Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido - Politics (8) - Nairaland
Nairaland Forum / Nairaland / General / Politics / Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido (25837 Views)
Akpabio Advises Losers Of 2015 Polls Against Wasting Their Money On Tribunals / Jonathan Orders CBN To Stop N5,000 Note Plan / 75% Nigerians Oppose N5,000 Note - NBS (2) (3) (4)
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| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by nodullin(m): 7:18pm On Sep 16, 2012 |
Two things I'll like 2 say: 1. I don't ve a P wit d introductn of N5000 notes.. Where I have a P is in d coining of 5,10 and 20N notes. 2. Sanusi sounds so arrogant.. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 7:47pm On Sep 16, 2012 |
ujchief: Man this is too harsh but Hilarious. Hardest punch comment so far. This week will be fun.  |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by sessydoo(m): 7:47pm On Sep 16, 2012 |
humm the Govt of "i dont give a damn" is now operational in Nig. Anyway SLS has said it, there is nothing the poor people of Nig can do about it because he is only obeying his masters (the IMF, World Bank n Co). What people dont know is that SLS n GEJ are only implementing the imperialist policies and dictates without any special considerations for the masses. As a matter of fact they (the poor ppl of Nig) can always cope with the resultant effects of their leader's actions n inactions just the same way they hav always coped in the past. Kudos to Feci n Pato450, you really made more sense to me. I took time to go through evry arguement on this thread and i can only conlude that we hav so many Govt agencies on this thread trying to promote the unpopular policies of their masters BUT God is on the throne, he will raise a deliverer for Nig sooner than we think. SLS pertinacious idiosyncrazy and unapologetic support for the imperialist policies n dictates at the expense of the common Man, is very appalling. There is this popular saying in the holy book "he that is often reproved but hearkeneth his neck shall suddenly be destroyed without a remedy". I rest my case 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 7:51pm On Sep 16, 2012 |
Billyonaire: It really hurt when you insult me like that. Do you want to take away from freedom of speech ? I said, I dont remember the last time I used N5 note and you go crazy with negative energy. Life must be very difficult for you. N5,000 is long overdue and that's a fact. If you are an advocate for the market women, then its your business. Poverty is a choice, so is Wealth. They choice is yours. Poverty is a choice but we live among the poor. If those we consider poor are made to survive through their noses, they will be forced to feed on the rich. Why do you think crimes and atrocities are on the rise. The more things are made difficult for the poor, the more we are liable to harm from dangers. Don't you see the rise of Militants in the Niger Delta, the rise of Boko Haram etc. All because things are getting difficult for the poor to educate their kids and get them off the streets, put food on the kids table and a nice place to lay their heads.  |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:00pm On Sep 16, 2012 |
pato405: I couldn't explain this better myself. Props.  |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:07pm On Sep 16, 2012 |
dozydre: i guess this our leaders are yet to see the strenghth of the masses taking to the street. Let them know that the falling of the yellow leave is a warning to the green leave. Don't mind our leaders. They will not heed to the warning signs. This kind of arrogance being displayed by the leaders of this nation is very dangerous. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:13pm On Sep 16, 2012 |
Billyonaire: When it comes to Strategic Tactics to revamp an ailing economy, every jack claims to represent the masses. They very masses they dont stop to give a lift on their way back from work. Ifeci is an Hypocrite. I am waiting for anyone to proof to me that the move by CBN will cause inflation. Man Billi, I have not seen any proof you have dropped that proves this 5K note won't cause inflation. A lot of people have stressed that it has been a recurring cycle. Whenever there is an increase in the highest Note, there has been inflation. No one has dropped the reason why it happens but it does happen. Just like during the subsidy removal demonstrations, many talked about an inflation in the market and pro-subsidy supporters asked for proof that it will cause inflation. What you should do is prove that it won't cause inflation or did I miss something somewhere? |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by PhysicsQED(m): 8:16pm On Sep 16, 2012 |
mbhs139: If it pains you, go sit in the corner and cry. werepeLeri: Whats this? It was an observation. Dis Guy: @PhysicsQED Actually, frowning doesn't do that to one's forehead. If anything, a frown would smooth out the wrinkles. Anyway, I know the wrinkles are mostly due to the facial expression he was making, but I was just making an observation about how weird it looks. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:22pm On Sep 16, 2012 |
ifeci: This goes down as a MASTERPIECE.    |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:28pm On Sep 16, 2012 |
pato405: Well advise your financial evil genius SLS to as well convert N100, N200 & N500 to coins while he further prints N10k and N100k. that will do you gys a lot of good. I'm pretty sure when this starts all ATM will dispense only N5000 minimum. that will definitely keep the poor off your track. very crafty strategy of going cashless. cashless my foot! Amazing, now we can talk about the Note-less Policy. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Remii(m): 8:32pm On Sep 16, 2012 |
