Coming Soon….5,000Naira Notes – Sanusi Lamido Sanusi Confirms Introduction of New Notes featuring prominent 3 Nigerian Female Activists

Posted on Thursday, August 23rd, 2012 at 9:17 PM

By BellaNaija.com

On Thursday August 23rd 2012, Central Bank of Nigeria Governor Sanusi Lamido Sanusi announced the introduction of 5000 Naira (N5,000) notes as legal tender in Nigeria.

Under the new structures, the existing denomination of N50, N100, and N200, N500 and N1000 will be redesigned with added new security features, the lower notes of N5, N10 and N20 will be converted to coins.

A few months ago, rumours swirled that late Biafran leader Ojukwu’s image would be placed on the N5,000 note but this has been proven to be unfounded.

The N5,000 notes will feature the faces of three prominent Nigerian female activists – Margaret Ekpo, Hajia Gambo Sawaba and Funmilayo Kuti.

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  • 95 Comments on “Coming Soon….5,000Naira Notes – Sanusi Lamido Sanusi Confirms Introduction of New Notes featuring prominent 3 Nigerian Female Activists”

    Comments
    • erieok August 23, 2012 at 9:19 PM

      rubbish!!!! it will further devalue our currency!!!!

      • El August 23, 2012 at 9:36 PM

        nah, a higher denomination doesn’t devalue your currency. You get a higher denomination because you currency is ALREADY devalued.

        • Sassy August 24, 2012 at 12:59 AM

          True. But this would not help any further. There are more approaches to tackling inflation!

        • fadekemi August 25, 2012 at 4:06 PM

          The introduction of the 5000 naira currency is trash, and its gonna cause more hardship. Does the cbn governor not know dat people in nigeria don’t spend coins, things are gonna b more expensive, motorists themselves wunt accept coins which means expensive transport fares which in turn will lead to increase in cost of food items and other things, the masses @ d end of the day end up suffering for this thing. I stànd against the introduction of 5000 naira note, dts gross. This is untold harÐship on the people of nigeria. Sanusi should rethink his decision.

      • maryjane Kristofer August 23, 2012 at 10:11 PM

        Sanu§i must very foolish,for coming ùp such ideals

    • @ajiriavae August 23, 2012 at 9:27 PM

      Finally, Nigerian currency notes with female role models. I love. As for the coins. When will they learn that Nigerians no dey gree.
      http://ajiristyle.blogspot.com/

    • ggg August 23, 2012 at 9:28 PM

      This is just a ploy to further devalue the naira, whatever happened to the idea proposed by Charles Soludo, where two zeros would be knocked of the value of the naira ? That would have been a better option. It is hard enough getting change for one thousand naira, just wonder what it would like like paying for a bus fair from CMS to Yaba with 5,000 naira

    • Modupe August 23, 2012 at 9:33 PM

      Its not necessary in my opinion. we need job creation, better educational system not dis.

      • Id November 24, 2013 at 10:06 PM

        Let us leave dis money of a thing and establish companies and employment opportunity, for the jobless.and we can make it.

    • Paula August 23, 2012 at 9:35 PM

      I thought this CBN governor is a risk manager!!!! This is a very silly.

    • sugaplum August 23, 2012 at 9:48 PM

      God help us in this country o! So he wants to phase out 5, 10 and 20 naira from the currency abi! We all know nobody uses coins in this country! Where’s this country heading? I just wonder. Smh!

    • dandy August 23, 2012 at 10:05 PM

      Lamido Sanusi must be confused. What is the essence of a N5,000.00 note when he had already advocated cashless economy?

    • hilary August 23, 2012 at 10:07 PM

      For me it’s advicable for does it benefit

    • faith August 23, 2012 at 10:07 PM

      I wish some 1 will explain to me how dis will affect the economy cos I can’t understand why he is doing This!

    • Anti Gorvenment August 23, 2012 at 10:20 PM

      This is arrant nonsense. God will surely save his people.

    • Jay Roy August 23, 2012 at 10:27 PM

      One bundle = N2.5 Mil. Easier for treasury looters to move their haul.

    • samlex August 23, 2012 at 10:42 PM

      Arrad nonsense,,it wuld hav been better with ojukwus pix,its gona be extra odd seeing a females pik on our currency,,Ojukwu is the man to be not magreth ekpo or one useless/baseless fumilayo kuti ok

      • Chikaka August 23, 2012 at 11:07 PM

        Anything Ojukwu divides opinion! You typed that Funmilayo Ransome Kuti’s baseless and useless? Perhaps you need to go back to Social Studies classes. It’s better to argue about why there’s a need for 5000 naira notes than to say tosh about whose face goes on it.

