₦airaland Forum

Kay1kay1: @ Remii,

Please what made him back out?

Yar Adua stopped him

okpara ugo: You have not said anytin. What are ur reasons

N1,000 is just US $6 or UK £4. At present value, we need coins up to N100 with commodities staying at present prices. That is only way to make coins spendable. Another option is going the Ghana way that Soludo tried to do by removing some zeros.
We need to work on our mentality too as Nigerians, in UK and US highest denominations are not commonly spent in the street. In fact when you bring out $100 dollar bill or 50 pounds, cashiers always take caution before accepting them.

I think, we actually need even N10,000 and N15,000 notes, our paper money should start from N100 if we must keep our current profile.

SLS has much worse anti people policies that are forcing banks to increase interest rates on loan, that is what we should shout about.

How many people did they contact? I am in support of N5000.

Honestly speaking, Naira needs to be re denominated somehow, either by removing some zeros as attempted by Soludo or printing higher denomination as currently being proposed by Sanusi. Soludo style seems better. N1000 is equal to 6USD or 4PDS at that value, N100 is about 65cents. We all know that UK has 2PDS coins. If the higher denominations are created with N50 coins, as being proposed, it should not lead to inflation. Nigerians need to work on attitude of spending higher denominations too. 50PDS and 100USD are not freely spent in UK and US respectively. CBN should be careful not to flood the system with proposed N5k notes too.

musKeeto: Stopped after

The first people that robbed them was their English teachers, smh..

are yo saying they need to go and collect change or refund from their secondary schools?

ddippset: this means that faruk lawan's cap alone will accommodate 1 MILLION. damn!

Those guys don't take Naira, they take dollars, pounds and euros..

Obj is always good at critizising when out of power, who introduced N1000? Who increased fuel price more than any govt else? Answer is Obj.

dammytex: Bros
you don teh true true. You sure say; Awolowo no be your classmate so?

Lol, Papa Awoo, no be my mate but as a student, i saw him when he visited Unife few weeks before his death. FYI, I entered Unife and graduated from OAU.

leighcon: Bros na we set dey here now no be una set!! You want us to start savouring the days of N1.25 to a 1$ here. I don't think there was 25kobo in the seventies though, maybe you were trying to recollect 2_1/2kobo, which wasn't even so common to find around.

http://www.cenbank.org/Currency/Oldnotes/1973.asp check that link. Naira was introduced in 1973 by Gowon for your information.

adora4u1: The BRIBER has been fined. What will happen to the BRIBEE(S)?

what happened to Halliburton, Siemens and other bribees, lol

there should be no controversy, DPR regulates all these and they have all records. they actually approve all wells prior to drilling and other activities, it should be simple to know the right owner.

I used pence, shillings and pounds. I remember we used to tie 2 pence to our shorts going to school. I saw the introduction of Naira and Kobo, there was also a 25k coin, that was called Dollar, (USD was apparently equivalent of 25K in 1970s)it was not well accepted though so it faded out very soon.
In my town, a drop of intra-city bus was 10K and that is the name they still call the minibuses till today over there. I also remember that N20 was a bragging note in those days at Old Buka at OAU, Ife. If you brought out the green note of Murtala, everyone who saw it would look at you like a "big boy" lol fyi, monthly school stipend was N30 at the time.

staaari: This is how it starts....soon you will be having 100,000Naira note!!!

Mark my words!!! STOP FG NOW

High currency denomination is simply sign of inflation.

Angola experienced hyperinflation from 1991 to 1995. The highest denomination was 500,000kwanzas

Angola Kwanza is stronger than Naira, it's 100 kz to $. Angola is just expensive and has nothing to do with inflation prices of good has not changed since years ago. You cannot find 500k kz on the street Luanda,

vire: well the EUROZONE is exposed to too much BONDS....they borrowed thier way into debts and are finding it difficult to pay back....BONDS are tied to your working public....it means if you borrow me money i will pay as long as my tax payers are working...now with unemployment going to the roof swiss and othe EU countries are finding it hard becos no one wants to borrow them money..........



i guess you have never heard about BANK reserve ratio....if you know what it means you guys will weep at wat the elites are doing to us

