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Nairaland Forum / Nairaland / General / Business / Senate Wants CBN To Convert Lower Naira Notes Into Coins (26733 Views)
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Senate Wants CBN To Convert Lower Naira Notes Into Coins by londonrivals: 6:53pm On May 23, 2017 |
The Central Bank of Nigeria should convert the country’s lower currency notes into coins to facilitate “highly repetitive” retail transactions, the Senate said Tuesday. The advice came after a Senator spoke on the implications of rejection of the existing coin denominations for the economy. “The local retailers keep rejecting the coins because commercial banks won’t accept them as deposit, even when they are reflected on paper, and the CBN still recognizes them as legal tender,” said Mustapha Bukar, the APC Senator representing Katsina South. Given the rejection, plus the loss of value of the coins due to inflation, Mr. Bukar, therefore, suggested conversion of the the lower notes into coins to “cater for highly repetitive transactions” which “overwhelming majority” of Nigerians are engaged in due to “location and income”. “Since the three coin denominations of 50 kobo, one kobo and 10 kobo have lost their values due to inflation, the conversion of lower currency notes to coins will facilitate retail transactions in the economy, like we have in developed countries,” the senator said. “Despite the huge budget by the CBN on sensitising Nigerians on the need to accept coins, the transaction chains were broken and banks and customers reject the currency, thus, promoting corruption and escalating inflation to the extent of diminishing the value of the coins.” Quoting unnamed “experts”, he said coin denominations were important in helping control devaluation of country’s currency. Taking an instance from the U.S.A, he said a reason why one cent had not phased out “is due to inflationary ramifications of such a move”. He observed that coins were still being used in advanced countries, including the United Kingdom, Japan, the European Union and the United Arab Emirates, but lamented Nigeria has now become the only country in West Africa “where there is a total absence of the coins in the economy.” “In Nigeria, there are two types of retail payments; the highly repetitive small value transactions, such as urban transportation, sweets, cigarettes, kola nuts, sachet water, vegetable etc., as well as, less frequent but high value transactions like clothing, footwear, raw foodstuff, electronics etc. “Coin currencies are designed globally to cater for highly repetitive transactions because of the nature and conditions under which they happen, such as crowded markets, bus stations, congested traffic, and varying weather conditions, including rainy, sunny and humid conditions in which notes are ill-suited for them. “Countries regularly upgrade their coinage to keep pace with the prices of this category of retail items,” Mr. Bukar explained. Following the motion, the Senate, led by Ike Ekweremadu, resolved to urge the CBN to intensify efforts to bring coins back to the economy; and convert lower currency notes into coins to be used “side-by-side with the notes” to facilitate highly repetitive retail transactions in the country. The Senate also urged the CBN to impose sanction on any commercial bank that rejects coins as deposit. Nigeria’s current currency notes are: N5, N10, N20, N50, N100, N200, N500 and N1000. Mr. Bukar did not mention exactly which ones he defined as “lower notes”. http://www.metronaija.com/2017/05/senate-wants-cbn-to-convert-lower-naira.html 1 Like 1 Share
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Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by madridguy(m): 6:54pm On May 23, 2017 |
Mr. Bukar must be high on expired Jamaica vegetable. Embezzlement is really affecting his sense of reasoning. His not suggesting how to make our economy stronger so with 50 kobo we can be getting things like biscuits, sachet water and so on and all he could think of is to phase off #5 #10 #20 and #50 Bunch of rogues. 182 Likes 7 Shares |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by peteredo: 6:55pm On May 23, 2017 |
Ok |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by ojun50(m): 7:00pm On May 23, 2017 |
Que dis people ok, who want to be carrying metal up nd down 7 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by funstufz(m): 7:00pm On May 23, 2017 |
Why not re-introduce the good old coins back instead of converting 'lower' currencies into coins. Americans still spend 'one cent' a hundred of which make '$1'. 21 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Nobody: 7:46pm On May 23, 2017 |
lol... Yeye dey smell on all those ladies wey dey carry handbag upandan. make coins go dey their bag e go just dey form beats for road.... 22 Likes 1 Share |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by FriendNG: 8:08pm On May 23, 2017 |
