CBN to introduce N5, 000 note; to redesign N5, N10, N20 as coins Reviewed by Momizat on . The Central Bank of Nigeria (CBN) on Thursday announced that it is going to introduce N5,000 note into the system. The faces of three prominent Nigerian female The Central Bank of Nigeria (CBN) on Thursday announced that it is going to introduce N5,000 note into the system. The faces of three prominent Nigerian female Rating:
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CBN to introduce N5, 000 note; to redesign N5, N10, N20 as coins

The Central Bank of Nigeria (CBN) on Thursday announced that it is going to introduce N5,000 note into the system.

The faces of three prominent Nigerian female activists are to be used on the new note. They are those of late politician and social mobiliser, Margaret Ekpo (1914 – 2006); late politician and activist Hajia Gambo Sawaba (1933 – 2001) and late politician and women’s right activist Funmilayo Kuti (1900 -1978).

Addressing journalists in Abuja, the governor of the CBN, Sanusi Lamido said that the plan is aimed at enhancing the quality of banknotes, incorporate a more effective feature for the visually impaired as well as reduce cost of production, distribution and disposal of banknotes.

“On the 28 of November 2011, the CBN board considered and approved the new currency structure. It subsequently sought, and on 19 December 2011 obtained, the approval of his excellency the president Dr Goodluck Ebele Jonathan (GCFR),” Mr Sanusi said.

“Under new structure the existing denomination of N50, N100, N200, N500 and N1000 will be redesigned with added new security features.

“It is our pleasure to tell you that a new high currency denomination will also be introduced. It is the N5000 note.

“In the same vain, the lower bank notes of N5, N10 and N20 will also be coined.

“Consequently, the naira currency structure will now be 12. These are six coins and six bank notes denominations.”

The CBN helmsman said that efforts are on top gear to ensure that the redesigned N50 and new N5000 notes are launched early next year.

TEXT OF PRESS BRIEFING BY THE GOVERNOR OF THE CENTRAL BANK OF NIGERIA, MALLAM SANUSI LAMIDO SANUSI, CON, ON THE PROPOSED CURRENCY RESTRUCTURING EXERCISE, “PROJECT CURE”

 

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  • http://www.facebook.com/emesv26 Augustine Denis

    You people should go and improve in our currency not introducing system of moving money

  • Zakariya Babayo

    Another way of looting our money is out, may God deliver us from the hands of looters. Amen

  • http://twitter.com/Olly_Oma Oma Onyejepu

    This is crap. Our currency has lost its value and I see no hw increasing d denomination of our bank notes will increase value. Dis is jst anoda ploy to make the cost of living in Nigeria harder than it already is. Who spends coins in Nigeria. My opinion to this (ie if it really matters) is a BIG NO!!!!!!!!!!!!!

  • OrangeIbrahim

    Quality of bank’s notes, how ? Oh, the visually impaired have been complaining they wanted N10 and N20 in coins so that they can decipher ? Are you saying GEJ was not part on this criminal plan right from the onset ? Lies, lies, lies and blatant liesssssssssssssssss all the time.

    • nawao

      Our leaders
      are nothing but Idi Amin s reincarnate. They never learn from countries that
      their systems function well. Security ; – Zero Point. Employment; – Zero Point.
      Infrastructure; – Zero Point. Education? – Zero Point. There is nothing good
      that has come out of our successive Govts for decades. If America has been using a 1 dollar note for the
      past century and it is stil
      l worthy in transactions, what stops them from
      asking America
      to teach them how to manage currency denominations. They always create atmosphere
      of confusion and blow big-big grammar on top of it to deceive us so that they
      can be able to steal our money. I think what they could have done is work on
      the quality of the existing naira notes. It is strange that if you fold some of
      the notes, you find it difficult to straighten them. These crooks don’t deserve
      to serve a great nation like Nigeria.
      They destroy our country while we simply watch and they send their children to
      schools abroad. The only soldier that I miss so badly today is FELA KUTI. He
      has been the only intelligent and courageous man we have ever had in Nigeria. What
      is happening today is the same things that he has fought hard to stop while
      some us ignorantly labelled him bad names.

  • OrangeIbrahim

    Quality of bank’s notes, how ? Oh, the visually impaired have been complaining they wanted N10 and N20 in coins so that they can decipher ? Are you saying GEJ was not part on this criminal plan right from the onset ? Lies, lies, lies and blatant liesssssssssssssssss all the time.

