ballabriggs:

Zimbabwe? Oh no, you better know the fact about issues before you run your mouth.

Firstly, Zimbabwe came under a lot of international sanctions with the land reform. Zimbabwe could not thus earn foreign exchange from exports to meet its demand for imports. What happened? The reserves went almost empty and as goods were not being imported hyper-inlation came about, the Zimbabwean dollar lost its value. It meant you needed a lot of cash to effect a transaction. Using the old denominations became cumbersome as you needed a lot of cash and there was thus a need to print the billion dollars given the rate of inflation. What we have here is the fact that infalation is what brings the need for a reform rather than a reform leading to inflation. So please get your facts right before citing country examples.

The currency reform just like the cashless policy is geared towards efficiency in transactions and thus complements each other.

Gaiden k: Mallam na mallam,whether u spell am from front or back,what u expect from a cattle rearer,daft speech.

ballabriggs:

N1 to $1 in the past, today it is N160 to $1. You want it back to the 1970's abi? Very good!!! With what now, with juju abi? What the hell do you produce in your economy to earn you foreign exchange apart from the crude oil which is subject to fluctuating prices? He should use juju to bring the naira at par with the dollar abi? Without the measures they've taken so far to protect the naira, by now the naira would have been going for about 250naira to a dollar given the global recession. You want me to call Britain and US when you cannot even match ordinary Malaysia in terms of development. Are you still moaning? The world is moving, humanity is moving.

We accept the currency reform for the sake of sustainability.

Image123: bank customers can reject 5000naira notes? what of we common people who are not bank customers? the conductors, the gala, la casera and bread hawkers? the recharge card seller and pure water vendors, how do we also reject the 5000naira notes without fights, curses and hype and at no loss?

chamber2:



You seem to me like one ''obodo oyibo'' bred kid! No economy functions in isolation of the socio-psychological disposition of the people. Spending N40b just to print some piece of paper so as to create some measure of convenience is bad economics if you ask me, especially in a country riddled with poverty, inequality, corruption and unemployment. The ONLY benefit of the N5000 is the assumed convenience it creates and the reduction in currency management cost. Aside this, nothing else. Over the last few months the CBN and it's agents have been selling the ''cashless'' policy gospel to Nigerians. This policy was designed to reduce the quantum of cash in circulation, promote operational efficiency, reduce thievery and other vices, and ultimately leads to job creation through the establishment of POS and other payment infrastructures. Now, tell me where the N5000 enters into the equation? Cashless policy and new currency introduction, complete counter-policy initiative!

On the issue of coins, history has shown that Nigerians dont feel comfortable carrying coins. This may be as a result of lack of facilities that will facilitate the use of coins e.g phone boots, train transportation etc. So, reducing N20 to coin will mean outright disappearance of these lower denominations thereby making N50 the lowest denomination with its attendant inflation pressure. So, couldn't the CBN wait for a while to see how successful the cashless policy will be before this new currency restructuring? Why the haste? The cashless policy would have complemented the new currency if adequate time was given for a complete introduction of the cashless regime.

Now, one CBN deputy governor came up to say that the people can reject the N5000 note from the commercial banks if they deem necessary. Reject a legal tender, how possible? The problem we have as a country is that we live in a time when those in positions of authority systematically lie to its people so as to gain little personal advantage. This is the delima of the Nigerian society

chamber2:



You seem to me like one ''obodo oyibo'' bred kid! No economy functions in isolation of the socio-psychological disposition of the people. Spending N40b just to print some piece of paper so as to create some measure of convenience is bad economics if you ask me, especially in a country riddled with poverty, inequality, corruption and unemployment. The ONLY benefit of the N5000 is the assumed convenience it creates and the reduction in currency management cost. Aside this, nothing else. Over the last few months the CBN and it's agents have been selling the ''cashless'' policy gospel to Nigerians. This policy was designed to reduce the quantum of cash in circulation, promote operational efficiency, reduce thievery and other vices, and ultimately leads to job creation through the establishment of POS and other payment infrastructures. Now, tell me where the N5000 enters into the equation? Cashless policy and new currency introduction, complete counter-policy initiative!

[b]On the issue of coins, history has shown that Nigerians dont feel comfortable carrying coins. This may be as a result of lack of facilities that will facilitate the use of coins e.g phone boots, train transportation etc. So, reducing N20 to coin will mean outright disappearance of these lower denominations thereby making N50 the lowest denomination with its attendant inflation pressure. So, couldn't the CBN wait for a while to see how successful the cashless policy will be before this new currency restructuring? Why the haste? The cashless policy would have complemented the new currency if adequate time was given for a complete introduction of the cashless regime.