      • adah August 24, 2012 at 12:01 AM

        Your comment is very disappointing…. you really need to back to social studies class.

        • Greatest G August 24, 2012 at 9:05 AM

          Chikaka, I agree wt u dt social study is beta 4 samlex 2 go back nd study cos wt his level of reasoning history nd govt. will b too high 4 him 2 comprehend.

    • Anon August 23, 2012 at 10:42 PM

      Wow, I guess there’s no hope for Nigeria. The country is suffering, they are busy talking about irrelevant things. I lost all respect for Lamido. I pray God will punish every single person that wants the downfall of Nigeria, and don’t care about that country. How can you want to make 5000naira one note, this is foolish. How about focus on creating more jobs, and opportunities.

    • jay August 23, 2012 at 10:54 PM

      WTF!!!!!!!!!

    • manee August 23, 2012 at 11:07 PM

      Hmmm, dis is total bullshit, u r jst tryn to Do away wt 5,10 n 20 naira

    • leyizzleM August 23, 2012 at 11:37 PM

      what is this chauvinist illiterate talking about ?

    • sweetmouth August 23, 2012 at 11:40 PM

      @ samlex u really need your brains examined!!!!! now back to the issue @ hand N5,000.00 note does not make sense but making N5, N10 and N20 to coins maks a lot of sense. naijas dont like to spend coins in their country but when abroad we are quick to spend coins and even beg for coins…….smh

    • Oyerinde adeyemi August 23, 2012 at 11:45 PM

      Destiny is the sun,will he not shine in the day ? He is the moon, will he not shine in the night ? He is the life that saves and the death that kills.The sky of Nigeria is cloudy,a smiling rain we anticipate.

    • my beat August 24, 2012 at 12:19 AM

      i dont think the coins idea (especially public transport-wise is going to be a heavy burden because buses & okada riders will rather ask for higher fares than collect them).
      Also, the N5,000 will be used by the really rich for a long time because the low income earners would rather shun them. People up there should try & be more people friendly na.

    • segun August 24, 2012 at 12:30 AM

      Where are they leading us to,earlier they say we re going cashless nw they re introducing cash.where is the link. God help Nigeria

    • Batholomew Emilia August 24, 2012 at 12:46 AM

      Complete nonsense… Already Nigerian currency does not ave a single value tlk moe of wen 5000 naira note is introduced. Anyway, lik a fellow said, it’s jus a simple means of makin treasury loot easy 4 them….

    • iamfascinating August 24, 2012 at 5:00 AM

      I am not sure this is a good idea.

      http://www.thestunninglady.blogspot.com

    • Ondbit_Baba August 24, 2012 at 5:46 AM

      They are financial experts .Let us pray for the financial leaders of this country to take the right fecisios.

    • Ondbit_Baba August 24, 2012 at 5:47 AM

      They are financial experts .Let us pray for the financial leaders of this country to take the right decisions.

    • Asabe August 24, 2012 at 6:22 AM

      Rubbish

    • laz August 24, 2012 at 6:27 AM

      I dey laugh ooooo. Naija which way we go, are we competeting with Zimbabwe in higher denominations?

    • naijababe August 24, 2012 at 6:39 AM

      The value of Naira is being reduced, talk about inflation and corruption. I laugh at that country, too many foolish people running the government. I think at this point they are deliberately pushing for the destruction of Nigeria. Lamido, you are a disgrace.

    • Emmanuel Ime August 24, 2012 at 7:31 AM

      This is not what we should be thinking about. This will only make the poor poorer and the rich richer as they will now have the chance of moving large amounts in small sizes. We should be thinking of bringing back the value of naira not adding new depreciation values. The coins that were first introduced have not been seen in use at all. May God help us.

    • phantom August 24, 2012 at 7:48 AM

      I totally agree with Jay Roy. This crap will only make it easier for looters to move their pile. Mallam sanusi has confirmed what i’ve always suspected: he’s educated but not enlightened. shioor!

