N5,000 will strengthen the cashless policy – CBN official
The Director, Corporate Communications Affairs of the Central Bank of Nigeria (CBN), Mr Ugochukwu Okoroafor has affirmed that the apex bank’s decision to introduce the N5,000 note is to strengthen the cashless policy of the bank.

Illustartion of the planned N5000 with leading female activists by Vanguard newspaper.
He further explained that the Project Cure which is the review of the nation’s currency announced by the CBN last week, is in-line with the CBN’s statutory policy of reviewing the nation’s currency. He also stated that the move is in line with global best practices of reviewing nation’s legal tender on a regular basis of every five-eight years.

Mr Okoroafor on our weekly breakfast show, Sunrise, noted that the N1,000 has been in existence in the last seven years. N500 has been around for 11 years, N200 for 12 years and the N100 for 13years, hence the need for this overall review of the currency, which according to him is ‘over-due’.

The corporate affairs manager also argued that it is essential to rejuvenate the currency, “to make it new”, “for an economy that is just coming out a global recession” he said.

However, a chartered accountant, Bala Zaka, countered the CBN’s policy, describing it as ‘irrelevant brilliancy’.
http://www.channelstv.com/home/2012/08/25/n5000-will-strengthen-the-cashless-policy-cbn-official/

But can kill mobile money, it will first make it unattractive as carrying cash as much like 1m in two bundles of 5000 inside a WALLET in form of 'PAPER MONEY' is something Nigerians will opt for and you want a cashless policy

info: But can kill mobile money, it will first make it unattractive as carrying cash as much like 1m in two bundles of 5000 inside a WALLET in form of 'PAPER MONEY' is something Nigerians will opt for and you want a cashless policy

When armed robbers slap people twice and collect the one million in their pocket, no one will teach them before they go "cashless".

Pickpockets go hammer dis year

Kolade9: Pickpockets go hammer dis year

That's likely to be very true. I don't pray I misplace just two of those sheet.

i actually prefer large denomination notes for ease of management. try with drawing 300k from a bank in 1000 notes. my ofice is a walk from the bank - you will leave with a big bulge in your pocket which is a thief magnet

See . .. . . I predicted this. ;DI knew this was the silly reason for the Naira 5000 note.

Power to Change
The govenor of Ekiti state once said "To change this country,you have to be in power"
I have been having some visiting headache since I got the news of the concluding intentions of CBN....
I have carefully studied these things in my capacity and I smell a conspiracy between GEJ,Ngozi and Sanusi....First,if 5000 notes is released,then its a step to increase fuel price in the nearest future,its another step to make huge withdrawals from the foreign reserve,its also a step to borrow a huge amount from World bank,which most probably have been nearing final approval.....Large currency like 5000 naira makes these operations easy and it would make their transactions cheaper....... And to the common man,price of every goods would increase,traansport fares etc...The price of pure water would firm at around 20 naira,the smallest sized bread would be 100 naira.
Don't forget that,the inroduction of 500 and 1000 naira was what made maggi sold for 2 for 5 naira(from 50k), chewing gum,sweets sold for 5 naira each(from 1 naira) etc just because traders was looking for every means to avoid collecting coins of 50k,1 naira and 2 naira.
All part of the Nigerian trade in a common man market eradicated the need for collecting coins by increasing their goods cost to meet up the nearest Note,which was 5 naira,as a result of these,coins disappeared from circulation.
The same would happen if these 5000 note is allowed by Nigerians....The hardship of Nigerians would increase significantly and no one would be spared.
I call on all Nigerians to halt these move....It is a calculation of gain to the government and its close allies and hardship to the masses which makes up more than 85% of the population.

See . .. . . I predicted this.

I knew this was the silly reason for the Naira 5000 note.


https://www.nairaland.com/1027259/5000-naira-notes-solution-problems/4

[b]PICK POKETS ARE REJOICING RITE NAW. THANK GOD cos their level go change next year[/b]

trigar12: [b]PICK POKETS ARE REJOICING RITE NAW. THANK GOD cos their level go change next year[/b]

Are you a pick pocket

GEJ and his cohorts are just a bunch of schemeing liars

earlier this year he put the pump price at N145 and caused inflation of catastrophic proportions. He reduced it to N97 and promised to take it back to the initial N145 later this year.

