Stats: 3,187,833 members, 7,933,129 topics. Date: Tuesday, 27 August 2024 at 07:46 PM |
Nairaland Forum / Nairaland / General / Business / Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes (2069 Views)
Oil Prices Fall As OPEC Plans To End Cuts – Oilprice Intelligence Report / CBN Rules Out Naira Fall As External Reserves Hit $34bn / Dollar Free Fall Continues, Sells At N425/dollar (2) (3) (4)
Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Biafra1000: 9:01pm On Aug 16, 2016 |
At the pace at which inflation is soaring on a daily basis, with the naira purchasing power being limited and diminished in the open market, a Lagos based Developmental Economist, Henry Boyo, has predicted that the Federal Government, might have no option than to introduce an additional N10,000 note, if the negative trend is not checked. It could be recalled, that since 2015, the naira has been subjected to intense pressure, due to the introduction of diverse contradictory monetary policies by the President Muhammadu Buhari-led led Federal Government. The straw that broke the camel’s back, was the hike in Premium Motor Spirit, PMS, popularly called petrol, from N86.50 per litre to N145 per litre, which has also affected the price of Diesel, Kerosene and Aviation fuel. According to Financial Experts, the spiral increase in energy sources, coupled with the hike in electricity price, had triggered inflation across board, from 11.4 percent in February, to 16.5 percent in June. Boyo, postulated that many households across the country are presently severely traumatized by the escalating prices of goods and services, particularly in the last six months, or so. The uneasy feeling according to him, has probably become common after every visit to the market, where the smallest available plastic sachet, may be all that is needed to pack your N10,000 purchase (s) from the ubiquitous street corner medicine stores in our cities. Boyo said, ”If the currency’s present free fall remains unchecked, and the naira tumbles to N1,000=$1, the N10,00 note may sadly ultimately, also, assume the intensive role of lower denomination coins despite its fragile fabric. “Indeed, if the naira could drop from N165 to almost N400=$1 as it did in the last 12 months, while dollar supply still remains grossly inadequate to match the subsisting excess naira supply, naira rates will continue to dip and ultimately an exchange rate of N1,000=$1, may become inevitable. “In such an event, even if N10,000 note is introduced as the highest denomination, it will only exchange for $10. “Similarly, new issues of N2,000 and N5,000 notes, will exchange for $2 and $5 respectively. “Clearly, unless the fundamental flaw in the pricing model that produces the naira exchange rate is addressed, inflation rate will also rage well beyond 20 percent and further naira depreciation will prevail, and ultimately compel the introduction of N20,000 and N50,000 notes”. He added: “This may seem far-fetched, but we should be reminded that Ghana’s currency profile included 50,000 Cedi notes, before the four point re-decimalization in 2006. “Higher denomination naira notes will obviously facilitate portability, but they may also attract the usual threat to security associated with large cash transactions, and will also set back the gains of the cashless initiative. “Higher denominations will however, become inevitable if the continuous slide of the naira exchange rate is not arrested. “From a cost perspective, the issuance of higher notes may require relatively modest outlay for production and promotion, since the existing currency profile and format will remain unchanged,” Boyo said. http://www.weeklypostng.org/2016/08/naira-on-free-fall-as-fg-set-to.html?utm_source=&utm_medium=facebook&m=1 |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Biafra1000: 9:04pm On Aug 16, 2016 |
He that is down fears no fall...nigeria is already down bubu lacks the knowledge to move nigeria forward "Dwindling Economy" most Nigerians like saying these words. They're sexy, sexy words 2 Likes |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Ausbongean: 9:07pm On Aug 16, 2016 |
this man bubu is on mission |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Funlordjnr: 9:11pm On Aug 16, 2016 |
Biafra1000: So according to you "henry boyo's myopic predictions" are now the "FG's sure fire policies?" Anyway, from your name I'm not suprised at the sort of misleading thread you have created! 16 Likes |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by dunkem21(m): 9:15pm On Aug 16, 2016 |
I don't believe this ![]() |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by biggie73(m): 9:23pm On Aug 16, 2016 |
Here cometh Zimbabwe. |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Biafra1000: 9:25pm On Aug 16, 2016 |
biggie73:we are also expecting #1.ooo.ooo note |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by biggie73(m): 9:28pm On Aug 16, 2016 |
Biafra1000:....please, don't. |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by datola: 9:57pm On Aug 16, 2016 |
Rubbish! 1 Like |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by oyinkinola: 10:25pm On Aug 16, 2016 |
[s] Biafra1000:[/s] ...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket! the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation: If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation. If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies! I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market! it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever! I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!
|
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Biafra1000: 10:46pm On Aug 16, 2016 |
oyinkinola: don't advise Nigerians on what to do, they are not learned enough to understand... solution to the economic woes is not far fetched, lower the rate at which you import goods because you don't export anything ( that is the reason why naira has no value) whilst you establish and fund already established factories..anything that you can produce locally, DO NOT import it... Bring back coins and remove #1000 from circulation, all developed countries are still using dem coins till tomorrow... I know many people have been advising bubu...but unfortunately bubu is practically deafffff and has been 'coming_and_going 3 Likes
|
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by divide9ja: 5:24am On Aug 17, 2016 |
![]() 2 Likes |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by sweetilicious(f): 5:54am On Aug 17, 2016 |
Biafra1000:You made common sense. 1 Like |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by efilefun(m): 6:28am On Aug 17, 2016 |
Biafra1000:Just read your post again, first you said FG is planning to introduce some new notes, kindly tell me who the F is Henry boyo?? Or is that the new name of FG now?? Here you are again pointing fingers at the president like if he bans importation into the country your people won't storm the streets with their red caps and cardboards. Abegiii just park well |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by oyinkinola: 9:10am On Aug 17, 2016 |
...look at the hand work of biafran here, they were perfect in all form of falsification when they've soaked in biafroine hard drug! |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Nobody: 3:20am On Aug 18, 2016 |
oyinkinola:Must you go off topic? OR Misconstrue a sane discourse? Here comes a suffering economy where sharp rise in general price level, driven by negative government policies attributable to irrational adjustment of prices of essential commodities, identified by OP as killing the purchasing power of Weak Naira. ... And you are busy talking about acceptability of Coins for God's sake...... Haba when shall we begin to face our common economic palava without blaming the shadows? Kai Baba! 1 Like |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Papertrail11(m): 3:32am On Aug 18, 2016 |
buhari pls pls pls sack emefiele hes a dunce heees responsible for this economic troubles he cant come up with any sound comprehensive plan as cbn gov hees a dog |
Re: Naira On A Free Fall, As Fg Set To Introduce N10,000, N20,000, N50,000 Notes by Pavore9: 4:46am On Aug 18, 2016 |
"Henry Boyo, has predicted that the Federal Government, might have no option than to introduce an additional N10,000 note, if the negative trend is not checked".......When has Henry Boyo''s prediction become the FG's decision? How people manipulate other people's words to suit their narrow views still baffles me! @Biafra1000, it is sad you set out to misrepresent the issue for those who don't usually bother to read before reaching a conclusion. |
(1) (Reply)
Greenleaf Business Opportunity / I Will Teach Only 50 People This Life Changing Opportunity / UPDATE,Help I Recieved A Credit Alert From My Name ( Full Name Included)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 66 |