Ubongikouwem:
Sure, what did you expect.

Buhari is the wisest politician ever.

Wise?? at this your age?

Pinkyposh:


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

Because if you retain any old note beyond 31st January 2023, it will become useless. No bank or person will take it from you anymore.

Truth234:


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.

When and where did I mention bank managers? What's the correlation between your 2nd paragraph & whate6it is you say I said before?

If you don't need cbn to explain the advantages and disadvantages, what is the justification for this exercise? Kindly explain the advantage of this exercise or the problem it will solve?

WibusJaga:
.

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

Arindin... Iwo logbon ju

IGBOSON1:


Probably because they're daft! We don't exactly have genuises stealing our commonwealth you know! Someone that can steal billions of naira at a go, can equally go steal a couple of billions more if the value of the one he hoarded in his bedroom devalues!

Na you get sense pass

chinnyonwu:


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?

The way CBN will differentiate is that a genuine business man buying dollars for business will simply initiate a local transfer for whatever amount of dollars he wants to buy, to the account of the BDC operator. How many business men do you see moving with cash? Because how many of their clients pay them in cash?

But that corrupt politician who has stashed billions of naira at home since 10 years now, he is the one that would want to buy 10million dollars and tell you that he’s paying in cash.

Are you even away that those BDCs may have been warned of certificate withdrawal if they are caught do such shady deals?

dettolgel:


Couldn't they just buy dollars, pounds and euros from bureau de change?

u are actually assuming that most corrupt politicians have sense

Here is 17 years own.

dettolgel:


Couldn't they just buy dollars, pounds and euros from bureau de change?

Yes, it could have been more better; you're right. Let me tell you my experience working in the bank in 2019.

Prior to 2019 general election, politicians were trouping to the bank from different States closer to Benin for cash withdrawal, but there was no readily available bulk of cash to be withdrawn. I was working back then, in the regional office with one of these commercial banks in Benin City.

So, old politicians know this. That's why some of them have been stock-piling bulk of naira a few years back to forestall naira short fall during elections. Even, BDC may not have cash to give, rather than engaging in electronics transfer. So, for them, hoarding of naira is the best bet.

The kind of money those politicians stole no be small thing just imagine an accountant general stole & hide #80bn not to talk of others.

CheapHomes1:


How did you come about your definition? Did you get from cbn?

Reading does not kill. If you cannot read, watch the press briefing.


https://www.youtube.com/watch?v=oQVb7NRGJb8&t

https://www.cbn.gov.ng/Out/2022/CCD/Press%20Remarks%20on%20New%20Naira%20BanknotesOct2022%20Final.pdf

In recent times, however, currency management has faced several daunting challenges that have continued to
grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:
Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;

Daviddson:
What are you even saying? When did you begin to support anything Buhari's govt does? What would it take those people to change their so-called hoarded naira into dollar? Is that not why naira is currently plummeting as we speak?

My brother, please, don't say that ooo. I have worked previously in the bank as an assistant cash officer, banks don't keep hard currencies for too long. Developed countries control their currencies like mad. Banks trade-off hard currencies at regular intervals in accordance with the regulated directive given by respective countries.

Do you know the risk associated with hoarding of foreign currency like dollar or pound. Those are developed countries who knows their onion. Don't just go there, else you risk losing your money for nothing.

Penguin2:


Because if you retain any old note beyond 31st January 2023, it will become useless. No bank or person will take it from you anymore.

Ok... What if the CBN didn't plan to redesign the naira, and such old notes are in circulation, does it mean anything?

xandy84:
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.

Look man people only hoard illegal money. Every legit business man and women have their assets in the bank system.
Corrupt politicians and criminals whom can't defend the source of the money choose to hoard or bury money in coffins like Pablo escober ..
So even if you guarantee deposits to an amount of 10 billion. If criminals knows they can't depend it they rather stash it away

Pinkyposh:


Ok... What if the CBN didn't plan to redesign the naira, and such old notes are in circulation, does it mean anything?

No. It would still have remained a legal tender.

AstraDroid:
Still so clean?

Na part of the ones person bury for ground them dey release gradually.

Penguin2:


No. It would still have remained a legal tender.

Alright thanks ☺️

dettolgel:


Why would you do that? Even if you do bdc operators have insider in banks. Bros this is Naija if you know your way you can pull it off by just giving up 10 pc of the cash.

