The lower denominations are scarce because this useless government yaff packed everything to start sharing for campaign... they think we don't know.

Nothing wey no go scarce for this country.
Buhari is a failure.

bigpicture001:
..very very wrong analysis...

So, where am i wrong?

We are an economy that exports raw material out...and uses the forex to import...which means that we have a lot of imported stuff for sale in Nigeria ....which drives up inflation.

Add the fact that we are not making enough from our exports. due to falling prices, or prices not high enough for our needs...inflation goes up more.

Our govt has to make us export more manufactured goods...which means more forex...and less need to look for loans, etc...meaning value of our currency goes up...and lower denomination notes easier to print.

bigpicture001:
...hey..there is a big difference between supply of money into the economy nd supply of lower denomination currencies into the economy. the former is done is done to boost demand, economy activity and investment, also to fight recession. but the latter is done to better organise the pricing system,to ease transaction challenges nd etc nd that is what the senate is talking about

My botherrrr...I was shocked when i read Chibabe1`s comment too.
The post is going right, he/she is talking left!!!

Officer : Shun Sir.

N50 is the official denomination for settling /doing Roger to officers.

Lmao. .

bigpicture001:
...hey..there is a big difference between supply of money into the economy nd supply of lower denomination currencies into the economy. the former is done is done to boost demand, economy activity and investment, also to fight recession. but the latter is done to better organise the pricing system,to ease transaction challenges nd etc nd that is what the senate is talking about

We are saying same thing. Organizing the pricing system, easing transactions and improving the economy will begin by bringing down price of commodities so that consumers can actually make use such denominations and this will make the denominations have more value and be in circulation. Have you noticed that merchants just round up prices of commodities just cos of change wahala??

boyjo:


My botherrrr...I was shocked when i read Chibabe1`s comment too.
The post is going right, he/she is talking left!!!

I bet u didn't understand me. Hope you recover from your shock soon.

'Probe' has lost its true meaning since it filtered to Nigeria dictionary. Welcome to the circle where 'probe' is equal to the actual correctional action.
After the probe is the probe of the probe.

Cromcruach91:


So, where am i wrong?

We are an economy that exports raw material out...and uses the forex to import...which means that we have a lot of imported stuff for sale in Nigeria ....which drives up inflation.

Add the fact that we are not making enough from our exports. due to falling prices, or prices not high enough for our needs...inflation goes up more.

Our govt has to make us export more manufactured goods...which means more forex...and less need to look for loans, etc...meaning value of our currency goes up...and lower denomination notes easier to print.

..genuinly,i am.impresd by your analytic mindset...a lot of graduate economist can't draw any form of analysis whatsoever..so I say thumps up for ur effort..the thing in ur analysis is that you are drawing it from the unlikely point if view,wen u talk about international trade,u shld talk about foreign exchange and nd not link it with local currency demonisations..the issue of currency denominations are not bothered on gains from international trade. govt gets money from more more important sources than true trade alone.hence the need to sort out transaction currency unit does not hv a strong correlation with gains from international trade.that only what's wrong with the analysis..but honestly, I salute u for trying at all

iambijo:
What's the use of small denomination currency if petrol is being sold at 200naira+

So it's only petrol that you buy with lower denominations ba

NonFarmPayrol:
all the 100 Naira currently in circulation look like sh]t

I dey tell uuuu.. #100 is so scarce gan, so u have to manage anyone u receive... #200 is very much in circulation now

from what i gathered, NAN quoted sources at the CBN as saying that for over a year now, the apex bank did not award contract for the printing of the notes such as N5, N10, N20 and N50 usually done abroad.
It said it gathered that the recently printed notes in circulation — N200, N500 and N1,000 — were produced by the Nigeria Security Printing and Minting plc (NSPM).
NSPM produces currency notes and coins for the CBN and a wide range of security documents for the federal, state and local government establishments, commercial banks and blue chip companies.
According to the NSPM website, the company has the ability to print over 40 million notes weekly. However, the high cost of printing banknotes forced CBN to refrain from giving contracts for their production.
The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value and with the present economic situation, it makes sense to print higher notes which can be done locally by NSPM.

Chibabe1:


We are saying same thing. Organizing the pricing system, easing transactions and improving the economy will begin by bringing down price of commodities so that consumers can actually make use such denominations and this will make the denominations have more value and be in circulation. Have you noticed that merchants just round up prices of commodities just cos of change wahala??

..chy,its not the same thing..one tried to lower inflation nd general price levels while the other tries to ease difficulty in transactions...in the 1st one,consumers mostly complain abt the high cost of things,while in the second one,they are not very worried abt the high cost,instead,they are frustrating with the unavailability of change for transactions

careytommy7:
It's mainly the N100 note cos bubu doesn't want to print new ones after GEJ removed the arabic inscriptions when the new design was launched in 2014.

When last did any of you see brand new N100 notes?

Yesterday o.. even the man who gave it to me as my change gave it out reluctantly

EarthXmetahuman:
Lower denomination is practically useless, why won't it be scarce?

Can't remember the last time I saw 5 naira.

Those notes are not useless rather Nigerians are greedy and senseless

I beg na waiting no scars for this present regime.

Bluffly:

Those notes are not useless rather Nigerians are greedy and senseless

how are Nigerians greedy when the value of naira fell by almost 150% over night.

bigpicture001:
..chy,its not the same thing..one tried to lower inflation nd general price levels while the other tries to ease difficulty in transactions...in the 1st one,consumers mostly complain abt the high cost of things,while in the second one,they are not very worried abt the high cost,instead,they are frustrating with the unavailability of change for transactions

Consumers are not worried about high cost of things Are you in Nigeria with me at all?

GOOD DAY NAIRALANDERS.I M STILL HERE...DONT GIVE UP ON ME YET. https://www.nairaland.com/4312232/husbanda-good-man-help#64524181

A country whose all commodity prices are round figures like 20#, 200# etc can not progress economically. In a developed country it is difficult to by things at round figure price. U will see prices like 25 euro 31 cent. Nigeria should be seeing prices like 221 naira 33 kobo then u will see the real value of those coins. A country without coins is not progressing, self selling machines that accept coins should be installed in places. #bringbackourcoins

BeeBeeOoh:


http://punchng.com/senate-probes-scarcity-of-lower-naira-denominations/

they should turn 100 naira below to coins abeg so we don't need to reprint for next 50yrs

Chibabe1:


I bet u didn't understand me. Hope you recover from your shock soon.