Opposition to Nigeria’s New N5000 Naira Note


Is the new 5000 Naira note a good or bad thing? Some at the lower end of the income scale say a 5000 Naira note is superfluous since many Nigerians do not have enough money to make frequent use of it. Others argue that as Nigeria has a rapidly expanding middle class and upper class, the note will be of use to the higher income strata and will reduce bank costs of handling smaller denominations.

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8 responses

  1. This is a green light to alert the nation that their economy is getting worser and soon or later they will introduce 10,000 Naira note and up, untill they reach the maximum denomination like French “Cefa” or Ghana cedi.
    If they realy want to reduce bank costs of handling small denominations, they had to advance their banking technology system which will enable people to carry less papper money in their pocket other than ATM card, Bank or travellers checks and draft. But before this can happen, they need to have steady power supply and reliable communication network. They need to work on energy supply and stop looking for a cheap and short cut means that will later do more harm to already grounded economy.

  2. I dnt think d 5000 naira note will b neccessary. It cn’t b a developin force 4 d country.

  3. Higher naira notes is not really bad, but, the reducing the denominations imto coins is really degrading and its patronage would be low by Nigerians who even rejects the use of these coins completely.

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    1. Coins do not wear and tear (i.e. get damaged) as easily as notes do.

  4. to me i dont like the way their bring this 5000 naira note, reason is that they will be a loose of people.

    1. Charlesking, from the much contacts and a further understanding of to the positive or negative implications of the introductions of the #5000 naira notes, i have come to discover that, it will really send a bad signals to value of the naira itself as many nigerians would continue to treat it negatively by rejecting the coins in the common market there by devaluing the naira patronage. More so, the state of insecurity we are witnessing in Nigeria would be scaring to be carrying loads in form of coins in the name of money either from,home, banks or from either of the two to the house. Let the Federal Government looked into it and reversed the situation.The disadvantages far out weighied the advantages please. The National Assembly raection to this is indeed inorder.

  5. Mr sanusi said he don’t want to see cash, thats why he introduced cashless banking nigerians agreed. Please why does he want to print money of any denomination for us if he has no hiden agender

  6. abeg can people start posting for i am looking for positive comments

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