iLegendd:

iLegendd:
CBN: What Idiots Don't Know About the New Naira.

I noticed everyone is complaining about the new notes and it's irrelevance at the moment. That is expected, but I like the fact that no matter how many million times you complain, they'll still do it.

Does the new money have economic value? No. It doesn't, but it has a control value from criminals.

Your complaint can't stop them (the government) and I have vowed never to waste my energy complaining but find out reasons to agree with the CBN.

The main reason for rebranding will never be exposed to the public. Only those who dig deeper will know.

FOUR REASONS FOR THE NAIRA REDESIGN

1. Security: A lot of kidnappers and politicians have bags (Ghana must go bags) of the old notes at their disposal and the government wants to push these people to come out of their closets and head to the bank to exchange these money and from there, they'll be caught. Also, these criminals won't go to the bank — they'll send people and these people will be questioned and if they don't bribe the bankers, they'll be caught.

2. Cleanliness: Some of these old monies are bacteria carriers.

3. e-Naira growth: After this process, the government will put a huge tax on anyone withdrawing up to 1 million Naira. The money you'll pay as tax for withdrawing 1 million Naira will be almost 1 million Naira too. Imagine paying 1 million Naira just to withdraw 1 million Naira? Will you do that? No. Since most people won't do this, kidnappers will mostly reduce their price or they'll start using digital means of receiving payment and they can be easily caught even if it's via crypto.

4. Cashless economy: Just as above, Nigeria will focus more on cashless economy and this will help in curbing crime, bullion vans moving money from bank to banks and getting attacked by armed robbers in the process.

Unfortunately, Internet crime will increase. Some people's e-Naira accounts will be hacked, but the good news is, they'll find out where the money was sent to. So, they'll still get caught.

In summary, what the CBN is doing is good even though it doesn't increase the value of the Naira. At least, it will increase the security of the Naira and curb money abuse and financial crime.

BATified2023:
u ruined your write up by calling people idiot

U can still pass your message without d insult

My dear
Suffer no dey tire you

BATified2023:
u ruined your write up by calling people idiot

U can still pass your message without d insult

iLegendd:
Some people will ask, "What of those old or market women who don't know how to use e-Naira or Android phone?" They'll be the ones using the lower denominations of the Naira.

For those market women who control millions, they have young workers or children who are computer savvy to handle the e-transactions for them.

VKN23:

My dear
Suffer no dey tire you

iwaeda:


Insulting people because of your personal interests shows how badly you were brought up

BATified2023:
don’t assume everyone is in d same position as u,it’s annoying when u see people through your present condition

The fact u are suffering doesn’t mean others are suffering

iLegendd:
The keyword "idiot" is actually the reason most people will read this post. That's how the brain works. I don't mean to insult anyone, but at least, I got everyone curious and their attention with it so they can stop complaining.

The CBN has more agendas than what I wrote and it's for the good of the country, so people should stop complaining. It's pissing me off.

iwaeda:


The ideal is no brainer, Go and read about Turkmenistan. The idea may push the dollar to N1300 per dollar. Those who can't use banks will have way of getting their money refined. On a lighter note, never call anyone idiot, you may sound more idiotic. Have you watched the 3 idiots an Indian film?

iLegendd:
CBN: What You Don't Know About the New Naira.

I noticed everyone is complaining about the new notes and their irrelevance at the moment. That is expected, but I like the fact that no matter how many million times you complain, they'll still do it.

Does the new money have economic value? No. It doesn't, but it has a control value from criminals.

Your complaint can't stop them (the government) and I have vowed never to waste my energy complaining but find out reasons to agree with the CBN.

The main reason for rebranding will never be exposed to the public. Only those who dig deeper will know.

FOUR REASONS FOR THE NAIRA REDESIGN

1. Security: A lot of kidnappers and politicians have bags (Ghana must go bags) of old notes at their disposal and the government wants to push these people to come out of their closets and head to the bank to exchange this money and from there, they'll be caught. Also, these criminals won't go to the bank — they'll send people and these people will be questioned.

