Hmmm, many developed nations have gone totally cashless, especially Japan and S. Korea. I can't wait until we see such progress in the financial sector.

How I dislike those forex traders inflating our local currency for profit.

Good one

Bullion van emi lekan oya go and spend ur billions.

Thanks CBN for this below the belt gbas gbos

Teach these politicians a big lesson.

India did it and curbed corruption.

Continue wt these policies until these thieves learn their lesson

Hehe...CBN luring politicians and those hoarding naira to submit themselves.

Bullion van city boys, matters arising as this one shock baba them. I hope CBN won't alter the deadline date

OVAFYNBOY:
Why CBN dey vex like this na?

I hear say you cannot deposit more than 5m in a new account in a month and more than 50m for an old account in 1 month too. And you cannot use multiple accounts as it will be monitored through bvn. This one them announce yesterday.
In short, men go rush to buy dollars which will spike the exchange rate. But on the other hand, what will aboki do with the cash he collects since he cannot deposit more than 50m in his account month? Ie aboki will have a limit to the amount of dollars he can sell. Dollar then should reduce against naira!
This is what is called checkmate in chess!

IamaNigerianGuy:


There is always that stupid person complicit in his enslavement. Do you know the evil a cbdc will bring on this country ?

Out of fear, people run away from trying new things.
Don't let "new thinks" scare you.

nlfpmod:
LETTER TO ALL BANKS

RE: IMPLEMENTATION OF NAIRA RE-DESIGN POLICY

Further to the Emergency Bankers' Committee meeting held on Friday, October 28, 2022 and as part of arrangements to ensure seamless implementation of the new currency re-design policy, the Central Bank of Nigeria (CBN) has approved the following interim measures:

1. There shall be no charge on cash deposits by customers above the threshold specified under the Cash-less Policy effective October 26, 2022.

2. The requirement for cash evacuation to CBN branches using armoured bullion vans is temporarily waived in view of the anticipated large volume of cash deposits to be evacuated vis-a-vis the limited capacity of registered Cash in Transit companies. Banks may convey cash using other transportation arrangements but shall bear the associated risks.

3. Deposit of mutilated notes in the denominations covered under the dispensation (N200, N500 & N1,000 denominations) shall be permitted without any fees. All mutilated notes received will be processed in due course to check for counterfeit, forged or composed notes and banks shall be responsible for any defective notes and shortages in line with extant regulations.

4. The following charges are hereby temporarily waived until January 31, 2023:

a. Penalty for cash shortages by banks at CBN branches. However, all banks shall continue to bear the responsibility for meeting any cash shortages. b. Charges for deposits that are not in CBN approved cash boxes.

Furthermore, banks are to note the following:

a) Banks' currency processing centers shall remain open from Monday to Saturday to accommodate all cash that will be deposited by customers.
Classified as confidential

b) No cash deposit by any customer should be rejected provided such deposits are lodged into an account with a BVN.

c) All deposits by new or walk-in customers should be accepted by banks subject to compliance with the requisite account opening documentations and KYC requirements.

d) No deposit should be boxed and or credited to any suspense account, general ledger or any other internal account of a bank.

e) All cash deposits, including mutilated notes must be lodged at only CBN branches.

Deposits should not be lodged with Bankers Warehouse or any other service providers.

f) Splitting of deposits is not permitted under any circumstance. All unusually large deposits should be paid into customers' accounts with BVNs as a bulk amount.

g) Banks shall cease to load their ATMs with old Naira notes from January 31, 2023, as the old Naira bills shall cease to be legal tender from that date.

h) Banks are required to ensure full compliance with extant AML/CFT regulations on reporting of currency and suspicious transactions.

i) Banks shall ensure that customers are promptly attended to and well treated to avoid delays and long queues/congestion at banking halls

j) Banks shall deploy measures to detect fake or counterfeit notes and avoid any form of competition to ensure a smooth implementation of the policy.

Finally, banks are required to furnish the CBN with their daily vault cash position effective October 26, 2022 in line with the attached template.

The first set of returns up to November 1, 2022 is due before close of business on November 2, 2022. Thereafter, banks are to provide the daily returns on their cash position on or before 10.00am of the business day following the reporting date. The returns shall be submitted to BSDReturnscbn.gov.nq and BSD Group5Mailinqcbn.gov.ng.

The CBN shall monitor to ensure strict compliance with the above measures. Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

The closing date is not possible, somebody will come up with the complaints of people in the north having logistics problem, terror attack zones ,difficult terrain etc .
Those hoarding the naira etc .
Those trading the naira in parties have not been taken care of!.

sojayy:
CBN and policy, implementation n directives be like hot bread b butter

Yinmu! Uncle Kunjo.

IamaNigerianGuy:


There is always that stupid person complicit in his enslavement. Do you know the evil a cbdc will bring on this country ?

For the ordinary Nigerian, a digital currency is no different from the current banking electronic transactions.

It's those who engage in illicit activities that won't want their transactions monitored.

Agreed, you could be locked out of your funds or taxed arbitrarily by a draconian government but let's give it a trial first instead of shooting the idea down even before it's inaugural flight.

There are several countries where cash transactions has been antiquated and some of their younger citizens have never seen their national currencies.

A

Parachoko:


Good one

Who are the people wey wan cash out by all means?

Do you even understand the article at all?

Policy were put in place just to change the naira note as they have been proposed...if you know. You know

Are we not supposed to have started using the new notes already?

Are these guys expecting us to be out of cash completely before they miraculously supply us?

Nigerian economy is cash dependent and CBN is not making avaliable the new notes yet.