    • coy22 August 24, 2012 at 7:49 AM

      pls nigeria cn’t we remove the stupid manager or what is the mean of all this flapdudle even 50niara supose to be the highes currency to had value to our money and to boost the economy.ha na wa we nija o

    • purplepearl August 24, 2012 at 8:12 AM

      We are going back to the days of coins as offering. Sanusi, respect yourself oh

    • Large August 24, 2012 at 8:33 AM

      D FG is pathetic

    • Temiyemi August 24, 2012 at 8:41 AM

      What is all this for heaven’s sake?!?!

    • Couture By Makioba August 24, 2012 at 8:42 AM

      more room for stealing money…..

    • Floxy August 24, 2012 at 9:18 AM

      Now it is clear where this country is headed- for doom. Well, it is ALREADY a failed state. El, i love your comment- the naira is ALREADY devalued, lets make it even more useless. Soludu had a good idea, and they threw it away for this??? Even if the time was not right for his plan to be put in place then, what about now? Why throw the baby out with the bath water? I only have pity for the average Nigerian who just lives by chance everyday. Yet the conscienceless people in government only think of themselves and their families. God only can judge.

    • tinym August 24, 2012 at 9:21 AM

      Its funny how we always want to equate ourselves with western countries,with £1,£2 or €1,€2 which are in coins you will buy something and smile home.What can we buy with N5,N10,N20 coins?and also imagine giving a cabman N5000 note for N250 trip.What sense does making coins and having N5000 make.How does is change the problems we have now?
      I wonder how they think. How this affects the man in d village or the average man on d streets trying to make ends meet.

    • ugbeudia August 24, 2012 at 9:30 AM

      nna na wa oh>>> dem go dey pose dem goo dey denge denge >> dem go dey pose .. dem go dey waka kuru kere.. three boooza for lamido.. boozah boozah.. boozah..ok ..lol..enough of my razz talk but this is really bad! sha.. my brothers and sisters in the lord.. we need to pray for nigeria..

    • may b August 24, 2012 at 9:57 AM

      sanusi must be very stupid for bringing up the idea of 5000 note.God pls help nigeria

    • fuck August 24, 2012 at 10:07 AM

      naija is f- up….:|

    • Toese August 24, 2012 at 10:07 AM

      Cashless + POS + N5000 = l dont get it
      I’m so so disgusted at these leaders…
      Making decisions based on moods….
      smh….smh…

    • yummymummy August 24, 2012 at 10:12 AM

      I really don’t know where to start with this nigeria matter….all I can say is iWeep for Nigeria,iWeep for my generation…Nigerians are suffering,poverty is the standard of living..God has helped us enough in this country,it is hight time we helped our selves,shun greed!shun wickedness and selfishness..rather than having all sort of currencies why not provide jobs,electricity,road,good school e.t.c…do you realise billions of Naira it will take to wipe out all the available Nairas.

      Surely GEJ’s government is evil and their’s a mission behind this..anyone who knows GEJ out here tell him to beware…remeber Abacha?…Nuff said!

    • ud August 24, 2012 at 11:02 AM

      dis is a society of normlessness. what is the meaning of this stupid idea

    • Demmy August 24, 2012 at 11:33 AM

      yay! I like this. x

    • Eno August 24, 2012 at 11:55 AM

      Will this have any favorable effect on the economy? If not, I think it’s very
      Unnecessary to redesign the currency.

    • duchess August 24, 2012 at 12:24 PM

      n5,000 naira note? s1 please help me understand this….what would be the benefit of a 5,000 naira note in a soon-to-be cashless economy? i honestly dont get it….naira would soon be like CFA that has 5,000 and 10,000 notes….this man needs his head examined abeg!…. prices will soar like mad and with the low standard of living we already have, it will be disastrous…imagine giving a conductor 5000 naira note for a 50 or a 100 naira or even a 200 naira bus fare…as for the coins, he can shove it where-the-sun-does-not-shine….

      very annoying.

    • choclate August 24, 2012 at 12:28 PM

      NOBODY LIKES COINSSSSSSS!!!!!

