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Nairaland Forum / Nairaland / General / Business / CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics (28732 Views)
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Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by NOETHNICITY(m): 6:25pm On Nov 22, 2022 |
Better 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by 99thEnemy(m): 6:25pm On Nov 22, 2022 |
5 and 10 naira now have no value in Nigeria I spent 50kobo oh! And what I used to buy with 50kobo 10naira cannot buy now. 2 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by sevo(m): 6:25pm On Nov 22, 2022 |
Gradually, the real aim of withdrawing the old notes is coming to the fore |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by condralbedez: 6:26pm On Nov 22, 2022 |
Anything to make this country a better place... 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Lumig: 6:26pm On Nov 22, 2022 |
It's okay |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Konjiboii: 6:27pm On Nov 22, 2022 |
Judolisco: Na mint? |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by sisisioge: 6:31pm On Nov 22, 2022 |
So we go start carrying bundle of 20s to buy bread ....the guy no well. 2 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by MiaBeer(m): 6:32pm On Nov 22, 2022 |
Now, 500 and 1000 naira will likely be scarce. It will likely increase robbery because traders will have a hard time moving around with 100 and 200 naira notes. |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by We4all: 6:33pm On Nov 22, 2022 |
This man and his failed policies. How can you compare 50 pounds to naira. Do they have the same value? How many items can 50 naira purchase? People crave for higher naira denomination because the value of naira is worthless. Is he just dumb or pretending to be? 9 Likes 1 Share |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Judolisco(m): 6:33pm On Nov 22, 2022 |
Konjiboii:no be mint oh... Old notes... 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Angelfrost(m): 6:34pm On Nov 22, 2022 |
The days of Ghana Must Go bags of money are on the way back...! ...Except we effectively go cashless! 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by IranianSea: 6:36pm On Nov 22, 2022 |
kennyz247:Ode ni e! 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Ventura1: 6:36pm On Nov 22, 2022 |
Why are they moving around with huge cash in this era of e-transaction? MiaBeer: 4 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by bid4rich(m): 6:37pm On Nov 22, 2022 |
I seconded With time, our small denomination will begin to have value. Na now Emefiele dey think well 3 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Ogechi98: 6:39pm On Nov 22, 2022 |
Exactly my thoughts JosephXavier: |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Heffalump(m): 6:40pm On Nov 22, 2022 |
The plan is gradually unfolding. I mentioned on this forum that CBN will reduce the volume of naira in circulation when the new design is out. A greater chunk of the paper currency is to be replaced by eNaira. This is part of the greater cashless policy. Everyone should also brace up for a new foreign currency policy. If you hoard dollars in your house, the new policy might not favour you. Nigeria to witness foreign exchange stability in a long while. Watch out!! 9 Likes 2 Shares |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by tuborme: 6:40pm On Nov 22, 2022 |
Supported |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by anonymuz(m): 6:42pm On Nov 22, 2022 |
Moh247:sanusi's policies are far better than this. Let's our highest most acceptable currency be 200 and the least be 50 kobp and see how inflation will reduced by 20 percent 3 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by MiaBeer(m): 6:43pm On Nov 22, 2022 |
Ventura1:There are ordinary traders who don’t know jack about your era and they have no trust or confidence in the banking system too. 3 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by BJanta: 6:44pm On Nov 22, 2022 |
1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by infotails: 6:44pm On Nov 22, 2022 |
Abeg which one is that you can't carry 50 pounds around in UK or they will report you? Funny statement 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Hoelujohn: 6:45pm On Nov 22, 2022 |
AllDModsAreMaad:Go and pack 1 million pounds and be moving about in UK if it won't make the headlines. 3 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by joshjc(m): 6:46pm On Nov 22, 2022 |
VeryWickedGoat:that's photosphed that body can not carry that kind of yansh |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by tunapawizzy: 6:47pm On Nov 22, 2022 |
And in fact, we are beginning to think that increasing the high denomination is also part of what is fueling inflation A CBN governor is not even sure, na trial and error these people just dey do...good move but the truth is the CBN doesnt even really know why they are doing what they are doing.......he just dey do am because according to him, they dont carry big denomination in UK. When you dont even understand why u are doing what u are doing how will u be able to follow up with supporting initiatives and policies 2 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by kingamaa(m): 6:47pm On Nov 22, 2022 |
Confusion everywhere To what end? |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by 1x2x3: 6:48pm On Nov 22, 2022 |
Banks will kill you all with transaction fees. |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by 1x2x3: 6:48pm On Nov 22, 2022 |
bid4rich: Na endless bank transaction charges you go dey see. 3 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by kaey10(m): 6:50pm On Nov 22, 2022 |
It should be taken off completely. Let the highest denomination be 100 or 200 note. It will help cashless policy. 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Tareq1105: 6:50pm On Nov 22, 2022 |
chariisGRACE: I support total withdrawal of #500 & #1,000 from circulation. Let #200 be our highest currency denomination. Just like he said, 50pounds is not so common in UK just as $100 in the US. I helps reduce money laundering. 2 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by Heffalump(m): 6:51pm On Nov 22, 2022 |
AllDModsAreMaad: That's the mentality of poor nations. Higher denominations of currency gives automatic ticket to corruption. Look at your line of thought now, the same reason that corrupt politicians will prefer higher notes to carry around for ease of distribution. The developed countries of the world don't have very high denominations of currency like the poorer counterparts. Now, you know why! 4 Likes |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by BigYash: 6:52pm On Nov 22, 2022 |
Rubbish. There was a time they brought back coins.. Where is the coins today? They will just be looking for every opportunity to loot. 1 Like |
Re: CBN To Reduce The Volume Of N500, N1000 In Circulation - Nairametrics by bid4rich(m): 6:57pm On Nov 22, 2022 |
1x2x3: It doesnt matter. I believe that one also will be regulated. But im looking at the positive sides *Inflation will drop *Corruption will reduce *Naira will gain value against dollars *Kidnapping and banditry will reduce among other benefits 3 Likes |
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