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N1000 Note Is A Major Part Of Nigeria's Problems - Politics - Nairaland

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N1000 Note Is A Major Part Of Nigeria's Problems by BigBashiru: 5:10pm On Oct 05, 2020
The highest note in UK I think is £50 and it's not much in circulation. Cbn should either restrict the amount of N1000 note in circulation or withdraw it all together.... it's now easier to round to the nearest N1000 or N500.... if there was no N1000 or N500 people would be forced to round to the nearest N400 or N800 instead of the nearest N1000.

If you are concerned about this, please write to CBN...

Any small thing you touch in the market these days N10k N20k N1,500....

All because of N1000 note because people subconsciously round to the nearest N1000

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Re: N1000 Note Is A Major Part Of Nigeria's Problems by Goldp5988(f): 5:14pm On Oct 05, 2020
Maybe going back to coins, so that I will have full knowledge of coin lol
Re: N1000 Note Is A Major Part Of Nigeria's Problems by degamonn: 5:20pm On Oct 05, 2020
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Re: N1000 Note Is A Major Part Of Nigeria's Problems by Fash20: 5:21pm On Oct 05, 2020
When you see 5k note e go shock you

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Re: N1000 Note Is A Major Part Of Nigeria's Problems by Anazp: 5:21pm On Oct 05, 2020
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Re: N1000 Note Is A Major Part Of Nigeria's Problems by Nobody: 5:22pm On Oct 05, 2020
grin.. Even snake for LA LA MARKET na so so K K K you go dey hear

Re: N1000 Note Is A Major Part Of Nigeria's Problems by Okoroawusa: 5:23pm On Oct 05, 2020
I suggest we go back to Soludo's idea of removing one or two zeros from our denominations. I was pained when Yar'Adua cancelled it.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by BigBashiru: 5:23pm On Oct 05, 2020
Fash20:
When you see 5k note e go shock you

That would be the end of the naira as we know it lol
Re: N1000 Note Is A Major Part Of Nigeria's Problems by LibertyRep: 5:25pm On Oct 05, 2020
Thought they were planning ₦5000 note sometimes ago and turning ₦5 and ₦10 to coins

If only we can revert to the era of 10kobo, 25kobo 50kobo and #1 coins.
... and perhaps make ₦100 the highest note.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by hakeem4(m): 5:25pm On Oct 05, 2020
Fash20:
When you see 5k note e go shock you
so 10 pieces of that note would be 50k? just imagine after collecting your 50k salary from your boss and you are unfortunate to get your pocket picked from those rogues. grin grin
Re: N1000 Note Is A Major Part Of Nigeria's Problems by Nobody: 5:26pm On Oct 05, 2020
Okoroawusa:
I suggest we go back to Soludo's idea of removing one or two zeros from our denominations. I was pained when Yar'Adua cancelled it.
.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by Fash20: 5:26pm On Oct 05, 2020
BigBashiru:


That would be the end of the naira as we know it lol

Eehn... Zimbabwe way . lol
Re: N1000 Note Is A Major Part Of Nigeria's Problems by Fash20: 5:27pm On Oct 05, 2020
hakeem4:
so 10 pieces of that note would be 50k? just imagine after collecting your 50k salary from your boss and you are unfortunate to get your pocket picked from those rogues. grin grin

Na die oo
Re: N1000 Note Is A Major Part Of Nigeria's Problems by CAPSLOCKED: 5:31pm On Oct 05, 2020
hakeem4:
so 10 pieces of that note would be 50k? just imagine after collecting your 50k salary from your boss and you are unfortunate to get your pocket picked from those rogues. grin grin

BROS EVEN THIS 1K PEOPLE DEY WEY THEIR SALARY OF 10K ENTER THIEVES HAND ON PAYDAY.
EVERYTHING GO AT ONCE. cheesy

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Re: N1000 Note Is A Major Part Of Nigeria's Problems by FarahAideed: 5:35pm On Oct 05, 2020
Buharist always looking for imaginary things to blame for Buhari's incompetence ..Just imagine the kind of LOW IQ logic operating in the OPs head cheesy cheesy..The OP is of the premise that if 1000 naira note is removed from circulation then inflation will drop drastically grin grin. These are the kind of minds that support Buhari ....