    • Dapuchi August 24, 2012 at 12:30 PM

      This is just another irrelevant additon to the nigerian econmoy. Our leaderes are just somewhere playint the game and they leave us here to complain, comment and cry out loud…..the cries they aren’t willing to hear. Atimes I wonder why God still loves nigeria

    • brandigest August 24, 2012 at 1:21 PM

      Hope this wouldn’t be one of his Sanusi’s failed policies and innovations. Another governor will come and introduce 10,000 naia notes. Is introducing new Naira denominations in sequence the only strategy of curbing Nigeria’s inflation? How can Sanusi assure us that 10naira and 20naira biscuit and Agege bread will still sell at same price with the introduction of coins? What CBN has done is hold your wallets well, because if one note of 5k gets stolen, you are on your own. http://www.brandigest.wordpress.com

    • OBI JC August 24, 2012 at 1:49 PM

      i think the new N5000 note should not be by now. if at all we want to increase the naira denomination, we suppose to have N2000 note before N5000 for easy balacing (ie change). let Sanusi explain to us why he jumped N2000. on the issue of coins, i will say that it will make other coins to be effective, but don’t sanusi know that coins cannot pass through the bank’s security doors?

    • gloria August 24, 2012 at 1:54 PM

      With d 5000 naira notes der wld b economic inflatn social inflatn d mkt women wil increase prices in all der foodstufs n der won’t b any item sold for 50 10 20 again wit time dos items wld b faced out or sold as costly as 100n per tomtom and political coruptn wil b on d increase nd easy to loot d treasury the more .why nt d reintroductn of d coins for us to buy a tin of milk for 20n God help us

    • ayisha August 24, 2012 at 3:23 PM

      like seriously @Samlex evn my younger brother of 11, knows who those women are. @Mybeat nice 1. @ Lamido u suck

    • Sahfeeyah August 24, 2012 at 5:45 PM

      Basic Economics 101 needed here ASAP. Please can someone objectively tell us if this is a wrong move or not. Let us not allow sentiments becloud Clear reasoning. Thank you!

    • A.b August 24, 2012 at 5:52 PM

      Pls my brodas n sistas lets reason, this man is an expert he surely knows what he is doing,if u dnt know its advantage ask an expert. Lets continue to pray 4 Nigeria.

    • david August 24, 2012 at 6:57 PM

      there is more disadvantage to benefit in this new denomination.. Lets stick wit wat we av or its even better u evaluate our currency so as to match wit other countries currency… Young economist

    • taiwo August 24, 2012 at 8:06 PM

      nigerians our things are always upside down, is this what we need right nw. like who cares about this crap, power to the women yeah yeah yeah, but this is not what we should focus on right nw, there are other important things that needs to be changed. i really could care less and for people who are wondering i am a female who is writing this comment. like our priorties are upside down.

    • Tunde_Amusat August 25, 2012 at 8:30 AM

      My own adviced for CBN is concerned about,#5,#10,#20. Must not converted to coins bcos nigerian peoples does not spend and collecting coins.

    • jeff August 25, 2012 at 10:55 AM

      to be sincere am highly disappointed, i believe making making decision, you need to check the curses of our down fall, because this is exactly what curses the downfall of the ghanians before the learnt their mistakes. But now they are doing well. At least let learn from other countries mistakes, instead of been a victim. To me 5000naira note is of no use to we Nigerian. I believe there was a possible solution to our economy, suggested my Charles Soludo that our currency should have same value with dollar, but our leaders disagree. But i think we all no the truth. Am still praying for God to expose those that want our downfall.
      Jeff

    • Lutherking August 25, 2012 at 1:15 PM

      I agree with ur statemeny Ondbit_Baba. Before we as Nigerians start criticizing our leaders, we shld learn to trust dem to make d right decisions dat wud lead d country forward, and also to pray for God to grant dem wisdom to make such life-changing decisions for d greater good. @Sahfeeyah, nice comment.

    • Mabro August 25, 2012 at 3:37 PM

      I knew that this Sanusi guy will soon do a real damage, but I was praying that he steps down before he gets the opportunity. He was delivering lectures here and there with articles stolen from Professors’ online publications, giving rise to several litigations. I thought he should concentrate on answering those charges, but he hides behind the government. Now he is bringing in 5000 naira so that he will be remembered. He has probably not been told that this will speed up inflation and push 20 naira and its colleagues out of operation. This is usually the problem with anybody who wants to make his mark like his predecessor and there is actually nothing in his head.

    • skwiza August 25, 2012 at 7:41 PM

      Lamido u dey jonz….. Imagine someone loosin two of 5000 note hmmm na fainting º°˚˚°ºoo !

    • A A Auwal August 25, 2012 at 7:49 PM

      I’dnt thnk ths wll affect the economy of our country but sanusi want 2 put our country in calamity may Allah grant us understanding.

