gfelo:
No wonder this mumu sterling bank send me email that we are in this together telling me all their fund transfer channel will be free till 18 Feb 23, not knowing that they have done the abominable.

Abeg make ICPC sell the bank to any micro finance bank.

Looks like it will be like this untill after election


The apex bank would have just come out plainly and declare that no more physical cash transaction until after election

Instead of all these hide & seek game they are playing.

Very soon, we will sit and tell ourselves the truth. For now, let's continue shouting politicians

BAZ001:


Thank you!
Politicians will still get the money or have already gotten billions of it already

abd shouldn't they be blamed, investigated and prosecuted along with the corrupt banks?

lordm:
Which bank?

Oceanic bank.

Let it continue that way, others will start circulation the new notes. Cos they wouldn't want them to be among the scape goats

But the CBN created the whole issue through poor planning and implementation.

No, Nigerians are not the mumus here but the CBN Governor who appears to be more focused on trying to influence an election, thereby politicizing CBN policies, in a bid similar to usurping the role of inec.

Ordinary Nigerians are really having it rough, especially those in the informal sector SMES who are no longer enjoying the necessary patronage to survive economically. This is a Currency Mop-up but is being described as a currency swap. The cashless banking infrastructure is highly inadequate and nothing to rely on.

There is now a cost of purchase of the Naira akin to black market added to the already excruciating energy, food and transportation inflation. Hence, most small businesses are are being adversely impacted as we speak. So CBN, through this policy implementation, may have succeeded in destroying some businesses of mostly the poor while empowering the rich to take further advantage through the already fat enough banks. In other words more money is being taken from the poor and being given to the rich in broad day light.

Worst still, the elections are looking more uncertain or maybe seriously flawed if the protests and violence continues to grow across the nation. Other forms of insecurity may show up- burglary, bank ATM vandalism, outright bank or bullion van robberies etc

People must do all to not fall sick or else may risk fatality from the fallout of scarcity of cash. Cash used to be a good substitute for online banking hitches during emergencies, even at government hospitals, how much more private ones. Payment is usually required before treatment.

A higher voter apathy may be recorded during the elections because of money scarcity, hunger and frustration of most city and rural dwellers who are voters.

Finally, the policy could have been helpful if thoughtfully and carefully implemented over time, and with the potential to limit ransom demand by kidnappers, and perhaps reduce inflation. But Emefiele had other plans. Bandits are now able to purchase Naira because a black market has been heavily created due to scarcity. Or didn’t he know this was going to happen?

This implementation has been the poorest ever causing more harm than good. This is reckless especially at a time when the global economy has been battered, and most countries are trying to cushion the effect of the economic impact to their citizens. Nigeria is doubling down on making it’s citizens poorer, and some people are hailing the CBN.

Emefiele’s main focus of influencing the outcome of the elections whether by instigating the anger of the electorate at the government and its party APC or simply limiting vote buying by politicians may have already happened on its own (if the recent trend of voters’ choice that we have seen recently in spite of inducement). Hence, there was no need for the CBN to politicize any of its policies.

Now CBN governor is meddling with INEC chairman, EFCC chairman, ICPC etc. All government institutions that should be completely independent and serve as a check and balance to each other. This is an eyesore!

07kjb:
Hold your commercial banks accountable,leave CBN OUT OF YOUR MOUTH
NIGERIANS TOO MUMU

lordm:
Which bank?

Dinosaur Development Bank

So far the best news of this week! I support dem 1000%!

https://icpc.gov.ng/

habsydiamond:
The politicians are not our problem in this situation.. it we the masses that are giving ourselves problems.. if the bankers can not follow a simply directive to give the money through atm to the masses... it shows that we all selfish if we are given the opportunity to be in the position of authority. The last time I check politicians no dey get vault for bank now.

When it comes to corruption, majority of Nigerians are guilty; from the street to the Office of the President.

modath:
No one fights corruption in 3mths... But let's watch where this will end..
Politicians already have this money... It's too late to assume this anti people policy will stop vote sales... It will be easier now... 1-2k per vote..
Buhari and Emefiele may have devised a sound idea but flawed execution will ensure its sure FAILURE..

Na lie. Politicians no get anything. The policy stays.

inoki247:
Make CBN recruit agent and give dem to distribute it to the masses If dey believe bank are sabotaging dere efforts and rest jarey...

Is this the first time we are doing cash Swap or why this one come hard pass the one we av been doing...

Agents will still fuc.. up and start making money from it

jaxxy:


abd shouldn't they be blamed, investigated and prosecuted along with the corrupt banks?

In a sane environment not Nigeria
Where Politicians can give 5million bribe to get the whole 250 million note

lordm:
Which bank?