Mister there was 1000 Naira note in circulation in 2014 when a bag of rice was was 7000 naira and the attendant inflation we have witnessed under Buhari has nothing to do with 1000 naira note but the many bad bad policies of Buhari
Re: N1000 Note Is A Major Part Of Nigeria's Problems by FarahAideed: 5:35pm On Oct 05, 2020
Okoroawusa:
I suggest we go back to Soludo's idea of removing one or two zeros from our denominations. I was pained when Yar'Adua cancelled it.

Beautiful nonsense ..Value is Value
Re: N1000 Note Is A Major Part Of Nigeria's Problems by baralatie(m): 5:40pm On Oct 05, 2020
it is practically impossible.as long as your exchange rate to dollar is going #400.
your #1000 will remain as part of your circulation.
and there is a possibility that the naira dollar will likely get to #500 to #800 if your country does not start making money (in dollar terms)
the only way to go back to coins is

1.have more than enough dollars such that your exchange rate is no $1 to $150.this means your foreign reserve should be $350 billion

2.you are over producing

3.you are experiencing deflation

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Re: N1000 Note Is A Major Part Of Nigeria's Problems by Abuhyman1(m): 5:42pm On Oct 05, 2020
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Re: N1000 Note Is A Major Part Of Nigeria's Problems by ahiboilandgas: 6:50pm On Oct 05, 2020
BigBashiru:
The highest note in UK I think is £50 and it's not much in circulation. Cbn should either restrict the amount of N1000 note in circulation or withdraw it all together.... it's now easier to round to the nearest N1000 or N500.... if there was no N1000 or N500 people would be forced to round to the nearest N400 or N800 instead of the nearest N1000.

If you are concerned about this, please write to CBN...

Any small thing you touch in the market these days N10k N20k N1,500....

All because of N1000 note because people subconsciously round to the nearest N1000
very true.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by sade38436: 8:35pm On Oct 05, 2020
Maybe going back to coinageage, so that I will have the expertise of coinage lola
Re: N1000 Note Is A Major Part Of Nigeria's Problems by edoairways: 9:19pm On Oct 05, 2020
LibertyRep:
Thought they were planning ₦5000 note sometimes ago and turning ₦5 and ₦10 to coins

If only we can revert to the era of 10kobo, 25kobo 50kobo and #1 coins.
... and perhaps make ₦100 the highest note.
Nothing will change.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by slimiejazz(m): 6:20pm On Oct 06, 2020
BigBashiru:
The highest note in UK I think is £50 and it's not much in circulation. Cbn should either restrict the amount of N1000 note in circulation or withdraw it all together.... it's now easier to round to the nearest N1000 or N500.... if there was no N1000 or N500 people would be forced to round to the nearest N400 or N800 instead of the nearest N1000.

If you are concerned about this, please write to CBN...

Any small thing you touch in the market these days N10k N20k N1,500....

All because of N1000 note because people subconsciously round to the nearest N1000

God bless you for this statement, CBN should phase out #1,000 note
Re: N1000 Note Is A Major Part Of Nigeria's Problems by Nobody: 6:26pm On Oct 06, 2020
Primary school logic... Policies related issues are what we are battling with in this country couple with insecurities. Our foreign investment portfolio is dropping, there's is limited avenue for dollar and our dependent economy is not helping issues.
Re: N1000 Note Is A Major Part Of Nigeria's Problems by RenaissanceGuy: 7:40pm On Oct 06, 2020
I agree with OP's to an extent. It may not be happening in other countries, but here in Nigeria, high denomination notes are partly responsible for the skyrocketing prices of food stuff. And when food prices start to rise, prices of other unrelated items do too.

1 Like

Re: N1000 Note Is A Major Part Of Nigeria's Problems by Nobody: 8:24pm On Oct 06, 2020
BigBashiru:
The highest note in UK I think is £50 and it's not much in circulation. Cbn should either restrict the amount of N1000 note in circulation or withdraw it all together.... it's now easier to round to the nearest N1000 or N500.... if there was no N1000 or N500 people would be forced to round to the nearest N400 or N800 instead of the nearest N1000.

If you are concerned about this, please write to CBN...

Any small thing you touch in the market these days N10k N20k N1,500....

All because of N1000 note because people subconsciously round to the nearest N1000
It (the N1000 note) is meant for looting (by mostly politicians). It aids looting/embezzlement. They'll fight your opinion cos it will never favour them. The masses suffer at the end. Your write up is a known fact
Re: N1000 Note Is A Major Part Of Nigeria's Problems by Nobody: 9:32pm On Oct 06, 2020
Buhari is the only problem with Nigeria, not 1000naira note.

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