Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido - Politics (9) - Nairaland
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| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by zikclassiq(m): 9:32am On Sep 17, 2012 |
Sealeddeal: This is the kind of person Nigeria need who doesnt care what fools will say.Sanusi is the man.do wat u gotta do gov! 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Babaji111(m): 9:36am On Sep 17, 2012 |
RIGHT SIR, US has 100 dolar note which is eqivalent to 16,000 naira. The problem with Nigerians is that nothing is going on right. OBJ did same, no body complaint. They are just waiting for any news to attack with anger (whether good or bad) expecially when a northerner or a muslim is in charge. BuT sir, I only advise you to excercise caution; if the legislators and Nigerians say NO, concur with them. If anything happens to the already ailing economy, they should blame themselves. SHI KE NAN! 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by odedele: 10:00am On Sep 17, 2012 |
I have always wondered why the people in government are arrogant to explain their actions and intents. They assume that the majority of Nigerians are illiterates who do not understand economic principles or financial matters and must gobble every nonsense and idiocy propounded by the government. Sanusi, your argument for the introduction of the N5, 000 denominations raised serious issues on your profile as an economist, banker and Governor of CBN 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by ugbanante: 10:31am On Sep 17, 2012 |
u guys are really getting heated for sanusi's personal opinion abt dis N5000 note issue. Sanusi isn't God and definitely not d national assemble. Lets watch out for d sanusi's headach part 1. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by intrepid: 10:57am On Sep 17, 2012 |
i wish our president had half of the guts of this man!see how confident he is and how he acts as if he cannot be stopped by anyone.he talks actually like one who knows what he is doing and where he is going unlike our presido...even if what he is doing is wrong,he has a way of pushing along convincingly..just like adolf hitler said ''when a big lie is told often enough,it will be believed''.................i'm confused    |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by intrepid: 11:06am On Sep 17, 2012 |
this man said that no institution is working except cbn ?? i just hope they are listening and he is not afraid of anyone from ''those institutions'' to challenge him.sls has guts.let someone speak out now that he has again challenged them.he is the only man working in gej's administration!1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Peterwins(m): 11:11am On Sep 17, 2012 |
The president should act wise by directing the CBN to leave the lower denominations ( 5, 10 & 20 ) as notes while the 5,000 could still be printed. It provides a win win decision / situation for all users of the nation's currency. The fact about Nigeria's economy is that it is dictated by the price of crude oil. Sound monetary and fiscal policies don't really work in a distorted mono-economy like Nigeria. GEJ please do not allow the CBN to coin the 5, 10 & 20 naira notes - it goes a long way in helping Nigerians at the lowest rung of the economic ladder. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Remii(m): 12:45pm On Sep 17, 2012 |
thegoodjoehunt: I assumed we have some meeting points on this N5k introduction. I know also that going by definition of ifeci up there, there are so many other factors that can lead to inflation apart from N5k notes . I assume also that you agree with me that Naira as it is right now neeed some form of management solution. Either re denominate down by droping zeros or up by creating higher denominations. Please volunteer what you would do if your were in the shoes of SLS today to help the case of Naira. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by TalkingBird: 2:09pm On Sep 17, 2012 |
What role is IMF playing in this Nigeria Finance Reality Movie Production? |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by shynne(m): 2:54pm On Sep 17, 2012 |
i really do not have any problem with the N5k note but converting some of the currencies in note to coins is the problem coz the last time they did something like this, there was increment in virtually all commodities. the Nigeria people do not fancy coins again and our government is not doing anything to encourage it. so, if N20 should bcome coin then the price of pure water will rise to N50 per one sachet. He can go ahead bring in the N5K note but please leave N5, N10,and N20 as note. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Pukkah: 4:06pm On Sep 17, 2012 |
werepeLeri: You can't win the argument on coins. Theoretically, there's no problem with coins and in fact they play a significant role in the pricing process. But you must agree that Nigerians are queer, inexplicably so, when it comes to the issue of cons. What government should do is to re-orientate them as past efforts to re-introduce coins have failed. Let me ask you, would policemen continue to collect the notorious N20 notes as coins? How much is one Tom Tom or Butter Mint today? People would rather buy three because of coins! How come all retail and grocery items are sold at round figures? Ask yourself? Is the cost profile of all such items such that it comes to N10, at all the locations? Why can't a sachet of pure water be sold at nine or eight naira? Why must a bottle of Coke or Star be N50 or N250 round respectively? Other examples abound. Can you now see how coins (in Nigeria) have a tendency to push up prices? I must admit though, you may not find this in economics textbooks. Back to topic, a wise leader in a civilian government wouldn't talk in such a manner that Sanusi did, whether he is right or not. It smacks of arrogance and immodesty. Economics as a subject does not exist in isolation. It exists, as a social science, for the people. If you succeed with economics and fail with the people, what do you call that? The issue with the introduction of N5000 is that of timing. The cashless exercise, which aims at reducing the volume of cash in circulation, which is progressing in Lagos has not even been introduced to other parts of Nigeria. Is this the time to make it easy to carry around large sums of money. Again, in theory, there's no problem with the N5000 note and it cannot cause inflation (all things being equal). However, the timing flies in the face of consistency. A leader should not try to confuse his people. Does the N5,000 note not improve the attribute of 'portability' of the Nara currency? Is this in line with the ultimate aim of the Cashless exercise? 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Pukkah: 4:15pm On Sep 17, 2012 |
