I believe no new batch of new notes have been printed since the first one was released into circulation.

Be that as it may, has anyone withdrawn cash from any bank's ATM these past couple of days?

Please this doesn't include POS.

Let's endure for 6 more days. Nigeria will be great again.

LeopardX:
I believe no new batch of new notes have been printed since the first one was released into circulation.

Be that as it may, has anyone withdrawn cash from any bank's ATM these past couple of days?

Please this doesn't include POS.

So, where are the first ones released?

Heard only 30% of the released notes are in circulation while the rest 70% are no where to be found.

SLAP44:
Let's endure for 6 more days. Nigeria will be great again.

Nothing will change after 6 days.
Buhari will vacate the office by May.

A lot of excruciating hardship may be imposed on us before that time, regardless of the outcome of the election.

It could be worse if Tinubu ends up winning though.

Power to the People.

Zonefree:

So, where are the first ones released?

Heard only 30% of the released notes are in circulation while the rest 70% are no where to be found.

The remaining 70% are with the 'alagbaras' of Nigeria - the elites. Political heavyweights (including Tinubu), top businessmen and top religious leaders don't have any problem with cash scarcity.

The rest of us are just suffering for nothing.

LeopardX:

The remaining 70% are with the 'alagbaras' of Nigeria - the elites. Political heavyweights (including Tinubu), top businessmen and top religious leaders don't have any problem with cash scarcity.

The rest of us are just suffering for nothing.

so u believe Peter obi a man that stole state money into fidelity bank will have issues with money?

LeopardX:

Nothing will change after 6 days.
Buhari will vacate the office by May.

Politicians will bring out the hoarded new naira notes, and spend them on election day. This will result in 70% of the new naira notes being pumped into the monetary network. After February 25, there will be a lot of money in circulation.

BATified2023:
so u believe Peter obi a man that stole state money into fidelity bank will have issues with money?

I don't have business with Peter Obi or your principal.

To answer your question though, Peter Obi doesn't have issues with cash scarcity. It's ordinary folks like me in the streets that have that problem, regardless of party affiliation.

Power to the People.

ganisucks:


Politicians will bring out the hoarded new naira notes, and spend them on election day. This will result in 70% of the new naira notes being pumped into the monetary network. After February 25, there will be a lot of money in circulation.

I really hope so bro.

LeopardX:

I don't have business with Peter Obi or your principal.

To answer your question though, Peter Obi doesn't have issues with cash scarcity. It's ordinary folks like me in the streets that have that problem, regardless of party affiliation.

Power to the People.

Well said 👍🏽

It's just foolhardy to think that we will have cash back in circulation like it was before the redesign!
You were not expecting another 2 trillion naira cash to be injected back into circulation after the withdrawal of the old ones!
We should all get used to the new normal, Cashless Economy!

Efuaye:
It's just foolhardy to think that we will have cash back in circulation like it was before the redesign!
You were not expecting another 2 trillion naira cash to be injected back into circulation after the withdrawal of the old ones!
We should all get used to the new normal, Cashless Economy!

Since the implementation tell me 3 things we av gain so far from the policy....

Wastages!
Everyone
Is careful how they spend the little cash they have!
Those that refused to embrace online transfers and the use of digital banking even among the literates are embracing it now by force!
The Tomatos and pepper sellers who hitherto wouldn't even consider using internet banking are all opening accounts!
Yesterday, some of our church members who came for service through public transport did through drivers who accepted electronic money transfers!

inoki247:



Since the implementation tell me 3 things we av gain so far from the policy...

Efuaye:
It's just foolhardy to think that we will have cash back in circulation like it was before the redesign!
You were not expecting another 2 trillion naira cash to be injected back into circulation after the withdrawal of the old ones!
We should all get used to the new normal, Cashless Economy!

You are right, but I was told that the total volume of cash within Nigeria is 51 trillion. Of that only less than 10% of that amount is in circulation, which is even less than advanced countries like USA, JAPAN and the UK despite their cashless operations.

So what's the point of mopping physical cash off the streets at a short notice?

Has anyone withdrawn the old #200 notes this week as promised by buhari and emefiele

I thought President Buhari and Emefiela have explained that to us already!

I have always known that this currency redesign is one policy Buhari wouldn't leave out to punish corrupt politicians and contractors!
He did it in 1984 and he has done it again.

LeopardX:

You are right, but I was told that the total volume of cash within Nigeria is 51 trillion. Of that only less than 10% of that amount is in circulation, which is even less than advanced countries like USA, JAPAN and the UK despite their cashless operations.

