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Briggz5d


While some Nigerians struggle to adapt to the Central Bank Cashless economy initiative recently launched in Lagos, others have embraced it and are now carrying out daily transactions the electronic way which is more secure.

If you've decided to stay in the stone age and deal with Cash Only - Then this might be good news for you. There are speculations that the CBN is concluding plans to introduce new 2000 and 5000 naira Notes.
This report was confirmed by inside sources but has not been officially announced by the CBN yet. Changes will also be made to other Notes like N5, N10, N20, N50 which will all be reverted to Coins!!!

The executive chairman of the Society for Analytical Economics, Nigeria, and an expert in finance - Dr. Godwin Owoh, says the policy if carried out, would lead to inflation and increase the ability to carry out cash transactions. I agree with him.

Owoh said, “There has been no official pronouncement from the CBN on this policy but, if it is carried out, it will only give the bank’s management the capacity to award more contracts, making it a purely selfish and commercial endeavor. The CBN has been carrying out commercial activities, which are normal banking operations – they set rules on how to withdraw or not withdraw money.”

He said, “ The CBN has invested a lot into the cashless policy and point of sale terminals will suffer; 100,000 units of hardware for e- transactions have been installed in different places.

“The process of printing money is clearly a fiscal issue. Embarking on this policy would indicate a lack of harmony between the fiscal and monetary policies.”

So the debate goes on... Is the CBN really trying to Discourage Cash transactions or Encourage it? - Do you think the introduction of these new notes is a good idea?

« Last Edit: May 13, 2012, 04:07 PM by Briggz5d »

nasiryunusa

I do not see the need to introduce high denomination currency. The government is just doing whatever it likes with people. Most countries with high denomination notes eventually find their currency deflated when compared to the dollar.

Government should think of better areas to spend the money to be used for developmental purpose, because even the cost of producing this new denomination will be running into millions or billions of dollars.

Why is government not sensitive to the plight of the people, but rather selfishly pursuing its own agenda. The N5 - N1,000 note has not finished has it ? Countries like Indonesia and iran have their currency highly deflated, N1 is equivalent to IR65 -IR70. So you see we are still lucky and proud that we have countries in Asia and I am sure even Europe that our currency competes favorably with, but with this new denomination, only God know what will happen, because the Economist in Nigeria can only predict the volume of this denomination to be produced and how much should go their bank account. They are more or less road side Economist. NIGERIA LEADERS PLEASE WAKE UP


 

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