    • NNENNE August 26, 2012 at 3:07 AM

      Immortalizing those ladies’ names is a great idea but switching to coins would turn our money into trash. Nigerians hate to carry coins.The moment one naira notes were changed to coins they more or less became pennies and five Naira became one Naira..

    • Okey August 26, 2012 at 8:01 PM

      I’m strongly believe that our C.B.N governor has run out of ideas because if he doesn’t he will not comI’m e up with this dirty talk of issuing high denomination and this is another indication that’s reveal that President Goodluck Jonathan is and confuse. Please I’m urging National Assembly to stop this movement or face higher inflation in next ten years. Am seen another 20,000 naira note in ten years time.

    • Okey August 26, 2012 at 8:28 PM

      I’m strongly believe that our C.B.N governor has run out of ideas because if he doesn’t he will not be talking of introducing new five thousand Naira and this another indication that reveal that president Goodluck Jonathan is confuse he does not assimilate anything about our economy he need to step down for capable hands. I’m urging National Assembly to stop this movement or face higher inflation level in the next ten years. I’m seeing 20,000 naira note in ten years to come. What happen Zimbabwe will soon occur in Nigeria if time is not taken

    • chizzy August 27, 2012 at 3:27 PM

      Well,I am highly disappointed in what i am seeing here, all this comments are negative . No matter what they are doing at least they are attempting to make things better .If you want a change start from your own community , when everyone decides to do that which community will complain to the government .Make the change you want to see but do not depend on government since you claim they are not in good order .

    • keppy August 27, 2012 at 3:35 PM

      ……this is intellectual madness

    • Mustapha A.A August 27, 2012 at 5:20 PM

      All theos things are nt the process of improving nigerian economic. The issue of converting 50,20,10,5. Hmmm am that no one of them will spend d coins. Is jst d form of disapearing them. And N5,000 is d increas of stealing n corruption.

    • MOEreal.com August 27, 2012 at 8:25 PM

      Check this out: if there should inflation, which should lead to the increase in price of comodities, some uncontrolled comodities increases their prices based on the next available denomination of money. That is from 5 to 10 Naira, 10 to 20, 20 to 50(see the big gap). So would it be between #1000 and #5000. Then of what values is the Naira then. Any body bringing out this Idea is the worst economic planner. If the other ones should ever be changed to coins, we should then count #50 as our lowest currency coz they will disappear jst like our #1, #2 coins. HERE comes inflation, here come suffering. May God save us now.

    • Edy-Bernard August 28, 2012 at 8:56 AM

      I ask again clearly, is this the problem with Nigeria? Absolutely not! I see it a fresh opening for the multiplication of iniquity, the amalgamation of top government officials of all ages into kleptomanic lootingcracy, neo-incarnation of corruption and the replication of naira-theft ripplingynthesis. God Help Nigeria.

    • mista August 28, 2012 at 11:27 AM

      This singular action have shown that Sanusi Lamido Sanusi is completely incompetent and lack the knowledge to saddle Nigeria banking sector. I believe he lacks the basic information to actually bring the change we need in this great country.. When abysmal display of tact happens i wonder where this men got their degrees from,i wonder if all this display of economic knowledge is merely meant to derails Nigerians from investigating these people. Sanusi Lamido Sanusi should be fired!!! fired ASAP!!

    • smith August 28, 2012 at 2:37 PM

      NA DEM SABI

    • bright September 1, 2012 at 3:44 PM

      is very bad ohhhho the way you people maakes our mony valuless

    • abim September 2, 2012 at 7:18 AM

      This is total trash if you will agree with me ,Nigeria as a country have no visionary leader but at the federal,state or local government level.The introduction of the new 5000naira not is not what the country need cause their are many technical issue crying for redress eg issue of security,general poverty etc.If i may ask what benefit with this have for the country?In my own view this will further escalate the level of inflation and it will lead to more money laundering which is only in the interest of the elite at the expense of the majority proletariat who domination this country.If you may all agree with me this Sanusi Lamido lack true wisdom of leadership and he does not merit the post that he was given..

    • abim September 2, 2012 at 7:20 AM

      This is total trash if you will agree with me ,Nigeria as a country have no visionary leader both at the federal,state or local government level.The introduction of the new 5000naira not is not what the country need cause their are many technical issue crying for redress eg issue of security,general poverty etc.If i may ask what benefit with this have for the country?In my own view this will further escalate the level of inflation and it will lead to more money laundering which is only in the interest of the elite at the expense of the majority proletariat who domination this country.If you may all agree with me this Sanusi Lamido lack true wisdom of leadership and he does not merit the post that he was given..

