When confusion meets waste

[Majestic-milf]

 My beautiful people, I greet. I bin dey surf the net when I stumble upon this news so I decide to bring am come here to hear and read our different opinions on the matter.
Nobody be stranger to how unstable we local fiat, the naira, be and as such so many people don lose hope on whether beta go ever dey as relates to the growth and value of the currency.
 Recently, according to a review by Quartus Economics, them feel say need dey for the CBN to look into the matter of introducing #10 and 20k notes citing their reasons as "helping to restore the naira's portability and helping to reduce rising cost of cash transactions".
Now, I no wan know the credibility and trust wey this Group known as Quartus don accumulate over the years when e comes to financial advice, but wetin I know be say this suggestion or whatever them dey try give CBN nah very rubbish one because with how economy dey, imagine how e go be if person loss 10k just because e dey as a note. Instead of the reason wey this people bring as way to help, e go cause wahala.
 We get so many matters to worry about; the issue of the debts and high rise of poverty wey dey bite man need to be considered yet them still dey bring more things wey go frustrate the poor man. Abeg how una see this matter? E go good make CBN reason this talk?

[Ishicryptic]

I'm just hearing the name Quartus Economics, for the first time and from what they are proposing to the CBN it shows that they don't understand the fundamental reasons why naira is devaluing. If they do they cannot be proposing for the CBN to add higher denominations of naira to give it value. The question to them should be what happens when inflation continues to hit naira and 10,000 naira and 20,000 naira notes becomes devalued? Maybe CBN will add 100,000 naira and 200,000 naira notes untill it gets to 1,000,000 note that will only buy a plate of food.

Strengthening Nigerian economy is not about printing more money or adding higher denomination of naira, the main solution is for the country to be self sufficient in terms of production and have excess to export to other countries. Nigeria, is a consuming economy, we import almost everything that we need into this country thereby enriching the exporting countries like China. If Nigeria, will not totally rely on the exportation of crude oil and encourage local and foreign investors to be producing in the country I'm sure that the naira will gain weight and we can begin to spend 5 naira and 10 naira again. Another killer of the economy is corruption, if it is not tackled to the bearest minimum the economy will keep dying.

[Jubilee58]

Federal government and central bank of Nigeria have not been fair when it comes to naira currency, this policy they make about naira is nothing but a way of devaluing Nigeria currency the more, and at the same time taking advantage of the people.

When there is excess money in circulation, it causes inflation and reduces the value of our currency both here and in the international market. Money is a scarce commodity and you work before you can earn it. Imagine where somebody who is not even working will be carrying our highest currency about (#1000), even children holds our highest currency, that is nonsense.

In the foreign countries, like United States, UK etc, they make policies that retains the value of their currency and is even difficult for an ordinary person to be paid in their highest currency, except when you are working in a very big firm, otherwise many paid workers receives their salary in lower denominations.

Our leaders knows all this , and that is why they struggle so hard to own foreign investment, so that when they come into the country, they want to use their dollar to buy everything here, and this is very unfair.

[Majestic-milf]

I'm just hearing the name Quartus Economics, for the first time and from what they are proposing to the CBN it shows that they don't understand the fundamental reasons why naira is devaluing. If they do they cannot be proposing for the CBN to add higher denominations of naira to give it value. The question to them should be what happens when inflation continues to hit naira and 10,000 naira and 20,000 naira notes becomes devalued? Maybe CBN will add 100,000 naira and 200,000 naira notes untill it gets to 1,000,000 note that will only buy a plate of food.

My guy the matter follow tire me. I no go lie say some kind suggestions wey people go bring up dey look like say them just talk the first thing wey their brain tell them without giving the whole thing proper plan. Me sef weak when I read the whole stuff and I begin wonder whether the economy go ever dey better if we get people like this wey go dey bring up careless suggestions wey before you know the government don take up? I just hope say e go end for suggestions and e no go dey implemented because e go really affect the poor masses.

[Sticky Bomb]

Abeg how una see this matter? E go good make CBN reason this talk?

That one na the worst mistake them go make. If dem try print am, then e mean say Dem don agree say the inflation don come to stay and the denominations available no dey portable again for larger transactions. The printing of those bigger notes no go help solve any problem wey dey cause this inflation like increased import duty, bad money policies and debt wey dem dey incur every here and there. E fit still worsen the economic situation as businesses go increase the prices of their goods and services make dem fit adjust to the situation and the existing inflation go worsen.

Wetin Nigeria need more na to:

• increase production
• Reduce their borrowing and unnecessary spending
• Control the supply of money and interest rates