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CBN Plans To Introduce N5000, N2000 Notes - Business (4) - Nairaland

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CBN Plans Sanctions Against Exporters – Emefiele / CBN To Introduce Lower Denominations On Atms / CBN To Introduce N5,000 Note (2) (3) (4)

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Re: CBN Plans To Introduce N5000, N2000 Notes by neksummi(m): 4:04pm On May 13, 2012
Any denomination they turn to coin will disappear. Nigerians seem not to like using coins.

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Re: CBN Plans To Introduce N5000, N2000 Notes by ezer(m): 4:13pm On May 13, 2012
newsroom: This is a clear economic and political madness.It is time we spoke in one voice against this illegal devaluation of our currency by looters,if not very soon naira=cedi.N2000 note ko N5000 note ni.....
oga, pls the cedi is approximately equal to a dollar. Introducing N2k and N5k can no way make naira = cedi. When Ghana removed 4zeros from the cedi, soludo wanted to do same by removing 2zeros from the naira, 9ja refused with the majority accusing him of incompetence and argued it would cause inflation. But that would have taken us back to the use of smaller denominations. Now, the so called intelligent prince of kano has come to further make the naira valueless. Introducing higher denominations amidst the introduction of cashless economy? He's got lots of explanation to make. The story is yet 2be confirmed, lets wait till then. @alj haram, pls try to be objective and stop being tribalistic bout the topic.
Re: CBN Plans To Introduce N5000, N2000 Notes by manny4life(m): 4:18pm On May 13, 2012
alj harem:

Biko biko, just cause you are good in economics does not mean "economic terms" to confuse me.

1. Whether primary reason or not, IT instigated it. Yes !

2. Price of fuel increased by 50 % after increasing by 150 % at the first place. Nigeria economy, once a price goes UP it never comes DOWN. Nigeria is not a first world country where prices are regulated. You should know how things work here in Africa.

I am sorry, the rest I don't understand, Again I am a layman


1. Well, we can't be certain if it instigated it or not. Like I said, SLS made POOR decisions which could have caused greater ripple effects, and the impact is what we're seeing now.

2. Well, as you can see, it's been a pattern, so not necessarily could it be fuel subsidy. Nigeria's economy then was probably buoyant, now Nigeria is broke, depressed with a poor budget and poor economic, fiscal and monetary policy.
Re: CBN Plans To Introduce N5000, N2000 Notes by horlabiyi(m): 4:22pm On May 13, 2012
I'm sure they would soon introduce #1,000,000 so they steal more money into their wallet and walk away.
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 4:28pm On May 13, 2012
gboss4sure: N5 and N10 and N20 for coins? If this is true then sanusi is a lunatic and needs medical attention. Well sha make una put Tinubu head for that N5000.
Re: CBN Plans To Introduce N5000, N2000 Notes by djeezy(m): 4:32pm On May 13, 2012
But where are the coins we used to have?? 1naira coin. I can't imagine myself walking and my pocket making noise like a bell. Anyway i hope they know what they are doing.
Re: CBN Plans To Introduce N5000, N2000 Notes by ochukoccna: 4:33pm On May 13, 2012
This country leaves you speechless
And if you try to talk,you become deaf and dumb cry cry cry
So just stay speechless embarassed embarassed embarassed
Re: CBN Plans To Introduce N5000, N2000 Notes by Naijamericana: 4:36pm On May 13, 2012
ollah1: In an attempt to reduce the volume of cash baggage and security exposure in cash transactions, the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N2,000 and N5,000.

The bank has also made plans to convert N5, N10, N20 and N50 into coins which are all presently notes.

The policy would make it easier to move large quantities of cash around with little exposure to risk, but financial critics have suggested that it would be a contradiction to the CBN policy to migrate to a cashless economy.

Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to LEADERSHIP SUNDAY, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones.

Okoraforwho made no outright denial that such a policy was being contemplated, said instead that he had to get further clarification from the bank’s leadership. And as at press time yesterday, the CBN spokesman was unable to reach any of the bank’s directors.

But a source who is a staff member of the bank told LEADERSHIP SUNDAY, under the condition of anonimity that, “The top management of the CBN have decided to introduce currency denominations of N2,000 and N5,000. This is being done in the best interest of the economy.”

The source who could not say when the policy would take effect or when it would be announced to the public said, “All the smaller denominations from the N50 downwards are also to be converted into coins.”

A financial expert and executive chairman of the Society for Analytical Economics, Nigeria, Dr. Godwin Owoh, has said that if the policy is carried out, it would not only lead to inflation but would increase the ability to carry out cash transactions.

He said the activities of the CBN were becoming more commercial in nature, suggesting that this was more of a fiscal policy than a monetary one and that it should be decided by either the minster of finance or the president.

Owoh said, “There has been no official pronouncement from the CBN on this policy but, if it is carried out, it will only give the bank’s management the capacity to award more contracts, making it a purely selfish and commercial endeavor. The CBN has been carrying out commercial activities, which are normal banking operations – they set rules on how to withdraw or not withdraw money.”

He said, “ The CBN has invested a lot into the cashless policy and point of sale terminals will suffer; 100,000 units of hardware for e- transactions have been installed in different places.

