Printing and circulation of N5, 000 notes would contradict the cashless policy of CBN as the policy suggests more reliance on the use of cheques and other instruments; and the discouragement of cash in business transactions.
Smith E. Kevin - 12 years ago
The introduction of the five thousand Naira notes will do the nation more harm than good. We must not do all what "THE WORLD" is doing. We are the most blessed nation of the world.
Ben Obasi - 12 years ago
The same CBN that made noise about cashless society, which Nigerians are still trying to understand, is coming out again (just to contradict itself) to introduce N5,000 note. Where are we going to. I think this move has no substantial basis and such should be forgotten.
Tony Obioru - 12 years ago
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
Tony Obioru - 12 years ago
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
Tony Obioru - 12 years ago
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
mike - 12 years ago
A LETTER TO THE CENTRAL BANK NIGERIA (CBN) GOVERNOR.
It is with great pains that I write this letter on the thought provoking issues that boarders the planned introduction of a new 5,000 Naira denominated currency. I intend to make this brief and simple.
I have closely followed the reactions that have trailed the announcement over the week. It is sad that a country like Nigeria, where people earn as little as 1 dollar (USD) a day is planning to create such a monstrosity (5,000 naira note). I overheard the Director of media of the CBN Ugochukwu Okoroarfor saying it is in line with international best practice to redesign and create new currencies. I sincerely want to ask him if this is the only international best practice out there? Why not look for a practice that is people oriented and implement it? The CBN did not apply international best practice when she dealt with earring bank MD’s and this has lead to massive job cuts in the Nigerian banking sector and a huge unemployment in the country.
The CBN says the new currency will reduce the quantity of paper money in circulation. I want to ask again, will the CBN equally stop the minting of 1000, 500, 200, 100 and 50 naira denominations? If no, then you have succeeded in only increasing the amount of physical cash and amounts in circulation, the effects of this is listed below:
1.The cashless policy of the CBN will be defeated since it will facilitate the clandestine movement of cash.
2.This will only encourage more bank robbery due to the fact that fewer cash with huge volumes will be in the peoples pocket and bank vaults. Compounding the security challenges of Nigeria.
3.Corruptions which have eaten the nation’s fabric will benefit greatly from this new denomination.
4.The CBN officials saddled with this responsibility are forcing it due to monetary gains that will accrue to them, creating avenue to launder money.
5.The lower denominations used by the poor masses will be coined making life harder, because of much energy expended in carrying coins.
6.The rich will be the only beneficiary of this new currency thereby widening the gap between classes in the society.
7.The coins created will eventually disappear from circulation as soon as goods and services rise to catch up with the lowest denominated note.
However, in my view, the needed solution to encourage the CBN’s cashless policy is to withdraw 1,000 and 500 in circulation and return the 1 naira note. This will greatly force the masses to embrace electronic cash transfers and bank account settlements, since it will be bulky to carry millions in 200 naira denomination. It will also reduce the money spent by the CBN and Banks in processing physical cash in circulation. Almost every citizen will dislike cash transactions. Money laundering will be dealt a great blow.
In conclusion, I want to emphatically say that I abhor with great disdain the speech credited to the Director of media of the CBN, saying the new currency is in line with the best practices. I am ready to go to great lengths to see to it that this dream (5,000 naira, coins creation) dies a natural death. Why are the CBN and ruling elites running Nigeria like a man with terminal illness, who lives a riotous life owing to the fact that he could die any second? The common phrase, “this is my turn to feed fat”.
Long live the Federal Republic of Nigeria.
Grace Asuquo - 12 years ago
creating 5,000 note is good way of saying bye bye to our dear 10,20 and 50.00, and a very easier way for those those thieves to smuggle our naira out of this country, so it's not acceptable.
Mistaocee - 12 years ago
Don't know what he Intends to Achieve but God will Expose him and the Group of Cohorts behind him.He has already lost.
