https://www.youtube.com/watch?v=oQVb7NRGJb8

Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Wednesday, disclosed that plans were afoot to unveil new redenominated naira notes by December 15 this year, asking depositors to hit the banks to exchange their old currencies for the new ones before the January 31, 2023 expiration date.

Emefiele made the disclosure at a special media briefing in Abuja, saying the move has since secured the approval of President Muhammadu Buhari and other stakeholders.

He said move was also to retrieve huge funds outside the banks.

Previous Thread:
https://www.nairaland.com/7402756/cbn-redesigns-new-naira-notes#117892566

Good.

Still doesn't change the fact that the Naira is completely useless to the Dollar under this moroniic administration.


“Goat na Goat, if you like wear am Gucci go London, na still Goat.”

Oops, those with money n their houses are done for ,hope they were in dollars

People don't have food to eat but you are wasting money to print new currency instead of creating jobs.
I know it's just a way to steal money through printing contract.

By the way, I still have upto 30k with me here in abroad, the one I share remain beggars they employed as staff at the airport, what will I now do??
Was hoping I would use it to get a taxi anytime am coming back to Nigeria

Which way Nigeria nítorí Ọlọ́run

This is no where close to the major financial issues this country is facing today. Why is Emefiele still CBN Governor?

I weep for Nigeria.

Nigeria wasted money conducting the 2015 election that produced Buhari, wasted resources to maintain him as president, wasted lives and properties through his nepotism and inefficiency , wasted time having him as president, wasted resources on irrelevant issues, each time I see Buhari or think about him, waste is what always come up, Just like I said many years ago that the only good thing Tinubu did for Lagos throughout his 8 years was bringing Fashola(I was in University when I said this).

The only good thing Buhari can do now for Nigerians is to ensure Peter Obi wins - If not his name will be synonymous to shame

Please ooooo, I am not an Economics but I would want someone to explain to me in a layman's term the importance of this Currency Re-design in this present Nigeria that our economy is dancing skelewu.

Isn't this a misplaced priority as we have other things to tackle in the nation?

...He said move was also to retrieve huge funds outside the banks.

In other words, the plan is to force people to deposit money they're keeping at home in the banks. I suspect they're doing this to strengthen the banks, the naira, or to do something about the ongoing inflation. But what do I know? The economists are the experts here. So Narialand economists, over to you.

This man and APC keep destroying the little confidence Nigerians have in Naira. This is wrong timing as it will further put fear in Nigerians and they will start rushing dollars to save their money which will further cause dollar scarcity and more Naira inflation.



Emefiele and APC really swore to destroy Nigeria before Buhari hands over, na wa oh

godofuck231:
Oops, those with money n their houses are done for ,hope they were in dollars

They are in Dollars trust me. That's one reason why we ve the Dollar problem and it won't go below the Naira because most of this politicians stock it and run private bureau de change. This so called CBN governor is the worst. Despite his failure, they couldn't remove him because he is their Dollar ATM

It is a good move. Let's see how much politicians have kept secretly for vote buying.

This same news we just read and moved on quietly, will cause confusion, sorrow and misery to some certain set of people. If you know, you know.

Meanwhile, if you have an elderly loved one, or a friend who is sick or disabled...and you need a reputable company to [provide quality care for them, kindly check my signature for the best caregiving service company around.

So how does this improve the situation of the country? No, sincerely I want to know.

Start expecting bullion vans to be hitting the banks anytime soon.

No rest for the Wicked

I Can say it anytime anyday, Emefiele's policy is one of the best thing to have happened to Nigerian economy since independence.

Carry on Godwin Emefiele, next minister of finance come 2023[i][/i]

Too late........Trying to save a sinking ship.

PlayMaker14:
Still doesn't change the fact that the Naira is completely useless to the Dollar under this moroniic administration.


“Goat na Goat, if you like wear am Gucci go London, na still Goat.”

Exactly! Agbado na Agbado if you like boil am or roast am na still Agbado.

Ok
Are they trying to silence the Bullion van thief and his urchins

Chai

Na mumu just full every corner of buhari government

Operation break kolo activated for many people and for politicians who they are trying to get to bring out their hidden loot will still find a way around it.

How does this address the major economic struggle the country is having?

How does this address the naira free fall?

Is this man alright?

What about those wey hide their money in the soakaway?

Na bad market for them.

Mubby4luv:
They are in Dollars trust me

The era of dollars is over. They spend dollars during the primaries.


Now is the era of naira notes for poverty stricken vote sellers.

Most people save their money in dollars now, considering the dwindling value of our Naira.

I really don't know what to make of this news, but let's see how this will impact the election, in terms of those politicians that have stashed money for vote buying and rigging.

CBN, a very idle monetary institution that only gets busy with meaningless ventures.

Elephant project. They most chop the last contract before they leave.

Another thing is that buhari might be planning to remove 1 or 2 zero from the note. So that pdp and lp cannot campaign with the inflation

What Is Redenomination? Redenomination is the recalibration of a country's currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate.

The most corrupt CBN Governor Nigeria ever had...

Misplaced priority