I love emefiele
I love the change in design
I love cashless policy.


Many Nigerians are crooks and will find ways to render it useless but it wont work.
God willing, Nigeria will rise again

Dchair2:



Really? A cashless transition without the necessary infrastructure in proper place? Network issues, failed transactions, transactions declined yet customer is debited, poor security of customers deposits via hacking etc. A cashless policy is good only when the government ensures that the infrastructure to operate the policy is in excellent conditions. Get to the banks customer care service and see if a greater percentage of those under pressure for a refund or reversal of monies into their accounts due to all these failures and more are not the poor and low income earners. I think the real reason for the change in the color of the naira was majorly to reduce the cost of producing the naira notes itself because the CBN has been complaining that it cost way above the real value of the note to print them in the former, before this present one that has just been commissioned

1. What on earth are you talking about? We are not going completely cashless. We are going cashless for LARGE TRANSACTIONS. In that sense, life for the common man remains exactly the same. You won't face ang reatrictions with withdrawing petty cash. The restrictions are for those withddawjng large sums.

2. So the government set about reducing the cost of printing money...by printing a huge quantity of money? Please explain how this makes sense to you.

What's the essence of BVN and NIN na??

Na waooo these leaders are very clueless

BluntCrazeMan:
THAT MEANS, THEY WILL STOP CHARGING US FOR MAKING WIRELESS TRANSFERS??


They made cashless policy useless when they started deducting money whenever we make transfers.
It became a beautiful nonsense to us.
It's no more attractive again.

God bless you.
I wonder why Nigerians are not talking about all these useless and baseless charges that are detrimental to cashless system.
Remember how Nigerians where getting use to paying for things with their debit cards in resent past only for the clueless guys in CBN to allow the cluelessness of our politicians to allow them introduce N50.00 POS charge to merchant accounts; merchants transferred the charges to customers and customers gently stopped using POS for purchases and shifted to using POS for cash transactions (I.e cash withdrawal).
POS that where initially used mainly for payments for purchases are generally now being used for cash collection purposes.

lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

which common man will go and withdraw millions of naira cash. As in millions of naira o. Not 1millon. Then that person is not common again

Simple, disburse as loan and receive it back somehow. You gerrit

This is the reason that cash tank farms remain popular among woke minds.

This is Nigeria and everything is possible. All this ur policies will be bypass by politicians and bank. I no what am saying a politician can be a signatory to a corporate account without his real name or picture showing in the account details. Nigeria is really corrupt and it has eaten deep and in every color. I have also worked with NCAA to be honest this country is really finish. Things are so bad that everyone is interested and looking for a way on how to steal money.

altteemy:


Knowing this, a lot of bank managers might go to jail if they will be the weak part of the link.

Multiple birds are killed with this new policy.

- If you have limited cash, no more spraying of money at parties else EFCC will track you
- Election bribe money will be curbed.
- Corrupt payments will drastically be limited- Possible Ransom payment withdrawals will be flagged to starve the kidnapping business
- Kidnappers and terrorists funds can't be withdrawn to buy new weapons unless they start doing bartering which is high inventory and higher risk of tracking.
- Lesser cash printing costs
- Stamp duty funding of government.
- Easier to tax incomes

A huge win for the government in saving, earning more and handling security issues all at once.

Just becos you want to win election, you are bringing new currency based on the election time line. Why cant you allow enough time follow switching all the old currency at least half a year. A whole cb involving in partisan politics. No hope for Nigeria

Why didn't they redesign I mean recolour 100 naira note also

SmartyPants:


1. What on earth are you talking about? We are not going completely cashless. We are going cashless for LARGE TRANSACTIONS. In that sense, life for the common man remains exactly the same. You won't face ang reatrictions with withdrawing petty cash. The restrictions are for those withddawjng large sums.

2. So the government set about reducing the cost of printing money...by printing a huge quantity of money? Please explain how this makes sense to you.

I agree with you.
Considering the fact that only a very small percentage of Nigerians do transactions beyond N20k at a go, that was why the threshold for the electronic charge of N50.00 was pegged at N10k and you will notice that most ATMs don't also pay beyond N10k again at a go.
There should be no reasonable reason why someone should withdraw N20m, or even N50m cash from abank at this times, if not for fraudulent transaction purposes. Basically because beneficiaries of such funds don't want it traced to them. E.g contract kickbacks.

When they said redesigning I thought changing the layout and material making it more durable maybe even our flag or something. But then when I saw the colours i laughed because the olden day stash will be used by criminals. My own complaint is Mr Emefiele abeg even when we transfer 1000 you charge us N50 fintech companies are what is saving us from this.

Everywhere you go giraffes looking for your pin because even upon all Bvn it’s easy for people to hack. Thank God I don’t hoard cash. Form this form that is just opportunity for another form of scam and impersonation.

