Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

This is the only fear of cbn as our currup law makers have sprayed their tentacle all over to mop up any new note that will be released by cbn at all cost.
Now they've become advocates of the masses because they want the statusquo to continue as usual.
Nigerian looters have not taken their old note to the bank do to fear believing they can stop cbn move to frustrate them from looting us dry daily.

These corrupt politicians can cry from now till tomorrow, Buhari will not move a dime

The New notes will still be stocked in large numbers as well in few years from now if government think this is the only way to fight against corruption while courts in Nigeria set free politicians when they face corruption charges.

You stole #9b and court would ask you to pay option fine of #100m .

If we all think these politicians would not have gotten the new notes in large number by now , then we lying to ourselves. People that their banks take cash to them in their comfort homes.

Felabrity:
These corrupt politicians can cry from now this tomorrow, Buhari will not move a dime

Buhari don wise up

H

Business Men and traders will pay the prize for this corrupt politician, is very bad when big men thief the poor suffer for it.

Now people are scared to collect old note, new note not available, how do u sell, and how do you buy, not every business men and traders use POS.

Thats the point because this agenda only affect the common man.

juvewalex:
The New notes will still be stocked in large numbers as well in few years from now if government think this is the only way to fight against corruption while courts in Nigeria set free politicians when they face corruption charges.

You stole #9b and court would ask you to pay option fine of #100m .

If we all think these politicians would not have gotten the new notes in large number by now , then we lying to ourselves. People that their banks take cash to them in their comfort homes.

You guys should continue clapping for Buhari,

When buhari closed borders u guys were clapping, the result only affect the common man.

Now he change Naira note, the result will only affect the common man.

Incase u don't know the people he target this move to have nothing to loose.

From nextweek buying and selling will become very difficult, means of transportation will be difficult, where will you see the new note to pay motorist, what time do u have to make transfer, how convenient conductor will be using POS when passenger will be in hurry not to late to work, combining this with holdup.

Una eye go soon open what this barbarian is abt to throw the whole country to.

gfelo:
You guys should continue clapping for Buhari,

When buhari closed borders u guys were clapping, the result only affect the common man.

Now he change Naira note, the result will only affect the common man.

Incase u don't know the people he target this move to have nothing to loose.

From nextweek buying and selling will become very difficult, means of transportation will be difficult, where will you see the new note to pay motorist, what time do u have to make transfer, how convenient conductor will be using POS when passenger will be in hurry not to late to work, combining this with holdup.

Una eye go soon open what this barbarian is abt to throw the whole country to.

How will it affect the common man. My Common Man only needs to simply take his cash to a bank and pay into his account

kingsways:


How will it affect the common man. My Common Man only needs to simply take his cash to a bank and pay into his account

There are very few new money outside

kingsways:


How will it affect the common man. My Common Man only needs to simply take his cash to a bank and pay into his account

the current queue at the banks is one of the way it's affecting a common man. The new notes are scarce till now just a day to it's invalidity, an yet to touch the 200 and 500 version. This is unusual unlike the 1984 and other exchanges I have witnessed

babyfaceafrica:


There are very few new money outside

If your cash is safely in your account, you can use POS or bank transfer to pay your bills. You don't need to rush to get the new money

kingsways:


If your cash is safely in your account, you can use POS or bank transfer to pay your bills. You don't need to rush to get the new money

If I want to enter 250 bus, I should use bank transfer? If I wan buy pepper for market ko? Or take bike?.. Look, we need more new money that's my own. It isn't enough outside.
Nigeria runs a cash economy

gfelo:
Business Men and traders will pay the prize for this corrupt politician, is very bad when big men thief the poor suffer for it.

Now people are scared to collect old note, new note not available, how do u sell, and how do you buy, not every business men and traders use POS.

