Image123:


You seem to be the spokesperson for the CBN but you can try passing your points without being insultive. What happens to monies that are not mopped up after 31st of January due to unavoidable reasons. We all know that we don't meet deadlines in Nigeria. And for example, people outside Nigeria having the currency, what happens when/if they travel to Nigeria after January 31?

There are always provision for those. This is not the first time they are carrying out the exercise.

There will be focal places oversees for the exchange.

Sorry about the insult.

This will go along way in curtailing vote buying, terrorism financing, money laundering etc.

babaRUNtinz:
Which way Nigeria nítorí Ọlọ́run

I think is a good move . Those keeping billions of naira at home causing scarcity of money on the country will be running and down to change their currency . If properly manage efcc will have work to do .

adebayo3449:

Even bandits that collected 100m cash?

When there is ALWAYS dollars available in the. black market?
And why do developed countries don't do this?

denobaba:
I suspect this is a move to compel private money bags to bring out naira notes stocked in private vaults and used to speculate in the black FX market.

If that assumption is correct, this will prove difficult for people trying to stay off CBN radar. I expect to see heavy cash transactions in real estate purchase, birthday cash gift through celebrity fronts, big money splash in clubs, heavy naira spray in parties and so on. All these in counter moves to continue to conceal identity of the real cash owners.

You ve iced it. Nothing need to be said besides this.

This will be a good step to minimise if not end kidnapping for ransom in Nigeria. I want to believe that after the CBN might have mopped up the present physical cash in circulation they would control henceforth how much cash is released into circulation thereby limiting the possibility of anyone laying their hands on cash to pay any ransom.

Earthquakes:
People don't have food to eat but you are wasting money to print new currency instead of creating jobs.
I know it's just a way to steal money through printing contract.

By the way, I still have upto 30k with me here in abroad, the one I share remain beggars they employed as staff at the airport, what will I now do??
Was hoping I would use it to get a taxi anytime am coming back to Nigeria

Look at the other side of people bringing in their cash loot for exchange

blackmantis:
Too late........Trying to save a sinking ship.

Pls i want to know how is it going to be beneficial to the economy?

JoshTim:


There are always provision for those. This is not the first time they are carrying out the exercise.

There will be focal places oversees for the exchange.

Sorry about the insult.

This will go along way in curtailing vote buying, terrorism financing, money laundering etc.

Okay, thanks.Let's hope so.

The most corrupt CBN Governor Nigeria ever had...The most corrupt CBN Governor Nigeria ever had......

JoshTim:


Olodo

Give yourself brain, this is a monetary strategy to fight all sort of crimes, terrorism, corruption, money laundering, etc.

You just went to school for nothing. You should have asked questions.

Na your mama, papa, uncle, aunt, sister, brother and everything you know except your dog be olodo..
Where do you work, how much do you make in a day with your financial dexterity to open mouth to insult anyone you see online, do you know me before or have I quoted you before?
It's like thunder wants to fire you local champion

Acidosis:

It is a good move. Let's see how much politicians have kept secretly for vote buying.

the window is there to change their money stashed. This will eventually blowback on the commoners. We still can't get common Pvc and National ID without hassle. Again the festive season... Very wrong timing.

Sometime I wonder if emefiele is actually sane? Instead of making the naira to gain strength on the world font, he's busy rebranding.. have our currency be comprise? Why waste such money on that project? Mehn this thing only happens when you have a president,vice, and even minister of finance that's clueless economically..

Acidosis:

It is a good move. Let's see how much politicians have kept secretly for vote buying.

Unfortunately politicians already stashed their stolen funds in US dollars. This policy is just for contract and you know the rest...

Earthquakes:


Na your mama, papa, uncle, aunt, sister, brother and everything you know except your dog be olodo..
Where do you work, how much do you make in a day with your financial dexterity to open mouth to insult anyone you see online, do you know me before or have I quoted you before?
It's like thunder wants to fire you local champion

Sorry o.

that will not change anything
why not making 100 naira note to be the highest currency

nurudeen181:

you cant weep for Nigeria, Nigeria can rather weep for you..

Nigeria will weep for your father

JoshTim:


Olodo....now una go dey cry say government no do anything about fighting terror.
Give yourself brain, this is a monetary strategy to fight all sort of crimes, terrorism, corruption, money laundering, etc.

You just went to school for nothing. You should have asked questions.

Your father is an olodo

“Goat na Goat, if you like wear am Gucci go London, na still Goat.”

Promoter2:


Your father is an olodo

Haba na....wetin i do you. Okay, sorry o.

Shoodboi:


In other words, the plan is to force people to deposit money they're keeping at home in the banks. I suspect they're doing this to strengthen the banks, the naira, or to do something about the ongoing inflation. But what do I know? The economists are the experts here. So Narialand economists, over to you.

It can be used to track... and funders of ....

It is a security matter.
Which is why it was given a short time window for all the monies to be replaced.

denobaba:
I suspect this is a move to compel private money bags to bring out naira notes stocked in private vaults and used to speculate in the black FX market.

If that assumption is correct, this will prove difficult for people trying to stay off CBN radar. I expect to see heavy cash transactions in real estate purchase, birthday cash gift through celebrity fronts, big money splash in clubs, heavy naira spray in parties and so on. All these in counter moves to continue to conceal identity of the real cash owners.

