omonnakoda:
Nigeria is a very dollarized economy and so not having new notes will not change anything if you have dollars
Dollars are even better for corruption because of size/volume
If I was a politician planning to buy votes I would not have been holding naira by now
Dollars are easier to manage

Agadinaagwuofe:


How much of a dollar can you get? The dollar the politicians have are in soft form, I mean it is in account and can only be transferred through telegraphic but to get the physical equivalent will be difficult, let's even assume they were able to stockpile dollars they will still need to change it to naira if they want to use it to prosecute election abi na dollar dem go share for polling units, abi corrupt security personnels go gree collect dollar let alone INEC officials, whichever way yo want to take a look at it, you will still need to use naira and not few naira, you need trillions of naira to be able to have your say.

JOLLOFman:
Neither am I bro, u are simply rude with little knowledge. My initial question was not disrespectful but u chose to drop unwise statements.

vikstandon:


If you still give most Nigerians 2 years, they would still not make this transition.

I kept advising some folks about making this adjustment since last year. All they kept saying is, "is this not Nigeria... E no go happen, they go extend am."

Nigerians need tough hand, to sway them to do the right thing.
The cost of minting money, the illegal transactions, the inflations calls for this policy.

Let's monitor how most of the money (transactions) move electronically.

CAD and USD is scarce is because, much isn't printed and in circulation. When a commodity is scarce the value increases.
We have made new discoveries...
This policy would sanitize our civil service, where these bags are carried and stored at home.

One Minister in Nigeria, claimed we owe tax, even when these deductions are being made from our salaries. He refused paying us our consequential adjustments (Minimum wage differential) accumulated since 2019, and pocketed over 2Billion.
We have sought for proof of our indebtedness, but none has been offered. He carried away this money in cash and it would rot with him.

kingsways:
Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

omonnakoda:
I do not know and I do don't believe you know any of this stuff you are asserting
I expressed my opinion based on assumptions just like you are too
You say the dollar politicians have is in account
You don't know this
It is an assumption
Certainly there are millions of dollars in cash in Nigeria
The so called black market is about cash
We heard of $43 million in cash discovered in an apartment in Lagos,till date we do not know what happened to it or who owns it
So based on that I can safely assume there are plenty of dollars in Nigeria

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

membranus:


In case you don't know, the bank directors of the banks he use have already deliver lorry loads of the new currencies to his house, before you even saw a single note of the currencies.

moscow007:
When Buhari approved increase in Electricity tariff, the masses cried politicians partied and praised Buhari

When Buhari closed the borders the masses starved and many died, yet the politicians didn't raise a finger for us.

When Covid-19 palliative was hoarded in different warehouses across the country, even a certain Govt shaded crocodile tears mocking the masses while hoarding their food...many lost their livelihood, hundreds died of starvation while politicians united and partied.

Nigerian youths protested and were shot at, rounded up and locked in cages...the Lagos Landlord ran away to enjoy his lavished vacation and never care. Just few weeks ago some End-Sars patriots were still being released...as we speak many are still locked up without charges

And now all of a sudden Nigerian Politicians Tinubu cares about your suffering... please tell us another joke.

Here are the fact, out of 11trillion notes printed by CBN in the past only about 3.35 trillion is in circulation, about 7.65 trillion is being hoarded by politicians and criminals.
No matter what any Urchin and Criminal will tell you, the newly printed notes is not even upto 3trillion to fully replace the cash in circulation talk more of the ones our Politicians hoarded, no matter your influence and control of the banking system no politician can easily replace the volume of cash hoarded...it's impossible!!

And for a fact, no common man will loose from this new policy, afterall 100 naira notes have not changed.

In few weeks time you will understand that this policy is one of the 3 succors Buhari's administration gave Nigerians in d midst of the suffering.

Toping the list are New electoral Act and New Power Plants.