[/b]Now, one CBN deputy governor came up to say that the people can reject the N5000 note from the commercial banks if they deem necessary. Reject a legal tender, how possible? The problem we have as a country is that we live in a time when those in positions of authority systematically lie to its people so as to gain little personal advantage. This is the delima of the Nigerian society

faithin9ja: [/b]

Please stop taliking like an illiterate. Naira and Pounds are NOT the same. The intials do NOT matter.

The Japanese Yen is one of the strongest currencies in the world. It is one of the currencies used as a store of international value yet $1 = 78YEN. does that make the Yen worthless please answer

faithin9ja:

Which history? we used coins in Nigeria from before independence to the late 1980's. As late as 1989 I was entering Molue from Agege to Oshodi for 10kobo a drop. enter with your change oh! wo le pelu coins oh!!!

Odunnu: How does this thrash even sound in their ears?
'you can reject' a legal tender?
*smh*
We were compelled to take the coins, now we can reject the note.

faithin9ja:

Which history? we used coins in Nigeria from before independence to the late 1980's. As late as 1989 I was entering Molue from Agege to Oshodi for 10kobo a drop. enter with your change oh! wo le pelu coins oh!!!

faithin9ja:

How old are you? where were you when N1 = $1? do you know how much people earned then?

When N1 = $1, a driver would earn N30 a month!!! rent for one room in Mushin or Ajegungle would N5 ($5) a month.

How much does a driver earn now? Can a driver earn less than N35,000 ($200) a month? how much is rent in one room in Mushin or Ajegungle now? N5000 a month - still one seventh of a driver salary.

It is called NPV (Net Present Value) Even the dollar you use as your measure has lost over 300% of it's value over the last 30years. 30 years ago new cars in US cost $3500, now they same standard of car cost $25,000. Please go and learn basic economics before posting.

philip0906:
what r u blabbing about? U are still hitting the point i am driving home. . .How come we have fallen so low? Why are we not trying 2 get back 2 d good 'old days or @ least measure up with the peeps we competed with back in d days? Y must we fall with our back 2 d ground? Don't people earn $10 every hour in the u.s and feed themselves well with it? can someone who earns N10 every hour feed himself 2day? I am not talking economics, I am talking practicals here.

Ogbodavies: No comment 4 now,chiling with pop corn n zobo

Ogbodavies: No comment 4 now,chiling with pop corn n zobo

oradee:

and because of this, the US has decided to print $5000 so that it wld be convenient for them when they wanna go to fast food? (cos thats ur excuse in relation to 20 pounds)

faithin9ja:

What is your problem? $10 is N1500, is it bad to earn N1500 and feed your self with it? must it be N10 to feed with N10? You earn N1500, you spend N1500. Or you are complaining because the 'zeroes' are too much?

the question should be are Nigerians earning enough? In Japan people earn Y1400 a day in order to survive, do you see Japanese complaining about too many 'zeroes'. 78 Yen make $1, yet the Yen is one of the strongest currencies.

My friend go and study economics properly

chamber2: ^^^^

you are the one talking rubbish! Yes, complete rubbish. You forgot these were still the same problem the cashless policy was designed to curtail. Why do i even need to carry cash to buy a single computer when i can conveniently order online or pay with card?

Do we even need the higher denomination even when cashless policy is being canvassed? The cashless policy, if well implemented, will address almost all the problems you enumerated. It's not rocket science.

philip0906:
Listen 2 urself. . .i only used d example 2 show u how bad d naira has fallen copared 2 d $.japan? so Nigeria is now mates with Japan? On what grounds r u making d comparism? economic,political,security or what? and please stop all these noise about economics. Even d illiterate Nigerian hs basic knowledge of econs besides, we are not talking textbook economics but practical.

chiboy1928: What is the big deal about these five thousand naira notes I support cbn holeheartedly let the money be in circulation,even ghana here were I live the highest denominations is 50 ghana cedis wich is equivalent to the 5,000 naira notes here in nigeria, and also they make used of their coins such as 10,20,50 pesewas wich is also equivalent to 10,20, and 50 naira and it has not resulted to any inflation, while we here making unneccesary noise about inflation if u don't want to used currency then do away fr it rather than come and misinformed the ordianry nigerians!!!

faithin9ja:

What is your problem? $10 is N1500, is it bad to earn N1500 and feed your self with it? must it be N10 to feed with N10? You earn N1500, you spend N1500. Or you are complaining because the 'zeroes' are too much?

the question should be are Nigerians earning enough? In Japan people earn Y1400 a day in order to survive, do you see Japanese complaining about too many 'zeroes'. 78 Yen make $1, yet the Yen is one of the strongest currencies.

My friend go and study economics properly