Not in a corrupt country like nigeria. Aside corruption, It won't change any thing. The cbn doesn't know that time have changed. People are saving money massivye in foreign currencies and cryptocurrencies.

People with money stacked somewhere will not take anything to the bank. They will use it to buy cryptocurrency, when the new naira is well in circulation, they will convert it back to naira and stacked it back

kutashi:



And confirmed! You're a goat! Do you know what his trying to do? It is one of ways to address the issue you raised!

School! You won't go! Only to come here, demonstrating your stupidity!
Dindinrin!

Am not the person u quoted, buh just enlighten us, how does dis help to strengthen the naira?

g4gerald:

Pls i want to know how is it going to be beneficial to the economy?

No benefit. With this announcement, the will be some rush for USD and other foreign currencies. And when the demand increases BDC business will increase price of dollar exchange in order to make more money.

With this, the dollar which around 740 will quickly hit 800 by December. Bet me

hardon1:


Not in a corrupt country like nigeria. Aside corruption, It won't change any thing. The cbn doesn't know that time have changed. People are saving money massivye in foreign currencies and cryptocurrencies.

People with money stacked somewhere will not take anything to the bank. They will use it to buy cryptocurrency, when the new naira is well in circulation, they will convert it back to naira and stacked it back

If you buy crypto with the old naira, the seller would have to take on the burden of taking it to the bank to exchange for the newly issued notes.

DaSailor:
Mehn, this December no go dirty at all.
Imagine going to the bank to deposit N10m, CBN will now charge you 3% on N9.5m for exceeding the deposit limit of N.5m.
The cash crunch go choke.

Bank charges have been suspended.

SmartPolician:


Dollars expire too.

All currencies should have expiry date.

It will reduce fraud and financial embezzlement.

This may end up being the best policy this daft CBN governor will put in place.

I hope those crooks in NASS don't fight him.

Don't you think it'll backfire? Any reasonable person will just bring out the money and use it to buy dollars from abokis who always seem to have an endless flow of dollars... Hence, the price of dollars will be getting to 900/950 before the end of the year

I don't think anyone wise enough to have a stash of cash at home will be dumb enough to go deposit them at the bank

JoshTim:


Na you be mumu i swear. Have you ever sat down and ask yourself reasons why central bank withdraw and introduce new currencies. And this is a good time to do it because of GENERAL ELECTION. Let me just burst your bubbles. There are some persons that have stolen money meant for public. They park this monies and starsh every where including buildings, mansions, toilet and undergrounds. These persons have declared that they don't have much assets in the asset declaration form whereas they do but it's ill gotten wealth so they cannot declare it.

Also, this can be use to fight terrorism and curb all these fulani herds men sponsorship.

Give your self brain or ask questions before you open your mouth to talk in public.

Although your reply wasn't directed to me, but aside the name calling, I love your analysis.

If you don't mind, I'll love to ask, what stops the politicians from converting it to dollars, and once they need it again, they reconvert back to naira?

Acquiring an expensive casket for a corpse will never add value to the corpse.

Shoodboi:


But APC buys votes just like PDP. Unless they'd give APC members the new notes while depriving PDP of those notes. But how would they know who PDP are? I'm thinking its more about the economy than vote-buying. But your angle makes a lot of sense.

Exactly. When I read people writing that it's a move to checkmate politicians, I started wondering if they think CBN governor will work against the APC politicians that put him there, or doesn't it apply to APC politicians also?

sanya4good:
This will be a good step to minimise if not end kidnapping for ransom in Nigeria. I want to believe that after the CBN might have mop up the present physical cash in circulation they would control enhance forth how much cash is released in to circulation thereby limiting the possibility of anyone laying their hands on cash to pay any ransom.

Kidnappers can just start collecting crypto

it maybe targeted at the opposition, the major aim of the action is to reduce the amount of naira in circulation. don't be surprised that when you turn in ur naira, they will tell you they can only give you limited new notes and they may start forcing people to use the e naira wallet,
secondly, look at the timing, why are they doing it just less than 4 months to the election, we all know that Naija politics is all about cash, newly minted will be available to the government party while others will find it difficult to get cash. they want to attack the finances of opposition parties and cripple their financial muscle.
you will see how difficult it will be to get the new notes , they will make sure the new notes are very scarce and they will telling people to use the e naira as an alternative

afbstrategies:
Ok
Are they trying to silence the Bullion van thief and his urchins

Yampotatocarrot:


Although your reply wasn't directed to me, but aside the name calling, I love your analysis.

If you don't mind, I'll love to ask, what stops the politicians from converting it to dollars, and once they need it again, they reconvert back to naira?

Base on signaling theory, there is already a distastes holding the naira...everyone that has got ill gotten wealth now is looking for avenues to exchange the naira. This will further lead to worsening of the naira....don't be surprise, the dollar will trade for a thousand naira at the black market. They can do what you said but at the cost of stress of moving large money around looking for whom to exchange them with. It's stressful and will take time. They might have to eventually, forgo a large chunk of the ill gotten money.

For terrorist financing, it is almost impossible for them to exchange except they 'PLACE' it in the financial system using fronts. There are bank regulations and cbn anti terrorism and money laundering policies acting as control and preventive measures.