So what's the point of mopping physical cash off the streets at a short notice?

Efuaye:
I thought President Buhari and Emefiela have explained that to us already!

I have always known that this currency redesign is one policy Buhari wouldn't leave out to punish corrupt politicians and contractors!
He did it in 1984 and he has done it again.

The truth is these so called corrupt people will be alright at the end of the day.

You don't punish corruption by redesigning the naira. Rather you do that by arresting corrupt people, charging them to court and jailing them.
That's how to punish corrupt contractors and politician.
But maybe he's a coward.

LeopardX:

The truth is these so called corrupt people will be alright at the end of the day.

You don't punish corruption by redesigning the naira. Rather you do that by arresting corrupt people, charging them to court and jailing them.
That's how to punish corrupt contractors and politician.
But maybe he's a coward.

He's afraid of corrupt politicians, but he is not afraid of the ordinary citizens facing hardship.

Seun:
He's afraid of corrupt politicians, but he is not afraid of the ordinary citizens facing hardship.

same reason subsidy is being prioritized above elimination of corruption, leakages and wastages in the quest to manage debt and economy. The elites and corrupt are untouchable but poor masses can die.

They won't be OK!
They can't be OK!

If they lose at the polls, it will be worse for them because they won't have the cash to keep oiling their so called structure.

On your recommended postulations, we are in Nigeria, we all know how slow and seemingly ineffective our judiciary and the anti-corruption agencies are when it comes to the political class.

[quotes author=LeopardX post=121071636]
The truth is these so called corrupt people will be alright at the end of the day.

You don't punish corruption by redesigning the naira. Rather you do that by arresting corrupt people, charging them to court and jailing them.
That's how to punish corrupt contractors and politician.
But maybe he's a coward.[/quote]

Seun:
He's afraid of corrupt politicians, but he is not afraid of the ordinary citizens facing hardship.

Exactly sir.

.

Efuaye:

They won't be OK!
They can't be OK!

If they lose at the polls, it will be worse for them because they won't have the cash to keep oiling their so called structure.

On your recommended postulations, we are in Nigeria, we all know how slow and seemingly ineffective our judiciary and the anti-corruption agencies are when it comes to the political class.

Atiku, who I support, has been losing consistently since 2007. Yet he is still not broke.
As a matter of fact, there's no broke ex-politician in Nigeria.

The only ones who go broke are those who haven't 'been there' and failed while attempting to.

Efuaye:
Wastages!

I am not sure you know what you are saying.


If someone decides to waste his money, how is that your concern? Or, how does it benefit the economy?

Everyone
Is careful how they spend the little cash they have!

People are hoarding money, you say they are CAREFUL.


CBN wants to reduce money hoarding, but they are ending up encouraging it.



If this hardship persists, we will return to the days when armed robbers rob homes because money will now be kept at home.


Moreover, hoarding money encourages a culture of hoarding which is not good for individuals and the economy at large.

Those that refused to embrace online transfers and the use of digital banking even among the literates are embracing it now by force!

What is the benefit of a cashless economy to Nigeria?

The Tomatos and pepper sellers who hitherto wouldn't even consider using internet banking are all opening accounts!
Yesterday, some of our church members who came for service through public transport did through drivers who accepted electronic money transfers!

All these are not gains of the implementation.



What did the implementation set out to achieve?



It has not achieved anything.




It wants to stop hoarding. But what it has done is extend cash hoarding to even poor Nigerians. People are now hoarding (not saving) cash.



Vote buying (an extension of cash hoarding) is still yet to be decided. CBN says they sent money to banks, banks say not enough. This means the money have gone into the hands of politicians.



To deepen cashless economy. It has failed in this regard. You grow a cashless economy with time and patience.



First, you need to build the people's trust in the banking system.



This is Nigeria where we have many unresolved reversal issues.



How many people trust the banks to keep their money safe?



Nowadays, when I want to transfer money or buy airtime/data, I would be praying for good network.



Yesterday, I could not use UBA USSD and mobile app until midnight.




You think going cashless is a day's job?



It took Sweden 20 years to deepen cashlessness to 91%.



And that is a country that has stable power supply, a safe banking system, and a strong internet infrastructure.

We just have to start from somewhere!
It can only get better!

BluntTheApostle:



I am not sure you know what you are saying.


If someone decides to waste his money, how is that your concern? Or, how does it benefit the economy?






People are hoarding money, you say they are CAREFUL.


CBN wants to reduce money hoarding, but they are ending up encouraging it.



If this hardship persists, we will return to the days when armed robbers rob homes because money will now be kept at home.


