fergie001:

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





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

They want to make the cash being paid to kidnappers useless. That I believe

fergie001:

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





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

The new note may come with microchip making it easy to track just like the us dollars

Shoodboi:


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.

It is simply a repeat of what Buhari did in 1980s

In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time.

JoshTim:


There are always provision for those. This is not the first time they are carrying out the exercise.

There will be focal places oversees for the exchange.

Sorry about the insult.

This will go along way in curtailing vote buying, terrorism financing, money laundering etc.

I beg to differ. I don't see any direct correction between the redesign of the Naira and vote buying, terrorism financing and ML. This is not 1984. Moreover, most individuals involved in illicit financial transactions now keep their money in foreign currencies and crypto.

omokab:
I think is a good move . Those keeping billions of naira at home causing scarcity of money on the country will be running and down to change their currency . If properly manage efcc will have work to do .

Please how does stashing funds at home causes scarcity of naira. Is naira scarce? The prevailing issue is forex scarcity not the scarcity of naira (the local currency). While the current inflation is cost-push (supply side), the low purchasing of individuals can be linked to host of issues including high level of poverty, rising income inequality, insecurity, low agricultural productivity, import-dependence, declining oil revenues amongst others, but not scarcity of naira as you imagined.

[quote author=Hpesoj post=117900225]


I beg to differ. I don't see any direct correction between the redesign of the Naira and vote buying, terrorism financing and ML. This is not 1984. Moreover, most individuals involved in illicit financial transactions now keep their money in foreign currencies and crypto.

And in the midst of forex scarcity. You aren't making sense.

Hpesoj:



It is simply a repeat of what Buhari did in 1980s

This makes a lot of sense. Thanks a lot.

Yampotatocarrot:


Exactly. When I read people writing that it's a move to checkmate politicians, I started wondering if they think CBN governor will work against the APC politicians that put him there, or doesn't it apply to APC politicians also?

That was what I was thinking too. I just learned that Buhari did something similar in the 1980s to stop "corruption". It appears he's trying to do the same thing again.

Earthquakes:
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

Connect with persons traveling back to Nigeria before year end

Killermamba:


They want to make the cash being paid to kidnappers useless. That I believe

Correct.....

Promoter2:
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.

Because he is a dunce; a desperate puppet that'll skin his kinsmen alive just to retain his position. If he were half smart, bubu would have changed him

Earthquakes:
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 country u de?

Currency wey no get value

Killermamba:


The new note may come with microchip making it easy to track just like the us dollars

Usd get microchip?

Yampotatocarrot:


Don't you think it'll backfire? Any reasonable person will just bring out the money and use it to buy dollars from abokis who always seem to have an endless flow of dollars... Hence, the price of dollars will be getting to 900/950 before the end of the year

I don't think anyone wise enough to have a stash of cash at home will be dumb enough to go deposit them at the bank

You raised a great angle to look at things from.

However, the question is, if you stashed away say 7 billion naira and want to change it into dollars, which BDC will give you 10 million dollars?

The EFCC will probably be alerted if you try to transact with any BDC with that large sum. BDC doesn't control a lot of USD since CBN stopped selling USD to them.

If you try to deal with banks, it will even be worse because they have to contact the Nigerian Financial Intelligence Unit to approve the transaction.

I think the naira should have an expiry date of 15 - 20 years. It will help save this country a lot of financial embezzlement.

More importantly, CBN should continue to encourage cashless economy as a way of reducing looting.

Realguyman1:
Na mumu just full every corner of buhari government

Agreed

SmartPolician:


You raised a great angle to look at things from.

However, the question is, if you stashed away say 7 billion naira and want to change it into dollars, which BDC will give you 10 million dollars?

The EFCC will probably be alerted if you try to transact with any BDC with that large sum. BDC doesn't control a lot of USD since CBN stopped selling USD to them.

If you try to deal with banks, it will even be worse because they have to contact the Nigerian Financial Intelligence Unit to approve the transaction.

...

The BDCs will give it to you, I assure you. You need 20 transactions of $500k and be ready to part with 20%. Banks as well will run the show for you by putting the cash on their books but you must know the top guys.

denobaba:
If you buy crypto with the old naira, the seller would have to take on the burden of taking it to the bank to exchange for the newly issued notes.

Who buys crypto by taking physical cash to anyone.

Daddy Emefiele.. paradventure u are on nairalnad, I want a job with CBN

fergie001:

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





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

Something doesn't add up.

Mr CBN Governor, you said you are using from now to 31 December to mop up the old notes and replace it with the new notes...

But you said the new note will be made available at the commercial banks by mid December.

So, it means that now,if a Nigerian goes to his bank and deposit the old notes. On withdrawal he will also withdraw the old notes... till mid December.

Mr Emefiele, mid December to 31 December is but about 12-13 days (excluding Sundays) and that's the only time the new notes will be available/accessible to Nigerians...

Do you think Nigerians should deposit monies in the banks and go home without making withdrawals from now to mid December??

How possible

Majority of Nigerians are business people who buy and sell and needs money on daily basis to do that. They cannot be reasonably expected to make deposits of their sales without withdrawing money to transact their daily businesses...

This policy is flawed on that aspect

This doesn't help the value of the naira in any way.

nedekid:

Which country u de?

Maple leaf

Earthquakes:


Maple leaf

Eyaa, to say you de my side, across the pond, I for don collect am transfer to your naija acct.

Earthquakes:
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.hi

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

Lol

Pls send it to me o

Godwin Emefiele is a dumbASS..

Stoopid policy.. you are destroying the country more..

You think you can escape it because you have used the Commonwealth of Nigeria to take/transport/ferry your children/pikin out of Naija bah..

Posterity will surely judge you...

For d past 8-years as CBN Governor nah now you come dey bring stoopid policy that plunge the Naira more into crisis...

#EmefieleBeKilledByHanging

nedekid:

Usd get microchip?

Yes na

New age movement is manifesting gradually

Earthquakes:
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

Laundry it, send it through DHL to someone in 9ja to process it for you, I just hope its legal,

Earthquakes:
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

Nah ignorance dey worry you, sorry about that.

franchasofficia:
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

They are coming after those hoarding dollars.

Acidosis:

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

You funny oo, and you think it's would be naira, and if not they still can't find alternatives to change this huge sum.. Lol

planetx:
Who buys crypto by taking physical cash to anyone.

Go back to the quoted post before this one for context,

Why these people dey frustrate Tinubu like this, when he has mapped out about N200b in cash, sitting comfortably in his Bourdillion bunk.