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Nairaland Forum / Nairaland / General / Politics / CBN Had My Approval In Replacing Naira Notes - Buhari (23082 Views)
“CBN Has Destroyed All The Old N1000 And N500 Notes” – Buhari Tells El-rufai / Old Naira Notes: Buhari Should Invoke An Executive Order / IGP Adamu: State Commissioners Don’t Need My Approval To Make Decisions (2) (3) (4)
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Re: CBN Had My Approval In Replacing Naira Notes - Buhari by djon78(m): 11:32pm On Oct 30, 2022 |
baralatie: What CBN does is selling the dollar to stabilize the Naira from depreciation Because if the dollar is scarce Naira will deprecate as a result of plenty Naira chasing the dollar which is happening now That's why they maintaed the 350 range before it deprecated to 500 then now down to 750 to 800 as a result of federal government not having good Revenue accruing from dollars. Crude oil sales which is major foreign exchange earner is down because of the oil theft and sundry In some other countries they allow a free floating of there currency to the dollar. CBN is not allowing that for Naira While some others peg there currency to the dollar example China. If China allows floating there currency will appreciate so much it will make there goods expensive in the international markets since they are a very topexporting nation and high earner of foreign currency That's why Obama during his presidency tackled China to stop pegging there currency and allow competition in International markets by allowing there money to flow with there economic boom Why CBN introduced this new policy is that it will mop up excess liquidity in the system and fewer Naira will chase dollar so Naira will begin to appreciate again Most of these bad guys were buying up the few dollars in the system causing the volatile depreciation of the Naira So it's a good policy to check the bad guys because if left Naira may deprecate to 1500 or even 2000 to a dollar |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by baralatie(m): 11:36pm On Oct 30, 2022 |
djon78:And you think the dollar will not depreciate again? |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by onuman: 11:45pm On Oct 30, 2022 |
djon78: The 1997 amendments brought the CBN back under the supervision of the Ministry of Finance. Okay, just saw that there is also a 2007 amendment that repealed the 1997 amendment act. The 2007 act gave the CBN governor full autonomy. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by djon78(m): 11:46pm On Oct 30, 2022 |
baralatie: Read up my reply again CBN is saving Naira from complete collapse If it's not mitigated Naira will be driven down to 1500 or 2000 by May 2023 Which will be worse off But mopping up excess liquidity in the system will stabilize the Naira because the Naira and dollar in the market will be in equilibrium So it will deppreciate a bit then once the policy takes place and equilibrium is in place Naira will naturally appreciate to a comfortable position So the formulators of the policy know what they are doing: Saving Naira from free uncomfortable fall which will be completely dangerous for Nigerian economy and her citizens |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by Ghoxt: 11:48pm On Oct 30, 2022 |
The so called president of Nigeria, a country of over 200 million people and +500 spoken languages, spoke for the first and only time so far about a very sensitive and controversial issue that hasn't been addressed for serval days, and he did so in Hausa radio. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by dododawa1: 12:24am On Oct 31, 2022 |
One thing that is certain, no Yoruba men and women opposed this ticket. They support this ticket. I want to tell you that I will bring the TROPHY home. It is not just a Yoruba thing. It is a Nigeria project, JAGANBA. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by GeneralPula: 1:46am On Oct 31, 2022 |
tuzle:Sure, it will. I’m sure CBN would have printed the new notes already.. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by AerialMapper: 1:50am On Oct 31, 2022 |
Maybe they promised to put his face on one of the notes. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by Mobola33(m): 2:35am On Oct 31, 2022 |
Moh247: |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by Mobola33(m): 2:36am On Oct 31, 2022 |
Buhari na OMO OPE |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BluntCrazeMan: 4:18am On Oct 31, 2022 |
Moh247: (See the attached photo) You can now connect the dots. The real reason he didn't involve his cabinet before approving such a request.
