Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Meanwhile many of them are so desperate to change their kept Naira to dollar as they can't take it to the bank thereby causing dollar scarcity. Dollar will surly reach #1000 to a dollar soon.

Tinubu parked the money from your father's house abi ? eleribu

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Truth234:


CBN said N2.7 trillion outside the banking system. if N50 million will take you three weeks, please do N2.7 trillion. You shouldn't get through N500 million before the BDC/Aboki set you up or people you are working with go rogue.

But the 2.7 trillion is not in one person's hand? But I understand the point you are trying to make.

SmartyPants:


We dont have any where enough dollars to change all the hoarded naira.

And contrary to what you might think EFCC is watching the Bdc guys. Today, for example, across the nation black market traders have been raided.

Are you not aware?

I am not aware.

SocialJustice:
Billions, cash hoarders don't hoard 100 million. Imagine a 3 bedroom apartment filled with money.

siraj1402:
Meanwhile many of them are so desperate to change their kept Naira to dollar as they can't take it to the bank thereby causing dollar scarcity. Dollar will surly reach #1000 to a dollar soon.

At the end of this money redesign you’d see it’s not the criminals that’d suffer but regular citizens

WibusJaga:
.

Why would anyone hoard Naira that the value devalues on daily basis. I'll rather hoard Dollars.

because they didn't work for it, they simply stole it and it doesn't matter how much value it loses, cos they stole alot

Omo make d money flow enter street as long as its not fake money i go spend am weller before the expiration date i go don use am buy many things

aieromon:


Look at the picture closely. That is a bundle.

If 2.7 trillion naira out of 3.2 trillion is outside the vaults of the commercial banks, that is currency hoarding.

How did you come about your definition? Did you get from cbn? What makes you think that a will have up to 1trillion in it's vault in the first place? What will banks be doing with that kind of money in the vault when customers are queueing up looking for cash?

You are ridiculing yourself with your analogy because you suppose that all the money should be in bank vaults. That supposition is actually the hoarding because money is of no value sitting in a bank vault. Money is only useful in the hands of the consumers not bank vaults.

If a person decides to keep all his money at home, that is his business. Not yours or the CBNs. It's his money. As far as I know, I don't remember hearing any nigerian complaining of scarcity of naira notes. Pls get your facts and stop making up stories

Changing of this note doesn't change anything, this is the result, most of this big man politicians have the manager of Nigeria banks in their pockets who change this money for them at anytime... ChangIng of this note it's just another corruption

SmartPolician:


You cannot hoard Dollars because it has an expiry date. I don't know why they haven't done the same for naira.

Use Google.

yinkeys:


They’d buy food & gifts in large quantities & hoard
At the end of this money redesign you’d see it’s not the criminals that’d suffer but regular citizens

God bless you

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Don't mind them jare! Don't you think also these corrupt polithieficians and kidnappers will not have insiders in the banks to change the money to the new ones? Trust Naija bankers with kickbacks.

Gbeng30:
Changing of this note doesn't change anything, this is the result, most of this big man politicians have the manager of Nigeria banks in their pockets who change this money for them at anytime... ChangIng of this note it's just another corruption

Thank you my brother. U got it

Truth234:


CBN said N2.7 trillion outside the banking system. if N50 million will take you three weeks, please do N2.7 trillion. You shouldn't get through N500 million before the BDC/Aboki set you up or people you are working with go rogue.

And so you believe cbn? Has CBN been able to explain the justification for this exercise? Has it been able to explain the advantage of this exercise or the problem it will solve?

jumper524:
Could this be as a result of the cbn plan to change currency or a mere coincidence?

u use am and dem no collect am?

Penguin2:


It’s a tricky one…

How would you wanna change 100million naira to dollar and you wanna pay in cash?

That Bureau De Change you are going to pay 100million cash to, how would he deposit it without running into trouble?

You mean if you had 1 month to launder 500m naira in a country with thousands of bitcoin traders and official & unofficial bureau de change operators, plus having relatives and friends who can also get involved for a little cut, you cannot?

That will be a shame.

I hope CBN has a better reason for this

dettolgel:


If you are talking of billions I may agree with you a bit. But 100million come on. 2 million go to 50 different BDC or 5 million with 20 BDC. You can get it all done within 3 weeks.

...and for how long do think someone can escape judgment?...the person's visit to the last BDC may be his last, he may have an accident, slump or get arrested on his last trip.

what kind of slowpoke hordes naira

CheapHomes1:


And so you believe cbn? Has CBN been able to explain the justification for this exercise? Has it been able to explain the advantage of this exercise or the problem it will solve?

I don't need CBN to explain the advantages and disadvantages of this to me, I know how it works. Also, I don't have to believe CBN when CIC is published every quarter. Even CBN will not be able to function in so many areas like Interest rate adjustment/fixing, fiscal policy, manage inflation and many more without the data used for this particular decision.

This is not new to financial guys. In your other comment, I noticed you mentioned bank managers? There is a cashless policy, meaning every transaction is capped even for banks. How much is their operating capital? for the Fugaz is more than N300 billion. Any unusual transaction would be flagged.

xandy84:
You asked a valid question. Money does not expire, so what's wrong with money made in 2007? Nothing absolutely. I believe Nigerian government always love throwing controversial topics out there to the populace to distract from their poor performance. The year a currency was made has zero relevance but the purchasing power of the currency is what matters.