Balogun Taofeek - 12 years ago
I strongly disagree with the propose introduction of 5000 naira note. The Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, is clamouring for a cashless economy, why on earth should he be thinking of introducing this.It is totally uncalled for. If the government should introduce the new note to the economy then it will be to the detriment of the so called common man on the street.
Abass - 12 years ago
For the attention of Lamido Sanusi & his Allied
Why N5,000.00 note again?
Is this not contradicting your preaching/campaigning?
"Cashless/Cashlight Lagos/Nigeria"
Why do we need N5,000.00 note when we are not expected to carry cash around?
These are two opposite policies/ideas.
Rather than introducing N5,000.00 note; the N1,000.00 note should be removed from the circulation, if actually we want to run cashless Nigeria.
Ala - 12 years ago
I think to want to spend 40Billion on this project is a display of the generic misplacement of priority that is rife across all leadership strata in our country...40Billion spent correctly, can do many enduring things that we will all be proud of 40 yrs to come. The truth is that it is not the size of the note you carry that matter but what you are able to exchange it for. Our No. one economist should help think of a way of spending the 40 Billion (and every billion) at his disposal so that what we use to buy for 20 Naira can someday become cheaper or remain 20 Naira in future...these are the type of thinking that I believe will move Nigeria forward..and on the coins..someone said 'only a fool will keep doing the same thing and be expecting a different result' a word is enough for the wise....on Senate, can they really stop the indomitable Lion Lamido? I doubt....God bless Nigeria
Yes2christ - 12 years ago
Destroy the economy of every country on earth and go cashless so that we can give every human a particular item as a means of transaction without which they can neither buy nor sell.
uche - 12 years ago
CBN is doing the right thing at the wrong time.Why not CBN invest this N40 Billion in Agricultural sector that will creat jobs for nigerians and improve our domestic output that will add more value to our exsiting currencies ? or are they introducing this N5,000 just for lagecy sake ?
John-Adegoke Adegoke - 12 years ago
The decision of the CBN to roll out 5,000 notes into the state economy is being driven by personal interest of those in power. How could the country wasted 40 billion on such project in a country where workers are not paid, Bakassi people are begging to be relocated and millions of Nigerians dont have anything to do. We dont need a rocket science in order to know that we dont need it at least for now. That Sanusi should be check b4 it unleashed another disaster on the nation.
EDEH JOHN - 12 years ago
some times i wonder if we are confuse about developing and using policies, how can we be talking of a cashless society and still trying to introduce much cash it is of no use and current globalisation ,of no importance.. Mr Lamido think of something else.....
Muhammad - 12 years ago
5,000 naira note is not our nation problem,the problem we have is lack security ,indiscipline,contentment etc. I advice f. g to look over our problem not order people's problem.
Ojmax - 12 years ago
Mr Sanusi!!!
This was initially like a joke to me up until I check the calendar and lo it was August.
Thank for medium like this for one to express ones opinion.
The BIG questions are;
* N1000 was introduced month before this proposal. What impact has it made to the economy?
*In how many cities do they still accept (for obvious reasons) the coins for purchase of item?
* Who know book pass; You or Prof. Soludo?
mtee - 12 years ago
sooner you will see sanusi contesting for govr election has his prodesesor ole
Obinna - 12 years ago
Sanusi is showing Nigerians that he is one of the grandfathers of corruption by trying to award his own contracts, to the detriment of the masses, `Sanusi make the current denominations we have strong,before killing us`.Not minding that nigerians are loosing a lot to his baseless policies like changing account numbers, which we are paying dearly `cos we are bared from operating our accounts with the cheque books we paid for, forcing us to pay and get another one thereby defrauding us to share with banks and cashless economy by telling banks to withdraw there ATMs were they are not close so that you can pay #1000.00 transport to cash #1000.00.
This is an indication that he has exhausted his ideas and a signal for him to be removed.