    • solomon September 4, 2012 at 10:49 AM

      this man just want the downfall of this country, how will the introduction of 5000 naira note benefit our economy as at now? this people are not aiming high for this nation but for doom. God will surely see us through. Amen.

    • NO FOR 5,000 naira note September 4, 2012 at 7:57 PM

      Hmmm. Where are we heading to 9ja. When shall we learn how to take the bull by the horn how would a sensible man who vowed to look after the welfare of THE PEOPLE OF NIGERIA sign up for this doomy idea for God sake. Do they ever ask how much poor Nigerian citizen earns in a day. Lets face reality we dont have to be selfish, been poor does not make us slaves in this country. Atleast let Nigerian have a say as far as we are in a democratic era plss God save Us and save our dear nation. Amen.

    • Lanre September 5, 2012 at 11:28 AM

      N5, N10, N20 & N50 were replaced with polymer not quite long ago while the coinage of lower denomination never worked. The same CBN governor that came up with re-denomination in 2008 is the same man spreading the gospel of high denomination without putting into consideration its effect on the economy. Lamido has lost focus and he is on the verge of crushing the economy that is begging for restructuring.

    • Gwanyo September 5, 2012 at 6:11 PM

      I love Nigeria, i 5,000 naira note.

    • shakur September 10, 2012 at 11:59 AM

      It’s just a strategy of theft and public fund embezzlement. We have no leaders in this nation, but self care takers.

      • christopher tebefia September 14, 2012 at 10:11 PM

        we should be prepered for FAKE N5000 naira note.

    • christopher tebefia September 14, 2012 at 10:19 PM

      well for me, Nigerians are not trying to be Nigetians. It’s it by FORCE. Are we realy practising DEMOCRASY or DEMOSTRATION OF CRASE. Anyway, I advise all meaningful and responsible Nigerians, that have the FEAR of the ALMIGHTY GOD, to say NOOOOOOOOO, to this FAKE N5000 idealogy. GEJ PLEASE LEAD US WELL.

    • ayeMhi sunday September 18, 2012 at 9:57 AM

      Our leaders are sending 9ja into ealy grave. Sanusi is a very big lunatic for doing dat impichment must occour

    • tolubieber September 23, 2012 at 6:12 PM

      2 me duh moneyz meaningless hz just causin more troble

    • JC September 29, 2012 at 10:55 PM

      I think what Nigerians need is job opportunities and a standard education and not creating #5000 in an economy that is heading to doom.

    • Gerald November 11, 2012 at 7:52 PM

      THIS IS A MUST READ FOR NIGERIANS…

      I sympathize with you my brothers, i have always been quiet but i think this has gotten to its peak and today i am going to expose why our Government keeps printing new notes and increasing currency denomination. Most Nigerians assumes that the Government prints new notes and increase denomination because it makes looting easier “THAT IS NOT TRUE, IN FACT THAT IS EXACTLY WHAT THEY WANT YOU TO THINK AND THE MORE REASON WHY THEY DON’T WANT YOU TO GO TO SCHOOL SO THAT YOU DON’T UNDERSTAND THEIR STRATEGIES AND INTERFERE OR CHALLENGE THEM…” They don’t need the notes to loot and the increase of currency denomination has nothing to do with devaluing of currency… It’s just a strategy, a reason to print new notes… This process is called “Fractional-reserve banking”… DO WE HAVE AN ECONOMIST IN THE HOUSE? Point me out if I am wrong… This is another Government plot to make more money out of the poor masses to feed their invisible debts they allegedly owe to CBN/IMF who created the money out of nothing. I will try to explain this… In business there must be a balance between demand and supply to maintain equilibrium in the price of a commodity… If demand is higher than the supply, price increase and when the supply is higher than the demand, price decreases… For example, a commercial transporter will normally charge 100 Naira from Mile 2 to CMS… But when there are too many passengers (HIGH DEMAND AGAINST SUPPLY) the transporter increases his fare from 100 Naira to 150 Naira… Now when there are only a few passengers (LOW DEMAND AGAINST SUPPLY) the transporter decreases his fare to win passengers…

