According to Leadership newspaper, the Central Bank of Nigeria, in an attempt to reduce the volume of cash baggage and security exposure in cash transactions, is 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. Though no one at CBN has confirmed this, but reliable sources told the newspaper that it will happen, they just do not know when it would take effect or when it would be announced to the public.
The bank has also made plans to convert N5, N10, N20 and N50 into coins which are all presently notes. Though no one at CBN has confirmed this, but reliable sources told the newspaper that it will happen, they just do not know when it would take effect or when it would be announced to the public.
N5k note? Oh boy, I don't know how I feel about this!
86 comments:
i think this will further devalue the naira that doesnt have value, all in a bid to make theft easier for them they are talking about making carryin cash less cumbersome.is that the issue?abi how to make it have small value....silly tins,i tot sanusi lamido ws smart.
Dey must b very stupid,is dat y we re here? Plz pass the mic.
I wonder if dis is the way forward for Nigeria
Makes no sense..Nigeria has way bigger problems...mschewwwww
they should please stop depriciating naira notes
Our politicians will have more money to steal. Before you know it the coins will go into extinction & we will be buying sweets with #50 coin. Lamido had better make a one million naira note. That way it will be easier for our treasury to be looted with just a wallet or a small handbag. Mtscheeew.Nonsense. Instead of them to solve electricity, water, transport & health problems.
Gboza says:
If this is true, how then do we reconcile Nigeria going cashless vs Nigeria introducing new cash.
We are not ignorant of the devices of corrupt govts.
Didnt they say the same thing when 1k notes came out?They will just be causing unnecessary inflation.So is this the way CBN wants to go cashless?
Wondering why Yar'Adua stopped Soludo from renominating the Naira... Had he been allowed to go ahead, 1 naira would have been equal to 1 dollar and there'll be no need for all these thousand, thousand notes...
Sanusi should renominate jare... We don't want our Naira to be like the CFA Francs...
Linda, your thought is as good as mine.... hmmmmm, 2k and 5k notes in Nigeria? Good thought but very dangerous in a country like ours...more avenue to acquire money by politicians #smh#
Finally this people want to destroy our currency and turn it into toilet paper.Thieves and politicians would be able to steal money easily now.
This must not be true abeg...What's wrong with this Sanusi sef...Now i agree with what people have bn sayn that its an Economist that should be a CBN Governor...Pls do this guy know what inflation is and its causes? Instead of this higher notes why not feel concerned about the face-value of the existing notes. All i see with this new note is inflation
introducing higher denominations when the lower notes have not been seen by some individuals.
God save Nigeria.
Ehm make the masses suffer and the rich ever smiling to the bank, anyways not suprise u knw say dat coming, so wat happen to five and ten naira out of value
God pls, hope this doesn't go. Other countries are removing zeros to equate to dollar and we are adding. Once these monies turn to coins they will stop being spent and N100 will be the new N10. We need help oooo. @Okonjo are U there?
i really think that will drastically reduce the valueless value of the naira *sigh* God help us.
This just tells us one thing folks, our economy is going through serve inflation. When Ebele was increasing fuel price and not leading well what did we expect?
if my change turns out to be 50 bucks then wat would happen........ and probably those traders that dont like stress would just increase the price of the lil stuff........sha Godhelp us!!!!
WHAT WILL HAPPEN TO OUR KOBOS PLEASE CAN COME SOME SAY SOMETHING HERE.
I THINK SOLUDO'S HIDER IS ONE OF THE BEST TO DEVALUE THE CURRENCY BY REMOVING THE DOUBLE ZERO AT THE BACK OF ONE NAIRA, OK WE ARE WAITING.
This is insanity....
9ja 4 show! It'll definitely increase money laundering.
what then happens to the Okada riders and Danfo drivers? they will have to carry extra bag for their coins???!!
End time!!!
we might just be d 1st country to have our notes and coins bearing the same currency.
dollar & cent
pound & penny
cedi & pesewa
then,
Naira & Naira.another 1st 4m PDP.if dey dont kill us,then it is up to us to kill dem.
They want to turn us to benin republic
This doesn't mk any sense to me..They are just looking for wayz to make looting easier....SMH for Nigeria
Creating ways to enable them loot our money easily. Don't forget God knows your house address ooooo.
they should introduce 1million naira bills since dey need to reduce cash lugage then see if people wont become more desperate.
our cbn govonor, is so confused, all his policy has never help dis economy in Nway, introducting 2k N 5k notes will only increase inflation, and his is an economics gradute...., the rich get richer while the poor gets poorer, God save us ooo
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Menh!!! 5K would be like N500, smh, what is actually our direction???
