N5,000 wl most certainly strengthen the Peniless (NOT cashless) Policy of the elite against the masses. I dnt knw, Sanusi's moves are full of weedsdom - he always acts like one who's always on weeed!!

Later #10000.....IDIOT

Billyonaire: I went out and had a bottle of Hennessy with friends and Isi ewu, and some suya, you know what, I paid using the POS and it was above the daily cash withdrawal limit. What if the network was bad? I would have brought out bunbles of wads, but with 5000 notes it would mean portable cash. I dont believe Nigerians should be poor. I believe we should be as rich as Kuwait nationals and hire foreigners to clean our toilets. I love Nigerians and some day I will be President but for now, the cashless policy, the reduction of excess notes in the system is a good thing to avoid wastage of huge funds used in minting low value currency notes, Listen, poverty is the precursor of creativity and creativity is the mother of invention. Lets not prefer comfort to stay in poverty, we should be pushed to the world to get rich. If the government has to put 5000 notes in the system to revamp the economy, let it be done. I am sure the people at the elms of affairs are better brains than the rest of us and they know what they what they are doing.

U want to become president one ϑάў abi.....Fool

PresGEJ:

Fellow Nigerians,

The introduction of N5,000 should be applauded and supported by every well-meaning and intelligent Nigerian. To my chagrin, I see only a few reasonable and smart people on this thread so far.

This reminds me of my days as a lecturer. Let us start with a definition of term: "Cashless" means LESS CASH - It is pity that people who can sign-on to discussion forums cannot interpret a word as simple as Cashless.

Now, for application of the term: If I wish to pay out N10 Million (to further government work of course), I will need 100 bundles of N1,000.

With this brilliant CASHLESS policy of N5,000 notes, I will need only 20 bundles. 100 versus 20!!! Isn't this progress obvious enough?!!

Nay sayers will say that the 20 bundles will fit into agabadas and caps more easily, but that is beside the point.

My government and I should be applauded for making CASHLESS a reality.

Long Live Nigeria.

Your Presido

..mtcheeeew.. U shld learn 2 think outta d box... Come 2 think of it... U were once a lecturer, i pity ur ex-students

Billyonaire: I went out and had a bottle of Hennessy with friends and Isi ewu, and some suya, you know what, I paid using the POS and it was above the daily cash withdrawal limit. What if the network was bad? I would have brought out bunbles of wads, but with 5000 notes it would mean portable cash. I dont believe Nigerians should be poor. I believe we should be as rich as Kuwait nationals and hire foreigners to clean our toilets. I love Nigerians and some day I will be President but for now, the cashless policy, the reduction of excess notes in the system is a good thing to avoid wastage of huge funds used in minting low value currency notes, Listen, poverty is the precursor of creativity and creativity is the mother of invention. Lets not prefer comfort to stay in poverty, we should be pushed to the world to get rich. If the government has to put 5000 notes in the system to revamp the economy, let it be done. I am sure the people at the elms of affairs are better brains than the rest of us and they know what they what they are doing.

Dude stop exhibiting your foolishness. How many developed nations with cashless economies have bills larger than a 100?

Sanusi ad coh. Government ad his reprenstive,shame on u guys upon d resoures in dis country,u tap frm it,ad bring change to dis country,inother to create jobs for 9ja citizen. Yea,thicking 5000 naira note. No wonder u guys die without honor.

nozschy2k: N5,000 wl most certainly strengthen the Peniless (NOT cashless) Policy of the elite against the masses. I dnt knw, Sanusi's moves are full of weedsdom - he always acts like one who's always on weeed!!

I tire o

oluchi jud: ..mtcheeeew.. U shld learn 2 think outta d box... Come 2 think of it... U were once a lecturer, i pity ur ex-students... Must u comment sef?...

Obviously you know nothing of satire

The idea is to make money smuggling easy for them. They do not need ghana must go bags to steal public funds. They can just put N1m in their back pockets or agbada and move on like that. They are clamoring for cashless econonomy, yet they are putting N5000 on a single paper. Does this make any sense?

If CBN is foolishly saying 5000 will strenghen the cashess policy what about turning 20,10 and 5nairas into coins? Only God knows what kinda economists we have in naija. I sincerely think people should act and stop this craze.