intrepid: i wish our president had half of the guts of this man!see how confident he is and how he acts as if he cannot be stopped by anyone.he talks actually like one who knows what he is doing and where he is going unlike our presido...even if what he is doing is wrong,he has a way of pushing along convincingly..just like adolf hitler said ''when a big lie is told often enough,it will be believed''.................i'm confused A leader can be firm, focused and decisive without being arrogant and high-handed. Jonathan is an elected President. He should not copy this haughty attitude of Sanusi at all. As for Sanusi, it would have been better if he didn't say this. There are other subtle ways for a man to pass his points across in a democratic setting. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by 3kay945(m): 4:31pm On Sep 17, 2012 |
Pukkah: Thank you on the explanation, they won't listen, they prefer to stick to their white-men theory. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Pukkah: 4:35pm On Sep 17, 2012 |
Babaji111: RIGHT SIR, US has 100 dolar note which is eqivalent to 16,000 naira. The problem with Nigerians is that nothing is going on right. OBJ did same, no body complaint. They are just waiting for any news to attack with anger (whether good or bad) expecially when a northerner or a muslim is in charge. BuT sir, I only advise you to excercise caution; if the legislators and Nigerians say NO, concur with them. If anything happens to the already ailing economy, they should blame themselves. SHI KE NAN! Tell me, who are those people that really want to carry large sums of cash around? With the cashless system, there are opportunities to convert the Ketu/Oke Arin traders in Lagos, cattle traders in Kano and Aba traders to the wonderful cashless scheme. Apart from these folks, who are those that really NEED the N5000 notes? Are we supposed to make it easy for the corrupt and the robbers to move cash around easily? It is also a paradox that you're the one going tribal in trying to defend Sanusi. Honestly, most of the arguments I have come across on this issue are not laced with tribal or religious sentiments. I don't care about what his religion or tribe is, but I do care about how his policies affect me as a Nigerian. Lastly, the US is a very different country from Nigeria. Even there, how many of them spend $100 bills daily when they can make use of cards, transfers and other forms of online purchases? Have you ever brought out a $100 bill at a store in the US and see how they look at you? Again, I maintain that the timing of the N5'000 is wrong and the arguments in its support aren't wholly economic. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by 3kay945(m): 4:35pm On Sep 17, 2012 |
Pukkah: Thank you on the explanation, they won't listen, they prefer to stick to their white-men theory. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Lamasta(m): 4:35pm On Sep 17, 2012 |
Babaji111: RIGHT SIR, US has 100 dolar note which is eqivalent to 16,000 naira. The problem with Nigerians is that nothing is going on right. OBJ did same, no body complaint. They are just waiting for any news to attack with anger (whether good or bad) expecially when a northerner or a muslim is in charge. BuT sir, I only advise you to excercise caution; if the legislators and Nigerians say NO, concur with them. If anything happens to the already ailing economy, they should blame themselves. SHI KE NAN!Do we spend Dollar hear or Naira common Man wise up $100 and N5000 na the same we don't spend exchange rate but Naira ok? 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Pukkah: 5:03pm On Sep 17, 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. 'provided Nigerians are ready to resist'. Need we gamble on that? I thought it was pragmatic to implement policies based on the knowledge of our people. Or work on the people first before implementing policies. Also, some policies could come with sanctions. But in this case, is it likely that introduction of coins would be a success? I spent coins when I was young and it's sad to see coins take a flight from our currencies. What went wrong? We need to do a lot before we can successfully introduce coins in Nigeria. Remember what happened the last time when banks forced coins on their customers? It still failed. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 8:40pm On Sep 17, 2012 |
Remii:I always supported Soludo's idea. If that was proposed, there wouldn't have been a problem. The old system clearly failed. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Remii(m): 9:25pm On Sep 17, 2012 |
thegoodjoehunt: You gave 2 options. I always supported Soludo's idea. I bet that one too has its own issues including inflation due to people's mentality. Imagine N1,000,000 salary suddenly becomes N10,000. Don't you think pure water seller will find it hard to sell at 10k from N10. she may end up at 5k, what is that if not inflation. Travelers to Ghana before and after re-denonation can tell you that Ghana is kinda expensive now. No easy way out if you got yourself into a mess. Naira is in a mess right now and you can't eat your cake and have it. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by thegoodjoehunt(m): 10:56pm On Sep 17, 2012 |
Remii: No easy way out but it is definitely a better way and most Nigerians won't kick against it. Why should the option that has repeatedly failed be the solution? When Soludo proposed his idea, it was embraced by the people (best to my knowledge), NTA news even covered people praising the idea. |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by Remii(m): 3:57pm On Sep 19, 2012 |
thegoodjoehunt: You see, I think the best option is to work on the economy to make Naira appreciate on stronger economy if the focus is to ensure masses don't loose out. Any kind of re denomination will result in some kind of inflation. Ghana is very expensive now compared to pre re-denomination period. 1 Like |
| Re: Introduction Of N5,000 Note: Nigerians Are Wasting Their Time – Sanusi Lamido by ignis: 9:22pm On Sep 19, 2012 |
tayuu: Stupid animal...Who? You or Sanusi? 1 Like |
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