"The highest bill in the US is $100, Britain is €50, Ghana 50 Cedi, Have you ever had a scene where you're forced to spend N100 or above for a service that's worth N50, all because the service provider claims ;"No Change"? This in itself is inflationary.

Ask them in Zimbabwe where the highest currency in circulation is $100 Trillion Bill, but no one spends it. Instead, people use the US dollars and South African rands for their daily transactions!

We will soon be buying things now sold for about N3,000 - N4,500; for N5,000.00!

It is terrible!

Why are we not emulating Ghana where they just redenominated their currency? Why can't we do same to manage our economy?

The answer is clear; if we redenominate THEY will lose the money already stolen and kept abroad. For instance if we redenominate by cutting down two zeros, N1,000 becomes N10 while N100 becomes N1. In a similar way one dollar will exchange for N1.55k. Therefore $100m will be N1.5m. Naira will become stronger against many currencies and stealing money abroad will become unattractive.

Why are we going for higher denomination when CBN is spending billions to promote a cashless economy?

Join to say no to introduction of higher denomination of naira . Let's save our economy. Pls rebroadcast until it gets d necessary attention. If we have 2 re-occupy Nigeria or CBN (this time), let's do it....if not for ourselves then let's do it for d future of our children and their unborn children!! Before they turn us to millionaires that can't buy bread!!!"

I received this today and as much as I do not totally agree with the writer, one fact remains,changing N20,N10 and N5 nairas into coins can never be to the best interest of the economy of this nation. Sanusi since emerging as the governor of cbn has done nothing for the nation except witch-hunting, creating unemployment for teaming nigerias and further destroying the already decaying economy of the nation. If we refuse to act now, the generations of our children will curse us all in our graves. Let's occupy cbn or nigeria once again as this plane currency review can mean death for the medium and the myriads of low class nigerians.

I totally Support you

how is redenominating different from introducing new bills?

Same thing, no?

Power to Change
The govenor of Ekiti state once said "To change this country,you have to be in power"
I have been having some visiting headache since I got the news of the concluding intentions of CBN....
I have carefully studied these things in my capacity and I smell a conspiracy between GEJ,Ngozi and Sanusi....First,if 5000 notes is released,then its a step to increase fuel price in the nearest future,its another step to make huge withdrawals from the foreign reserve,its also a step to borrow a huge amount from World bank,which most probably have been nearing final approval.....Large currency like 5000 naira makes these operations easy and it would make their transactions cheaper....... And to the common man,price of every goods would increase,traansport fares etc...The price of pure water would firm at around 20 naira,the smallest sized bread would be 100 naira.
Don't forget that,the inroduction of 500 and 1000 naira was what made maggi sold for 2 for 5 naira(from 50k), chewing gum,sweets sold for 5 naira each(from 1 naira) etc just because traders was looking for every means to avoid collecting coins of 50k,1 naira and 2 naira.
All part of the Nigerian trade in a common man market eradicated the need for collecting coins by increasing their goods cost to meet up the nearest Note,which was 5 naira,as a result of these,coins disappeared from circulation.
The same would happen if these 5000 note is allowed by Nigerians....The hardship of Nigerians would increase significantly and no one would be spared.
I call on all Nigerians to halt these move....It is a calculation of gain to the government and its close allies and hardship to the masses which makes up more than 85% of the population.

plz rule out the Occupy CBN thingy...the result would be worse than what happened @ the SA mine.

You guys have no idea how economics works!
I am not a fan of Sanusi and I think the policy is ridiculous, because it would have made more sense to introduce 2,000 Naira before jumping to 5,000 Naira.

However, most people have missed it. The introduction of 5000 Naira would not increase inflation. It is the coining of 10, 20 and 50 Naira that would cause catastrophic inflation.
Nigerians don't do coins. We have erased it from our psyche. Anytime you introduce coins they vanish out of circulation and stay somewhere under our carpet.

The new coins would make everthing now priced in 100 naira denominations. Botteled water that sells for 50 Niara would now sell for 100 box flat and stuff like that.

Higher currencies don't exactly cause inflation except there are no smaller currencies close enough to serve as interchangeability.

The cost of producing a coin is more than the value attached to it and we don't even need anyway. We have a very bad system such that everyone wants His name/signature on the currency.

PapaBrowne: You guys have no idea how economics works!
I am not a fan of Sanusi and I think the policy is ridiculous, because it would have made more sense to introduce 2,000 Naira before jumping to 5,000 Naira.

However, most people have missed it. The introduction of 5000 Naira would not increase inflation. It is the coining of 10, 20 and 50 Naira that would cause catastrophic inflation.
Nigerians don't do coins. We have erased it from our psyche. Anytime you introduce coins they vanish out of circulation and stay somewhere under our carpet.

The new coins would make everthing now priced in 100 naira denominations. Botteled water that sells for 50 Niara would now sell for 100 box flat and stuff like that.

Higher currencies don't exactly cause inflation except there are no smaller currencies close enough to serve as interchangeability.

I think you are right. they should have introduce 2,000 naira note instead they just jump to 5,000 naira note

Kpac: Power to Change
The govenor of Ekiti state once said "To change this country,you have to be in power"
I have been having some visiting headache since I got the news of the concluding intentions of CBN....
I have carefully studied these things in my capacity and I smell a conspiracy between GEJ,Ngozi and Sanusi....First,if 5000 notes is released,then its a step to increase fuel price in the nearest future,its another step to make huge withdrawals from the foreign reserve,its also a step to borrow a huge amount from World bank,which most probably have been nearing final approval.....Large currency like 5000 naira makes these operations easy and it would make their transactions cheaper....... And to the common man,price of every goods would increase,traansport fares etc...The price of pure water would firm at around 20 naira,the smallest sized bread would be 100 naira.
Don't forget that,the inroduction of 500 and 1000 naira was what made maggi sold for 2 for 5 naira(from 50k), chewing gum,sweets sold for 5 naira each(from 1 naira) etc just because traders was looking for every means to avoid collecting coins of 50k,1 naira and 2 naira.
All part of the Nigerian trade in a common man market eradicated the need for collecting coins by increasing their goods cost to meet up the nearest Note,which was 5 naira,as a result of these,coins disappeared from circulation.
The same would happen if these 5000 note is allowed by Nigerians....The hardship of Nigerians would increase significantly and no one would be spared.
I call on all Nigerians to halt these move....It is a calculation of gain to the government and its close allies and hardship to the masses which makes up more than 85% of the population.

I totally agree with you Sir.its time we think revolution. The man died in anyone that keep silence in the face of tyrany. Government cannot change Nigeria but the people can and will. France did it, egypt and libya resently will be better of in the future because posterity will always warn any evil leader of the anticidents in those place. We need to arise and act. Revolution is the key and let it start from cbn.

PapaBrowne: You guys have no idea how economics works!
I am not a fan of Sanusi and I think the policy is ridiculous, because it would have made more sense to introduce 2,000 Naira before jumping to 5,000 Naira.

However, most people have missed it. The introduction of 5000 Naira would not increase inflation. It is the coining of 10, 20 and 50 Naira that would cause catastrophic inflation.
Nigerians don't do coins. We have erased it from our psyche. Anytime you introduce coins they vanish out of circulation and stay somewhere under our carpet.

The new coins would make everthing now priced in 100 naira denominations. Botteled water that sells for 50 Niara would now sell for 100 box flat and stuff like that.

Higher currencies don't exactly cause inflation except there are no smaller currencies close enough to serve as interchangeability.

That is my point.