Tell them, SLS just increased bank reserve from 8 % to 12 % and banks reacted by jacking up rates by almost 5%, nobody is shouting about that. Govt is selling bonds at 15% guaranteed, who has money to buy bonds, the poor masses?. Banks collect deposit at 2 - 4% from public SLS is allowing them to lend the same public at 25 - 35% yet elite say nothing but they are ready to breakdance because radio and Tv as told the masses about this N5k notes . To me N5k notes is not a problem if the lower denominations up to N100 are coins and N5k notes made scarce.

profola2be: my brother,the thing no comot you na,you fit lead the protest,we go follow you.
if them no protest,you will still complain,now that they protest,you are complaining.

lol . my bros those guys are always playing to the gallery. You will never see them calling masses attention to salient govt actions like increase in price of diesel or aviation fuel or kerosine or increase in VAT or multiple tax, etc. You will always here noise when obvious issues are being discussed on the media so that populace will think they are on their side.

Ijebulogic: I dont understand the reasoning behind the "rounding up" issue. People have been selling goods for N4500 for years, why round up to N5000?. Why dont newspaper sellers round up papers to N200 instead of N150? Since we have a N200 note and no N150 note? why is a bottle of coke/fanta N70 and not rounded up to N100? The list is endless. We need to think through some of these assumptions with clarity.

bros, ask them oo. If the supplies don't increase price of pure water to retailers and your income remains the same, would you buy pure water for N100 just because N10 is in coins?

vire: people are so stupid....you protest for a new denomination but donot protest when they sell billions of BONDS the real thing that causes inflation is BONDS..............until people wake up we will always be taken for a ride

that is a real problem my guy, SLS has more killing and anti growth policies that the populace and elite say nothing about. Just last month CBN issued directives that make interest rates when up by almost 5% more. At a time when UK and US are almost lending money at 0%, Nigerians are borrowing at almost 35%, these guys are not protesting that. Very sad.

Honestly speaking, Naira needs to be re denominated somehow, either by removing some zeros as attempted by Soludo or printing higher denomination as currently being proposed by Sanusi. Soludo style seems better. N1000 is equal to 6USD or 4PDS at that value, N100 is about 65cents. We all know that UK has 2PDS coins. If the higher denominations are created with N50 coins, as being proposed, it should not lead to inflation. Nigerians need to work on attitude of spending higher denominations too. 50PDS and 100USD are not freely spent in UK and US respectively. CBN should be careful not to flood the system with proposed N5k notes too.

N1,000 is just US $6 or UK £4. At present value, we need coins up to N100 with commodities staying at present prices. That is only way to make coins spendable. Another option is going the Ghana way that Soludo tried to do by removing some zeros.
We need to work on our mentality too as Nigerians, in UK and US highest denominations are not commonly spent in the street. In fact when you bring out $100 dollar bill or 50 pounds, cashiers always take caution before accepting them.

I think, we actually need even N10,000 and N15,000 notes, our paper money should start from N100 if we must keep our current profile.

SLS has much worse anti people policies that are forcing banks to increase interest rates on loan, that is what we should shout about.

ooopssssss!

Kobojunkie: https://png-4.findicons.com/files/icons/1039/manto/128/laugh.png

We have heard this story hundreds/thousands of times before now. I do have to ask why people are not addressing the obvious problems. The man living now does not mean he would not have left if she had not had the quads now. I mean honestly, women need to start re-focusing their minds a bit more.
She already had five kids living in the same cramped apartment. Why think of having another when she has yet to solve the problem of their living in that cramped apartment?

They both probably looking for a baby boy, remember first 5 children are girls. Mmtshewwwww

deeplow: Are u sure u are not d remi that I used to flog(as a corper) for coming to school in dirty clothes and aving an empty brain?*just kidding".

did you attend Fakunle too? I was a student not a corper. When did you leave Fakunle? I left 1984.

you no see my secondary school to take pictures? Fakunle Comprehensive High School, Osogbo

simeonism: the senate have asked cbn to stop the new 5000 naira note but they dont want to listen.i think impeachment should be followed immediately because sanusi have a mission of islamizing nigeria.