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Re: CBN Had My Approval In Replacing Naira Notes - Buhari by SmartyPants(m): 4:58am On Oct 31, 2022 |
nedu666: How will they do it? We are talking about spending physical cash, and anyone who receives that cash still has to deposit it. Each deposit above a certain amount triggers a notice to the NFIU who are particularly on the lookout at this time. So you'll have to explain where you got the money and if you sold property, who you sold to. In short, anyone making moves at this time will immediately go on the radar for investigation. 2 Likes 2 Shares |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by kafeii123: 5:14am On Oct 31, 2022 |
omonnakoda: It's actually doubtful who's economically illiterate here.....but let's put that aside..... My point is that if the hoarders spend these monies back into the economy.... it'll be a good move... They'll have to setup businesses....employ staff....buy stuff....invest in businesses...etc.....all of that will jolt our ailing economy back to life somewhat..... keeping the cash buried in their houses removes these cash from circulation and thus weakens our economy. Of course some of them will first run towards converting to dollars..so dollars will at first be high but most will spend instead. In the end... it's all still win-win for the country |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by heysquare(m): 5:48am On Oct 31, 2022 |
nedu666:There is suspension on large lodgement of fund . CBN is tracking any large fund depositors be it Bureau De Change or individual |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BeardedMeat(m): 6:10am On Oct 31, 2022 |
Racoon:He knows the bandits and kidnappers are plenty in his government and would sabotage the plans. I like this policy for it's intended consequence, but that consequence will only be short lived and it is business as usual. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BeardedMeat(m): 6:11am On Oct 31, 2022 |
heysquare:Then they would buy properties with it. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by AntiWailer: 6:23am On Oct 31, 2022 |
nedu666: And u will carry au much cash to the bank ? |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by AntiWailer: 6:23am On Oct 31, 2022 |
BeardedMeat: And the seller of the property will do what with the cash ? |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BeardedMeat(m): 6:24am On Oct 31, 2022 |
djon78:You have spoken like one of our experts. I'm sure they said these same things when dollar was just 120 naira. But because those our expert leaders are also major beneficiaries of the loopholes, they go back to their offices to continue in the old ways. Nothing will work in this country until everyone becomes equal in the eyes of the law. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by Teymanhenry(f): 6:25am On Oct 31, 2022 |
This is a good way to catch politicians who had stored oup excess cash somewhere to use as bribe during the elections. But we all know that it'll be targeted towards other party members. APC members would be immune to probing |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BeardedMeat(m): 6:28am On Oct 31, 2022 |
AntiWailer:First I don't have all the details of this new policy. What's the new cash limit deposit? Is it something that can't be circumvented? Like break the money up and deposit in bits. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by BeardedMeat(m): 6:30am On Oct 31, 2022 |
heysquare:What's the cash deposit limit? |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by omonnakoda: 6:40am On Oct 31, 2022 |
kafeii123:The hoarders ? Which hoarders What is hoarder Stop and think and stop repeating like a parrot There is nothing like that in economics so you can see you are talking rubbish Keeping cas in houses What evidence is there for that? You are not using your head People are free to do whhat they like with their money to suggest that someone they ar keeping it in graves or freezers is not evidenced There are billions if not trillions of US dollars outside the US is that HOARDING. WHat the hell is hoarding? Any naira not in the bank is IN THE ECONOMY Please stop parroting that nonsense |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by Wilson500: 6:48am On Oct 31, 2022 |
I might hate Buhari for many reasons but there is only unique thing that i like the man from Daura for and that is The man has balls and he doesn't give a f**k about what anyone thinks 1 Like |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by AntiWailer: 6:48am On Oct 31, 2022 |
BeardedMeat: There won’t be enough time to do this. No way NFIU wnt pick it up. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by RaptObserver: 7:28am On Oct 31, 2022 |
Even if you rush and buy dollars now. When you need to spend naira later you will discover you re going to exchange for lesser value. if the CBN puts exchange rate at 450 naira and u bought dollars today at 800 naira. In January or February you will convert it back for 450 naira. |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by MPESA(m): 7:58am On Oct 31, 2022 |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by heysquare(m): 8:11am On Oct 31, 2022 |
BeardedMeat:I thought that too but it will be difficult to lodge large sum of money by the property owner too |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by heysquare(m): 8:11am On Oct 31, 2022 |
BeardedMeat:It was not disclosed |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by omonnakoda: 8:34am On Oct 31, 2022 |
baralatie:I can see you want to show yourself? How is that your problem? If you have nothing to say why not shut your dirty mouth? |
Re: CBN Had My Approval In Replacing Naira Notes - Buhari by hohafrank(m): 8:46am On Oct 31, 2022 |
Moh247:Most especially when the maximum daily cash lodgement is #3,000,000 for corporate entity.That will take about 330 days to lodge #1billion in a single account. |
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