This is so unfortunate for Nigerian if this decision becomes reality!!!!! It is so painful that Goodluck Jonathan has dissapointed Nigerians after much blood shed on his sorry ass and now he wants to destroy ther mercies with N5,000 note!!!!! I decree that Jonathan will die in the 1st week of implementing this devilish idea!!!! If possible both Sanusi and Ngozi will have strokes if they don't take time. Nigeria lets stand up and at least protest against this menace..... This is so disheartening!!!!! What on earth will becomne of N10, N20, N50, 100? The average Nigeria is in deep sheet and mark me there would be more crimes if this useless policy is put in place!!!!! May God help us AMEN

Gej will Die in 1st week of September. Revelations revealed.

Fellow Nigerians!!!
It is no longer news that CBN plans to introduce N5,000 note by January 2013 .

The crux of the matter is the implication that this will have on our individual lives and national economy. One of the indices of a GROWING INFLATION, is the creation of Higher Local Currency Bill, NO matter what CBN or the Managers of our economy say, they know too well in their minds.

Ask them in Zimbabwe!

We will soon be buying things now sold for about N500; for N5,000.00!

It is going to be terrible!

Why are we not emulating Ghana where they just redenominated their currency? Why can't we do same to manage our economy?

The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad or even under sealed pits.

For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1. In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against many currencies and stealing money abroad will become unattractive.

Why are we going for higher denomination when CBN is spending billions to promote a cashless economy? This is absurd! Let's cry out please.

Join to say no to introduction of higher denomination of naira . Let's save our economy. Pls rebroadcast untill it gets d necessary attention. If we have 2 re-occupy Nigeria or CBN (this time), let's do it....even if ₪o† for ourselves then let's do it for d future of our children and their unborn children!! Before they turn us to millionaires that can't buy bread.

Where is N1 today? Its been lost in d system. Even the banks don't have it. Changing N5, N10 & N20 to coins will mean the same thing. Those too will be lost in our economy. One of the Directors of CBN on Channels TV this morning said, the higher denominations are for 'those' who need it. Who else needs it except the 'thieves' of our economy. This new craze by the CBN will only devalue our naira more. This is a call for help Please. NIGERIANS ARISE

FOOLLLLSSSSS!!!!!!!
They can't even pity the rising inflation rate and look 4 a way to bring it back to a digit.
They can't backup the CASHLESS POLICY. Rather, they introduce means to counter and kill the policy.
They don't even think of how to raise the VALUE of Naira. Rather, they want to make it worst. Soon, a Dollar will equate over #250 let alone £ and €.
Haaaaaa, this will be a big way for them(i mean them in totality) to still our #.

What advantage of the new #5000 note will be compared to disadvantages life, High Inflation Rate, High Poverty, Death of Naira,...........etc.
GOD HELP NIGERIA.

Kpac: 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.

This is a further confirmation of GEJ's !!! cluelessness

Billyonaire: I went out and had a bottle of Hennessy with friends and Isi ewu, and some suya, you know what, I paid using the POS and it was above the daily cash withdrawal limit. What if the network was bad? I would have brought out bunbles of wads, but with 5000 notes it would mean portable cash. I dont believe Nigerians should be poor. I believe we should be as rich as Kuwait nationals and hire foreigners to clean our toilets. I love Nigerians and some day I will be President but for now, the cashless policy, the reduction of excess notes in the system is a good thing to avoid wastage of huge funds used in minting low value currency notes, Listen, poverty is the precursor of creativity and creativity is the mother of invention. Lets not prefer comfort to stay in poverty, we should be pushed to the world to get rich. If the government has to put 5000 notes in the system to revamp the economy, let it be done. I am sure the people at the elms of affairs are better brains than the rest of us and they know what they what they are doing.

dis guy is always such a fool! I read through the posts and I spot one foolish post and why am i not surprised; because it comes from the one and only Bingonaire! ur analysis shows dt u hv no regard 4 d poor & middle class & if I knew who u r, I will mk sure dt u will neva get into GVT. We are talking about the inflation this is going to cause as we hv witnessed in the past and u r tlking garbage. God save Nigeria from m0r0ns like u!

