No Be Small Thing ooooo

This is a big trap and many of the looters will fall for this. The money will get back to the economy and the depositors will be efcc guest in no distance time.

mrvitalis:

We are too broke for that ...the aim was to push out the money in hiding

Same thing CBN did with the fake news that dollars below 2021 won't be accepted from next year ...reason the dollar crashed

Very possible, its always a game.

Shame on CBN.

Why do they make policy that they have no interest in enforcing??

This is just defeating the cashless cash limit policy..

Why even bother about Nigeria and its burden sef.. shameful, very shameful!!!

mrvitalis:

This was the aim ...no plan to print any new notes

I was also thinking in that direction, maybe its a ploy to bank the money that are outside the banking system. But, won't they withdraw their money back without restrictions later?

mrvitalis:

We are too broke for that ...the aim was to push out the money in hiding

Same thing CBN did with the fake news that dollars below 2021 won't be accepted from next year ...reason the dollar crashed

when did they make such announcement, I did not hear of it.

The Commercial banks are to blame because they give out a huge part of bank notes to POS operators.

To dthose who don't understand the rubbish said by CBN. They mean that no more restrictions on large deposits. Anybody can bring even 100billion to the bank and the bank must receive that money. This country is finished

Parachoko:



https://www.google.com/amp/s/businessday.ng/amp/news/article/naira-redesign-cbn-directs-banks-to-accept-deposits-beyond-cashless-policy-limit/

Misplaced priority.

Davidonkonsults:
When I saw people saying this CBN dead redesign plan was targeted at politicians, it was mildly funny.

Emefiele target corrupt politicians? What is he?

Am telling you, who will stop politicians?

pat077:
I was also thinking in that direction, maybe its a ploy to bank the money that are outside the banking system. But, won't they withdraw their money back without restrictions later?

Restrictions would be on withdrawal not deposit

GardenOfGod:
Hand of Politicians but voice of Emefiele.

If you know you know

LagosInter:
Please should I sell my dollars now?

Will dollars still rise?

Hold on..

I don't know why someone will put a cart before the horse. This latest directive is what the CBN outght to have released long ago.

It's a simple logic and arithmetic. You claimed some monies are being stored and withheld from circulation by some individuals; it's nice that you made such discovery; so what's the measure you are to put in place to force the monies out of their reach?

It's just so simple! The trick of redesigning naira and given the release date makes a good sense. But where the CBN has missed it was when they still placed a limit on the deposit. Contrary to the former, they should have removed the limit on the deposit ( like they just did) and maintain the limit on withdraw.

Moreso, we can not all be daft, we all know no money is going to be redesigned

We will start seeing bullion vans running all over the place now.

Bank managers done hammer

asainco:
Someone should please explain this to me as if I am a five year old

They said money is not good for our health and it's the root of evil. The CBN is trying to advise us to avoid money if we want to live long. I think they're right.

This should be a method by government to trap people to bring their loots to the bank for deposits. Not necessarily giving the depositors back all the deposited back in cash since we are encouraging cashless transactions. In that case , cbn do not need to print much cash. Efcc should be in every bank to monitor and have a record of heavy cash depositors for necessarily action. This requires a lot of sincererity by the government.

iLegendd:
They said money is not good for our health and it's the root of evil. The CBN is trying to advise us to avoid money if we want to live long. I think they're right.

anything concern

imagrg:
The Commercial banks are to blame because they give out a huge part of bank notes to POS operators.

How much do you think a POS operator can collect? BTW customers also go to the bank to withdraw for business. POS operator only render minor cash services to people. Instead of you to focus on corrupt politicians that are hiding billions away..you dey talk small POs business.

asainco:
Someone should please explain this to me as if I am a five year old

Perchance you have Naira Notes stashed away in your sceptic Tanks, Water Tanks, the CBN says don't be afraid, bring them to the Deposit Money Banks and lodged them even if it is above the Daily Thresholds of #500k for Individuals and #3m for Corporate bodies.

codedguy1:
We will start seeing bullion vans running all over the place now.

Bank managers done hammer

I tell you!

Extra mulla for the Bankers if they play it smart. For every #1m that can go in, a fixed or ven variable will go to the Banker.

Lol. No bi wetin I talk? How could it be against politicians when it is generally for their benefit?

asainco:
Someone should please explain this to me as if I am a five year old

This the reason dollar is crashing. The people that rushed the dollars (because they couldn’t do above a certain deposit to the bank) have stopped rushing dollars and taking the stashed cash to the bank daily. Banks have even opened on Saturday to receive those monies. So no need to rush dollars again

asainco:
Someone should please explain this to me as if I am a five year old

I'm guessing Emefiele is still backhandedly supporting the black market currency trading market. He's the one that initiated these new banknotes policy without notifying the Buhari administration. The Minister of Finance said her ministry was not counseled about the Naira change by the CBN but seems they won't waste the time and energy to block it in the final months of this government. Hopefully the next President brings in a new CBN governor that can handle the complexity of the appointment.

GardenOfGod:
Hand of Politicians but voice of Emefiele.

If you know you know

How can you explain?

SenatePresdo:


Why do you think so?

Buhari did it in his first spell in the 80s

But it's not same Buhari we have in the helm of affairs now

darelar:
This is a big trap and many of the looters will fall for this. The money will get back to the economy and the depositors will be efcc guest in no distance time.

The looters are sharp too. So they may use part of the money to buy properties & use proxies to change it

asainco:
Someone should please explain this to me as if I am a five year old

they said sub banks that would be taking old naira notes should not charge any one coming with amount that is beyond the normal amount the person should have and that the main cause of the naira redesign is the excessiveness of counterfeits in the whole country therefore making the original note powerless

and lastly the adviced to change currencies like N5, N10, N20, N50
to coins to decrease the supply of counterfieting in the country which i primarily agree to

I don forget the last time wey I enter bank go deposit money sef. This Emefiele na complete dunkey I swear. No matter their policies those wey go survive go those wey go OVB go OVB. Policy to favor the rich and punish the poor.

eminikansoso:
Rubbish
All dumped and stacked Naira notes will be moved into banking sector.
All politicians that stacked money in their house will move it quickly to the Banks with the help of Bank managers

The aim is to make people move the money they stock in their safety tanks, pit toilets, warehouses and farms etc to the banking system.

iscom:
OK

Ok

TheMostComplex1:



How can you explain?

Politicians forced him to concede. Going against extant CBN deposit policy is not from his own making.
I can't explain further.