    • http://pulse.yahoo.com/_RYEJBHMXTGYKKZ6S4X2VJQXWMA Dennis

      Virtually all of the problems we have now, including the Boko Haram crisis, were caused by the incompetence of the various northern rulers who misruled Nigeria for 38 years. Which is why God specially appointed Dr. Goodluck Ebele Jonathan to help clear up these problems, and I believe that he will eventually succeed despite all efforts to distract him by the Arewa gang.  

      • Larry

        @ Dennis – No sense in this!

  • Osonduguy

    What kind or morons do we have running things in this country? Do we ever learn from history? Where are the fifty kobo and the one Naira notes that where turned to coins,you can’t find them in circulation anymore.To me this is anothere way of facing off theFive, Ten andTwenty Naira notes from circulation and technically hiking prices on all commodities because prices of any goods sold in the market will now start from fifty Naira. What are we doing with five thousand Naira note,would that make our currency stronger? Shine your eyes Nigerians. we are no fools!!

  • http://profile.yahoo.com/CINURMIQIUT5WA3K5CELNSEBNY Faith

    Na wa o

  • http://profile.yahoo.com/B6BMAROIFSQTBQKTBXIBHZOCMU ANTHONY

    I CANT BELIVE GEJ ACCEPTED THIS,THIS IS THE WOST GOVERNMENT SINCE THE CREATION OF THE COUNTRY NIGERIA,IF THIS HAPPENS….CAN YOU IMAGINE THE REASONS A CBN GOVERNOR IS GIVEN FOR THE NEED TO DO AWAY WITH 5,10 AND 20 NAIRA NOTES INTO COINS AND THE NEED TO INTRODUCE 5,000.00 NAIRA NOTE…..HEY! I FEEL LIKE CRYING IS THIS HAPPENING WOW, I JUST CAN FIND THE RIGHT WORDS TO QULIFY THIS SO CALLED LEADERS…..EVEN THE MAN AND WOMEN THAT HAD NEVER TOUCHED A PEN IN THIER LIFE KNOWS THAT THIS IS A COMPLETE USELESS PLAN, WHICH WILL MAKE LESS THAN 1% OF NIGERIANS(IN GOVERMENT) MAKE PLENTY OF MONEY AND MAKE THE NIGERIAN PEOPLE AND THE ECONOMY A SINKING TITANIC…….I AM JUST SAD AM A NIGERIAN….I WISH I CAN CHANGE IT BUT I CANT, BUT I AM SURE GOD HAVE PLENTY OF GIFT FOR PEOPLE DOING THIS…

  • http://profile.yahoo.com/A6ERLKVKHGADGWU2FKBZXTZ4DA Quietlie

    Nigerians just need to learn to spend coins, I think it’s a nice move. Introducing N5000 note does not in any way devalue the naira. America though having coins, still have in large circulation, the $100 which is an equivalent of N16,000, still far from the N5000.

    Let’s leave america, even on the lower curb, Ghana has coins, as well as C50, which is equivalent to the N5,000 and their coins starts from 5pesewas (equiv. to N5) and is very much used in everyday transaction. Yet our economy is stronger than Ghana’s by far.

    It’s just our mindsets of trying to feel big, not holding coins. In the long run, it’s better for the economy as cost of maintaining a N5 note far outweights the value. Coins last far longer than those notes, so it saves cost.

    • http://profile.yahoo.com/QVEHCDJPQWICPDMTO7WXT3ZPKI Nenerirhe Djebah

       do u know that in ghana wen they were changing their money in 2007 the value dropped to almost half of wat it was?. get your facts straight. this move is goin to increase the standard of living by alot

      • Geezoid

        This is probably the most ignorant comment i have seen online in a long while. Ghana redenominated their currency. Basically, they issued a new currency, knocking off some zeros while they were at it. What that meant was that 10,000 cedis became 1 Ghana Cedi or something like that. You do that to avoid a situation where a loaf of bread costs a billion cedi. This is very different. Introducing higher denomination notes and changing N20 to a coin will tend to devalue the currency (especially where you have a culture that is averse to coins). Why? Rather than taking 2 coins for something that costs N40, people will move the price up to N50. Rather than pricing something at N4,900, just make it N5000 and collect one note. Even the US took the $1000 dollar bill out of circulation.

    • http://profile.yahoo.com/O4OFZYGM2JH6URCWHOWOIMAQIY Mike

       So why not make five thousand naira coins?

    • kluk3678

       May I quickly point out Quietlie that $100 is equivalent to N16,000 because of the state of our economy. If we start making these comparisons, we may end up with a N20,000 bill one day as a direct response to the exchange rate.

      The fact remains that the largest denomination in active circulation is the $100 bill. In UK, the largest denomination is £50( and very few get to handle that in their lifetime) and it has been so for a very long time.

