etcme:
Please ooooo, I am not an Economics but I would want someone to explain to me in a layman's term the importance of this Currency Re-design in this present Nigeria that our economy is dancing skelewu.

Isn't this a misplaced priority as we have other things to tackle in the nation?

So that all the physical cash Tinubu has in his house will become useless.

fergie001:

https://www.youtube.com/watch?v=oQVb7NRGJb8





Previous Thread:
https://www.nairaland.com/7402756/cbn-redesigns-new-naira-notes#117892566

This man is trying to weaken d labour party supporters knowing fully dat a lot of money has been starched for when d campaigners fully begins. hope this man realises that he is not a government of d APC alone. One day he will be off dat seat

Odani:



This man is trying to weaken d labour party supporters knowing fully dat a lot of money has been starched for when d campaigners fully begins. hope this man realises that he is not a government of d APC alone. One day he will be off dat seat

Sorry to say that you don't have sense at all. Is Labour party Nigeria? Haba! You can think better than this childish thought.

JoshTim:


Base on signaling theory, there is already a distastes holding the naira...everyone that has got ill gotten wealth now is looking for avenues to exchange the naira. This will further lead to worsening of the naira....don't be surprise, the dollar will trade for a thousand naira at the black market. They can do what you said but at the cost of stress of moving large money around looking for whom to exchange them with. It's stressful and will take time. They might have to eventually, forgo a large chunk of the ill gotten money.

For terrorist financing, it is almost impossible for them to exchange except they 'PLACE' it in the financial system using fronts. There are bank regulations and cbn anti terrorism and money laundering policies acting as control and preventive measures.

Thanks for the enlightenment. I get your point

SmartPolician:


You raised a great angle to look at things from.

However, the question is, if you stashed away say 7 billion naira and want to change it into dollars, which BDC will give you 10 million dollars?

The EFCC will probably be alerted if you try to transact with any BDC with that large sum. BDC doesn't control a lot of USD since CBN stopped selling USD to them.

If you try to deal with banks, it will even be worse because they have to contact the Nigerian Financial Intelligence Unit to approve the transaction.

I think the naira should have an expiry date of 15 - 20 years. It will help save this country a lot of financial embezzlement.

More importantly, CBN should continue to encourage cashless economy as a way of reducing looting.

You're correct, although I personally never thought any politician will be "stupid" enough to stash such huge amount (apologies for the choice of words)

Looking at all the information and enlightenment I've gotten so far from you guys, I believe its a good policy... I just hope the same CBN won't have a backdoor through which politicians will be allowed to circumvent it

Hpesoj:



I beg to differ. I don't see any direct correction between the redesign of the Naira and vote buying, terrorism financing and ML. This is not 1984. Moreover, most individuals involved in illicit financial transactions now keep their money in foreign currencies and crypto.


Please how does stashing funds at home causes scarcity of naira. Is naira scarce? The prevailing issue is forex scarcity not the scarcity of naira (the local currency). While the current inflation is cost-push (supply side), the low purchasing of individuals can be linked to host of issues including high level of poverty, rising income inequality, insecurity, low agricultural productivity, import-dependence, declining oil revenues amongst others, but not scarcity of naira as you imagined.

because you are seeing naira in the market does not mean is not scarce . there i s what we call creation of money . The money release to the market by CBN must come back to CBN . Those money keeping will make CBN to print money constantly and it lead to inflation because of cost of printing . you will soon see them approaching bank to change lodge their cash for a new one.

What if this government is trying to render stolen funds useless , they release new currency by December and the old ones expire by January , so if you have billions of old currency at home, after January it becomes paper ,, so therefore all money go comot .

DaSailor:
Imagine going to the bank to deposit N10m, CBN will now charge you 3% on N9.5m for exceeding the deposit limit of N.5m.

Charges have been removed for the purpose.

chival:
This doesn't help the value of the naira in any way.

how much is it exactly?

Nicerazor:
If I were to be CBN governor i will strengthen the naira by scrapping major denominations. Highest denomination will be #100 naira. This will give relevance to lower denominations like the coins too. In Uk for instance the highest denomination is £20. There £20, £10, £5 notes, £1 50p, 20p, 10 pence. The other day I bought a bunch of fresh and big banana for 75p. This has really helped the Uk to make their currencies valuable. With £5 I can buy a lot of things from the store.
What can 5 naira buy today in Naija?

I've come here from the Emefiele arrest thread because you made some interesting points. But I am stunned to my bones to read what you have typed above. You honestly think the UK held the value of her currency by capping the highest denomination of their currency? And you think Nigeria can strengthen her currency by capping the highest currency at 100 Naira?