      For your information, there is nothing like cash/bank notes in CBN, CBN does not print money neither does it transact in cash… However, the money they allegedly loan to the Federal Reserve is just a bunch of numbers sent to the Federal Reserve account using a computer (Digitally transferred)… We should all be aware that this numbers they called LOANS given to the Federal Reserve are not notes, they are mere numbers… Now the CBN requires the Federal Reserve Agency to pay a high interest rate on the invisible money they loaned… Let us assume that the CBN loaned 100 Billion Naira to the Federal Reserve. Do you know that the Federal Reserve is required to pay back 100 Billion Naira + an interest of 90 Billion Naira which is 190 Billion Naira…? I guess you are surprised now… And how does the Federal Reserve pays that money back…?

      When i talk about the Federal Reserve, most people still believe that the Federal Reserve system is an agency of the Government working in our best interest… But it will surprise you if i tell you that our Federal Reserve System is a group of Private bankers who have stolen the money creation process from the Nigerian people… By the time I am finished you will understand why these private bankers are responsible for the creation and circulation of our money… And who gets the fall for all the problems from the top… THE COMMON MAN… Now Let me explain banking to you in a simple term, it is more complex but with this, I think you can get an idea of what I am trying to say…
      Now let’s take it that the CBN just loaned to the Federal Reserve 100,000,000,000.00 Naira (100 Billion Naira) in numbers which is then printed into some small pieces of hard paper with some funny images and writings on it and they call it “MONETARY BONDS”… These bonds may be 10 Billion per bond… 10 Pieces of these bonds will be equivalent to the 100 Billion Naira loaned to the Federal Reserve by the CBN… The Federal Reserve agency then takes this bonds and deposit it into a commercial bank hoping to get an interest on the amount deposited ( After all when you deposit a certain amount in a bank over a period, you get interest on it right? That’s what the Fed just did) the commercial banks then take these bonds back to CBN to get approval to print naira notes… Of course at their own expense they PRINT our Naira notes and call it “Legal Tender”… We all believe that our money is only printed by the Nigerian Security Printing and Minting Plc. (NSPM). That’s not true; in fact it’s funny to me… Money can be printed by any other company as long as it meets our security demand (If in doubt please check the CBN police on currency)… The commercial bank now have 100 Billion worth of naira notes, and they are hungry to do business to recover their cost of printing, make their interest and repay the Fed, so they give these notes out to the Nigerian people as loans… On the other hand, the Federal Reserve agency can’t wait to get their return so that they can settle their debt and make their own profit… The CBN also cannot wait to get their digital money from the Fed and make their profit too… So who bears the burden..??? Who borrows the cash? Who works his ass out to pay back in cash? The Common Nigerian…

      He innocently walks to the bank, borrows cash to do business… Business becomes bad, he cannot pay back… Bank cash gets stacked in his products, bank note circulation becomes paralyzed, inflation increase… Since there is no cash in circulation, the balance of demand and supply sets in… When there is High demand of cash and these is little or no cash… “Prices increase”… Banks becomes indebted to the Fed; The Fed becomes indebted to CBN/IMF… Currency becomes devalued against the country you borrowed from… That is the way it works because CBN also borrows his monetary numbers from somewhere… And guess what our Government does to settle the problem?? Our Government goes ahead and borrows more money from the CBN/IMF, that is, they just ask the commercial banks to print more notes and they give us some excuse to cover up the reason why they are printing new notes… More cash = More debt… 1 Naira = 1.90 Naira debt… And you and i are going to work our ass out to pay the Government’s debt… Isn’t this core economics..??? It’s called “DIGITAL MONETARY SYSTEM”

      EXAMPLES OF A DIGITAL MONETARY SYSTEM:

      Spain owes $1 Trillion to France, Britain and Germany.
      Italy owes $1 Trillion to France, Britain and Germany.
      France, Britain and Germany owe other European Economy over $16 Trillion
      Spain still owes Italy (A broke economy) $1 Billion Dollars…
      Italy owes Spain (Another Broke Economy) $27 Billion…
      Wait a minute; i thought they were broke…. Can someone please put on his/her critical thinking cap…? How can a broke economy borrow from another broke economy that haven’t got any money because they can’t get back the money broke economy lend to the other broke economy… They shouldn’t have lent them in the first place because broke economy do not have any money… Where do they get this money from..? The answer is right in front of you… simply because the money is invisible… Digital monetary system… Hehehehehehe Education is Power

      PART 2:

      Now this is where it gets very interesting… (JUST SEE WHAT EDUCATION CAN DO)

      In 2007 the Central Bank of Nigeria chooses to amend its constitution and our legislative arm of the Government and even the president could not understand this plot or they are a part of it… I think i am going to write out the amended act here…

      CBN Act, No. 7 cap 1 (1): There is established for Nigeria a body known as the Central Bank of Nigeria (herein after in this Act referred to as “THE BANK” {That is they refer to CBN as “THE BANK”) This is a sneaky way of confusing unaware Nigerians that they are referring to some other banks meanwhile they are referring to the CBN. Now read further.