I sincerely don't understand this policy.

Is there a way for eNaira can be designed to be used to pay for little transactions like buying biscuit, paying church offerings and low transactions?
How does Kenya applies theirs, do you know?

BritishAirways:
This is the right time for the CBN to
push E-Naira and not just the physical currency

I have series of e-plans and e-models I have strategically lined out that could be employed to effectively present eNaira to the Nigerian community and further present wider economic-world

I think that's a good development

Fiat is dogshit

Brillant idea

Wrong timing

The idea would easily have achieved it aims pre 2016 era. With no pressure on the currency, no obvious inflation, no obvious need to increase interest rates at the time

This idea would have easily counter attacked illegal and dirty money in the system.

But look at the timing where this is been done, firstly you have inflation which you need to discourage rampant spending to bring it under control. Whilst you are doing that you have just redesigned the notes which further supplies the economy with more naira notes and more like hustling backwards


Secondly naira already was under intense pressure, by redesigning the currency all the illegal money in the system its obvious its dollars they would be looking for to convert their old naira to, why the own goal for no reason

Like I said Good idea Bad timing which makes the project a waste of time

You can't be changing your legal tender jn the midst of economic madness

Both the fiscal and monetary policies must work to make things easier for nigerians not harder

Economy minister abi na economy president

Gbeng30:


Policy were put in place just to change the naira note as they have been proposed...if you know. You know

So what are you trying to say?

JoshTim:
Well, cost-benefit analysis consideration,

What are the costs: Foreign currencies are pressurized. Naira is depreciated. The direct bearing is worsening exchange rate while the indirect bearing is minimal.

We can only rely on policies of CBN in the short term to resolve the currency problem. The key solution is real sector/product significant development which is sort of long term.

Benefit: proceeds of crimes[if the banking sector is tightened and adherence to Anti money laundering act], will be rendered useless. This means more naira[excess liquidity] is flushed out. The direct indirect bearing is significant.

Now, let us try to imagine/quantify cost-benefit analysis of this policy. I will say, the benefit outweighs the cost.

What exactly is now the benefit?

Serious buyer's only EOD 1•65m and discussion continue 1•35m within Lagos

olisefom:
Are we not supposed to have started using the new notes already?

Are these guys expecting us to be out of cash completely before they miraculously supply us?

Nigerian economy is cash dependent and CBN is not making avaliable the new notes yet.

I sincerely don't understand this policy.

It's a stupid policy meant to enslave Nigerians. Like adeboye asked, why are you beautifying and redesigning a worthless currency? I perceive that after the deadline, they might impose restrictions on cash withdrawals

Serious buyer's 08144763847 EOD and discussion continue 1•35m and 1•65m

matify83:


For the ordinary Nigerian, a digital currency is no different from the current banking electronic transactions.

It's those who engage in illicit activities that won't want their transactions monitored.

Agreed, you could be locked out of your funds or taxed arbitrarily by a draconian government but let's give it a trial first instead of shooting the idea down even before it's inaugural flight.

There are several countries where cash transactions has been antiquated and some of their younger citizens have never seen their national currencies.

Should this be the focus or the focus should how to revalue the naira? Why redesigning a currency that has no value?

JoshTim:
Well, cost-benefit analysis consideration,

What are the costs: Foreign currencies are pressurized. Naira is depreciated. The direct bearing is worsening exchange rate while the indirect bearing is minimal.

We can only rely on policies of CBN in the short term to resolve the currency problem. The key solution is real sector/product significant development which is sort of long term.

Benefit: proceeds of crimes[if the banking sector is tightened and adherence to Anti money laundering act], will be rendered useless. This means more naira[excess liquidity] is flushed out. The direct indirect bearing is significant.

Now, let us try to imagine/quantify cost-benefit analysis of this policy. I will say, the benefit outweighs the cost.

Also if CBN can seize on this opportunity, they can find a way to push the E-Naira more.
The only real negative to me here is the depreciation at the black market rate which CBN can solve if we begin to get more dollars from termination of subsidies. Then we can unify the exchange rate by opening the official rate to all.
The benefits outweighs the cost.

CUMIN:
Since banks can't keep money in suspense account...I want to see how the bankers will help looters evade the system.

They have been told not to. That doesn't mean they can't.

Abeg make i eat only chicken this night. Buhari? I like him but not as a politician. Very poor in good economic policy making.

drololaaof:

The closing date is not possible, somebody will come up with the complaints of people in the north having logistics problem, terror attack zones ,difficult terrain etc .
Those hoarding the naira etc .
Those trading the naira in parties have not been taken care of!.

Nonsense talk

nedekid:

I hear say you cannot deposit more than 5m in a new account in a month and more than 50m for an old account in 1 month too. And you cannot use multiple accounts as it will be monitored through bvn. This one them announce yesterday.
In short, men go rush to buy dollars which will spike the exchange rate. But on the other hand, what will aboki do with the cash he collects since he cannot deposit more than 50m in his account month? Ie aboki will have a limit to the amount of dollars he can sell. Dollar then should reduce against naira!
This is what is called checkmate in chess!

Don't count your chicks till they hatch

g) Banks shall cease to load their ATMs with old Naira notes from January 31, 2023, as the old Naira bills shall cease to be legal tender from that date.

Does this mean that after depositing my old notes, banks atm will still be dispensing those same old notes until 31st January which is the deadline for those notes being valid? Doesn't make sense except if they deliberately want people to lose money.

baralatie:

Don't count your chicks till they hatch

Its just my opinion, and that is the only light at the end of the tunnel I have seen while trying to remain positive.
What are your own thoughts?