WHOEVER THAT THINKS OF PRINTING ANY NEW DENOMINATION LIKE 5000 OR 10000 NAIRA NOTES,NOTES TO COINS IS KILLING OUR ECONOMY,SHOULD BE CHARGED FOR MURDER
Printing and circulation of N5, 000 notes would contradict the cashless policy of CBN as the policy suggests more reliance on the use of cheques and other instruments; and the discouragement of cash in business transactions.
The introduction of the five thousand Naira notes will do the nation more harm than good. We must not do all what "THE WORLD" is doing. We are the most blessed nation of the world.
The same CBN that made noise about cashless society, which Nigerians are still trying to understand, is coming out again (just to contradict itself) to introduce N5,000 note. Where are we going to. I think this move has no substantial basis and such should be forgotten.
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
Except the CBN is under pressure by the WB and IMF to indirectly devalue the currency. I see no sense in this 21st century (SANUCASHLARGE economic theory) in printing N5000 (or is tha naira under pressure?) at the same time proposing cashless money except in Nigeria. This will create an economic tilt between our micro/macro economic indices and market perception which the CBN cannot control. I support the coinage of N50, N20, N10 & N5 but encourage the use of coin/cash acceptance machine for tickets and others e.g. Can drinks dispensing machines, etc.
A LETTER TO THE CENTRAL BANK NIGERIA (CBN) GOVERNOR.
It is with great pains that I write this letter on the thought provoking issues that boarders the planned introduction of a new 5,000 Naira denominated currency. I intend to make this brief and simple.
I have closely followed the reactions that have trailed the announcement over the week. It is sad that a country like Nigeria, where people earn as little as 1 dollar (USD) a day is planning to create such a monstrosity (5,000 naira note). I overheard the Director of media of the CBN Ugochukwu Okoroarfor saying it is in line with international best practice to redesign and create new currencies. I sincerely want to ask him if this is the only international best practice out there? Why not look for a practice that is people oriented and implement it? The CBN did not apply international best practice when she dealt with earring bank MD’s and this has lead to massive job cuts in the Nigerian banking sector and a huge unemployment in the country.
The CBN says the new currency will reduce the quantity of paper money in circulation. I want to ask again, will the CBN equally stop the minting of 1000, 500, 200, 100 and 50 naira denominations? If no, then you have succeeded in only increasing the amount of physical cash and amounts in circulation, the effects of this is listed below:
1.The cashless policy of the CBN will be defeated since it will facilitate the clandestine movement of cash.
2.This will only encourage more bank robbery due to the fact that fewer cash with huge volumes will be in the peoples pocket and bank vaults. Compounding the security challenges of Nigeria.
3.Corruptions which have eaten the nation’s fabric will benefit greatly from this new denomination.
4.The CBN officials saddled with this responsibility are forcing it due to monetary gains that will accrue to them, creating avenue to launder money.
5.The lower denominations used by the poor masses will be coined making life harder, because of much energy expended in carrying coins.
6.The rich will be the only beneficiary of this new currency thereby widening the gap between classes in the society.
7.The coins created will eventually disappear from circulation as soon as goods and services rise to catch up with the lowest denominated note.
However, in my view, the needed solution to encourage the CBN’s cashless policy is to withdraw 1,000 and 500 in circulation and return the 1 naira note. This will greatly force the masses to embrace electronic cash transfers and bank account settlements, since it will be bulky to carry millions in 200 naira denomination. It will also reduce the money spent by the CBN and Banks in processing physical cash in circulation. Almost every citizen will dislike cash transactions. Money laundering will be dealt a great blow.
In conclusion, I want to emphatically say that I abhor with great disdain the speech credited to the Director of media of the CBN, saying the new currency is in line with the best practices. I am ready to go to great lengths to see to it that this dream (5,000 naira, coins creation) dies a natural death. Why are the CBN and ruling elites running Nigeria like a man with terminal illness, who lives a riotous life owing to the fact that he could die any second? The common phrase, “this is my turn to feed fat”.
Long live the Federal Republic of Nigeria.
creating 5,000 note is good way of saying bye bye to our dear 10,20 and 50.00, and a very easier way for those those thieves to smuggle our naira out of this country, so it's not acceptable.
