N1000-Note!!?Where is this going?!!!

[Saif-e-]

Have you been following the news lately?Do the phrases :
"N1000-note","Polymer coins","Out in december2004" sound familiar ?The  value of the naira has been deteriorating over the past years ,and the introduction of a higher denomination will just be another blow :o to the already frail naira .Where will this stop?!!!(maybe when we reach a point that its so bad that we start using the naira as wall-paper we'll learn)

[EMTL]

Assalamu alaikum,
Thank you brother Saif-e- for bring this discussion. I reckon every good citizen is concerned about the supersonic speed at which OBJ is driving Nigeria into crisis, commotion, corruption, confusion and now chronic inflation. I can see dear Naira competing with Lira in the near future. All these destructive policies are being put in place to please his (OBJ) masters (IMF, etc.). May Allah (SWT) save us.

I dont think we need any higher currency denominations. No to N1000 note.

[Muhammad]

salam
saif-e there are 2 issues here. introducing N 1000 note has both advantage and disadvantages. For one, withdrawing 100,000 naira can be done with only hundred notes (can you believe that!). so in essence N 1000 will make it more convinient for banks and traders to count.
but on the other hand, it causes inflation and with the fuel tax and the current high inflation, its going to be quite burdensome on people.
I really do not think we need N1000 but its OBJ prerogative. Lets hope he has a brain!

[Anonymous]

Nigeria is perhaps in the dangerous condition of hyper-inflation.
When salaried people see inflation making their wages almost worthless there is the danger of breakdown of all services that keep the state running. If police, teachers, doctors, nurses, civil servants etc find their wages not worth working for or not enough to provide for their needs your country is heading for chaos. It also encourages more corruption.

It is not enough to blame Obasanjo. He is only one man. There are hundreds of Nigerian multimillionaires - even billionaires - in Britain and US. Some of them are honest and legitimate businessmen. Most of them however have stolen most of Nigeria's Oil revenues for the last forty years.
They come from all tribes and all religions so pointing the finger at one group or another group is wrong.
The question you must all ask yourself is "Would I do the same if I had the chance?" Or " I have been guilty of corrupt practices in the past. Can I stop now?"
And before anybody starts shouting at me let me say I knew many corrupt expatriates in Nigeria in league with corrupt Nigerians and stealing money too. But not me. I was just a teacher.

[kilishi]

I heard a discussion with the CBN public relation officer and part of his reasons was,if you want to buy a car of 2million naira how can you cope carrying a huge amount of money?then to them it will be logical if you used a thousand naira note,that i regard as an abuse to Nigerian masses,it also shows that Govt policies are done to suite some money bags in the society,no consideration for the poor man who is struggling to feed his family three times daily,and going by what happened b4 we know that creating coins devalue the naira,'cos nobody is willing to carry heavy metals in his pocket ,even the almajirai if u throw a coin in their kwano will not thank u much,despite the fact that you gave them one naira,so now if they bring out coins again,and they said from one naira to ten naira denomination will be in coin,how do u expect a poor man to spend it? ??? ::)

[MySeLf]

Why not a credit card instead?

[Gimbiya]

I don't think there's a need for 1000 naira notes. What CBN and the government need to do is to work on the country's economy. I truly agree with "I" if you need to buy million naira worth of a car then try credit card, anyway they have been doing it for the last 40 years. Men where are these people taken Nigeria to? the road to the dead END, just when I think things aren't gonna get worst. I'll hope for the best

[Dante]

Some news releted 2 this topic i read 2day:-


Senate to quiz CBN gov over N1,000 note
ABUJA— Wednesday, February 18, 2004

THE Senate is to quiz Central Bank Governor, Chief Joseph Sanusi, in respect of the bank’s planned introduction of N1,000 note into circulation, Senator Farouk Bello,Vice-Chairman of the Senate Committee on Banking and other Financial Institutions, said yesterday.

Responding to the apex bank’s plans, Senator Bello said besides impoverishing Nigerians through higher inflationary pressures, the plan directly contradicted recent government's efforts at curtailing the amount of cash available to individuals.

He also said the plan could be a way for some people in government to enrich themselves through the award of the contract for printing the higher denomination currency.

The N500 note introduced two years ago by the present administration is currently the highest denomination currency in circulation. “I see the action as capable of leading to inflation. When you have N1,000 denomination, what automatically happens is that N10 note and N20 notes may be phased out… prices of items that you ordinarily could obtain at N10 will move to N20 and what you get at N20 will move to N50,” Bello said.

According to him, without commensurate increases in the income of the citizenry, the populace would be further impoverished. Besides, Senator Bello said the plan to print the higher denomination note could be a ploy by some top government officials to further enrich themselves through the process of contracting the printing of the higher denomination note given the government’s observation that the Nigerian Security Printing and Minting Company (NSPMC) is incapable of meeting the currency needs of the country.

“So, what this means is that this currency is going to be contracted out to be brought in and it is going to put pressure on our dearly needed foreign exchange because we are going to pay them with foreign exchange,” Bello, a former top executive with one of the country’s leading commercial banks, said yesterday.

He said the planned introduction of the N1,000 note directly opposed government’s efforts of restricting cash circulation through the recently introduced money laundering bill.

What the money laundering law does is that it restricts the amount of cash in people’s hands. What the N1,000 denomination does is that it encourages people to own cash. So, we see again a contradiction.

[Saif-e-]

Why not a credit card instead?

Yes this is true but credit cards are not too common  in Nigeria;you have forgotten that people have been buying cars for so many years and how do they pay apart from Cash?Cheques.I wonder who could complain about using tha :-/t.