They are hoarding the naira notes. Unused naira should be in the banking system not stash in the house. That is the main point

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Please school me
What are the implications of having old notes in circulation.

chinnyonwu:


You mean if you had 1 month to launder 500m naira in a country with thousands of bitcoin traders and official & unofficial bureau de change operators, plus having relatives and friends who can also get involved for a little cut, you cannot?

That will be a shame.

I hope CBN has a better reason for this

Now, imagine that there are 100 more people like you employing same tactics as you, can you imagine the chaos that would cause and the fact that it would draw the attention of the authorities?

And do you really think CBN and EFCC is unaware of such avenues? You think they have no plans against such people?

Penguin2:


Now, imagine that there are 100 more people like you employing same tactics as you, can you imagine the chaos that would cause and the fact that it would draw the attention of the authorities?

And do you really think CBN and EFCC is unaware of such avenues? You think they have no plans against such people?

Yes, since there are 100s of us, please explain how exactly CBN intends to know who is legit buying dollar for business and the ones buying cos they are trying to convert stashed naira?

How will they differentiate?

While they are at it, naira is falling to 1000 against the dollar harming the common man (who are in the far majority) while CBN is chasing looters.

The looters EFCC has been chasing since 2015, what was done to them?

BreconHills:


Sorry, why can't they deposit it in a bank? The bank will even send a bullion van to collect it and return new notes to them next day. Banks are looking desperately for cash to shore up year end results.

Let's not see every event through the lense of politics. Na beginning of craze be that.

Next thing people will see Messi endorsing a Nigerian politician.

Lol!

Don’t talk as if you are in kindergarten.

The average daily cash deposit by an individual is 5million naira. Anything above that is usually reported to EFCC.

Similarly, the average daily deposit by corporate businesses is 10million naira. Anything above that will be reported to the EFCC. Any bank that fails to do this is usually fined heavily which makes banks wanna comply.

Now, a bank sending a bullion van to bank naira from someone’s house is not the problem, the problem is that as the bullion van is on its way to your house, report is on its way to EFCC and NFIU. And you will have to go and explain to EFCC how you came about the huge cash.

siraj1402:
Meanwhile many of them are so desperate to change their kept Naira to dollar as they can't take it to the bank thereby causing dollar scarcity. Dollar will surly reach #1000 to a dollar soon.

How many times have you seen a Tinubu or atiku in the bank? They don't need to take their money to the bank. The bank will come to them and go and deposit their money for them

endy69:

What you don't want to know is that these men get forex traders that can transfer even 10billion naira into dollars, buy properties etc. 1month is too much to change money except you are stupid. They will only loose a few naira

So the forex trader that changed 10billion naira to dollars for you, where would he keep the cash after he has taken it from you?

Is there a law that prevent people from having a billion naira under their beds? Government can prevent hoarding by guaranteeing deposits to certain amount but people still decide what they want to do with their money either deposit it in a bank or put it under their beds. For example, there is a law in US that guarantee all deposits upto $250k in case anything happens to the banks. That law encourage people to deposit against keeping it at home.

Mercury12:


They are hoarding the naira notes. Unused naira should be in the banking system not stash in the house. That is the main point

RepoMan007:

You are so uninformed

If they truly have notes kept for vote buying, it is as simple as using it to buy vote buying commodities like rice / beans / garri / palm oil and distributing directly to reduce their cash need for direct vote buying.

Maybe you are not aware, the food inflation which isn't corresponding with cost of production jump is being orchestrated by some political big wigs.
They go to communities that cultivate specific crop like beans, offer the farmers the cost of the expected harvest shortly before harvest and store it. When sarcirg hits and distributors or wholesalers go to farming community they usually get food, the encounter a rigid inflated price because the politicians van afford monopoly.

Changing currency can't stop vote buying to any reasonable extent.

So, you are saying that on Election Day, politicians will go to polling units with trucks filled with bags of rice and after voting for him you go and carry one bag of rice and opposition supporters will just be looking at them?

BATified2023:
so Peter obi didn’t steal money?
Sorry I forgot he’s an angel


So one day an Igbo hater could hail buhari

and you think Peter obi and some other politicians didn't know about this policy many months before it was made public... lol

The CBN Governor is corrupt he is a partisan CBN Governor... he wanted to run for the office of the President, he works with a lot of corrupt people, so don't think this policy will affect the elites and politicians... it will only affect the common man, that's all

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

The second paragraph is my happiness. Bullion vans will be escaping every night

socialmediaman:


You see, I am well informed about the level of corruption in our beloved country. We're not talking here about ordinary yahoo boys storing billions of naira. These money were probably made from illegal arms deals, illegal refineries, billions of dollars borrowed to fight BH etc. How much power do you think the CBN governor has? He doesn't even have the power to do anything. He works for the president.

OK so he finds that some cabal member who is also a general is buying millions of dollars, and he does what? Before he even gets to tell his boss what is going on, word has gone to boss about his own illicit deals, and his boss will announce his replacement with immediate effect. Next thing EFCC will raid his home and put him on trial and the story will die a natural death

You're living in Nigeria bro. There's a reason we are where we are today.

Read this story I published here 2 years ago for context: https://www.nairaland.com/5981088/know-people-know-people-then

See, it’s that way everywhere in the world even in America, UK, etc.

There will always be some people that are too connected to be trapped by this kind of policies.

The question is, is it every corrupt thief with a stash of cash in his house that can pull such strings? Only about 5 or 10% of the targets that can pull off the kind of thing you are talking about. The remaining 90% will be caught in the web.