Wednesday, 29 August 2012

Introduction of CBN 5000 Naira Notes

Central Bank of Nigeria (CBN) Introduction of 5000 Naira Notes to the general public.many Nigeria citizen as begins panic over the ideals of the CBN governor Mr Sanusi Lamido Sanusi,while as the beginning of this year CBN introduction of cashless policy in lagos state which as be called cashlite Lagos,which brings in the ideals of using the ATM CARDS to pay and withdraw money in bank and online shopping,the uses of internet and other mobile payment option,Point of Sales (POS) terminals held by merchants, cheques books which as  as be described as new world by one of the Nigeria apex bank Fidelity Bank Plc’s General Manager, Operations.but the introduction of N5,000 will bring more effect to the downsized of Nigeria economy which as be stagnant since the independent of Nigeria.

Let just discuss more of this ideals some years back some countries have adopted this ideal that Nigeria want to go after such as Poland,Russia,Zimbabwe,Peru,Argentina.but this kind of fiscal policy can not bring best of the their economy of this can imagine that Nigeria are trying to used the ideals of the western country like American and UK,but American still have their high denomination as $100 why the uk still using 50 pounds as their high denomination.

This knid of ideal will affect many nigeria who cannot afford to have $1 per day,but you can imagine most of 70% of nigeria are still in rural areas where they can not have access to this kind of policy,did you know what this kind of policy will bring back to millions of Nigeria povert..their is no analysis i want to give here...the new ideal will devalued Nigeria currency in international market..

pls drop you comment about this new ideal of the CBN..

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