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.
Someone should please tell me this is a sick joke by Lamido sanusi and his crew. With the current level of Nigeria’s economy its bad enough that the N1000 note is already causing problems in a country where the minimum wage is barely N18,000 and some states can’t even pay salaries.
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
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.”
If you carry any of those highest denominations and present it at a store to buy something, ALL EYES WILL BE ON YOU!
You just dont see it flying around BUT in Nigeria’s case, you will see “thieves spraying it” at parties sef!
When 50Naira was highest denomination, Politicians steal hundreds of thousands Naira
When 100Naira was highest denomination, Politicians steal Millions Naira
When 500Naira was highest denomination, Politicians steal hundreds of Millions Naira
When 1000Naira was highest denomination, Politicians steal Billions of naira
Now, Sanusi and Jonathan are upping their game!
Smart guys, they intend to loot Nigeria to the tune of Trillions of Naira
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?