Don't know what he Intends to Achieve but God will Expose him and the Group of Cohorts behind him.He has already lost.
I strongly disagree with the propose introduction of 5000 naira note. The Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, is clamouring for a cashless economy, why on earth should he be thinking of introducing this.It is totally uncalled for. If the government should introduce the new note to the economy then it will be to the detriment of the so called common man on the street.
For the attention of Lamido Sanusi & his Allied
Why N5,000.00 note again?
Is this not contradicting your preaching/campaigning?
"Cashless/Cashlight Lagos/Nigeria"
Why do we need N5,000.00 note when we are not expected to carry cash around?
These are two opposite policies/ideas.
Rather than introducing N5,000.00 note; the N1,000.00 note should be removed from the circulation, if actually we want to run cashless Nigeria.
I think to want to spend 40Billion on this project is a display of the generic misplacement of priority that is rife across all leadership strata in our country...40Billion spent correctly, can do many enduring things that we will all be proud of 40 yrs to come. The truth is that it is not the size of the note you carry that matter but what you are able to exchange it for. Our No. one economist should help think of a way of spending the 40 Billion (and every billion) at his disposal so that what we use to buy for 20 Naira can someday become cheaper or remain 20 Naira in future...these are the type of thinking that I believe will move Nigeria forward..and on the coins..someone said 'only a fool will keep doing the same thing and be expecting a different result' a word is enough for the wise....on Senate, can they really stop the indomitable Lion Lamido? I doubt....God bless Nigeria
Destroy the economy of every country on earth and go cashless so that we can give every human a particular item as a means of transaction without which they can neither buy nor sell.
CBN is doing the right thing at the wrong time.Why not CBN invest this N40 Billion in Agricultural sector that will creat jobs for nigerians and improve our domestic output that will add more value to our exsiting currencies ? or are they introducing this N5,000 just for lagecy sake ?
The decision of the CBN to roll out 5,000 notes into the state economy is being driven by personal interest of those in power. How could the country wasted 40 billion on such project in a country where workers are not paid, Bakassi people are begging to be relocated and millions of Nigerians dont have anything to do. We dont need a rocket science in order to know that we dont need it at least for now. That Sanusi should be check b4 it unleashed another disaster on the nation.
some times i wonder if we are confuse about developing and using policies, how can we be talking of a cashless society and still trying to introduce much cash it is of no use and current globalisation ,of no importance.. Mr Lamido think of something else.....
5,000 naira note is not our nation problem,the problem we have is lack security ,indiscipline,contentment etc. I advice f. g to look over our problem not order people's problem.
Mr Sanusi!!!
This was initially like a joke to me up until I check the calendar and lo it was August.
Thank for medium like this for one to express ones opinion.
The BIG questions are;
* N1000 was introduced month before this proposal. What impact has it made to the economy?
*In how many cities do they still accept (for obvious reasons) the coins for purchase of item?
* Who know book pass; You or Prof. Soludo?
sooner you will see sanusi contesting for govr election has his prodesesor ole
Sanusi is showing Nigerians that he is one of the grandfathers of corruption by trying to award his own contracts, to the detriment of the masses, `Sanusi make the current denominations we have strong,before killing us`.Not minding that nigerians are loosing a lot to his baseless policies like changing account numbers, which we are paying dearly `cos we are bared from operating our accounts with the cheque books we paid for, forcing us to pay and get another one thereby defrauding us to share with banks and cashless economy by telling banks to withdraw there ATMs were they are not close so that you can pay #1000.00 transport to cash #1000.00.
This is an indication that he has exhausted his ideas and a signal for him to be removed.
WHOEVER THAT THINKS OF PRINTING ANY NEW DENOMINATION LIKE 5000 OR 10000 NAIRA NOTES,NOTES TO COINS IS KILLING OUR ECONOMY,SHOULD BE CHARGED FOR MURDER