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 believe tweeter is an avenue for you to push up ur model which i believe might come in handy while attaching their handle except @CBN no wan listen

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

Is the CBN governor not a looter? Is the president not a looter? Do you think EFCC and CBN are not aware of the looters? The real looters do not need the help of a common banker to evade the system.

PHIPEX:
One way or the other, politicians will fight this policy. The cutoff date of Jan 31 2023 shows clearly the policy is targeted at curbing vote buying.

Most of the "experienced" politicians must have already stockpiled the cash for vote buying in God knows where, panick will set in soon among them. The ones that will try to convert to dollars will not see enough dollars, while the few that will succeed will not be able to convert it back to raw newly designed Naira within a month before the elections.

Naira value against the dolĺar will fall but this is a master stroke by the CBN if they don't bulge under the expected pressure from politicians.

This policy is not related to vote buying

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!

Can a thief check mate himself? This policy is not targeted at politicians that are in bed with CBN...so please get that in your head

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!

True! I'll not be surprised if we start seeing massive investments into new companies and more donations to various causes because the excess Naira definitely will be put into use.

The Naira might actually stabilize a bit, and the economy pumped up.

This is a confidential memo especially item 2.
It's wrong to publish this openly
You're telling the thieves the tactics adopted to catch them, now they'll try to avoid them

Trottle:


True! I'll not be surprised if we start seeing massive investments into new companies and more donations to various causes because the excess Naira definitely will be put into use.

The Naira might actually stabilize a bit, and the economy pumped up.

Did you notice at an occasion yesterday, Dino malaye, famously known to be stingy made a cash donation of 500k and promised more, the next person to mount the podium was sowore. Lol, sowore started his speech by pointing out Dino made a cash donation signifying hourded cash and that recent cbn policy was working.
Have you notice also wike employed 100,000 SA on political unit affairs? Infact on their inauguration 3 days ago, he announced another 100,000.
I can bet you they will all be paid in cash as it is rumoured that he is one of the governors that has heavily warehoused the naira.
Hopefully,this policy is not targeted at other political actors while the favoured one by this administration is allowed to easily use the usual bullion vans to change his stash thereby giving him monetary edge.

This is a masterstroke by the CBN but there are more ways to evade the system. True, cash in circulation will reduce and politicians would find other ingenious ways to circumvent the system. Overall, Nigeria gains.

I truly wish I can lay my hands on these humongous cash!

Parachoko:


Good one

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

Do you even understand the article at all?

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.

You have just shown that you did not think this through.

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.

Just to be clear, from the above bolded, people could still be depositing their old naira notes from 31st January onwards even though it had ceased being legal tender? I mean, how can ATMs still be dispensing the old ones right up to the deadline if banks have no intention to accept them as deposits from that date?

You forget that Wike must have known he had to pay those people with the new naira, not the old ones.

nedekid:

Did you notice at an occasion yesterday, Dino malaye, famously known to be stingy made a cash donation of 500k and promised more, the next person to mount the podium was sowore. Lol, sowore started his speech by pointing out Dino made a cash donation signifying hourded cash and that recent cbn policy was working.
Have you notice also wike employed 100,000 SA on political unit affairs? Infact on their inauguration 3 days ago, he announced another 100,000.
I can bet you they will all be paid in cash as it is rumoured that he is one of the governors that has heavily warehoused the naira.
Hopefully,this policy is not targeted at other political actors while the favoured one by this administration is allowed to easily use the usual bullion vans to change his stash thereby giving him monetary edge.

ibinaboonline:
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.

Just to be clear, from the above bolded, people could still be depositing their old naira notes from 31st January onwards even though it had ceased being legal tender? I mean, how can ATMs still be dispensing the old ones right up to the deadline if banks have no intention to accept them as deposits from that date?

I don't think so oo!
Unless an issue arises
By 31 of Jan 23 banks will no longer be accepting the old naira notes

Parachoko:
So what are you trying to say?

it's obvious you don't get it... don't worry you will soon hear the billions of naira that will be use to process the new note

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!

this is a very good move. beautiful. I just hope the stand-their-ground.

Gbeng30:


it's obvious you don't get it... don't worry you will soon hear the billions of naira that will be use to process the new note

Billions of naira will surely be use to print the new notes.

So, what's the sense in ATMs still dispensing them up till 31st January? They better think it through.

baralatie:

I don't think so oo!
Unless an issue arises
By 31 of Jan 23 banks will no longer be accepting the old naira notes

ibinaboonline:
So, what's the sense in ATMs still dispensing them up till 31st January? They better think it through.

Well the cbn said the notes will come out as of 15th of December

Yes, they said so. But they should also cease dispensing the old notes on same date to expedite a speedy evacuation of the old bills. I just don't get the sense in loading the ATM with the old notes being phased out until the final deadline.

baralatie:

Well the cbn said the notes will come out as of 15th of December

Tonytonex:
this is a very good move. beautiful. I just hope the stand-their-ground.

They've decided to use the control of money to target kidnappers.

ibinaboonline:
Yes, they said so. But they should also cease dispensing the old notes on same date to expedite a speedy evacuation of the old bills. I just don't get the sense in loading the ATM with the old notes being phased out until the final deadline.

Because money is just an illusion. Even if the old notes are still deposited until 31st January, if digital banking says as long as you have that money in your ATM then it can be transacted in Nigeria, it would be transacted.
They would not fill up the ATM Machines with the old notes and they may likely even limit the new notes in turn making Digital Banking more and more favorable.

GeneralDae:

They've decided to use the control of money to target kidnappers.

I just hope that it works. Because in this country, so many things are bleeped. I hope there won't be any sabotage.