This is good news for Facrook! Otedola can now pay him in naira!

what av nigerians done to deserve this merciless leader, O LORD!

Kpac: 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.

To me, Ngozi okonji is just an agent of the world Bank rather than our finance Minister, she's just here to win and increase businesses for the wold bank.

PresGEJ:


Thanks for that thoughtful question - At least, you are thinking, unlike most posters here.

According to the renowned Journal of Public Economy (Published by Chicago Journals), the need for larger denominations in a well-functioning economy "arises every 5 or 10 years".

How long ago was the N1,000 introduced? 7 years ago! Can you see the calculated brilliance of my government? We are running the government by the book (or journal)...literally!

The Journal went on to say that big denominations are often (mis)interpreted by the unlearned public as "overissue of currencies, and the mere expectation of inflation may drive the price level up even though the total stock of money is held constant."

Did Sanusi say he is increasing money supply? No.

So, my dear centje, no cause for control - everything is under alarm (I hope I said that right)

Long Live Nigeria.

Your Presido

first of all who made u presido? And u call ursef a lecturer, i pity ur student. Common sense dictates that to discourage a thing disincentives needs to be introduced. "Cashless'' you a so called lecturer interpretes in volume not value, please go read about the reasons for withdrawal of large currencies(this was reserved for government transactions not public) in america it was due to the development of e payment. But u in ur wisdom thinks in other to go cashless we shud make it easier to carry cash around, please don't insult intelligent nigerians on this forum with ur stupidity.

at the Genocide policies of Sanusi against the poor Masses,,1st was Cashless Economic in favor of the Rich against the poor traders who goes to the bush market to buy food stuff,Please sanusi tell us where is the bank to do cashless economic in our interior villages(forest) with no road? Now is N5000 note and converting the smaller denomination to coin so that it will go extinct and loss it value completely,so that what the poor can buy at N10 will now be sold at N100,,,Wickedness/inflation in high places,please some one help me ask Sanusi when was the last time he saw N1 coin let alone using it to buy anythingGodSaveUs!!!

Billyonaire: So politicians are paid in cash ? I thought such volumes of salaries and allowances go straight to bank accounts.

Nooo, u are talking of salary and allowances, they don't move there loots through bank like that it has to be moved by ghana must go at some point to make it difficult to trace.

mal Cow Sanusi knws dat d president is a Bozo who wil alway nod his head lyk a lizard. He knw dat he can even sign a document dat can nail him. d president is lyk a toy in dia hands. they wil run away ad liv him to carry his cross wen dis economy totaly colapse. Mal Cow know all Sanusi haz somtin up his sleeves; ad d president is a manipulatable tool in hands ad dat is very un4tun8. l hop NLC & co wil not sell out cos since d dparture of Oshiomole, NLC has neva in pro-masses. I dey watch o. yawa!

we dont nned it. others are reducing their own currecy, and we are bizy increasing ours. is

I beg CBN Governor to change everything to note both one naira,to two thousand $ five thousand,because Nigeria's hate heavy consins

Paul John: 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/

Just imagine the nonsense this man is spewing I no blame am now afterall na tax payers money dem dey use take care of im excesses and that of his family, why he go complain? wicked hearts

D

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

By the time carrying bulk of cash isn't comfortable , it will lead to e-channel transactions but Sanusi wants to make carry cash comfortable...how does that enhance cashless society he's advocating for? e.g picture a situation where we make 100 naira the highest denomination, hotels, super market and even small kiosk sellers would be forced to get P.O.S machines because by the time you make sales of let's say N200k a day in N100 denomination definitely it would not be easy carrying that around and God almost everybody in Nigeria now has at least saving account.

Paul John: 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/

5,000 naira note a glorified 50naira.. The pix no make sense

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.

Don't let us look on how the N5,000 will affect our cashless policy as nothing can
stop our government from printing it if they want to do that but let us all look unto
how the cashless policy will profit us and I've been searching all these days
where there are opportunities in Mobile Money,Etransact and many more as so many people
I've been making silent cash from it while some other people are here complaining as I've read through
almost have of the page for more than 1hr now that I've been on this page.

How do you think that it is possible?