Believeintruth:


My wife is a banker. I worked in the bank. The swap yes will cause inconvenience, but this is minor compared to the benefits. Look in the financial circle globally Nigeria is among the red flagged countries for monet laundering, we have consistently failed all Money laundering certification tests as a country. This move is classic and the best for the country. It is a three pronged strategy. First redesign the currency and force those who have cash hidden outside the system to bring it in. Next redesign the AML policy to limit cash withdrawals and criminalise large cash withdrawals. Next redesign the cashless policy which makes it such that large withdrawals must be carried out using online channels, and make reporting of suspicious transactions easy for banks.

The major problem in Nigeria is we don't want to sacrifice to get better.

I believe in this redesign just like you.

Why are the governors begging Buhari to extend it?

Believeintruth:


Tinubu complained about it and he stated that it was targeted against his ambition in Abeokuta rally.

and is it a lie?what every one is shouting is APC,the fuel scarcity nko,why is it still around?so that we all can see APC in bad light...

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.

then they should start using POS. Change is necessary. Let's get the idea

Believeintruth:


If BAT is complaining that it will affect the masses it is a big lie. He is complaining because with any swap that he has done there is already a trail on it and subsequent moves have been blocked. Since when did BAT care about masses?

You don't understand what she said. BAT is not complaining because he cares about the masses. He's complaining because the stress over the new notes and fuel scarcity would turn the masses against APC at the elections and hurt his chances.

Let's stop fooling eachother....No politician will be affected..Give them just one week deadline,they will lay hands on the new note

Believeintruth:


Then you don't know how NFIU works. No one will publicise that they are investigating a political who deposited large wads of cash to exchange for new notes. This is done secretly and then they will involve EFCC and DSS once they are ready to move. The main thing they do in secrecy is to monitor the money trail.

Believeintruth:


You really don't understand this industry at all. During the time that CBN barred banks from Crypto transactions. Do you know how many banks were sanctioned by CBN and made to pay fines running into hundreds of millions for account that they opened that was used for crypto transactions? I know a bank that the director told me they were fined by CBN for this and they sent an instruction to close all the accounts.

You know I worked in a Bank as well and I worked in a critical department. Only fractions of fines are paid not full. In the case of bank that I worked, we were even preinfomed, so we closed all those accounts before implementation of that policy.

babyfaceafrica:


There are very few new money outside

Has the naira change affected mobile banking?

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.

u said it all...

Trollronaldo:
there's no way it's not going to hinder this election. It may not totally but it must create a constraint. It's why politicians are fighting back

already everyone is screaming APC,as u can see atiku is not complaining cus it will work in his favour,once you see APC in bad light you vote the opposition

Believeintruth:


You miss the point bro. This sudden move is the best thing the CBN has ever done because now it has made money laundering difficult and has boxed politicians and corrupt elements in a corner. If you bring large volumes of cash for swap, the banks are under obligation to report to NFIU and that singular move has put the person on the spot. What it means is that for a corrupt politician you are already giving the opponents material to institute a court case against you because moving with large wads of cash already contravenes the AML act which will be easily linked to vote buying, and if they decide to even use online channels it leaves an audit trail which will be traced to the politician.
This is good abeg.

If NFIU reports corrupt politicians and efcc spend whole lot of govt money to prosecute them, when court finally sent few of the politicians to jail, .... Buhari that's fighting corruption will now release them without collecting Kobo from money they stole.


Oga ur head need to be rechecked if u think Buhari and Emefiele want to fight corruption.

daragrams:


The major problem in Nigeria is we don't want to sacrifice to get better.

I believe in this redesign just like you.

Why are the governors begging Buhari to extend it?

The ones shouting are mainly APC politicians. They know it could make people vote against their party next month. Their wealth is in real estate and investment abroad. Financially it won't affect them as much as it would affect poor nigerians.

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

That is why the cbn says the notes should only be dispensed through ATMs, this policy is well planned out, you cannot swap currencies, you can only deposit to your account and then withdraw from there.

So the problem these people are facing is how do you deposit a large amount of money without alerting the EFCC

windvane:
those rented crowds around have and they spend the new notes

Hahahahahahaha.
I asked you if you received any and you are mentioning rented crowd.
We're you part of the rented crowd that got the new notes.
If you care to know, people are queuing up at ATMs for their new notes; you can join them.

NB: If CBN does not revoke this directives, our politicians are the worst hit.

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

How I wish he will use this same vigor to prosecute these "corrupt politicians" instead of this stupid recoloring of the Naira. Are these people above the law or something.

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.

When the old is deposited, no new note is given in exchange, that's the policy. Do your transactions cashless. Thats what CBN is saying. Deposit and not exchange with new one.

kingsways:


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

Buhari as a calamity is not a coincidence if you take into account the kind and pedigree of people we have in this country.... I have carefully held my thoughts to myself from your first post until you made this comment.

When you say Nigerians are corrupt, is it the commoners who rely solely on daily buying and selling as their means to an end that is corrupt? For your information this draconian law is actually targeted at a minority few but the effects will be on 200 million Nigerians. Funny thing is that the few people he's trying to deal with will seamlessly call the MDs of their bank to ask for the new notes and trust me, those funds will be delivered to their homes.

It is your type and kinds that surrounds Buhari and they're the ones drumming up support for all these madness. The same way he closed boarders hoping that it'll make Nigerians go to farm without tackling his kinsmen that are killing farmers and keeping people away from farms.