“The process of printing money is clearly a fiscal issue. Embarking on this policy would indicate a lack of harmony between the fiscal and monetary policies.”

http://247nigerianewsupdate.com/cbn-plans-to-introduce-n5000-n2000-notes/

undecided

Damn, na wa o, naira go bi ye-ye money
Re: CBN Plans To Introduce N5000, N2000 Notes by thoth: 4:39pm On May 13, 2012
This might just be the first step to the devaluation, after then the exchange rate will jump to 350 naira per $1 then 500 naira per $1.
Re: CBN Plans To Introduce N5000, N2000 Notes by olempe(m): 4:47pm On May 13, 2012
An easier way to carry our money overseas... smh.
Re: CBN Plans To Introduce N5000, N2000 Notes by etchel(m): 5:00pm On May 13, 2012
[font=Lucida Sans Unicode][/font] oh lord what a country!
Re: CBN Plans To Introduce N5000, N2000 Notes by Daymauler: 5:10pm On May 13, 2012
Spokesman of the Central Bank Ugochukwu Okorafor, who spoke to LEADERSHIP SUNDAY, however, said he could not confirm that the bank’s governing board was thinking of introducing two new denominations in addition to the existing ones.

Why are you guys blind to the bold? In replying the question asked, the spokesman said doesn't know if the Board was contemplating such. So why the fuss? Why the rain of abuses?

1 Like

Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 5:12pm On May 13, 2012
whatever the reason is, this aboki guy keeps pissing me off
Re: CBN Plans To Introduce N5000, N2000 Notes by gbadexy(m): 5:14pm On May 13, 2012
They want to devalue the naira when countries like ghana are subtracting the zeros from their currency.
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 5:18pm On May 13, 2012
I know sanusi is there to spoil economy for mr jonathan.only time shall tell.
Re: CBN Plans To Introduce N5000, N2000 Notes by cyril83(m): 5:31pm On May 13, 2012
They shudn't jst try diz nonsense oh
Re: CBN Plans To Introduce N5000, N2000 Notes by bendazum: 5:37pm On May 13, 2012
jamace: Our Naira will soon turn to Poo money - valueless. sad
How dare u call Ugandan sorry Nigerian money Poo money.If it were the late Idi Amin of Uganda u were talking to,u would have been history.lol You really have a point there though.What a tragedy!
Re: CBN Plans To Introduce N5000, N2000 Notes by harakiri(m): 5:43pm On May 13, 2012
It's taken too long. At the rate things started, i expected CBN to have released N1million note by now.
Re: CBN Plans To Introduce N5000, N2000 Notes by Kk4(m): 5:55pm On May 13, 2012
Stop breaking girls heart. We r still workin on that
Re: CBN Plans To Introduce N5000, N2000 Notes by CuteTj(m): 5:57pm On May 13, 2012
Im imagining N50 in coins. Thats just pure stupidity!!!
Re: CBN Plans To Introduce N5000, N2000 Notes by CuteXclaim(f): 6:08pm On May 13, 2012
I want to believe this is just a rumour, coz if it is real then we have 1,000,000 naira to buy just bread
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 6:08pm On May 13, 2012
This country suffers alot not because of the violence of bad people but because of the silence of good people.. Shikena!!
Re: CBN Plans To Introduce N5000, N2000 Notes by Nobody: 6:13pm On May 13, 2012
jamace:

Above people are just watching the show. They are dumbfounded. grin grin

What about below people

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Re: CBN Plans To Introduce N5000, N2000 Notes by Cupidkc(m): 6:15pm On May 13, 2012
I guess this is "April" fool. Sorry I meant May fool.
Naija and there unending jokes...
Re: CBN Plans To Introduce N5000, N2000 Notes by joanana(f): 6:27pm On May 13, 2012
Sanusi Lamido has gone nuts seriously n he need medical attention immediately. Very soon it will be 10000 to one dollar.... God help us cry cry cry cry
Re: CBN Plans To Introduce N5000, N2000 Notes by slagadoo: 6:29pm On May 13, 2012
Make sanusi no try that kind thing.
Naira no go make sense again, Inflation go yapa yaski
Things will be expensive
poor man go suffer more
Re: CBN Plans To Introduce N5000, N2000 Notes by Taiw(m): 6:32pm On May 13, 2012
Nigeria is finished.We are just salvaging the remains.GEJ,madueke,okonja,sanusi,senators,NLC chairman,senators and others have killed us and our upcoming generations.what a shame?I wonder what Nigeria will be by 2015. People will soon start running to Ghana.Mark my words
Re: CBN Plans To Introduce N5000, N2000 Notes by martinkem(m): 6:41pm On May 13, 2012
While they are at it, they should just redenomiinated the Naira and save us a lot of money and make the naira make sense.
Re: CBN Plans To Introduce N5000, N2000 Notes by PrinceJoe1(m): 6:52pm On May 13, 2012
This is heralding the next phase of corrupt practices in 2015 elections. Smh for these guys.
Re: CBN Plans To Introduce N5000, N2000 Notes by ayobase(m): 6:52pm On May 13, 2012
its simple...we know how they stack
money in those ghana-must-go bags.

so, instead of carrying a big one,
they are simply devicing means of
carrying polythene bag!

It shall not be well with them all!
Re: CBN Plans To Introduce N5000, N2000 Notes by johnabzy: 6:56pm On May 13, 2012
9ija moni valueless.after dis is #1m note.comi soon is al season film.

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