I work in the financial industry and I happen to be part of those monitoring the distribution of the new naira notes. My team are covering mostly northern states.

My observation...

Just as everyone have noticed, most ATM are filled with crowd waiting to withdraw cash for personal use. But I can tell u that more than 60 percent of people waiting in queues are those who are selling their cash.

In states like Kano, Kaduna, Jigawa, Zamfara and Katsina, there seem to be a syndicate of people that specializes in going round banks, looking for new notes to withdraw for sales. The funny thing is, assuming they are selling the notes to the average people who needs it, it would have been better.

But they are taking the new notes to politically and financially exposed individuals who originally are the ones stocking up cash at home/warehouse.

Now by normal calculations, CBN through banks have released a lot of money into the public, but in Kano, u can hardly see the new notes in circulation... Where did they go?

In my opinion, instead of CBN to keep releasing 1000/500/200. Let them focus more on releasing 100/50 into the public so that people can use that for their small small expense. Then if you need to make purchase of huge amount, u make transfer.

If the release of 1000/500 continue in this way, these syndicate will keep mopping it up for onward delivery to their bosses and the scarcity will persist because these PEP and FEP individuals will not rest until the have gathered a substantial amount of money in their warehouse.

They should do something please 🙏

Faithful0:
They should do something please 🙏

Banks are trying. Because they are releasing the money immediately CBN gives it to them.

When we go for our monitoring, we hardly see any new notes in banks vault. Once the money they load in ATM, but the issue now is that, those who are withdrawing the cash are mostly giving it out to people who won't release it again.

What i've been hammering about since the cbn announced the redesign is manifesting in different ways.

Like El-Rufai said initiating naira redesign just because of electoral purpose is foolish. Not only does it make zero economic sense, it has no political value. You can't beat the elite this way. There's a reason they're called elites. Kwankwanso has voiced against the policy; same as Tinubu.

The electorates or citizens that the myopic Buhari thinks he's protecting are the ones suffering it. From controlling large shares in top banks to mopping up notes from the lower class of the society, how has this solved vote buying?

One key observation is than Peter Obi hasn't said anything about the scarcity or policy. It's like his fans aren't queuing for cash or suffering the effect. Is this the man obidients said will deliver Nigerians from the shackles of their oppressors? Not even a word to score political points. This man go worse pass Buhari as i dey look am so.

Hopium:
ds

This was also my first-hand experience haven't waited in bank for like 3hours for 3 straight days but eventually got nothing to withdraw.

Just one person will come with at least 5 ATM card, for what?

I

They should add 1kobo coins too


...APC evil nd wicked supporters must get sense by force

TheNiceGuy:
This was also my first-hand experience haven't waited in bank for like 3hours for 3 straight days but eventually got nothing to withdraw.

Just one person will come with at least 5 ATM card, for what?

I

Haha...hope you didn't vote buhari in 2015 and 2019?
And most importantly, hope your not a tifnubu supporter??

Good idea!

I was in the queue, a guy suddenly chip in a woman who just came in, in front of him. I told him when I came the woman wasn't there. He started forming lies.


I just left the queue. A rich man like me will start arguing with people in queue under hot sun.

I Japa leave them there.

Why is that everyone working for this government don't have sense, this is simple reasoning from ordinary person

Light78:
I was in the queue, a guy suddenly chip in a woman who just came in, in front of him. I told him when I came the woman wasn't there. He started forming lies.


I just left the queue. A rich man like me will start arguing with people in queue under hot sun.

I Japa leave them there.

That's the truth. Except those who have ulterior motives, am not sure someone will wait for days at the ATM just to withdraw money.

In Kano, I saw a long queue at first bank main branch around 11pm. It's not like the ATM is paying, but they are just there waiting.

This is because they are in a mission.

Lionnation:
Why is that everyone working for this government don't have sense, this is simple reasoning from ordinary person

Missgeraldine:


Haha...hope you didn't vote buhari in 2015 and 2019?
And most importantly, hope your not a tifnubu supporter??

Na everybody dey suffer the thing na.