I'm not so sure if its a good idea,yeh!Cos if i misplace #5000 note i'll jst faint..lol buh at d same time it pays off in the sense dat it will reduce............bla bla
This is the same Sanusi that everyone praises. The guy is just part of the problem! Evil people.
Frm cashless nigeria to making bigger naira notes!! What a confusing contradiction. CBN big guys,I hope u guys are not running out of ideas. I just hope itz a rumour. Infact let me ask my big brother working there now!
Sanusi or whoever is trying to make this happen is very stupid...
My dear, this doesn't have anything to do with Okonjo but rather that Mallam who was positioned @ the helm of the CBN to pursue the narrow selfish interests of the so-called northern elite. BTW this will serve Nigeria, and indeed Nigerians, right for letting Yar'Adua place an islamic scholar @ the helm of the CBN
Gbam iji ya, stupid pple, imagine 1 million will be 2 bundles of 5k notes, well na God go judge their matter.
lol, at some comments. Okay on a more serious note. I think the idea of turning 10,20,50 and 100 naira into coin is a good one. But at the same time i think the notes should end at 100, 200,500 & 1000.
There is still absolutely no need for 2000 and 5000 and if there is, it should be made available for the elite. I am not part of them but like other countries, they are the ones who need them more.
Make i see 1k constantly first
its a horrible idea. Thieves can easily steal more money faster. and higher currency only tells international market that nigeria economy is in trouble.
God in heaven everlasting king glory I am using this blog to pray for our country Nigeria so that u heal us from corruption all this I ask through jesus christ our lord. Amen
Kiss 50naira cab/bus fares goodbye
A packet of 5k will be 500k... This is so hilarious.
Now you wonder! Where did the likes of the Sanusis get their degrees from?
Experience has shown it hardly works. This is just an ingenous way to devalue our currency.
lmao, if they're paying u ur salary now, say 40k, they'll give u 8 pieces. ha ha ha ha
You don't need to study economics to know that printing N2000 and N5000 will not help the economy to develop. you want to create a cashless society and at the same time, you want to create avenue for people to carry plenty cash in small form. Our colonial master who influences our policy through their agents, has £50 has the highest denomination. they value that money so much that u don't see it even in the bank. I have seen that denomination only 2ce, both time with a Nigerian. I just wonder how some people deliberately mortgage the future of our country. Until we start buying toilet roll with thousands like Zimbabwe.
SO now I jus hope that the whole of nigeria is beginning to see sanusi as d devilish little sneaky son of a bitch that he is everyone was rejoicing wen he came in oh he's so wonderful he's smart he's dis n dat but I cud see beyond d smart talking fake british accent what a fraud he was..useless antichrist boko haram bitch! well now its obvious dat the devil u know is better than d angel u dont, he has ruined the banking sector so the next point of call is the currency well when he turn nigerian naira to the zimbabewain dollar he wud carry his tooth pick legs n go! Useless SOB!!!
corruption made easy
Na wa oh,which way naija? Imagine a 5k note droping off ur pocket,akwai damuwa kam
Am really sad for our country Nigeria...why are dese people like dis, dey just all want to keep stealing and stealing , like dey will never die one day and all dat wud be gone....mssschew
omg..................can somebody pls save this country.can sanusi be taken out pls...wat is dis contry turning into
Tell dat 2 an aboki ma....
Plz pass Ï„̣̣Ñ’Ñ‘ mic... Long hiss...
They need to think about removing at least a zero. Wallet no fit hold money. And u will need to break ur thousand just for pure water. Haba. Which way, Nigeria?
Really? Why????????
So stupid. Out of all the important issues to focus on, this one. Leave the naira notes as it is, stop depreciating it.
ha ha ha we done die finish,this people go kill ous oh.day want to still our money.please linda tell them we dont want.
I don't use vulgar words but I have to now. That CBN Gov is just a jobless annoying man, 5k note for what? Advanced countries that have cashless transactions do they have even 1k note? He wants to make sure that his name will be popular. Sometimes I wonder if his not the ........st
we dont want this at all.please linda let them no we dont want the new note.
Not a good idea at all. What is that Sanisu doing? Common sense should tell him N5000.00 note will be creating more problems for Nigerians. and who wants to carry a N50.00 coin?
I think the CBN and all its decision makers have gone mad! *passing the mic*
Nigeria go turn niger republic wit dis 1 oo.. It had beta remain a rumour.. This aint gud..
