₦airaland Forum

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

Realinfogeneral:
So that it can be easier for them to lunder money.
It doesn't benefit the economy in any way.

The highest denomination of American currencies is 100USD.

Clobisman:
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.

jendoslim:
Texbook Economics.

Will you be the one to tell the Millo seller to sell for N100, or the Farmer to sell his yam for N200, I wonder which theory supports this your speculations, its a free market, remember.

Please there is a huge difference between theories and reality.

Textbook -wise, you score A+, But applying this to Nigeria, unfortunately, its Zero

franvincoop:
It's not nonsense, it's actually A LOT OF SENSE.
Even CFA has 2000, 5000 and 10,000 single notes without your SUPERSONIC INFLATION fears and emotion.
Mind you a 5000 naira note will not even have the value of a 2000 CFA note.

2015
1000 naira = 3100 CFA

2025
1000 naira = 388 CFA

The argument being made is not about the value of the naira, we all know naira is not even worth the paper it's printed on.
The argument is about the portability of the naira.
Know the difference.

chidiokay:
The problem with guyz like you is You dont shut up where necessary,

Presently in Nigeria, almost everyone is embracing "cashless transactions" opay, moniepoint e.t.c So what problem is higher domination notes coming to solve

of what benefit is a higher note in an economy drowning in hyper inflation ... we have #5, #10, 20, 50 and # 100 all uselezz n valueless already even 1000 the highest currency cant feed a child 3 meals a day

After Cbn waste our little resources to print higher 10k n 20k notes what do you think will happen to the smaller notes then inflation skyrocket again ... why do the rich hate the poor so much, if you must spend millions in a day do transfer, why cash anyways

Proposing for Higher note is a call for Final burial of " naira" no benefit, zero advantage

VeeVeeMyLuv:
Wait na
we are getting there gradually

They have and are already doing
It

In electricity, petrol, commenced in education not yet full scale. That's why now we have NELFUND (Students borrow to pay school fees and feed)

They parents salary and wages can no longer feed the households not to talk of electricity units, transportation and school fees

DIVINEEVIDENCE:
You should be campaigning for ten Naira to be equal to the dollar, not printing higher denominations to match the dollar.

That is economic stupidity.

COMPAQ:
Im curious...so N1000 note was introduced in 2005. Twenty years ago. In that time that the highest denomination has remained the same, have we not seen inflation? So where was that inflation coming from?

Printing N22trls ways and means is more dmamaging than increasing Naira denomination
Corruption and loose money in the system does more damage than increasing naira denomination
Operating N20trln deficit and having excess money in the system does more damage than increasing naira denomination
Depreciation of the Naira, does more damage than increasing the naira denomination.

Personally id say we need N5,000 and N10,000 for now.

I put N20k in my wallet and it can barely handle any transaction, even though I don't use cash much. And I cant put more than that cos it makes my wallet too bulky, so whats the point.

fineboynl:
bank already have a cap on the naira note that can be withdrawn. From babk or pos. So Where would they get the note to loot? If they are already looting the naira as it is now.. what difference would that make?

COMPAQ:
Im curious...so N1000 note was introduced in 2005. Twenty years ago. In that time that the highest denomination has remained the same, have we not seen inflation? So where was that inflation coming from?

Printing N22trls ways and means is more dmamaging than increasing Naira denomination
Corruption and loose money in the system does more damage than increasing naira denomination
Operating N20trln deficit and having excess money in the system does more damage than increasing naira denomination
Depreciation of the Naira, does more damage than increasing the naira denomination.

Personally id say we need N5,000 and N10,000 for now.

I put N20k in my wallet and it can barely handle any transaction, even though I don't use cash much. And I cant put more than that cos it makes my wallet too bulky, so whats the point.

Godfullsam:
It cost almost the same amount to print 1000 notes and 200 notes.

So, if government decides to scrap 1000 and 500 notes, they will spend much more money to print the equivalents of those notes in lower denomination and this won't even translate into deflation. Rather, it will mean more cost of production of naira, inconveniencies etc.

Celestialsword:
If this advice is followed,it will put the final nail on the Nigeria coffin.This is handiwork of enemies of Nigeria.

The only thing holding up this country now is the crude oil export, because no working refinery to refine it.
which is tied to the dollar, despite that,the county's currency is still at an all time low.

Nigeria is an import dependent nation,so all her money is spent on import and less on exports

This results to trade deficit,year in year out, hence the continuous borrowing to run the economy including padding the naira

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?

COMPAQ:
I advocate for cashless and infact 99% of my transactions are cashless, but once in a while you still need cash. As it is now you cant even gift anyone N1k. Even a 5 year old will be like what is this...it can't buy jack!!

And the cost of printing the N1k may be N400. The cost of printing N10,000 note may be N500.

givedemwotowoto:
Who are those experts? Is it people like Bluntemperor that protested against everything and even carried a mock coffin during GEJ admin, but have suddenly turned to social media police?

COMPAQ:
I advocate for cashless and infact 99% of my transactions are cashless, but once in a while you still need cash. As it is now you cant even gift anyone N1k. Even a 5 year old will be like what is this...it can't buy jack!!

And the cost of printing the N1k may be N400. The cost of printing N10,000 note may be N500.

ogododo:
https://x.com/instablog9ja/status/1983826418451570727?t=labuQCh8QBzW7eh[/quote]Tinubu is now thinking of how to steal more than Buhari.

How does printing 10,000 and 20,000 Naira notes better our economy?

grandstar:
What is all this economic illiteracy about?

Introduction of higher denominations has never led hyperinflation in Nigeria.

This is how it work: the central bank would withdraw N100BN of the lower denominations, and replace it with N100Bn of the new higher denominations. The central bank simply replaces higher denomination.

Hyperinflation on the other hand is when the central bank print new money for the sole purpose of giving it to the government to fund its spending.

Celestialsword:
Do you know that it was the introduction of the N1000 and N500 naira notes that wiped out ten and twenty naira in terms of value and usage

You people just bring out textbook economic theories that is not working