thegoodjoehunt: Bros, technically speaking inflation should be result of more money chasing few goods, am I right? Please tell me how introduction of higher denomination of currency will lead to increase in price of commodities if people's income are not increased and govt spending is controlled. Only Nigerians mentality can lead to artificial inflation if out of arrogance you want to show off by spending N5k notes unnesseccasily or decide not to take or spend coins. If pure is continued to be supplied to sellers at present price, would you pay N50 for a sachet just because N10 is in coin? |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by werepeLeri: 8:35pm On Sep 16, 2012 |
Remii: Dont even bother. He wants you to prove how it will not cause inflation, but he and others are too lazy to tell us in logical terms how it will cause inflation, apart from their tomtom and pure water price arguments. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:50pm On Sep 16, 2012 |
Addressing State House correspondents last week, the Minister of National Planning, Dr. Shamsudeen Usman, said the introduction of the N5000 note was not in conflict with the cashless economy introduced some months ago by the CBN. The minister said he was deeply involved in the last review of the introduction of the N1000 note and the various coins, and that it was his responsibility to oversee the process when he was deputy director of operations of the CBN. By owning up to the responsibility of overseeing a previous policy of restructuring our currency, Usman is saying that he was responsible for the amplification of inflation that rendered our coins of almost no value for any meaningful transaction. In saner climes, Usman’s chest-beating posturing ought to beg the question: what is he doing as minister of such a strategic portfolio? The Nigerian people are the pawns, the ones who must pay for their leaders’ mistakes. They are the ones who must pay the price for the huge debt running into tens of billions of dollars incurred in a little more than one year of the present administration. They are the ones who must pay the price for the depletion of the billions of dollars in external reserves that their president met on assumption of office; for the inordinate looting of the national treasury by the unscrupulous few. It didn’t matter to these technocrats that the introduction of the N5000 note and the general restructuring of the currency wouldn’t have any bearing on enhancing the integrity of a diseased naira. They also don’t care that diversifying the economy and providing an enabling environment that would boost production, and subsequently export, can just do that little trick of making the naira compete favourably with its international counterparts. --------------------------------------------------------------------------------------------------------------------- Just read this on Punch Online and was shocked. Too disappointing. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:51pm On Sep 16, 2012 |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:59pm On Sep 16, 2012 |
Remii: I still vividly remember N50 debacle and how many said it will cause inflation. The same reasons were laid out why it won't. Nigerian Economy doesn't cycle like the rest of the world. Those theories don't go precisely as the reports and researches tell us. Remember how Micro-finance systems caused a lot of growth in India and Brazil, in Nigeria it was a total flop. We are saying the cycle doesn't change. Whenever there is a new denomination of note introduced, there is an inflation in the market. Why it happens, we don't know but it happens. Now you guys say we should prove why it happens. How, it's suppose to be the other way. We are saying this normally happens and you guys are saying it won't happen this time. We say, why won't it happen? Now the onus is on us to prove why it will happen. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 9:03pm On Sep 16, 2012 |
We thought it was just the Subsidy removal, now increase in currency denomination. Nigerians should therefore brace themselves for more hardship. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by ifeci: 9:17pm On Sep 16, 2012 |
Remii: Bros, technically speaking, inflation is not just a result of more money chasing fewer goods. there variations which will be categorized into monetary or price inflation..like cost push inflation, rising imported raw materials cost,rising labor costs, demand pull inflation, rising government indirect taxes etc...but in this context, the introduction of #5000 note is surely going to cause the rise in prices of commodities like we've witnessed in the past and this fits into a definition of inflation as "A persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money" in a nutshell, inflation is "things getting more expensive" which could be caused by a number of factors like the examples I gave above; not necessarily more money chasing fewer goods. 2 Likes |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 9:24pm On Sep 16, 2012 |
Remii: 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 ~N500. If the higher denominations are created with N50 coins, as being proposed, it should not lead to inflation, provided Nigerians are ready to resist traders antics, since there income will remain same. 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. Do you think the highlighted could be done by next year. If NO, then the inflation you talked about avoiding will occur and the need to resist should be supported. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 9:40pm On Sep 16, 2012 |
Themaingate: Very remarkable and innovative suggestion.  |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by curtain: 9:40pm On Sep 16, 2012 |