One of the benefits of cashless society is to reduce the amount of cash carried around. If implemented properly, people would not need to withdraw so much cash. This would translate into a reduction in the use of 1000naira notes. This process can be accelerated to a level which can lead to the total withdrawal of the 1000naira note from circulation. At the same, inflation would fall and the currency would appreciate against the dollar (Provided development (not growth) reforms are sustainable)
Easier way to chop money..more corruption and robbery,more death and Antichrist arrives
Very interesting, 2k, 5k. When i loose or cant find 1k i go crazy especially when am low on cash so now if 5k goes missing what will i now do? Are these people or sanusi really serious? i hope this idea doesnt see the light of day. IJN Amen.
they just want to destroy our economy the more,this is baseless and foolish,we the youths of Nigeria shoul not allow this rubbish to happen
these bastards should not be given the chance to ruin Nigeria more from the way it is now
I don't think it's all girls that love it. Me for instance I don't think it's hygenic either the vagina is clean or not. I cnt give a guy BJ too cos it's just nasty. Call me what you want but,we all have diff views about things plus I think sex is just being over-rated these days
Duff my hat to ebuka...Ur comment rocks! Rily anoda 1st 4 PDP nd naija!
We will still have kobo though useless
Pls what will happen to police Egunje? Will they take coins, give change or accept only notes? On d brighter side, ppl will stop 'spraying' lower denominations so more money to be made during parties... Just kidding. It's actually a very stupid idea to do this to naira that desperately needs help.
Knowledge is really key!! Look at Ghana..they have 20cedis and 50 cedis notes which is equivalent to N2000 and N5000 and their N5, N10, N20 and N50 are in the form of coins and I can confidently say their economy is doing better than Nigeria's economy!! Go figure guys..
*droppin the mic*
a bundle of 5k will be 500,000
wow.
arm robbers r gonna pile up everywhere
Oluwa o o o Gbawa lowo ijoba wa Nigeria yi o!
God punish them all.....stupid. People
CBN can introduce even N10, 000.00 but after that let them re-denominate Naira such that the current N1000.00 will become N10.00. It will help a lot. Nigeria is about the only country where coins are not readily accepted and this is affecting our economy.
With all the masters & Ph.d degree holders in the CBN, can't anyone really stand up to this imbecile and tell him that his policy are all tantamount to economic suicide. firstly, he was preaching cashless economy and now he is introducing higher denominations to aid looting of the national and state treasury. Na wahh.
arrant nonsense...it so gonna devalue the Naira....even better econonmy dont just do notes like that....i cant aw many times av since 50 pounds note....lamido should pls wake up.....
Ebuka so true and the naira/naira part is so funny!
the CBN Governor must be out of his senses. oh he wants to make the money very easy for them to steal. so that they can load billions of naira into Ghana must go bag. please do not finish nigeria
Having notes of higher denomination will cause lower denomitions to go into extintion which have an adverse effect on the economy
How are they going to do dat , God pls help nigeria because they are in the poing of collapsing
Shey na until God comes down himself wey these politicians go get sense? thought we were fighting corruption. GEJ would gladly approve this. OLODO president! Msheew!
Sanusi is just killing the economy of Nigeria more and more. He is making policy that favours Goodluck and his team in Govt and the BIG THIEVES.Thereby using this bad policy to kill the poor masses. I think Nigerians must rise up to condemn this man that is encouraging corruption at high level. I don't know who will accept small notes as coins in this country as a means of buying and selling that we have tried in the past. Is not in our culture. He should pls leave our small notes for us the poor Nigerians we are not complaining.
Sanusi is just killing the economy of Nigeria more and more. He is making policy that favours Goodluck and his team in Govt and the BIG THIEVES.Thereby using this bad policy to kill the poor masses. I think Nigerians must rise up to condemn this man that is encouraging corruption at high level. I don't know who will accept small notes as coins in this country as a means of buying and selling that we have tried in the past. Is not in our culture. He should pls leave our small notes for us the poor Nigerians we are not complaining.
Sanusi is just killing the economy of Nigeria more and more. He is making policy that favours Goodluck and his team in Govt and the BIG THIEVES.Thereby using this bad policy to kill the poor masses. I think Nigerians must rise up to condemn this man that is encouraging corruption at high level. I don't know who will accept small notes as coins in this country as a means of buying and selling that we have tried in the past. Is not in our culture. He should pls leave our small notes for us the poor Nigerians we are not complaining.
Hmmmmm I saw this coming...
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