DeJoeee:
Cry from now till tomorrow.
The deadline remains 31st January.
No more vote buying. Tell your candidate to Present himself to the media and sell himself to eligible voters

It will shock you like naked live wire.

daragrams:


The major problem in Nigeria is we don't want to sacrifice to get better.

I believe in this redesign just like you.

Why are the governors begging Buhari to extend it?

The sacrifices of closing borders up to 5 years now, where has it landed us? Is food surplus? Economy improve, security improve? Tell me just one positive thing came out from it .

I hate to admit it but it's true. The inconveniences, though, nor be here.

windvane:
already everyone is screaming APC,as u can see atiku is not complaining cus it will work in his favour,once you see APC in bad light you vote the opposition

it's not APC, every politician that wants to buy votes and rent Crowds including PDP.

See, there's no way it's not going to affect them. They might find some pallaitive ways around but it will affect them still

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.

True but they'll only get like 1/4 of their current loot. The new notes are not scarce for nothing. It will remain scarce for a while.

bergs2:


Hahahahahahaha.
I asked you if you received any and you are mentioning rented crowd.
We're you part of the rented crowd that got the new notes.
If you care to know, people are queuing up at ATMs for their new notes; you can join them.

NB: If CBN does not revoke this directives, our politicians are the worst hit.

if I was paid to attend rallies,I will defend it with my chest.i pay my bills myself so it's none of anyone's business what I do to sort that out...well I am not part of the gullible ones..once the government introduces something new but harsh,all they need from gullible nigerians to support it is to tell them that it will work against corrupt politicians and zoom,they will all back it up ........I am waiting to read why the scarcity still looms....only the wise one knows that scarcity of fuel and scarcity of new note are both doing samething in the minds of naive nigerians

arejibadz:
only tinubu and his camp are scared

u are very stupid...

so all the market women,taxi drivers are in tinubu camp..

u jst open ur mouth waaaah to spit rubbish.

honour7:


That is why the cbn says the notes should only be dispensed through ATMs, this policy is well planned out, you cannot swap currencies, you can only deposit to your account and then withdraw from there.

So the problem these people are facing is how do you deposit a large amount of money without alerting the EFCC

They're a million and one ways to do that without alerting EFCC and every one of them know it except you.

Between 80 to 90% of them have filling stations and we all know these stations deal in cash. Hope you can use your tongue to count your teeth now?

Trollronaldo:
it's not APC, every politician that wants to buy votes and rent Crowds including PDP.

See, there's no way it's not going to affect them. They might find some pallaitive ways around but it will affect them still

I am yet to see Atiku openly condemning the policy

doneback04:
Money that has already be transfer to them is what u are saying, go and meet tinubu now and he will show you enough of the new note with him

Baba leave them. Them dey learn

Trollronaldo:
it's not APC, every politician that wants to buy votes and rent Crowds including PDP.

See, there's no way it's not going to affect them. They might find some pallaitive ways around but it will affect them still

the truth remains that it can only affect Baby politians

windvane:
if I was paid to attend rallies,I will defend it with my chest.i pay my bills myself so it's none of anyone's business what I do to sort that out...well I am not part of the gullible ones..once the government introduces something new but harsh,all they need from gullible nigerians to support it is to tell them that it will work against corrupt politicians and zoom,they will all back it up ........I am waiting to read why the scarcity still looms....only the wise one knows that scarcity of fuel and scarcity of new note are both doing samething in the minds of naive nigerians

I am both naive and gullible from your assertion.
Case closed!

Believeintruth:


My wife is a banker. I worked in the bank. The swap yes will cause inconvenience, but this is minor compared to the benefits. Look in the financial circle globally Nigeria is among the red flagged countries for monet laundering, we have consistently failed all Money laundering certification tests as a country. This move is classic and the best for the country. It is a three pronged strategy. First redesign the currency and force those who have cash hidden outside the system to bring it in. Next redesign the AML policy to limit cash withdrawals and criminalise large cash withdrawals. Next redesign the cashless policy which makes it such that large withdrawals must be carried out using online channels, and make reporting of suspicious transactions easy for banks.

Talking as if bank officials are not even corrupt than politicians.

All these yahoo boys that their transactions passed through banking halls, how many have u reported?

U think we dnt know how bank officials collude with yahoo boys to defraud oyinbo people?


What about multi millionaires that their accounts domiciled in your bank, and in which they can't explain the sources of their wealth? Is bank officials not seeing that large volume of such money? What did they do about it?.

After election, all these gragra will die a natural cause.

Emefiele only trying to help his kinsman to win election jare.

doneback04:
Money that has already be transfer to them is what u are saying, go and meet tinubu now and he will show you enough of the new note with him

don't mind gullible nigerians,all they do is think through their anuses ......Rented crowds at campaign rallies are paid in new notes,that alone should open their eyes but mumu will always be a mumu

windvane:
the truth remains that it can only affect Baby politians

nope, it will also affect top politicians but not totally.

vikstandon:


That's not true... We have been shouting digital economy.

We must leave the analog way of doing things.
Give your ATM card some form of protection. Reserve money in one bank for daily transaction and get ATM for it.

Buhari has tried in this one... Crime rate has reduced drastically.
Is been a while I heard about kidnapping in my area.

Which crime rate reduced? Just thank God you and your loved ones are not affected. How will new notes reduce crime? Very soon you will see the new notes everywhere and people will continue trading seamlessly using cash again. Nigeria is still largely an informal economy. There are too many illiterates. Going digital is a gradual thing. You don't force it if you don't your economy to take hits. India tried this nonsense in 2016 and by 2017 the GDP went down by about 2%. Buhari doesn't mean well for nigerians. He's vindictive against someone.