I wish I could email some pics of parts of burutu community and some rremote riverine communities who have never seen light nor gud water,so he knows how some nigerians r living before he tries to implement some of his ideas.

They have been denied their share, trust me, soon they will swindle the masses into some measures of upheaval against the Executive Arm, then go to the back, collect their share, and order the the masses to stayput or face penalty. And the always dumb masses will sit back and realise that these politicians are using them to gain their end. They(plus me) makes things happen, the masses(most NL), read about; and complain about happenings, and some HUUAs don't even notice anything happening.* I De Laugh!

i really hope sanusi is not given the chance to do this insane act. It makes no logical sense, it is these sort of policies that have made Nigeria so terrible to live in now. Those supporting sanusi have no objective case here other than to prove smart like the idiot sanusi.

Super1759: Senators *smh* they want their "shut-up share" that's all. Pls gej should form a commitee to look into this matter

..... Pls which committee do you want to be set up again?? GEJ is the one that gave the CBN approval to carry go nah...read the post well.

crown777: 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.

The highest bill in the US is $100, Britain is €50, Ghana 50 Cedi, Have ever had a scene where you're forced to spend N100 or above for a service that's worth N50, all because the service provider claims ;"No Change"? This in itself is inflationary.

Ask them in Zimbabwe where the highest currency in circulation is $100 Trillion Bill, but no one spends it. Instead, people use the US dollars and South African rands for their daily transactions!

We will soon be buying things now sold for about N3,000 - N4,500; for N5,000.00!

It is 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. 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?

Join to say no to introduction of higher denomination of naira . Let's save our economy. 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 turns us to millionaires that can't buy bread

We elected them we don't need a higher currency.

Best comment for me so far.
When the N1000 note was introduced, we all knew how the FG tacitly removed the 1 and 2 naira coins from the system now you cant buy anything for as low a price as that (except stocks)
If the N50 gets to become as coins, The simple implication is we would always be forced to buy more.
For example we would be buying 10 tom toms when we probably need one or two simply because of no change - this goes for other goods like blades, oranges, biscuits, etc. Ultimately, the prices of these commodities will increase to match the naira level and N100 would not be able to buy more than a toothpick.
Then we are back to square one... Inflation inflation inflation.
This means we have more but can't buy more.
It means paying close to 500k for primary school tuition fee.
It means buying 'perry cole' boxers for N3500
it means cooking a pot of soup with N5000 pepper.
Soon the N5000 would not be able to buy more than a pair of trousers even in yaba market.

The autonomy of the CBN makes me remember one eerie definition of democracy; "Government of the SANUSIs by the SANUSIs and for the SANUSIs"
the Sanusis are not only those going by the name, but as well as the people who wishes to cart away "national treasure" in suitcases filled with 5000 notes across the nearest border.

Always not in a hurry 2 comment on critical issues like dis. Dis same man save nigeria from total collaPse of some of our banks years back. Criticism trailed d proposed action then. He went on an 2day d man was. Vindicated. I don't want 2 join d majority of those callin 4 sanusi head. Its too early. Time shall tell!

alamkah: Always not in a hurry 2 comment on critical issues like dis. Dis same man save nigeria from total collaPse of some of our banks years back. Criticism trailed d proposed action then. He went on an 2day d man was. Vindicated. I don't want 2 join d majority of those callin 4 sanusi head. Its too early. Time shall tell!

bro that was a different issue. I WAS a die hard Sanusi fan but trust me this particcular policy got to be the dumbest he has ever made. Quote me anyday. It is so irrational there is no logic behind it. None of us need to be an economist PHD holder to see a common tread among countries with higher denominations and those with lower.

debosky:

Regardless of the nonsense that woman allegedly said, the introduction of 5,000 naira is not a driver of corruption - people have been corrupt since the days of 1 naira notes, so that is an irrelevant argument. Currency denomination is not the cause of corruption.



44bn appears excessive, but then again, if we need additional currency to be printed, it should go ahead. Whether or not the 5,000 note issued, we will need to continue printing currency to renew what is in circulation, so let's not make it sound as if we don't need to spend money on printing currencies if we shelve the 5k note.

I don't support making the highest denomination 100 naira - it is costly to print large numbers of these units so if you are really concerned about 44BN, it will cost even more to print high volumes of 100 naira to meet the needs for currency circulation.



I don't know see any reason why the senate should be consulted before currency is issued - let them face their law making responsibilities and leave currency management to the CBN. They should be informed, but that's it.

We can't wait for 150m people to agree before we move forward on any issue all in the name of 'consultation'.

UNLIKE

ballabriggs:

You are blessed in the name of the most high. As Lemo said, monetary policy and currency issues is not a popularity contest. If you dolts don't understand this by now then I'm very sorry for you all.

So the CBN should also consult with you before determining which currency to hold its foreign reserves in? They should also consult with you before setting the optimum MPR? They should also consult with the council of chiefs before setting the reserve requirements of banks.

you reason like a kid.

dats so stupid of him joor

Can someone explain to me why the introduction of N5000 or N10000 note be detrimental to the Nigeria economy?

It is not by force for every to hold the money na? If you pocket change no reach N5000, you can hold the lesser denomination...the USA have $10,000 note; but it is not widely in circulations because not many people conduct transactions with that note on a daoly bases...

The only valid argument is not, it will be a magnet for counterfeiters....If this is the problem why shouldn't the energy be focus on this problem? and it is very difficult for counterfeiters to pump N10000 notes into circulations as it is only on very few occasions that you will buy something and expect change in N5000 or N10000 notes....and tell your grand mama that sells provisions in the market not to accept the notes, problem solved.....but some people will need this notes.

Lets not make the perfect the enemy of the needful.

Its obvious that these guys do not have any work to do.

there is nothing wrong introducing new #5000 note
but my major worries here is the coining of
#5,#10,& #20.Sanusi pls can u coin only #5000
and leave other in there pppa form.thnk u.

debosky: The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

GBAM!!!!!

Willy7: hahahahahahaha,We all understand this body language,pls sanusi u knw how its bn done,u knw d standard,sorry senate practice,GREESE SOME PALMS and watch them back you all the way.Afterall what u want to do is in their best interest and d average Nigerian knows this.Bunch of shameless thieves,now they re quick to compare Nigeria to d UK and US,how about their allowance and salaries,wont they compare theirs with those countries too?These fools think we re bigger fools.Imagine a senator of a republic standing against a govt's economic policy and doesnt want his name published,then who is he representing?God i really wish a drone will go through that building on d day of their reconvening.dis pple re vampires.they stand for nothing but their own interests.As for sanusi,ur day will come and nigerians will rejoice over u,keep running d cbn like ur father's business.from boko haram appologist to economic dictator.welldone

I love this new development,am an economics student and in all my readings i have not seen how the introduction of a hiher denomination of a nations currency would improve the economy of a nation.what sanusi is trying to do would not in anyway solve the economic problems facing the nation,he should be thinking of how to bring up strategies that would facilitate industralization and diversification of the nigerian economy.

thiefs

debosky: The senators are too daft for words - why would adding another currency denomination be a major campaign issue?

If currency denomination is within the autonomous powers of the CBN, they don't need the Senate's approval to do anything. That is the issue at hand, not the daft comparisons to the UK or US.

Does your currency carry the same value as those other currencies before you compare?

While the mor0ns called senators are in the mood for comparison, they should also check whether MPs and Senators in the UK and US collect constituency allowances and the other ridiculous allowances they pay themselves in Nigeria.

I very much think you are not a Nigerian, but a pig from nowhere.