Aside from capping Nigerian currency at lower denominations what monetary/economic policy will make their currency gain value overnight? Mind you Nigeria is still far behind compared to Uk. Yes, the highest denomination in Uk currently is £20, it will interest you to know that with £5 you will cook cook a nice meal unlike Africa where a country like Zimbabwe once printed 1 million Zimbabwean dollar on a single denomination, this crippled their economy and they had to abandon it. What I said in the previous thread is unrelated to what I said about Emefiele’s arrest. His alleged arrest is unconnected to naira redesign or whatsoever like most people think, if the DSS don’t have anything against him why arresting someone who is even loyal to the president? Yes, Emefiele goofed as a sitting CBN governor who is supposed to be neutral but involved in politics either he was being pushed or he pushed himself, how much does a CBN governor earns to be able to afford APC presidential form of 100m? And you think DSS won’t show interest in him? In a sane society he would have been arrested long ago but in Nigeria anything goes.

airsaylongcome:


I've come here from the Emefiele arrest thread because you made some interesting points. But I am stunned to my bones to read what you have typed above. You honestly think the UK held the value of her currency by capping the highest denomination of their currency? And you think Nigeria can strengthen her currency by capping the highest currency at 100 Naira?

Nicerazor:
Aside from capping Nigerian currency at lower denominations what monetary/economic policy will make their currency gain value overnight? Mind you Nigeria is still far behind compared to Uk. Yes, the highest denomination in Uk currently is £20, it will interest you to know that with £5 you will cook cook a nice meal unlike Africa where a country like Zimbabwe once printed 1 million Zimbabwean dollar on a single denomination, this crippled their economy and they had to abandon it. What I said in the previous thread is unrelated to what I said about Emefiele’s arrest. His alleged arrest is unconnected to naira redesign or whatsoever like most people think, if the DSS don’t have anything against him why arresting someone who is even loyal to the president? Yes, Emefiele goofed as a sitting CBN governor who is supposed to be neutral but involved in politics either he was being pushed or he pushed himself, how much does a CBN governor earns to be able to afford APC presidential form of 100m? And you think DSS won’t show interest in him? In a sane society he would have been arrested long ago but in Nigeria anything goes.

So I am not mixing what you said on this thread with Emefiele's arrest. I saw your post on Emefiele's arrest, explored your profile and saw your description as a PI. Interest was aroused and I decided to read through your previous posts until I came across this one were your suggested solution to stimulate the economy is to cap the currency denomination. It kind of suggested that you probably do not understand how economics work (and do not take that as an insult in anyway).

When I was younger many many years ago, the highest denomination was 20 Naira. I remember seeing 200 Naira in 20 Naira notes under my mum's bed and I ran away in fear. But what was different between Nigeria them and Nigeria now? Production. We produced a large number of what we used. Tires, cares, cables, leather shoes, talcum powder. Many many things we used, we manufactured locally. Even petrol was refined in this country. And what happened? Successive governments failed to maintain the infrastructure that drove the manufacturing sector. Today we import everything down to toothpaste and matches. And do not produce anything. The crude oil we export is not even produced by Nigerians. No matter how much cap you place on the denomination, as long as we are predominantly a consumer country that makes nothing, our currency will always have minimal value. Even the facial value of a currency has no bearing on whether the economy of that country is doing well or not. Japan has a 10,000 yen note. 10 times larger than our largest currency. But Japan produces so damn much (goods and services) that it can afford to "devalue" it's currency and still be a super power economy. The way to turn around the economy is for the government to provide roads, electricity, pipe borne water and all other necessary infrastructure such that Nigerians can start producing again. Not by artificially capping the maximum value of the currency note available. That will only drive inflation and further weaken the Naira as people will be carrying money in wheel barrows to buy goods that will only fit a small paper bag.

Thanks for your contribution, like I said earlier Nigeria needs economic reformed policies which we move us from consumers and largely dependent on imports to a producing nation. It hurts me when I see how a working system works here in England despite the fact that they are not rich in minerals like Nigeria that is endowed with natural wealth but because we don’t have visionary leaders we are behind the scheme of things. I know one day we will take back our country.

airsaylongcome:


So I am not mixing what you said on this thread with Emefiele's arrest. I saw your post on Emefiele's arrest, explored your profile and saw your description as a PI. Interest was aroused and I decided to read through your previous posts until I came across this one were your suggested solution to stimulate the economy is to cap the currency denomination. It kind of suggested that you probably do not understand how economics work (and do not take that as an insult in anyway).