Agadinaagwuofe:


Well.... you agreed you don't know but believing I don't know either is laughable but I am telling you as someone that knows. The dollar in circulation are controlled by government, there is what is called Dutch auction, that is window the dollar is sold through secondary market and this is the only window BDC (black market people) buys from. The government can control amount of dollar sold to BDC and can also mop up dollar if there are too many of them in circulation. The millions of dollar in cash you see in Nigeria are released by CBN and can be easily recuperated if need be just that it has big consequences in the economy, about the money you are talking about, the huge amount was released by CBN there is no BDC that can buy such without government trace. Bros don't assume you can make your research, it would only be possible to have enough dollar if CBN and Buhari decides to be unfortunate and if they flood the society with dollar, it depletes the foreign reserve (which Nigeria don't even have) more which the impact will be much more than what they are preventing from hoarding naira.

kingsways:


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

kingsways:


If your cash is safely in your account, you can use POS or bank transfer to pay your bills. You don't need to rush to get the new money

omonnakoda:
Well I am honest about what I know
Have you ever heard the word

EPISTEMOLOGY?

How do you know?I
I say
I do not know
Because it is wise and less egoistic. You are here asserting stuff based on ego and zero evidence
Tell us how you know that politicians only have dollars in account and not cash
Please tell us how the government in Nigeria Control the dollar in circulation?
Nigerians enter the country everyday with dollars in cash and equally leave with same daily
How does government control this?

You claim that the millions of dollars I see in circulation are released by CBN

With respect that is nonsense

diaspora Nigerians remit billions of dollars yearly
It does not go through the CBN
What is the Net dollar earning of the CBN and how does it compare to diaspora remittances
The latter is more and does not go through any Dutch auction

Agadinaagwuofe:


At this point I will let you to go. The Diasporeans that send dollars do they send "raw cash"? even if the cash is transferred through telegraphic means, aren't you going to go bank to get the physical dollar? even after taking my time to explain to you how CBN controls the dollar you see.The most "ignorant" thing to posit is asking the bolded. are you for real? you mean the diaspora remittances are much bigger than all the oil we sold and remitted to foreign reserve account domiciled with CBN? Bros abeg have a good day. I actually wasted my time.

okoroemeka:
my brother Nigeria is far from developed country

bergs2:


Oga, forget, this is affecting everyone.
If you had 9b in cash outside the financial system, you'll understand the reason the politicians are working against this move.
It will affect the politicians more.
Ask yourself, how much of the new notes were printed; how much will one politician stash away alone; why do you think the once empty senate sessions are becoming filled?
Well, they cannot be far from the fact that the move is targeted against them buying votes and other inducements.

zoraro:


This is what they call Medicine after death. For almost eight years he did nothing but in just a few weeks before he leaves Nigeria will suddenly become an El Dorado (paradise). Sorry, but I'm not buying it.

babyfaceafrica:


If I want to enter 250 bus, I should use bank transfer? If I wan buy pepper for market ko? Or take bike?.. Look, we need more new money that's my own. It isn't enough outside.
Nigeria runs a cash economy

grandlexuz:


If you were a politician will you hoard a billion Naira in Naira notes when storing in hard currencies like US dollars and Euro purchased through the black market is quite convenient. The majority of Politicians and corrupt officials hoard cash in hard currency.

Ade3131:


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?

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

honour7:


You have not fully grasp the magnitude of what is happening, and why the cry, some people have up to or even more than 200billion naira in cash staked in their houses, .

maasoap:


You want to buy pepper here, meat there, oil here and pay okada man there! How long will that process take with each of them? How fast will your banks conclude the transactions for you? No guarantees.
An economy that wants to go cashless requires long term planning and implementation if you want it work and minimise the hardship on the masses. This knee jerk approach is a destructive wind that blows no good.

What does a thief actually lose if all what he loses is what he stole? Nothing really! He will simply steal again if the source is not blocked!

JOLLOFman:
Give us the source of your breaking news sir. When was it extended?