MadamExcellency:


The terrorist and Bandits will kidnap Army Generals, Politicians, threaten to fire the Presidential fleet with missiles and demand ransom in new Naira notes.

They have it, so easy.

blacksam01:
@ OP what will happen yo the over 1000,000 POs operators...?

will dey b phased out..?

iLegendd:
They'll still operate because they give money to mostly people who don't need money in bulk. Higher denominations will still be used in cash, but not in millions.

The CBN is trying to stop people from hoarding millions or billions. This will affect kidnappers and some politicians. "If your transaction is legit, do it via transfer so that we can easily track you and find out the source and the destination." That is what the government is trying to say.

blacksam01:


ehy didn't theCBN redominate the naira decimal..?

it will also mk dem redesign the fiat and also place value on the naira, eliminate huge cash withdrawals, bring back coins, re-adjust the payment system..etc..

that shld be a better policy dont you think..?

Slynation:
Just like what the Ghanians did, but don't you think it will be the highest form of self deceit...?? Of what use will it be when a goods worth #1000 is now sold for #10 because decimalisation of naira has been carried out...does it really create any value in the nutshell or we just want to deceive our self...!!

iLegendd:
CBN: What You Don't Know About the New Naira.

I noticed everyone is complaining about the new notes and it's irrelevance at the moment. That is expected, but I like the fact that no matter how many million times you complain, they'll still do it.

Does the new money have economic value? No. It doesn't, but it has a control value from criminals.

Your complaint can't stop them (the government) and I have vowed never to waste my energy complaining but find out reasons to agree with the CBN.

The main reason for rebranding will never be exposed to the public. Only those who dig deeper will know.

FOUR REASONS FOR THE NAIRA REDESIGN

1. Security: A lot of kidnappers and politicians have bags (Ghana must go bags) of the old notes at their disposal and the government wants to push these people to come out of their closets and head to the bank to exchange these money and from there, they'll be caught. Also, these criminals won't go to the bank — they'll send people and these people will be questioned and if they don't bribe the bankers, they'll be caught.

2. Cleanliness: Some of these old monies are bacteria carriers.

3. e-Naira growth: After this process, the government will put a huge tax on anyone withdrawing up to 1 million Naira. The money you'll pay as tax for withdrawing 1 million Naira will be almost 1 million Naira too. Imagine paying 1 million Naira just to withdraw 1 million Naira? Will you do that? No. Since most people won't do this, kidnappers will mostly reduce their price or they'll start using digital means of receiving payment and they can be easily caught even if it's via crypto.

4. Cashless economy: Just as above, Nigeria will focus more on cashless economy and this will help in curbing crime, bullion vans moving money from bank to banks and getting attacked by armed robbers in the process.

Unfortunately, Internet crime will increase. Some people's e-Naira accounts will be hacked, but the good news is, they'll find out where the money was sent to. So, they'll still get caught.

In summary, what the CBN is doing is good even though it doesn't increase the value of the Naira. At least, it will increase the security of the Naira and curb money abuse and financial crime.

iLegendd:
The idiot is universal. Just try your best not to be among them. We Nigerians love to complain too much and that was why I decided to offend those people. Dem too complain. At least, let me hurt their feelings a little.

iLegendd:


After this process, the government will put a huge tax on anyone withdrawing up to 1 million Naira. The money you'll pay as tax for withdrawing 1 million Naira will be almost 1 million Naira too. Imagine paying 1 million Naira just to withdraw 1 million Naira?

blacksam01:


ehy didn't theCBN redominate the naira decimal..?

it will also mk dem redesign the fiat and also place value on the naira, eliminate huge cash withdrawals, bring back coins, re-adjust the payment system..etc..

that shld be a better policy dont you think..?

MufasaLion:
Stupid boy trying to sound smart. Disgusting thread!

Don't fvcking bother to mention me. I ain't gonna see nor respond!