[quote author=ozo-dimgba]can u compare Nigeria economy with that of the us and Britain in terms of development and stability. For instance the price of fuel was increased from #11 per ltr to #97 per ltr from 1998 to 2012. This is an increament of over 800%. So Nigeria if at all wants to learn anything from the us economically we should not start by minting higher denomination, lets develop our economy first. Us is over 200 years while Nigeria is just over 50yrs so the margin is very high.[/quote]Prices of things are almost the same in both economics. if coins have value they would be used. If pure water is supplied at same price as it is present would sellers insist on collecting currency because N20 or N10 are now in coins? looters will loot whether you have highest denomination of currencies N1 notes or N1m, they are looters. Introduction of N5k notes not direct devaluation and cashless policy will not change, your salary will not increase, suppliers will not increase price of commodities how will prices change?

N1,000 is just US $6 or UK £4. At present value, we need coins up to N100 with commodities staying at present prices. That is only way to make coins spendable. Another option is going the Ghana way that Soludo tried to do by removing some zeros.
We need to work on our mentality too as Nigerians, in UK and US highest denominations are not commonly spent in the street. In fact when you bring out $100 dollar bill or 50 pounds, cashiers always take caution before accepting them.

I think, we actually need even N10,000 and N15,000 notes, our paper money should start from N100 if we must keep our current profile.

SLS has much worse anti people policies that are forcing banks to increase interest rates on loan, that is what we should shout about.

[quote author=BlacPe@rl]Said d 'f' word.[/quote]Sadly, a lot of people around here don't know the implication of this, they use the "f" word freely to call to radio programs, even in nollywood movies. You are a good guy.

wow, na true oo, if army slapped you you will really know say police na your friend

Yaya6: the CBN should rather look into re-denomination of the currencies just like what was done in Ghana and Brazil as the countries have enjoyed a revamped economy with the decision. 5k banknote is tantamount to sparking hyperinflation in Nigeria and the recipient are the poor masses.

I agree with you, that is an alternative, but something must be done to Nigeria currency. If N50 is coins, I challenge who will buy pure water for N100 just because N20 is in coins when manufactures sold to retailers at current price. We need to work on our mentality too as Nigerians, in UK and US highest denominations are not that common in the street. In fact when you bring out $100 dollar bill or 50 pounds, cashiers always take caution before accepting them.

We actually need even N10,000 notes, our paper money should start from N100 if we must keep our current form. I support SLS based on following analysis.

Nigeria Currencies values in majors currencies

Naira USD @ 150 UK pounds @ 250
NGN vs $ vs PDS
5 = 0.03 (3 cent) = 0.02 (2 pence)
10 = 0.06 = 0.04
20 = 0.13 = 0.08
100 = 0.63 = 0.40
200 = 1.25 = 0.80
500 = 3.13 = 2.00
1,000 = 6.25 = 4.00

UK pounds currency in Naira @ 250
PDS vs NGN
5 = 1250
10 = 2500
20 = 5000
50 = 12500

US Dollar currency in Naira @ 160

$ vs NGN
5 = 800
10 = 1600
20 = 3200
50 = 8000
100 = 16000

Do every Briton stay in London abi na every America dey go Washington DC.

We actually need even N10,000 notes, our paper money should start from N100. I think am changing my mind. I support SLS based on following analysis.

Nigeria Currencies values in majors currencies

Naira USD @ 150 UK pounds @ 250
NGN vs $ vs PDS
5 = 0.03 (3 cent) = 0.02 (2 pence)
10 = 0.06 = 0.04
20 = 0.13 = 0.08
100 = 0.63 = 0.40
200 = 1.25 = 0.80
500 = 3.13 = 2.00
1,000 = 6.25 = 4.00


UK pounds currency in Naira @ 250
PDS vs NGN
5 = 1250
10 = 2500
20 = 5000
50 = 12500



US Dollar currency in Naira @ 160

$ vs NGN
5 = 800
10 = 1600
20 = 3200
50 = 8000
100 = 16000

If N50 is coins, I challenge who will buy pure water for N100 just because N20 is in coins.