      I think we should focus on ways to make our currency stronger rather than ‘designing’ existing and ‘making’ new denominations.

    • Larry

      I can see you only feel enlightened but obviously lack economic sense. Did you ever study economics in school? The rudiment of the whole of these is about the people of Nigeria from the market women to the average Nigerian. This is a way to increase cost of living for ordinary Nigerian (from history). What has always happened to coins in Nigeria will always happen. (No one will spend it and no item will cost below the value of the coin denomination). Even Biscuit and sweet which our children take to school everyday will go to N50 and N100. If you have been living in Nigeria, you will know that this is not going to serve any purpose stated by this man. We want to make cashless policy work but we we are creating easy movement of cash without considering its effects on inflation. Please leave talk for real people on the street that are feeling the heat! And lastly, you don’t compare a sick country with healthy countries. Because Ghana here has a better economy that Nigeria. We are only big for nothing! So give yourself brain before you comment again.

  • http://www.facebook.com/profile.php?id=703977146 Onuwaje Tajh

    How does the redesigning and introduction of naira notes and coins affect the standard of living of Nigerians today,you seem not to have any ideas about making our economy better,you dealth with banks now you are totally jobless,its time to waste the countries money,its not your fault,Nigeria is the only country where people just wake up in the morning and do what they like,who was informed,they woke up and brought oil subsidy removal now 5000naira notes so that they can easily steal money.

  • http://www.facebook.com/sildaf.ventures Sildaf Ventures

    The CBN should better address their mind with policies that ensure strong fiscal policy and not to further devalue the naira to worthless paper.CBN  is aware of our perculiar situation that coins are appreciated by our system where richmen show their affluence and has nothing to do with coins.I am supprised that the President as CBN claim gave approval for such jamboree. 

  • http://www.facebook.com/sildaf.ventures Sildaf Ventures

    Quietle or whatever is your name, you are naive the America instance you gave, was it the denomination of the currency that valued $100 to equivalent of 16,000 naira,Great Britain Pound Sterling 200GBP heighest note is equivalent 51,000 naira.we better make  50,000 naira note and in rural areas we create Federal Savings Bank to be breaking the currency for their day to day transaction.The  issue is strong fiscal policy but i am  not supprised our planners lack ideas and they want be seen as doing something no matter how much infinantile.

  • http://profile.yahoo.com/JFFFSBRPFM47FDY6QTLMLFQUGQ Anuoluwapo

    Sanusi is bent on sabotaging all efforts at cleansing
    Nigeria. I remember discussing the modalities of how the restructuring should
    go with the President. All the information stated by Sanusi that a meeting was
    held in November 2011 and presented to the President Jonathan in December is
    all a hoax.

    This issue was championed towards the tail end of
    Obasanjo’s administration under Soludo but thwarted by Late President Umaru
    Yaradua. It’s been like five years or six there about so no monkey should call
    baboon for us.

    It is of the greatest essence for the President to
    listen to my counsel.

    Anuoluwapo Oladipo.

  • ObiErnestO

    It is always good to come up with new ideas but I must say that benefit CBN expects from this idea of introducing N5000 note, redesigning some others and changing N5, N10 & N20 notes to coins is least good for the economy and Nigerians especially the common man in the streets.

    Why do we need to introduce N5000 notes in an economy we are turning into a cashless one?I am not really against the introduction but do we need it with the current cashless policy that is being implemented in Lagos and Abuja. Also I don’t have problem with the notes to be redesigned.
    My grouse is with the changing of the lower denomination notes to coins. It said that people learn from past mistakes but we seem not to learn in Nigeria. It is a clear fact that changing of these notes have in time past lead to high inflation. The moment these notes are transformed into coins, they unofficially ceases to be generally accepted. Gradually Nigerians will drop the use, traders will increase prices to be in tandem with currency of notes in circulation and the truth is that CBN has no control over this. I will plead with the CBN and the Federal government to rescind this idea and retain these currencies as notes. 
    The cost of maintaining these lower notes can be borne like subsidy to Nigerians. The price of everything have gone up with partial removal of subsidy and increase in electricity tariff, this move by CBN will definitely lead to more increase in prices of goods and services thus bring more hardship to Nigerians mostly workers whose salary have remained stagnant. Past experience attest to this fact and CBN cannot control it no matter how they try. Please Nigerians need fresh breath we are choking with all these harsh policies. 

  • olufemi12

    so much for a cashless economy, what a clueless government.

  • olufemi12

    so much for a cashless economy. what a clueless government !

