, N10, N20, N50, N100, N500, and N1,000. This simplifies transactions and aligns with Ghana's successful cedi redenomination.

Peace!

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.

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?

NOETHNICITY:
How does the administration want you to pay $4 for a bottle of water?
A bottle of water is less than 50cents in Nigeria.

CodeTemplarr:
our highest denomination is less than $1.

Printing N2000 for example only means the CBN gets to halve the resources needed to create a legal tender that exchabges N2000 worth of value.

Gboss247:
Your economics teacher in secondary school will be in severe pains reading your comment.

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:
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.

VeeVeeMyLuv:
They are probably feeding him directly from our national cake using a special feeding bottle!

So his selfish comment is not a surprise

Gboss247:
The headline should be "Enemies of Nigeria" not experts. More higher denomination means naira becomes more valueless, Nigerians get poorer with insecurity rates skyrocketing.

ogododo:
Nlfpmod, we wan come be Zimbabwe be dis.

yemmit90:
What do you know about economic? Perhaps absolutely nothing.

It will totally eroded the value of money. Every manufacturer will be targeting the price of their good in a ratio to higher denomination. Spending habit will change, and servive charge will surge. 1k will look like 100 naira in value, people will see it as a waste of space in their wallets, and you cant easily convince people with it but high denomination.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]I cant find the name of the "experts" or a link. Can someone help?

inyass2580:
Na musicians dis one go pay most

10k bundle in 100 places na big money

And for a common man to get hold of dt 10k in 3 pieces dts 30k wil come with lot of stress and all sort of dirty and nard job…. 1000 will now be 50 for buscuit.. so imagine buyin a biscuit for 500 because as 5000 or 10000 dn dy
100, 200 will be useless

Jst 500 , 1000 will still be in circulation…. Dis is a wrong move because Nigeria is indeed a Zoo

Dbeautyy:
Bro. When it comes to Nigeria, it is never a beer parlour gist. Why? The regulatory body hardly follow-up on their duties in this nation. Good example: ever since prices of edibles don go up, I observed something which is = Increase is price, decrease in quantity and quality. Then the question is why increase the price when you know that you will reduce quality and quantity. Let them bury the idea of higher denominations

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]The expert should also advice CBN to initiate spending 0.5kobo and 1 naira,

It will help our economy more than producing 10,000 and 20,000