Mtsw. I thought he will say let 1 Naira and 50 kobo change to note instead of coin. Who like to carry coin up and down. 20 Likes 1 Share |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by reallions(m): 8:49pm On May 23, 2017 |
Another unneeded waste of time 3 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by asksteve(m): 9:26pm On May 23, 2017 |
God help Nigeria, with these kind of people in leadership position. So cos d coin is rejected d solution is to coin lower noes. Do this people listen to themselves at all? or dey want to break d jinx of not moving any motion since they assumed office. Have they reasoned dat coining N5 n N10 will create anoda loss in value for these denominations n we'll still b where we started from. Instead return N1 n 50k notes n c d denomination fight for its value. 62 Likes 1 Share |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Chiefly(m): 9:49pm On May 23, 2017 |
Confused people.. Cashless economy indeed. 3 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Phrankin(m): 9:49pm On May 23, 2017 |
This is our life now, I guess we're stuck with this set of clueless leaders. Instead of discussing on policies that will help stimulate the economy thereby making the lower notes valuable again, they're there talking about UK, coins and US. Mr senator, I want to ask you. When you traveled to UK and the United States, was it only coins that you saw? Didn't you see good roads, and I heard they also have constant electricity. How about their leaders, I heard they're accountable to the citizens. 55 Likes 5 Shares |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Lilaex: 9:49pm On May 23, 2017 |
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Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by sbashir10(m): 9:50pm On May 23, 2017 |
prof Charles soludo has proposed this before, but his idea was rejected.... SMH 2 Likes 1 Share |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Alitair(m): 9:50pm On May 23, 2017 |
Despite how forgotten those smaller currencies are, they still want it phased out entirely. Next thing would be to pass bill for 5k notes. 1 Like 1 Share |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Nobody: 9:51pm On May 23, 2017 |
N5000 note loading..... ![]() 5 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by adioolayi(m): 9:51pm On May 23, 2017 |
So that they will go into extinction.... misplaced priority... confused set of looters 4 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Lexusgs430: 9:51pm On May 23, 2017 |
Senate no get work. Who wan carry drill for pocket? 3 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Dottore: 9:51pm On May 23, 2017 |
This country don finish |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Profezzor: 9:51pm On May 23, 2017 |
God forgive me but the Senate is filled with many senators with Coconut head 12 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by uselessIDIOT(m): 9:51pm On May 23, 2017 |
do they use the ones we have before? useless people |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by AlphaStyles(m): 9:51pm On May 23, 2017 |
lol who dy use coins for naija ![]() 5 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by ElsonMorali: 9:51pm On May 23, 2017 |
So that they can go out of circulation abi, then you'll be free to print higher denominations like #10,000 a d #20,000 notes. Koni daa fun yin lai! 9 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Enezoza(f): 9:52pm On May 23, 2017 |
Na them sabi 1 Like |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Sunnycliff(m): 9:52pm On May 23, 2017 |
Breeding hyperinflation 3 Likes |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by PStacks(m): 9:52pm On May 23, 2017 |
So that they go extinct and after a while they phase them out and then turn the dollar to our national currency abi... bunch of legislooters.. 1 Like |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by holluphemydavid(m): 9:52pm On May 23, 2017 |
Dis people are confused again |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by onosprince(m): 9:52pm On May 23, 2017 |
. |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by nairaeye: 9:53pm On May 23, 2017 |
I think those guys are jobless for comingup with such idea, they should check my signature to get something doing |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Nobody: 9:53pm On May 23, 2017 |
Nonesense |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by ibkgab001: 9:54pm On May 23, 2017 |
Coins truly there was a con3 |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by Franky9584(m): 9:54pm On May 23, 2017 |
mtchewww....who wan carry an? |
Re: Senate Wants CBN To Convert Lower Naira Notes Into Coins by benuejosh: 9:54pm On May 23, 2017 |
dead on arrival. |
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