He has seen that he cant do that in the guise of fuel subsidy anymore so he has introduced this method to achieve his initial poverty inflation plan for 2012.

Can anyone seriously stand up and tell me that the introduction/re-evaluation of all these currencies wont cause adverse inflation?

trigar12: [b]PICK POKETS ARE REJOICING RITE NAW. THANK GOD cos their level go change next year[/b]

lolz

cant we all stand up against this policy, it will favour d minority at d xpence of d majority, let's all say no to dis N5000 single note policy, it will bring about high inflation, let d protest begin........nairaland can be d platform to start cos dey read and av dere informants here too.

Salusi is fhucked

i beg to disagree with this officer, cashless will better be encouraged by scrapping of N1000 and N500 instead of making cash carrying easier with N5000 notes.

I dont see what the big deal is here. I doubt that bill will be as common as 1000 and its predecessors.

Secondly, Nigeria will go cashless soon whether or whethant.


I guess the whole idea here must be politically backed. They are sick of looting huge sums in visibly large quantities and they rather steal the nations wealth easier. Imagine 4 bundles of that will be 10million naira

how can this move be of help to cashless system for God sake?? when its now easy for me carry 3 million in my pocket............cashless indeed

I see dis policy or policies as a step needed for a devoloping country so as to propel us to a developed country stage...

1. These bunch of idiots were denying the introduction 2 months ago when it was first rumoured.
2. How can you be talking of cashless society and you are introducing N5000 note. confusion
3. CBN was citing countries that have 10,000 of their currency but he forgot that some have only 100 as their highest denomination
4. Now this one is citing how long N1000 currencies have been in circulation, I can't remember how long 100 dollars have been in circulation

.

perhaps we are all in a haste to judge quickly.....lets see hw it goes, afterall evrytin has its advantages nd disadvantages

i-smoke-weed:
GEJ and his cohorts are just a bunch of schemeing liars

earlier this year he put the pump price at N145 and caused inflation of catastrophic proportions. He reduced it to N97 and promised to take it back to the initial N145 later this year.

He has seen that he cant do that in the guise of fuel subsidy anymore so he has introduced this method to achieve his initial poverty inflation plan for 2012.

Can anyone seriously stand up and tell me that the introduction/re-evaluation of all these currencies wont cause adverse inflation?

i feel you aren't a female

Didn't make any sense.
Playing with economy of 160million souls!

can any one tell me d educational statue of sanusi cuse 4me here a nusery child knows wen u turn 5/10 n 20 naira to coins it wil vamus from d ststem, even banks self don't colet coin not 2talk of a market woman or bus conductor,I wonder who dey just sold dis country to,cuse for me Nigeria ve been sold off

Î feel we all shud rise n fight this new denomination. Its only going to increase hardship for d average man. The NLC is d major organized body that has d power to fight negative govt policy. This is  ‎​​ for them to speak up. Their job is not only to clamour for increased salary. Introducing this 5k n changing others to coins will only lead to further inflation. This is so common sensical. Why can't everyone c it

CBN spends more than 10 Naira to mint a single 10 Naira note.
CBN spends more than 20 Naira to mint a single 20 Naira note.

So by introducing N5000 there will be massive savings for Nigeria. I am totally in support of introduction of N5000 but against conversion of lower denominations to coins.

Blacksmiths convert our coins to fashion items and sell at exorbitant prices. 1 Naira coin could be smelted into 2,000 Naira ear-ring. This makes coins endangered.

Billyonaire: I am totally in support of introduction of N5000 but against conversion of lower denominations to coins.

In this country, we have bunch of confused leaders. The conversion of N20,N10,N5 to coins will further impoverish our pple as no body will like to sell anything less than N50.God will punish those that are behind our problem to enrich themselves.

Imagine walking up to a Recharge Card vendor with a 5,000 note and buying N400 MTN card.

Funny people!Is it about strengthening the cashless policy or the economy?

oyb: i actually prefer large denomination notes for ease of management. try with drawing 300k from a bank in 1000 notes. my ofice is a walk from the bank - you will leave with a big bulge in your pocket which is a thief magnet

Obviously that money is most expected to land in some other account. What happened to using Internet Bank Transfer or Funds Transfer from the banks?
This is just a silly move to revert bank to a "CASHFUL SOCIETY".