  • funshy40

    Them don  start again,make we remind them say na so soludo finally face out the kobos,soon or later no body go dey spend N5,N10,N20 anymore.sensless leaders.

  • http://profile.yahoo.com/O4OFZYGM2JH6URCWHOWOIMAQIY Mike

    You people are funny. The man did not say that higher denomination notes will improve the standard of living. I thought he was preaching a cashless economy. A hundred pieces of that note will be half a million in the wallet. Why cant we leave the millions in the bank and swipe our cards. Hell no, because then no one will know how rich we are. So we will prefer to have one hundred thousand Naira notes, so that when we fill three cartons with it, ….

  • http://twitter.com/DimejiMo Ola Dimeji

    as for me;

    Sanusi did not get this one right. Because what you are saying is that the least product should go for N50 which is unfair and bad. What is more reasonable is to bring back the old coins of 10k, 20k etc and not this big one you are bringing.

    At the same time your comparison is not good because those countries you are comparing us with has a background we do not have, our mentality differs etc

    Without doubt this is a bourgeois set up which  is not humane at all. Because at the end it is the political office holders that have the billions that will laughing while the ordinary Nigerian will groan in pains

    My prayer is to have another government that will reverse this inhuman idea.

  • Kayode Adelakun

    Even though my contributions would hardly count, since the issue already carries the GEJ presidential assent, i posit for posterity. I would only urge my respected brother and governor to keep faith in himself and the enclave called Nigeria. I have always revered him for his originality and dexterity; he however seem to waver and deviate from principles. Mallam Sanusi Lamido Sanusi should not give us an economic pill because one country or more do it, rather it should be on its merit. It is an unwritten law in this country that the best legal way to condemn a currency denomination to the abyss is to restructure such to a coin. Please this further impoverishes our Naira value and economy and imposes more hardship on the common man whose net trade capital may not even be up to N5,000.00.  God bless Nigeria- Amin.

  • flamesjude24

    I weep for my country Nigeria with my whole heart.Everyday I go on the Internet,to know the latest news about my country which I proudly claim over here in the Uk but to my greatest surprise,the more i read the news the more terrible news i see.Please can someone tell me just 1 small good thing this present administration has done?May God help us all.As for me at this point I can confirm that my greatest and dearest country Nigeria which i hold to a very high esteem over here  is DEAD…………………………….. If they like they should rebrand or devalue or revalue Nigeria ,as long as we keep putting in these stupid leaders the result will remain the same

  • kemmybanks

    What is the Whole Essence of the Cashless System, if the CBN Governor plans on introducing 5k Note and turning the three smaller denomination to coin then why the Cashless policy. This Two do not match! what we need right now is More Value for the Naira!

  • JuliusOLu

    Where is Nigeria heading to?  5,000k bank notes?  Can we learn from the developing nations at all or do we have our own mediocre AGENDA?  The highest denomination in the England is £50 and you hardly found it in circulation.  Can we copy what these guys here do or are we trying to make Nigerian currency to become like Zimbabwe dollars? I know and I know that our leaders don’t have the interest of the nation at heart!…………………..

    What is the future of our children?  Probably there will be 50,000k single note in their time, let us learn and learn from the past.  What have we gained from the past programmes of the former administrations, lootings, frauds, stealing…………..

  • http://profile.yahoo.com/RGUFMDZGMNHIJVPY253NPGPF3Q Richard

    Richard Eneji,
                        We have no government again. Poor Nigeria, 5000 note! looters and criminals, another way of stealing Nigeria money, it will be easier to steal now. 

  • http://pulse.yahoo.com/_U25FAU5HDP2GSULXKVG4G5F6KM Ayee Delta

    Master web, keep it up, i love you and Nigerians love you.

    Please note that the reason CBN governor Sanusi want to convert the 10 Naira and twenty Naira note is political.

    Because some of the Arabic signs on those notes were removed by our brother Soludo, so he want to make sure that all our currency has the Arabic signs. Oh my God, how can we be living together with these Muslim fanatics.

    The structure of our National assembly portrays the Islamic Mosque. Please let the whole Nigeria knows this as we are tires of this kind of religious politics played by the Northerners.

    Thanks.

    John From Delta.

  • http://pulse.yahoo.com/_U25FAU5HDP2GSULXKVG4G5F6KM Ayee Delta

    Please note that the reason CBN governor Sanusi want to convert the 10 Naira and twenty Naira note is political.

    Because some of the Arabic signs on those notes were removed by our brother Soludo, so he want to make sure that all our currency has the Arabic signs. Oh my God, how can we be living together with these Muslim fanatics.