Tackle the sensitive data market that’s the real evil. Have all internet companies release control back to the user like them Tizeti

olaeffect:


God bless you.
I wonder why Nigerians are not talking about all these useless and baseless charges that are detrimental to cashless system.
Remember how Nigerians where getting use to paying for things with their debit cards in resent past only for the clueless guys in CBN to allow the cluelessness of our politicians to allow them introduce N50.00 POS charge to merchant accounts; merchants transferred the charges to customers and customers gently stopped using POS for purchases and shifted to using POS for cash transactions (I.e cash withdrawal).
POS that where initially used mainly for payments for purchases are generally now being used for cash collection purposes.

The main aim for POS Became badly defeated.

Nice one sha, but I disagree with the filling of forms part, by doing that u have already created a loophole.. what is to stop one big man from ordering a bullion van of new notes to his house and that is how the hoarding of the new notes will start, Is even the bank manager that will fill the forms for him self. Any amount above a certain limit must be done electronically, full stop.

PrinceOfLagos:
I saw the 500 and 200 naira notes with a friend today and it reminded me when I was 6 yrs old

I'm 29yrs old today , congratulations to me.

Congratulations to you and happy birthday.

Make it a purposeful life

lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

Rich and poor, go still Gill form.

NapoleonHill:


I agree with your first point but I'm not sure you consumed the second one before making this comment. Which common man goes to the bank to withdraw large sum of monies?? Stats. show that over 90% of Nigerians have less than 500k in their accounts.

What i meant by common man is an average citizen.

LeoDeKing:

There are so many counterfeits.

There is currency counterfeit.

There is also counterfeit promise like the one below.

Busted

Comparing 10000 US dollar withdrawal limit (which is equivalent to 8million naira) to naira is foolishness because the naira currency has little or no value compared to dollar. US adopts cashless policy because there's no need for bulk withdrawal since a single 100 dollar note is like withdrawing 80000 naira in Nigeria.

I hope the politicians are also included cos they are Nigerians too o

You do not have an understanding

lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

Modified: I mean an Average citizen, not really common man per se.

lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

Modified: I mean an Average citizen, not really common man per se.

In turn, the strenuous process of form filling will make people to avoid taking their money to bank. The hoarding process will start again.
Emefiele, your brain in not working.
How can a CBN Governor come out to tell people he is going to make banking procedures very difficult for them.

This same money is already in tinubu and all apc candidates bedroom to spend in election but will deny other political parties from withdrawing

Hope it's not to load Tinubu and other APC people with the new cash notes and deny others of the money.

That's what I suspect.

tnerro1:
Nice one sha, but I disagree with the filling of forms part, by doing that u have already created a loophole.. what is to stop one big man from ordering a bullion van of new notes to his house and that is how the hoarding of the new notes will start, Is even the bank manager that will fill the forms for him self. Any amount above a certain limit must be done electronically, full stop.

Honestly,the best..

NapoleonHill:


I agree with your first point but I'm not sure you consumed the second one before making this comment. Which common man goes to the bank to withdraw large sum of monies?? Stats. show that over 90% of Nigerians have less than 500k in their accounts.

Which statistics is that?

Psoul:


In turn, the strenuous process of form filling will make people to avoid taking their money to bank. The hoarding process will start again.
Emefiele, your brain in not working.
How can a CBN Governor come out to tell people he is going to make banking procedures very difficult for them.

Omo this thing confused me o
How can u come out and tell people of the evil you are planning for them and expect them to show up and do what u expect them to do
Nawa ooooooo
Nigeria u are FINISHED!!!!!

God has abandoned Nigeria

I have said it countless times you can't curb inflation in you don't follow the money...if not you increase interest rate tire...let's see if these new bills will not be distributed for the elections..

SmartyPants:


You have no clue how these things work.

It's obvious the common man does not withdraw the large sums of money Emefiele is talking about. So it obviously won't affect them in any way.

Even those so called big men who dont go to the bank must still fill those forms whether they fill them at home or in their offices.

The idea is not that you must come and stand in the bank. It is that law enforcement should be able to monitor your use of that money to prevent criminal activity.

We are talking about transiting to a cashless economy as is the global standard, you are here picking imaginary faults.

Logically, what doea a common man want to use 10 million in cash, for example, to do that he or she cant do by electronic payments?

Don’t mind the yeye Tinubu/APC follower. I have said it several times that they are dying and suffering in silence.

How the hypocrites could not support the policy of a government that they support is unthinkable.

The guy’s argument is warped and lacks the common sense that he talked about.

This CBN governor statement confirms that it is going to be business as usual. CBN should tell the public the limit of cash that can be withdrawn by individual, corporate organisations & government agencies and enforce the implementation. There should not be any form filling provided the cash withdrawal is within the limit. Filling of form is an open cheque for bankers and government officials to continue to withdraw billions from counter

dochenaj:
A cashless economy will save the CBN money used in printing new cash notes.

A cashless economy is the way to go, but there are limitations to it, and top on that list is literacy.

But we will get there.

cashless economy for a currency that doesnt have value. who cashless economy help?