I REMEMBERED HOW SOLUDO WAS HURRIED OUT OF OFFICE WEN HE MADE PROPOSAL TO INCREASE THE VALUE OF NAIRA BY REMOVING TWO ZERO OUT OF NIGERIAN CURRENCY VALUE, THE WEALTHY WERE QUICK TO KICK AGAISNT IT, BUT AM SUPRISED DAT SANUSI HAS AN OPPOSITE VIEW, HAS HE BECOM SMARTER DAN ICAN, ASSOCIOTION OF NIGERIAN BANKERS, AND ODAS LEARNED IN D FINACIAL SECTOS WHO SEE THAT AGENDA AS A WRONG ONE, SANUSI I QUICK TO REACT TO OBJs COMMENT EVN THOUGH obj admited he is nt grounded in dat field, why wont sls go and chalenge ican, he claimd obj made more curency dan nw, he fogot dat at d end gej wuld b blamd for d bad advise he is recievin frm him d way obj is blamed 4 d bad advise of past cbn govrs 2 Likes |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Remii(m): 9:51pm On Sep 16, 2012 |
thegoodjoehunt: So if Nigerians can't control themselves what should the CBN do? Allow Naira to slide? At the present value, alternative to higher denominations is the removal of zeroes which Soludo attempted and stopped, but something needed to be done to assist Naira management. It is now very difficult to carry $1000 worth of Naira on ones person because highest denomination is two low. N1000 = $6 = £4. Also If it costs more than N10 or N20 to print those currencies as claimed by CBN then its not advisable. Even simple paper requirement comparison will show that something needed to be done. $1000 = N160,000, dollar will be 10 pieces Naira will be 160 notes. Cashless policy is still intact, the policy did not say, " no more cash" it's to encourage cashless transaction by placing penalties for withdrawal or lodging certain amount of cash, in any form of denomination. Looters will continue to steal, whatever denomination is inncirculation. Ribadu was bribed using $ by Ibori. We should not let thieves and corrupt element dictatate how lives of majority is run. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 9:58pm On Sep 16, 2012 |
mathskill: Sanusi bashing has started again fOr nothing else OTHER than pure unadulterated hating.My challenge to all those haters is go and get the qualifications,awards(international,not the ones you by in Nigeria) fame and position that SLS has.It is not enough because you have a computer and access to the net that you beging to extend hatred you learnt from your step mother unto SLS. Masters in Sharia and Plagiarism. Sorry, I couldn't let it pass. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 10:00pm On Sep 16, 2012 |
Remii: No one is arguing your point here. What we are saying is that this will lead to an inflation in the market, which will lead to the value of the currency dropping and then a higher denomination printed again and the cycle continues. SLS should think of a better solution. This alternative is a no no. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by stonedlive(m): 10:10pm On Sep 16, 2012 |
The problem is that the CBN is the only institution doing anything. Roads are not being built. We have no new airports. No progess on new power plants. No rail lines. So every time we do something all hell breaks loose.no one seems to be paying attention to the poor ratings he gave the present administration ....... 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by 3kay945(m): 10:33pm On Sep 16, 2012 |
How on earth can you be comparing Nigeria to Japan USA or GB? I don't have problems with the 5k but converting the 10naira 20 and 50 is what am against. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 10:40pm On Sep 16, 2012 |
Remii: By the way if you look above and see what I highlighted in Red, you said that there are things that should be avoided to prevent inflation. I am saying these things can't be achieved soon, so the inflation will occur. So this 5k note will not assist the Naira management but even worsen the situation. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by 3kay945(m): 10:43pm On Sep 16, 2012 |
ifeci:Bros, thank you. You have done enough to put reasons into those guys yet they keep yearning dust. Though they could be right in the theoretical aspect, but in Nigeria context, they are damn wrong. there is nothing left to be said because you have done justice to it in your argument. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by anelka101(m): 10:54pm On Sep 16, 2012 |
Haba sanusi, i think wht he should have done in the 1st place is to educate us on the benefit the 5k will do us, but he has refuse do that,it means he sceleton in his walldrop as per the 5k. Mind u,ur tenor will soon be over Old idi**t 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by bamigboye27: 11:08pm On Sep 16, 2012 |
hmmm. Is #5000 d nxt tin 2 do in nigeria? With all d troubles nd destructn dat is goin on, sum1 can stil b tinkin of introducin a non beneficien 5k note. Infact d 1k note is 2 high. Bt dey tink of hw 2 steal dat money easily. Nawa ooo. God go save 9ja sha. Bt i say 5k note is nt d remedy 2 d malady of nigeria 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by femmical(m): 11:19pm On Sep 16, 2012 |
I don't really know who. †ђξ president of this country is... Maybe Jonathan or Cbn governor? Short man devil, mad dog,mad man, may God punish u aπϑ ųя family,from generation τ̲̅ȍ generation IJN cos u re punishing us ι̥η this country or maybe u re †ђξ first person that graduated from school ι̥η ųя family... Very soon u ll face †ђξ wrath of God, very soon. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by DisGuy: 11:26pm On Sep 16, 2012 |
lol these are the sort of people the comment was made for!! see as them dey bark like bingo! |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Forzap: 11:28pm On Sep 16, 2012 |
Chei,can u Imagine!dis aboki don see nigerians finish sha,well nay God go punish u |
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