    The structure of our National assembly portrays the Islamic Mosque. Please let the whole Nigeria knows this as we are tires of this kind of religious politics played by the Northerners.

    Thanks.

    John From Delta.

  • tommy_68

    This  Governor is saying one thing and doing a different thing altogether. How can Sanusi preach cashless society and intends to introduce 5000 naira bills. This means that I can conveniently pocket 5M naira when wearing my suit and move. Cashless economy works in USA and UK when 100 unit bill is in use!!!

    • kluk3678

       I agree with you tommy_68. I can’t reconcile a cashless agenda with the introduction of a 5000 naira bill. I don’t see the agreement here. Perhaps the CBN governor can shed more light.

  • boladale oshodi

    I believe issue like this should  have stakeholders’ input and a poll should be organized.  Questions must be raised regarding why this is coming up? noting that all the past naira restructuring has resulted in devaluation and others. We should get the industries working again before this change. 

  • Jide Taofik

    From the recent past, when one naira and fifty kobo were notes. we were freely spending these currencies until the govt changed it to coins. Immediately all goods and services of one naira or fifty kobo increased in cost. instead of one or two naira per unit item it changed to two or three unit for five naira. so whether uyou need it or not you have to take as much to meet five naira value. this does not help the economy sanusi should learn from this.  we need to standup and block them from doing this. thanks

  • Olulana

    Take it! The agenda of Sanusi and his sponsors into CBN is to reintroduce those parochial features that Soludo/OBJ earlier expunged for the sake of National interest that the majority hailed. Dont be surprised if arabic resurfaced, afterall, ‘it will make it easier for “beggars” to identify’. Sanusi displays retrogressive intelligentia. How do you explain cashlite/cashless that is already reducing cash handling. It does not make sense. Why not introduce 5k alone if it is cash handling alone, why is Sanusi redesigning the entire currency spectrum, THE SAME MAN WHO CLAIMED THAT IT IS TOO COSTLY PRODUCING MONEY. I think this man has another agenda of the ‘Islamic’ bank nature!

  • http://pulse.yahoo.com/_ES7NJSRYQ2QRYFNM3VH4UXYMTM Julius

    Printing of higher naira denomination rate (N5,000) is tantamount to excessive and unreasonable supply or printing of money to fund government activities (like looting of our nation’s treasury). The printing of the higher denomination will result in hyperinflation and common people will suffer. Nigerians at home must and should do something to end this PDP ruling nightmare.

  • http://www.facebook.com/people/Adedoyin-Ayanlaja/100000012935356 Adedoyin Ayanlaja

    Why the controversy about this 5,000 Naira bill all about.This is the simplest poll on the economical failure of the CBN policies.It’s quite arguable that the 5,000 Naira bill is overdue only the CBN is introducing  it at  the wrong time,in a stuation where the stability of a nation’s currency is questionable in the case of Nigeria introducing bigger bills will help nothing than the inflation.
      Let us take it from the begining Nigeria currency denomination comprises  of Naira and Kobo presently the kobo are less in circulation because they are valueless,not really VALUELESS but there’s absolutely nothing you can purchase with it.But in banking if there’s a kobo less in 1million Naira is no longer 1 million.Nigeria trade in US Dollars for it’s exports the present exchange rate is almost 160 Naira to 1 US$ if we look at it at the export trade rate the bill is long overdue because of it’s lesser strenght but the question is how many Nigerians are dedicated to export trade the highest comodit 

  • Pastor Gerald

    THIS IS A MUST READ FOR NIGERIANS… 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 THINK CRITICALLY, UNDERSTAND THEIR STRATEGIES AND CHALLENGE THEM… They don’t need the notes to loot and the increase of currency denomination has nothing to do with devaluing of currency.. Its just a strategy, a reason to print new notes…
    And i must warn Nigerians, please stop watching TV, its a complete hoax… Every news you hear on TV is edited and just 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…. Who said the Government don’t have money to improve our educational system? Then you haven’t calculated the billions it cost to maintain the prisons in Nigeria… That money would improve education 6 times over the British standard…FOR THE RECORD I am a Nigerian by birth and i am an international student of London School of Business & Finance, ID Number: LSBF – 022371. My next comment will contain in detail everything Nigerians need to know about printing new notes, i know 80% of Nigerians are uneducated so i will try as much to break it down to the simplest, in a way that even a lame man can understand what our Government is doing… Please hold for my next comment, i need time to write..

    • Pastor Gerald

      THIS IS A MUST READ FOR NIGERIANS… LIKE I PROMISED

       

      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: LSBF – 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

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