      CBN Act, No. 7 cap 1 (3): In order to facilitate the achievement of its mandate under this act “THE BANK” (CBN) and other financial institutions Act, and in line with the objective of promoting stability and continuity in economic management, “THE BANK” (CBN) SHALL BE AN INDEPENDENT BODY IN THE DISCHARGE OF ITS FUNCTION. {I bet no one reviewed this constitution before approving of it or maybe they didn’t understand what they read or this is another conspiracy… Here CBN just asked that it should be independent of itself… No more a Government body… CBN can only answer to the Presidency and no one else… Not even to the Vice President} Now read the Act 6

      CBN Act, No. 7 cap 6 (1): There shall be for “THE BANK” (CBN) a board of directors WHICH SHALL BE RESPONSIBLE FOR THE POLICY AND GENERAL ADMINISTRATION OF THE AFFAIRS AND BUSINESS OF “THE BANK” (CBN). {Now the CBN just created a Board of Directors (A group of people to supervise the operation of the CBN} now read another sneaky quote.

      CBN Act, No. 7 cap 6 (2): The board of Directors shall consist of:

      (a) A GOVERNOR WHO SHALL BE THE CHAIRMAN {most people don’t get this part straight- The Governor of CBN is Sanusi Lamido, and the Chairman of the Supervising team shall be the Governor (Sanusi Lamido)… That is: The CBN Governor Sanusi Lamido will be the head of the supervising team, supervising himself… hehehehehehehe) Now read the funniest of the constitution.

      CBN Act, No. 7 cap 6 (3): The Board of Director shall be responsible for -

      (d) MAKING RECOMMENDATION TO THE PRESIDENT FOR THE APPOINTMENT OF AUDITORS in accordance with section 49 of this Act the provision of the necessary facilities and the rates of remuneration. (This means that Sanusi Lamido also will be the one to appoint an auditor for the president to cross check the affair of the CBN) WTH… (He alone controls the CBN, Supervise it, and yet audit it… I guess he should just be the CEO of CBN) and i can’t believe the legislative signed this amendment {Did Hon Patrick Obahiagbon read this and not understand???} hehehehehe…

      Our country is being run by the banks; we should start thinking outside the box… And i must warn Nigerians, please stop watching TV, it’s a complete hoax… The news you hear on TV have been edited and you only hear what the Government wants you to know… The media is a part of the Government and even those multinational companies you know, they run the Government not the president… That is why they keep bringing you all kinds of entertainment like MTN Project fame, Multina dance hall, Soccer, Music Africa, Nigezie, who wants to be a millionaire and all kinds of entertainment to keep your mind busy and away from their business, all because they don’t want you to develop critical thinking skills…. (How do you think the Government sponsors their billion naira elections and campaigns? Of course the banks and multi-national companies support and the devil doesn’t give anything for free)… Who said the Government doesn’t have money to improve our educational system? They don’t want you to go to school so that you stay away from their business… Have you ever checked how much it cost to maintain the prisons in Nigeria…? That money would improve education in Nigeria 6 times over the British standard…

      AND FOR THE RECORD, I am a Nigerian by birth and i am a PhD student of London School of Business & Finance, ID Number: LSBFPD – 022371. Anybody can verify my identity, I don’t care who comes after me… Let’s think together and think outside the box, we all need to be informed… Thank you.

      Gerald

    • Udo Obot December 8, 2012 at 6:56 AM

      Bring it on brother! so that you could make corruption easier to practice

    • idemudia margaret July 15, 2013 at 11:14 PM

      pls u pple shld have pity on the poor nigerians, some of cant even eat two square meal per day, some of the dont even see #1000 in a week, sm are even paid #2000 in a month, i believe u pple where once in their shoes or may ur parent or fore fadas