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Nairaland Forum / Nairaland / General / Business / 15-Year-Old ₦500 Note Currently In Circulation (Pictured) (92146 Views)
It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦500, ₦1000 / Video Of Nigerians Arriving CBN Office With Sacks Of Old ₦500 And ₦1,000 Notes / Fisayo Fosudo Redesigns The ₦500 Note Through Photoshop (2) (3) (4)
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Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Kingspin(m): 6:32pm On Nov 01, 2022 |
Ubongikouwem:Wise?? at this your age? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:33pm On Nov 01, 2022 |
Pinkyposh: 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. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 6:34pm On Nov 01, 2022 |
Truth234: 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? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Fearyourcreator: 6:34pm On Nov 01, 2022 |
WibusJaga:Arindin... Iwo logbon ju |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Fearyourcreator: 6:37pm On Nov 01, 2022 |
IGBOSON1:Na you get sense pass |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:39pm On Nov 01, 2022 |
chinnyonwu: 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? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by TheOgaBoss: 6:39pm On Nov 01, 2022 |
dettolgel:u are actually assuming that most corrupt politicians have sense |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Akanoaaa(m): 6:41pm On Nov 01, 2022 |
Here is 17 years own.
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Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Nobody: 6:42pm On Nov 01, 2022 |
dettolgel: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. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by bizzibodi(m): 6:46pm On Nov 01, 2022 |
The kind of money those politicians stole no be small thing just imagine an accountant general stole & hide #80bn not to talk of others. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by aieromon(m): 6:53pm On Nov 01, 2022 |
CheapHomes1: 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 |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Nobody: 6:57pm On Nov 01, 2022 |
Daviddson: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. 2 Likes |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Pinkyposh(f): 6:57pm On Nov 01, 2022 |
Penguin2: Ok... What if the CBN didn't plan to redesign the naira, and such old notes are in circulation, does it mean anything? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Mercury12(m): 7:01pm On Nov 01, 2022 |
xandy84: 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 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 7:06pm On Nov 01, 2022 |
Pinkyposh: No. It would still have remained a legal tender. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by sniperr007(m): 7:07pm On Nov 01, 2022 |
AstraDroid: Na part of the ones person bury for ground them dey release gradually. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Pinkyposh(f): 7:09pm On Nov 01, 2022 |
Penguin2: Alright thanks ☺️ |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Nobody: 7:11pm On Nov 01, 2022 |
dettolgel:Not in all cases jare' |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 7:12pm On Nov 01, 2022 |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Ganjafama(m): 7:14pm On Nov 01, 2022 |
Penguin2: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. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 7:23pm On Nov 01, 2022 |
aieromon: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." |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by sisisioge: 7:24pm On Nov 01, 2022 |
The hoarders have started bringing the money out. Awon werey! |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Mummyimbecile(m): 7:25pm On Nov 01, 2022 |
That note has been in circulation since 2005, it has been reprinted with the same security number. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by chinnyonwu(m): 7:29pm On Nov 01, 2022 |
Penguin2: 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? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by PlanktonX: 7:35pm On Nov 01, 2022 |
WibusJaga: 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. 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by aieromon(m): 7:36pm On Nov 01, 2022 |
CheapHomes1: 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. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Ofiadiegwu: 7:43pm On Nov 01, 2022 |
The stunning aspect of this very note is that it's still very new ( unused) 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by grandstar(m): 7:55pm On Nov 01, 2022 |
jumper524: Then it was worth $4.00 The exchange rate then was $1-N122 or so |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 8:05pm On Nov 01, 2022 |
aieromon: 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." |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by socialmediaman: 8:05pm On Nov 01, 2022 |
Penguin2: No! Possibly more than 95% of Nigeria's wealth are in the hands of 5% of the population. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by luluosas(m): 8:05pm On Nov 01, 2022 |
Hidden money making their way to the public space. Currency redesign is a goal |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Senator777: 8:05pm On Nov 01, 2022 |
So surprised to see ATM machine releasing new notes today |
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