My brother the thing tired me, yesterday for one market in my area here, see as those market women stranded as nobody is selling because none of them ever used their eyes see the new naira notes, I nearly shed tears for them

kingsways:


How will it affect the common man. My Common Man only needs to simply take his cash to a bank and pay into his account

It will affect the common man because Nigeria's economy is still very much cash based. Businesses will slow down. Cash withdrawal will be a problem. Queues at the bank. Have you thought about the farmers, market women and cattle sellers in the villages? Las Las na the poor go suffer am. The rich have most of their money tied down in real estate, banks and other investments. The rich don't keep money at home.

kingsceemark:


My brother the thing tired me, yesterday for one market in my area here, see as those market women stranded as nobody is selling because none of them ever used their eyes see the new naira notes, I nearly shed tears for them

When you have the kind of monumental corruption as the type in Nigeria, you have to pay the price to end it

kingsceemark:


My brother the thing tired me, yesterday for one market in my area here, see as those market women stranded as nobody is selling because none of them ever used their eyes see the new naira notes, I nearly shed tears for them

Buhari has gone down in infamy already. History will be very unkind to him and the north. He is copying what Modi did in India which nearly destroyed India's economy.

Obaaderemi2:
Buhari has gone down in infamy already. History will be very unkind to him and the north. He is copying what Modi did in India which nearly destroyed India's economy.

Even then he can still clean up his image by handing over a credible Electoral system

There are things the redesign will do.
Like the OP stated, corrupt people will be forced to bring out their looted funds or it will be rendered useless.

For those who think they will still get a hold of the new cash and store them, well one bad news for them again is that this new note is not as durable as the old note. They won't last long while hidden somewhere.

I think what will happen is that the govt will extend it by 1 or 2 weeks. But make sure it is fully effective by election period so those who stashed money to buy votes will be rendered useless.

Then when that is done, some months later, the new government or CBN will come up with one story and say we can use both notes simultaneously just like we used the redesigned N100 notes some years ago. Then they gradually and systematically retrieve the notes back.

All These pain will be in vain

only tinubu and his camp are scared

I watched the interview Buhari gave on this subject and it was clear that there ll not be any extension.

Modified:
By popular demand, our listening president has extended it to the 10th of February

When Buhari approved increase in Electricity tariff, the masses cried politicians partied and praised Buhari

When Buhari closed the borders the masses starved and many died, yet the politicians didn't raise a finger for us.

When Covid-19 palliative was hoarded in different warehouses across the country, even a certain Govt shaded crocodile tears mocking the masses while hoarding their food...many lost their livelihood, hundreds died of starvation while politicians united and partied.

Nigerian youths protested and were shot at, rounded up and locked in cages...the Lagos Landlord ran away to enjoy his lavished vacation and never care. Just few weeks ago some End-Sars patriots were still being released...as we speak many are still locked up without charges

And now all of a sudden Nigerian Politicians Tinubu cares about your suffering... please tell us another joke.

Here are the fact, out of 11trillion notes printed by CBN in the past only about 3.35 trillion is in circulation, about 7.65 trillion is being hoarded by politicians and criminals.
No matter what any Urchin and Criminal will tell you, the newly printed notes is not even upto 3trillion to fully replace the cash in circulation talk more of the ones our Politicians hoarded, no matter your influence and control of the banking system no politician can easily replace the volume of cash hoarded...it's impossible!!

And for a fact, no common man will loose from this new policy, afterall 100 naira notes have not changed.

In few weeks time you will understand that this policy is one of the 3 succors Buhari's administration gave Nigerians in d midst of the suffering.

Toping the list are New electoral Act and New Power Plants.

kingsways:
Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

True

He who must come to equity must come with clean hands.

kingsways:
Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

When you tell ppl they say its wickedness.

That's the truth. Tinubu leading stacked money candidate will feel the hit follow by Mr Atiku and other minors greedy politicians stacking money at home for efcc fear. Only God know how much they will burn after the expiration of d new naira note

juvewalex:
The New notes will still be stocked in large numbers as well in few years from now if government think this is the only way to fight against corruption while courts in Nigeria set free politicians when they face corruption charges.

You stole #9b and court would ask you to pay option fine of #100m .

If we all think these politicians would not have gotten the new notes in large number by now , then we lying to ourselves. People that their banks take cash to them in their comfort homes.

the situation is different now. This time around,nobody will take bullion van of new note to his house

You can’t kill the people because you want to frustrate a few politicians.
If I was a politician I would already have devised a way to maneuver this policy

Politicians bring 50M old notes, manager takes it and gives them 49M old notes. Manager takes 1M.

Good move CBN, the country would adjust..

Pay with transfers and cards.. if the trader refuses, use another..