Topic: Reflecting on the Devaluation and Disappearance of Naira Notes" (Read 143 times)

The matter no de funny at all, di way wey our currency take de devalue and disappear de very sad, imagine a whole 5 naira, na im wey de tell bye bye for dis country, because e no fit to buy anything again. As a matter of fact you no even fit dash Berger di money sef, because im fit to vex reject am, na who you go come blame? No be today our economy begin to de nose dive, in the early 80s, dem de use kobo, dat one die, in the early 90s dem de use 10 kobo, 50 kobo dat one die, in di early 2000 dem de use 5 naira, today e don die, I de fear say if di county still follow dis trend, in a few years e fit reach 200 naira and 500 naira turn. Maybe dem go come print 5000 naira and 1000, naira notes. One day you fit enter local joint go eat and you go spend 20k for a plate of rice and beans. E no funny, which way Nigeria?

Devaluation of naira note started imidiately they started creating higher denominations of currencies instead of to value the one we have. For example in US they have $1 $2 $5 $10 $20 $50 and $100 denominations. and in Nigeria we have #5 #10 #20 #50 #100 #200 #500 #1000 and was even planing of #5000. If you check USA there highest currency is $100 while ours is #1000 there by eliminating #5 #10 and #20. Had it been the printing of note ended in #500 as the highest currency in Nigeria I think #5 would still be usable.

So to me I think the higher the creation of money in higher denominations, the more the value of the less currency depreciate in value. USA have $1 and it's still much valuable to them, because they never created $200 $500 and $1000 notes. But chose to appreciate the one they have.

And if we want to kill inflation in Nigerian,  we must stop importation of goods, creat production instead of consumption. Sell our products in dollars and convert to fiat currency.  Invest in bitcoin. Reduced the frequent creating of note with higher numbers. for example If #5k was created, it will eliminate #5 #10 #20 and #50 and making things more expensive because if you purchase a goods of 70naira and you are holding #100 there will be no #30 change to give you, so automatically the least thing you will buy will be #100.

I like the way you ended up saying " Nigeria is a country with rich stories that may require proof to be fully appreciated " makes me want to write a story about Nigeria . Anyways,  the devaluation of our currency has gone down by over 20%. That's sad but to be honest, reducing the prices of fuel may not be half as near enough to solve the problems of this country. There are a lot of things we need to work on, but since everyone keeps ignoring them, they get worse and worse every day.

As for the #5 note, I think I got it one time after buying something from a shopping mall and was " watin I wan use this one do"   . It's the way the things you can buy with #50 are already even limited. There's this shop at my school, the cheapest thing there which is ordinary biscuits is #150. #500 can't serve as transport for some distance anymore. Anyways, only God can help us in this country.

The devaluation is very much negatively impacting on the nation. It's not just the purchasing power that is reduced to almost nothing, people have started to mentally distance themselves from this very currency and it is manifesting physically now in some parts of the country, at Delta state now, of which I'm sure, Issoko to be precise, A friend of mine came around and was surprised that this denomination is still accepted at Bayelsa where I reside. He stressed that at his Place, they no longer accept this very currency. Now, if you have two of them, they wouldn't accept it as #10. They now reject the currency as though it's not a legal tender. I fear that one day, with the way the thing is going now, bigger value notes might be printed under Balablu administration to meet up with the purchasing ability and the cost of single units of commodities.

The root issues can’t be addressed at a go that’s why they are looking for alternatives like this one. The reduction in price cannot be for all vehicle owners that are on public transport because it is not the government that is fueling the vehicles for them and they brought the significant rise in cost of transport as a result of the hike in petroleum price. The slashing of price will only affect government owned public transport and not all public transports.


5 naira notes are still very much in circulation but people don’t like giving it out as change when someone buys something from them until it is the last cash option they have with them to give. Another thing that I notice mostly is that this cash are giving to beggars more often than before, this is as a result of its devaluation.

Brother man, as you dy tlk about this 5 naira issue I just dy reason wetin 5 naira fit buy, I don crack my brain tire, I don finally observe say nothing you fit use am for, when I reason say common 10dollars na 12k, I just dy wonder where our country economy dy go, because as times goes on, by the look of things, 10 naira self go dy useless after now. Chai our government which kind pattern be dis, we dey complain of the past administration, now dis current one come even worse, na only God go help us.

My brother no be lie oo, how person wan do, our own na to just dey sit down dey watch wattin those wey dey for power dey yalk, because even if we waist our saliva, na still the same thing wey dey their mind dem ho do. Though e never too tay wey I see five naira and that na because, e been dey for one of my very old working trouser, and when I see am sef I surprise because e no get worth again. Inflation just dey carry us go where we no know, as it stands even 10naira sef nor go fit buy tomtom again sef, if you try am your mind go dey  say the the contri don cast and no wey when e fit come back with all those kricoli men dem wey be leaders.

It's simple, bad government. About the possibility of a fix, it will take a long time and a really good government with God's backing to turn things around.




Ngl, it's been a long time since I've seen and used a N5 but I've used a N10 note this month and the one before. It's also not surprising that the only time I've used the N10 was simply as a medium for change. As more and more bad economic/monetary policies gets approved, the more we'd find less use-cases for lower denomination naira notes. As the economy get worse, N100 and N200 notes might follow suit.

My own hope is that Naira doesn't get so bad as the Venezuelan currency.

The truth of the matter is that it's such a sad thing that as the year goes so do a fraction of our noble currency goes into total extinction (i.e loses its value), most especially #20, #10 and #5 to be precise, which are all as a result of the bad policies made by a few elite given the vecto power to govern the affairs of our state. Hence, making #5 be the first Naira note to lose it's complete market value after Kobo did many years ago.
So, in regards to the #5 note, I go fit talk say eh really don teh wey me too I last saw it just like you, reason been that Naira note no get value for market again. And on that note, the best way to avoid losing the value of our funds is when we invest in Bitcoin.

I still have this denomination at home, I'm keeping them in my archive for the memories only because they are practically worthless and cannot buy anything in the present Nigeria. Inflation is steadily killing our various currencies and I just hope we will not abandon the Naira soon. Those who are invested in Bitcoin or earning in dollars are truly lucky.

The cheapest thing people reference before was sachet water but as at today, there are people who cannot even afford it. I don't know where we are going as a people sha but I pray something is done very fast because depression is becoming the greatest killer in our country.

let's talk about the devaluation and extinction of some of our beloved naira notes. Our country's economic situation has taken a toll, with the cost of living constantly rising. Despite the government's promises to address these issues, it seems like we're still facing challenges.

Recently, I came across this picture on my friend's status,

and I couldn't help but laugh. It hit me that it's been years since I last saw a 5 naira note. Back then, 5 naira could buy water, sweets, and even biscuits. Do you remember the days of kobo? 5 naira was considered a significant amount.
As time passed, the 10 naira note disappeared, and now it's the era of the 20 naira note bidding us farewell. What is causing this devaluation in our country? Even abroad, they still use cents, the smaller units of the dollar. Where are we heading in Nigeria? Can't the bad economy be fixed, or are we destined for more significant problems?

I heard about the government regulating the prices for passenger vehicles during Christmas, but I wonder how that helps anyone when drivers may not comply. Instead of addressing the root issues like reducing the cost of petrol or gas, rules are enforced. That's a topic for another day.
My question to you all today is, when was the last time you saw a 5 naira note? As time goes on, we might need to preserve these old notes for our children, as Nigeria is a country with rich stories that may require proof to be fully appreciated.