Moreover, hoarding money encourages a culture of hoarding which is not good for individuals and the economy at large.






What is the benefit of a cashless economy to Nigeria?







All these are not gains of the implementation.



What did the implementation set out to achieve?



It has not achieved anything.




It wants to stop hoarding. But what it has done is extend cash hoarding to even poor Nigerians. People are now hoarding (not saving) cash.



Vote buying (an extension of cash hoarding) is still yet to be decided. CBN says they sent money to banks, banks say not enough. This means the money have gone into the hands of politicians.



To deepen cashless economy. It has failed in this regard. You grow a cashless economy with time and patience.



First, you need to build the people's trust in the banking system.



This is Nigeria where we have many unresolved reversal issues.



How many people trust the banks to keep their money safe?



Nowadays, when I want to transfer money or buy airtime/data, I would be praying for good network.



Yesterday, I could not use UBA USSD and mobile app until midnight.




You think going cashless is a day's job?



It took Sweden 20 years to deepen cashlessness to 91%.



And that is a country that has stable power supply, a safe banking system, and a strong internet infrastructure.

LeopardX:

The remaining 70% are with the 'alagbaras' of Nigeria - the elites. Political heavyweights (including Tinubu), top businessmen and top religious leaders don't have any problem with cash scarcity.

The rest of us are just suffering for nothing.

Senseless rhetoric assertion, maybe you are still oblivious to the reality of a cashless society?

It's funny how some people think things will get better after the presidential election! There's a short supply of new notes, and I believe the report that says they don't have enough paper. Where are you people expecting the money to come from when they just rushed into the naira redisign without clear implementation plans? Believe me, it's either the new president overturn this unsustainable policy and recirculate the old notes or we get stuck with the cashless policy for months

BluntTheApostle:



I am not sure you know what you are saying.


If someone decides to waste his money, how is that your concern? Or, how does it benefit the economy?






People are hoarding money, you say they are CAREFUL.


CBN wants to reduce money hoarding, but they are ending up encouraging it.



If this hardship persists, we will return to the days when armed robbers rob homes because money will now be kept at home.


Moreover, hoarding money encourages a culture of hoarding which is not good for individuals and the economy at large.






What is the benefit of a cashless economy to Nigeria?







All these are not gains of the implementation.



What did the implementation set out to achieve?



It has not achieved anything.




It wants to stop hoarding. But what it has done is extend cash hoarding to even poor Nigerians. People are now hoarding (not saving) cash.



Vote buying (an extension of cash hoarding) is still yet to be decided. CBN says they sent money to banks, banks say not enough. This means the money have gone into the hands of politicians.



To deepen cashless economy. It has failed in this regard. You grow a cashless economy with time and patience.



First, you need to build the people's trust in the banking system.



This is Nigeria where we have many unresolved reversal issues.



How many people trust the banks to keep their money safe?



Nowadays, when I want to transfer money or buy airtime/data, I would be praying for good network.



Yesterday, I could not use UBA USSD and mobile app until midnight.




You think going cashless is a day's job?



It took Sweden 20 years to deepen cashlessness to 91%.



And that is a country that has stable power supply, a safe banking system, and a strong internet infrastructure.

Policy that just started, has failed to you, but you claim it took Sweden 20 years to get to where they are today? It will take Nigeria 3 months to get to that percentage.

The Reserve has come down hard, Emefiele has spoken.

Efuaye:
It's just foolhardy to think that we will have cash back in circulation like it was before the redesign!
You were not expecting another 2 trillion naira cash to be injected back into circulation after the withdrawal of the old ones!
We should all get used to the new normal, Cashless Economy!

We were doing cashless transactions before now. This is not cashless policy, it is naira-shortage policy. Buhari did the same thing in 1984. Was it cashless policy then too?

Buckeyemedia1:
Policy that just started, has failed to you, but you claim it took Sweden 20 years to get to where they are today? It will take Nigeria 3 months to get to that percentage.

The Reserve has come down hard, Emefiele has spoken.

Cashless transactions did not just start in Nigeria, Oga. It started with valuecard as far back as 1999. It's a phenomenon that grows organically, not rushed or forced with stupid policies. There's something else behind Nigeria's own. The people are the ones suffering, just like 1984.

LeopardX:

I don't have business with Peter Obi or your principal.

To answer your question though, Peter Obi doesn't have issues with cash scarcity. It's ordinary folks like me in the streets that have that problem, regardless of party affiliation.

Power to the People.

Tinubu also doesn't have problems with cash. It the helpless Nigerian people that are suffering it most