When I was younger many many years ago, the highest denomination was 20 Naira. I remember seeing 200 Naira in 20 Naira notes under my mum's bed and I ran away in fear. But what was different between Nigeria them and Nigeria now? Production. We produced a large number of what we used. Tires, cares, cables, leather shoes, talcum powder. Many many things we used, we manufactured locally. Even petrol was refined in this country. And what happened? Successive governments failed to maintain the infrastructure that drove the manufacturing sector. Today we import everything down to toothpaste and matches. And do not produce anything. The crude oil we export is not even produced by Nigerians. No matter how much cap you place on the denomination, as long as we are predominantly a consumer country that makes nothing, our currency will always have minimal value. Even the facial value of a currency has no bearing on whether the economy of that country is doing well or not. Japan has a 10,000 yen note. 10 times larger than our largest currency. But Japan produces so damn much (goods and services) that it can afford to "devalue" it's currency and still be a super power economy. The way to turn around the economy is for the government to provide roads, electricity, pipe borne water and all other necessary infrastructure such that Nigerians can start producing again. Not by artificially capping the maximum value of the currency note available. That will only drive inflation and further weaken the Naira as people will be carrying money in wheel barrows to buy goods that will only fit a small paper bag.

Nicerazor:
Thanks for your contribution, like I said earlier Nigeria needs economic reformed policies which we move us from consumers and largely dependent on imports to a producing nation. It hurts me when I see how a working system works here in England despite the fact that they are not rich in minerals like Nigeria that is endowed with natural wealth but because we don’t have visionary leaders we are behind the scheme of things. I know one day we will take back our country.

Let’s not forget that England plundered the wealth and resources of half the world. They may be working now but they have gone through our current phase at a previous time in their history. Hopefully Nigeria as a country gets her act right sooner rather than later

airsaylongcome:


So I am not mixing what you said on this thread with Emefiele's arrest. I saw your post on Emefiele's arrest, explored your profile and saw your description as a PI. Interest was aroused and I decided to read through your previous posts until I came across this one were your suggested solution to stimulate the economy is to cap the currency denomination. It kind of suggested that you probably do not understand how economics work (and do not take that as an insult in anyway).

When I was younger many many years ago, the highest denomination was 20 Naira. I remember seeing 200 Naira in 20 Naira notes under my mum's bed and I ran away in fear. But what was different between Nigeria them and Nigeria now? Production. We produced a large number of what we used. Tires, cares, cables, leather shoes, talcum powder. Many many things we used, we manufactured locally. Even petrol was refined in this country. And what happened? Successive governments failed to maintain the infrastructure that drove the manufacturing sector. Today we import everything down to toothpaste and matches. And do not produce anything. The crude oil we export is not even produced by Nigerians. No matter how much cap you place on the denomination, as long as we are predominantly a consumer country that makes nothing, our currency will always have minimal value. Even the facial value of a currency has no bearing on whether the economy of that country is doing well or not. Japan has a 10,000 yen note. 10 times larger than our largest currency. But Japan produces so damn much (goods and services) that it can afford to "devalue" it's currency and still be a super power economy. The way to turn around the economy is for the government to provide roads, electricity, pipe borne water and all other necessary infrastructure such that Nigerians can start producing again. Not by artificially capping the maximum value of the currency note available. That will only drive inflation and further weaken the Naira as people will be carrying money in wheel barrows to buy goods that will only fit a small paper bag.

1. I agree with you, sir.

What sustains the economy of a nation is its level of production. The production helps increase the number of goods and (services) available in the economy. It also helps to attract foreign exchange through exports.

2. As you rightly mentioned, the provision of basic amenities like electricity, good water, and a good road will also help stimulate the economy positively. That's just a part of the game though.

3. If Africa will see the light of day, science and technology must be pursued with the speed of light. The industrial revolution was the change England, America, and other European nations fought and waited for. This is the main reason, coloniàlism faded out, not (really) because of the fight against the act. Europeans found a better way of doing things through science and technology, hence, their need for tràns-Atlantic slaves reduced drastically.

4. Nigeria is a production hub. She produces good leathers, electronics, automobiles, etc. An agrarian society, fertile soil, good climatic conditions, and a wide variety of crops yet the people lament in penury.

5. These limitation is a result of the archaic way of doing things. Crude implements are still used in agriculture. We don't necessarily need to pursue the science of atoms and metals, each country has its capacity and what it can do. If the right intellects are positioned in agriculture with advanced/standard implements, the country will grow.

6. Our natural resources are worthless like the sh! ts in the latrine if there's no technology to harness them. Had it been Nigerian leaders are not myopic and shallow as their breast pockets, crude oil and limestone alone are enough to uplift the nation. Imagine that Africa's second-largest producer of crude oil doesn't have a functioning refinery. What a joke.

7. Since we want to booster our economy, closing the border is not a good way to do it, it not only hinders the growth of the economy, it increase the cost of living. Bilateral trade is how a country grows through imports and exports. It makes the nation concentrate its energy on goods and services it can conveniently and effectively provide and also destroys the monopolistic market in her economy because other foreign goods are in the market. Tax tariffs on imports also contribute to the growth of the economy.

8. Summarily, if our leaders don't see the importance of science and technology and the need to make business easy for the average citizen which will in turn boost the economy, there's no way the economy can grow - not even a cashless policy can help.

Thanks.

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