Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,690,141 members, 6,337,682 topics. Date: Sunday, 13 June 2021 at 11:37 PM

Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! (37338 Views)

CBN Clean Note Policy: Mutilated Naira Notes May Be Useless After September 2 / Godwin Emefiele: 13 Things You Probably Didn’t Know About CBN Governor / 100 Naira Denomination In Circulation Are Worn Out. Who Else Has Noticed This? (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by OneDollarSalary(m): 5:12pm On Oct 02, 2018
When Godwin Emefiele was appointed the substantive Central Bank Governor in June 2014 to replace Mrs. Sarah Alade, many people were not too enthused about it. For Goodluck Jonathan, Emefiele was a safe pair of hands who wasn’t likely to rock the boat like Sanusi Lamido Sanusi.
Nobody needed to inform Emefiele that his brief as head of the Central Bank did not include policy statements that painted the government in bad light. Alhaji Sanusi had to be sacked because he was behaving like a politician, or so the government of the day wanted us to believe.
Godwin Emefiele had lots of experience in the banking sector. He had reached the very top at Zenith Bank. So the position of Nigeria’s number 1 banker felt like putting a round peg in a similarly shaped hole. He fitted perfectly.
There are lots of things one could say about his performance as governor of the Central Bank in the last 4 years. He has gone about his job without frills. This is exactly what Nigerians expect from bankers.
But if I have to score him, I would be hard-pressed to score him above average. Soon
Nigeria News would take a good look at his stewardship. For now, though, the vexing issue is the absence of new 100 Naira notes in the country.

There is this sight that welcomes me each time I open my wardrobe. On the edge of the top shelf are piles of mutilated 100 Naira notes. I can’t spend them because they are so ugly they make an old witch look like a beauty queen. I feel I would be cheating somebody by giving them those notes as payment. Don’t ask me how I managed to get so many bad notes.
At first, I thought I was just unlucky. But as it turned out, the problem is endemic across the country. Traders and other businesses that depend on cash for everyday transactions are not finding the situation funny.
Many times, simple transactions are canceled due to the absence of these notes to give others as change. The ones available are unrecognizable as legal tender that even some banks reject them. But somehow, they are still in circulation.

Replacing old notes

The Central Bank is charged with replacing notes with new ones. Everybody knows that. In the case of the N100 notes, nobody can remember when new notes were printed and released to the public. Ask those people who love spraying money at weddings and other occasions. They now have to do their thing with other denominations. 100 notes are the most popular for spraying; in case you are wondering.
So the question is, why has the Central Bank refused to introduce new notes? And for that matter, why are these ugly notes still in circulation.

The process of replacing old notes is rather simple. The commercial banks are supposed to collect these notes, sort and send them to the Central Bank. When the apex bank receives these bad notes, they are destroyed and an equal amount of new ones introduced into the economy through the commercial banks.
That is straightforward, right? But this is Nigeria where even the most mundane of tasks are made to look like some complex trick by an accomplished magician. Somebody somewhere is not doing their job.

Passing the buck

Cheerleaders for the Central Bank are quick to blame the commercial banks for not bringing these notes to the Central bank to be replaced. Some say it is one of the cut-saving measures by the banks to increase profits. The gist is that these banks are charged a fee by the Central Bank anytime they take these mutilated notes to the CBN to be replaced. The banks would rather not pay that fee.

Apart from that, there is the issue of having to employ people to do the job of collecting and sorting the bad notes for onward transmission. The commercial banks would rather keep the money they would’ve had to pay the people employed to do that job. Protecting the bottom line, profits, is the important thing here.
If this is true, then this goes to the core of one of the problems I have with appointing people like Godwin Emefiele to such jobs. One of the functions of the Central Bank is to ensure banks follow laid down rules. If there is a breach, stiff sanctions are applied.

But somebody like Emefiele would be reluctant to impose any stiff sanctions on the banks. The heads of these banks and directors are all his friends. They have fraternized together for so long they are practically family. It requires a stern, principled man to sanction close friends. At best, Godwin Emefiele can only appeal to them and if they don’t obey, the worse they get is an extension.

A principled, no-nonsense Central Bank Governor would have no problem punishing erring banks.
That is what Sanusi was very good at. He didn’t care whose feelings were hurt. Sanusi didn’t waste time cancelling some spurious bank charges when he was in charge. Guess what Emefiele did when he was appointed? He reverted those charges.

He must have seethed with fury as CEO of Zenith Bank when Sanusi’s policies were cutting out the easy money he and his peers were making for their shareholders.
The blame for the absence of new N100 notes should be placed firmly at the doorstep of the Central Bank. They can compel the banks to mop up those old notes from circulation if they weren’t so gutless.

Having so many bad notes in circulation is not good for the image of the country.
Imagine a foreigner seeing these notes and the conclusion they’d draw! Of course, they’d conclude that the country is in such a bad shape that in addition to the poor power supply, bad roads, run down airports and sub-standard schools, we cannot even print ordinary bank notes.

