CBN recently introduced redesigned coins and notes of the Naira.  The Coins are in the 50 Kobo, N1 and N2 denomination, while the redesigned Notes are in the N5, N10, N20 and N50 denominations respectively.

I will like to know what everyone thinks about this.  Is this a welcome development, or another of Nigeria's misplaced priorities?  Because personally, I honestly do not know what 50 Kobo can buy in this present day Nigeria.  Even N1 and N2, as far as I know, can only buy trivial stuffs like sweets and kulikuli.

Can someone please tell me why CBN felt the need to re-introduce coins and notes (N5) that I thought were already extinct, into the Nigerian market?  Or is there something I'm not getting right?

N2 coin what's the point I was thinking they'll make N5 and N10 coins

I think the new coins should be lighter

In any economy that want to control inflation you need to use coins.For example in Nigeria we seem to approximate every sum into the nearest whole naira which is not good for the economy.When the new coins are introduced, because of the lightness we are going to use them and the value of our currency will be enhanced.But there is a need to ensure we dont malhandle our currency again.

Do you mean nigerians are not using the current coins because they are heavy?

I have a feeling chewing gum and sweet will not cost N5, i think people just dont like coins anymore in nigeria

they way things are priced is the way people will use the money. if coke/fanta/sprite is now N12.50k more people use coins

compaqB:

In any economy that want to control inflation you need to use coins.For example in Nigeria we seem to approximate every sum into the nearest whole naira which is not good for the economy.When the new coins are introduced, because of the lightness we are going to use them and the value of our currency will be enhanced.But there is a need to ensure we don't malhandle our currency again.

You have spoken well. When the coins start being used poeple will see what to buy it with and commodity pricing will be better.

I think the whole idea of coins are crazy.Really,what really can you buy with coin? Had it been we have a kind of automated system that allows you to make use of coin before transacting then it becomes a welcome idea.Something phone booth,bus ticket and the likes.

Anyways,as for me i don't support it.