Olodo
Next time tell your neighbor to help u read

AngelicBeing:
Hian, modath still dey nairaland.com, Chai, I miss your analysis in politics section, welcome back

Oba nor dey go transfer... commitment "ear and dear"...
Business and family but we do pop in to see what's up from time to time..

Hezzyluv:


U don't want to read ordinary first paragraph!

Extremely lazy set of human beings ,they will put a caption boldly ,they will still ask again!

They should also check Wema bank. Na urchins bank

lordm:
Which bank?

Rushing to comment without even reading, that is how you guys post rubbish all over nairaland everyday. I smh for you

YeyeGbami:


Power Bank

.

modath:
No one fights corruption in 3mths... But let's watch where this will end..
Politicians already have this money... It's too late to assume this anti people policy will stop vote sales... It will be easier now... 1-2k per vote..
Buhari and Emefiele may have devised a sound idea but flawed execution will ensure its sure FAILURE..

Exactly! God bless you. The top politicians already have millions of this new naira notes while the poor masses can't even have access to it. The implications of this is that vote buying will be the order of the day because these politicians will easily manipulate the voters by doling out this scarce naira notes before them in exchange for their votes. You can imagine a poor voter who has been struggling to get hold of the new notes is suddenly offered the note free of charge by a politician only in exchange for his vote. The situation with vote buying will end up being worse than in previous elections.
Furthermore it really beats my imagination when I hear people say Emefiele is doing the right thing and that his strategy will prevent vote buying. You think it'd be difficult for someone like Tinubu or Atiku or any of the state governors to have millions of the new notes if they so desired? All they have to do is put a call across to some of these bank managers who are their boys and the new notes will be delivered to their door steps. It's the ignorant masses who think Emefiele and Buhari are doing them a favor that I pity. Nigerians don't reason. In most developed countries, bringing in a new note into circulation is a gradual process which occurs over several months to even years and not over one month which this clueless government is trying to do. This is real absurdity.

rexlims:
read thru d text, e no too long

Only the topic sef dey okay for am.

lordm:
Which bank?

FTC rush, type with eyes ears and brain closed.

Officialgarri:
CBN is actually the primary problem while the commercial banks are problems we deal with because we interact with them the most.

There have been seamless transition of notes from old to new more than 4 times in this country and even up till the Goodluck Jonathan's major note transition..and there have never been such chaos such as this

Worse of it all is that they did not only fail at cash transition, they decided to invoke panic when it's less than a month to an important election.

The pope has a finger in the pie and we can see Emiefele's full regalia

Na this deadline wey dem dey give just be the problem to me. Dem for let am make e circulate out gradually by itself.

psychologist:
What did you people said happened to zenith bank again

They all lost their senses...your field of study is calling MR/MRS Psycho!

rexlims:
read thru d text, e no too long

Once it doesn't have TINUBU name so that they can insult him , they won't read . They only read anything that has TINUBU name in other to make mockery of him. instead of them to be praying to get to the age of TINUBU

lordm:
Which bank?

So you are looking for TINUBU name in the article to mock him again . These has already made you to blind.

BAZ001:
Imagine just 250 million naira at the head office in Abuja ?
250 million is not even enough for 1 branch of sterling in Lagos island for 1 week.
Thought it was billions

Sidon there dy talk rubbish

FavouredNK:


How will they CHARGE their mentality when power failure is also a major problem in Nigeria
Abi they should use generator? That one too is difficult because there's fuel scarcity.

I no wan talk for this matter again.

7arrows:


Agents will still fuc.. up and start making money from it

LoL but this not the first time we are doing Cash swap and people do bring it to our doorstep then to change for us....

jaxxy:


What of a single governor who took 500m cash new notes from a bank?

according to hell rufai

That lying number 3 on GEJ,s sniper list? Take that imp serious and you will believe unicorns actually exists.

Apus:
Na why I like Asian countries be this... Death penalty straight!

What nonsense!!

Less than 4 days to go. FG should not extend the deadline again.

why should they extend the deadline? i thought you are advocating death penalty?

BAZ001:
Imagine just 250 million naira at the head office in Abuja ?
250 million is not even enough for 1 branch of sterling in Lagos island for 1 week.
Thought it was billions

You guys dont understand. CBN original goal is to reduce excess cash and encourage e-banking and transfers for major transactions like payment for goods and services above 20k. If such works, corruption reduces and politicians won't be able to pile up trillions of naira in soak away pits. You guys expect such things to work with CBN printing out so much cash like before don't understand at all. CBN needs to only print fewer cash and lesser of higher denominations to discourage cash transactions. Most tinubu supporters are corrupt and hope for their share of his loot, hence the attack on emefiele. Except Yoruba educational standards had fallen so bad, I don't know why someone will not understand cashless policy