Wasn’t the Nigeria Security Printing and Minting Plc established to print new currency notes for the country? What the heck is it meant for now? To give appointments to political jobbers? By the way, Godwin Emefiele is the chairman of the board of that glorified printing press.

https://www.nigerianews.net/godwin-emefiele-print-new-notes/

28 Likes 1 Share

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by IsaAbubakar: 5:25pm On Oct 02, 2018
mod move to the right section (business)
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by kestolove95(f): 5:38pm On Oct 02, 2018
Mtseew
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Gboy101: 5:38pm On Oct 02, 2018
its a lie, how come they still print N50, N20 notes. you are a BMC. the minting contract was awarded to buhari kinsmen hence they hurt the printing of N100 because the previous administration removed the Arabic inscription from the N100 centenary note which replaced the former. and there is already plans to bring back the Arabic in buhari second time team. because doing that now would cause a revolts. terrorist muric have been calling for the hurt of that currency starting its satanic

www.nairaland.com/attachments/7887314_img20180929161431955_jpeg9518e7b3d56975ab3b178765d44a693b

133 Likes 7 Shares

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by cosmatika(m): 12:31pm On Oct 03, 2018
https://www.nairaland.com/4767283/want-lose-friend-screenshots-attached
Fellow Nairalanders, abeg make una help me put mouth for this matter

1 Like 2 Shares

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Originality007: 12:32pm On Oct 03, 2018
grin just wait till wen Nigeria will be celebrating is 60 yrs independence day, then new 100 naira note will b out

3 Likes 1 Share

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by CodeBlooded: 12:32pm On Oct 03, 2018
This money will soon go into extinct.
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Sirheny007(m): 12:32pm On Oct 03, 2018
Soon, very soon
The purchasing power of N100 would be reduced to 20ml of Agbo in the west.
grin grin cheesy



The guy below me tho'
You need to see the one i collected yesterday..
It looked like something two hefty pigs fought over.

15 Likes 1 Share

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by iambabaG: 12:32pm On Oct 03, 2018
This N100 note is still okay now..
The one I collected yesterday made me regret the day i was born into this country!
Why not even Kazakhstan?

22 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by pweshdodo(m): 12:32pm On Oct 03, 2018
[left][/left]
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by theoldpretender(m): 12:33pm On Oct 03, 2018
If you want new 100 nara notes

1.Be prepeared for run away inflation...because overexcess of samll denomination naira notes means more money chasing few goods=inflation.

2.Be prepared for our foreign exchange reserve to be drained even more...BECAUSE it costs billions of dollars to print notes..which means less dollars to buffer the naira= inflation.

Better we find ways to improve our forex reserve by...you know...removing subsidies, fighitng kwarruption pery well, industrial development, getting off oil dependency.

3 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by DBossNG(m): 12:33pm On Oct 03, 2018
E ba mi bi o
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Babyshop: 12:33pm On Oct 03, 2018
I really think it is the President who is not approving that because Jonathan retouched the naira notes during the Centenary celebration

23 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Lagosbynature: 12:33pm On Oct 03, 2018
Really?
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Nobody: 12:34pm On Oct 03, 2018
I tire o. N100 come be like dirty stinking rag these days.

4 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by epistleNow(m): 12:34pm On Oct 03, 2018
If you were told the reason why we don't have new N100 naira notes, you will HATE Nigeria more !

But who needs that though.

Better to expend more energy at building an empire than hating.

8 Likes 1 Share

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by excomarow(m): 12:35pm On Oct 03, 2018
S
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Nobody: 12:35pm On Oct 03, 2018
I miss the days of Sanusi at the helms of affairs at the CBN.

1 Like

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by lilfreezy: 12:35pm On Oct 03, 2018
They will print it soon, but with the Islamic inscription that Jonathan removed grin

13 Likes 1 Share

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by bennynaza(m): 12:36pm On Oct 03, 2018
Ok
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by tessyluv24(f): 12:36pm On Oct 03, 2018
pls, help me ask o! d hundred naira in circulation can mk one fall sick.
Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by willi926(m): 12:37pm On Oct 03, 2018
na so me and conductor dey always fight/ quarrel 4 this 100 naira note. if u don't take it u drop me in d next bustope. no b me print d money.

2 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by arantess(m): 12:37pm On Oct 03, 2018
OsuMustGo:
I swear OSU people and their relatives are not ready for leadership and politics in this country.
Anything they lay their hands upon usually crumbles and they keep shouting biaFla

USELESS PEOPLE
Depraved soul

30 Likes 2 Shares

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Wiseandtrue(f): 12:37pm On Oct 03, 2018
OP, you cleverly avoided the school of thought that believed that the N100 was deliberately laid to waste because it does not have ARABIC INSCRIPTIONS on it!

Which happens to be the most logical reasoning of all the excuses we have being given!

I mean if bankers are defaulting and CBN does not want to pay those whose duty it has been, why is it that it is ONLY N100 that is badly affected

Emiefule is Buhari's puppets else he needs not be told to do the needful!

To think that the Nigerian police arrested people of recent in IMO State of rough handling of the Naira when the real culprits are in ABUJA undecided

That is why the Nigerians who has refused to join the wrong side are seriously pleading with those with power to do everything possible to send Buhari to exile come 2019!

26 Likes

Re: Godwin Emefiele, How Hard Is It To Print New 100 Naira Notes?! Educate Us!! by Ellixlimswag(m): 12:37pm On Oct 03, 2018
very nice notes

(1) (2) (3) (Reply)

Danjuma Is Far Richer Than Dangote (proof) / CBN Clean Note Policy: Mutilated Naira Notes May Be Useless After September 2 / Coronavirus: Folorunso Alakija Gives Prophetic Prayers

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 106
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.