Not in all cases jare'

Pinkyposh:


Alright thanks ☺️

You are welcome, Pinky!

Hope you are good?

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.

There's no need hoarding naira notes. The value of that note when it was minted was $2.5. Today it's equivalent to $0.8.

aieromon:


Reading does not kill. If you cannot read, watch the press briefing.


https://www.youtube.com/watch?v=oQVb7NRGJb8&t

https://www.cbn.gov.ng/Out/2022/CCD/Press%20Remarks%20on%20New%20Naira%20BanknotesOct2022%20Final.pdf

With all your reading, you ended up being unable to answer the simple questions.

1. How did you come about your definition?

2. Did you get from cbn? Simple yes or no.

With all your press briefings and YouTube videos, how does the statement below the definition of hoarding?

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

The hoarders have started bringing the money out. Awon werey!

That note has been in circulation since 2005, it has been reprinted with the same security number.

Penguin2:


The way CBN will differentiate is that a genuine business man buying dollars for business will simply initiate a local transfer for whatever amount of dollars he wants to buy, to the account of the BDC operator. How many business men do you see moving with cash? Because how many of their clients pay them in cash?

But that corrupt politician who has stashed billions of naira at home since 10 years now, he is the one that would want to buy 10million dollars and tell you that he’s paying in cash
Are you even away that those BDCs may have been warned of certificate withdrawal if they are caught do such shady deals?

I have told you many times but you refuse to listen, he wonr pay 10m worth of cash to one BDC. He wjll spread it through little 10m payments to multiple c
Exchangers and with the help of his friends.

Also do you realise that there are so many unofficial forex exchangers? Even here on Nairaland? Have you ever gone to the buisness section?

What about local bitcoins dot com?

By the way, you started with 100m naira, did you catapult it to 7bn naira just to prove a point?

Finally i ask again, why is CBN doing this at this tjme our currency is still very unstable? Do you realise that even if a few scapegoats are caught, many billions of naira will still enter into the system uncaught?

Also, when the scapegoats are caught, what will be the outcome? What has been the outcome of poeple that EFCC have been pursuing and catching since 2015?

WibusJaga:
.

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

Because it is either looted, stolen or proceed of kidnapping.
No more rest for looters and hoarders.
We are expecting free flow of cash in the circulation this December.

CheapHomes1:

With all your reading, you ended up being unable to answer the simple?

1. How did you come about your definition?

2. Did you get from cbn? Simple yes or no.

With all your press briefings and YouTube videos, how does the statement below the definition of hoarding?

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

https://www.thecable.ng/naira-redesign-efcc-moves-to-clamp-down-on-currency-hoarders/amp

https://www.thisdaylive.com/index.php/2022/10/26/citing-excessive-cash-hoarding-counterfeiting-prevailing-security-situation-cbn-to-release-redesigned-naira-notes/amp/

https://tribuneonlineng.com/cbn-cites-hoarding-counterfeiting-as-reasons-for-redesigning-naira/

Let me requote the CBN governor's words again. Please read and understand CBN's position. I have added more links for your reading consumption. Reading is fun.

Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks. To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public. This is a worrisome trend that cannot be allowed to continue.

The stunning aspect of this very note is that it's still very new ( unused)

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

Then it was worth $4.00

The exchange rate then was $1-N122 or so

aieromon:


https://www.thecable.ng/naira-redesign-efcc-moves-to-clamp-down-on-currency-hoarders/amp

https://www.thisdaylive.com/index.php/2022/10/26/citing-excessive-cash-hoarding-counterfeiting-prevailing-security-situation-cbn-to-release-redesigned-naira-notes/amp/

https://tribuneonlineng.com/cbn-cites-hoarding-counterfeiting-as-reasons-for-redesigning-naira/

Let me requote the CBN governor's words again. Please read and understand CBN's position. I have added more links for your reading consumption. Reading is fun.

So you mean that with all your reading, you can't answer simple questions?

1. How did you come about your definition?

A: I came about my definition by......

2. Did you get from cbn? Simple yes or no.

With all your press briefings and YouTube videos, how is the statement below the definition of hoarding?

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

Penguin2:


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.

No! Possibly more than 95% of Nigeria's wealth are in the hands of 5% of the population.

Hidden money making their way to the public space. Currency redesign is a goal

So surprised to see ATM machine releasing new notes today