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Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts - Business - Nairaland

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Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Islie: 9:31pm On Nov 23
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people…




The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people will fill countless forms and provide their data before they can withdraw large amounts.

Emefiele also said the redesign of the N200, N500 and N1,000 notes was not targeted at any individual or group of people in the country.


He stated these on Wednesday while fielding questions from State House reporters after the launch of the redesigned naira notes by President Muhammadu Buhari at the Council Chambers of the Presidential Villa, Abuja.

Emefiele, who said the CBN was only doing its job, insisted that cashless policy would be implemented nationwide.

On how the plans would succeed when told that the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, said some governors were trying to frustrate the new policy, the CBN governor said: “Like I said earlier, our policy of redesign and reissue is not targeted at anyone. But of course we have the laws and we will indeed be more intense in ensuring that the provisions of the law and our CBN regulations about the size and volume of currency that people can carry, or hold or withdraw, we will insist that this is done going forward.”

He added, “In other countries, in the US, you want to withdraw $10,000 from the counter, you will be interrogated, you will fill numerous forms, they will even track the use of that $10,000 cash that you are withdrawing. Or you want to withdraw £10,000 from the counter, they will refuse and if you insist, then you will fill forms.

“The problems we have had in the past is that we say this is a cash economy. There is no economy that is inbuilt thinking that it has to be cash economy. The world has moved away from predominantly cash to cashless economy. And I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy.

“And that is the reason for the reissue of these notes. We will insist that cashless would be nationwide. We will restrict the volume of cash that people can withdraw over the counter.

“If you need to withdraw large volume of cash, you will fill uncountable forms. We will take your data, whether it is your BVN, your NIN so that enforcement agencies like EFCC or ICPC can follow you and be sure that you are taking that money for good purpose.”

Emefiele warned Nigerians against holding of the old notes, saying there was no going back on the January 31st 2023 deadline to completely render the old notes useless.

“We have to work as a country. Nigeria is the biggest country both in population and economy in Africa and we have to ensure that we do things the right way that also positions us as the leader in Africa and one of the leading countries in the world. We must do things right and I think it would start from today,” he added.


https://dailytrust.com/naira-redesign-nigerians-will-fill-uncountable-forms-to-withdraw-large-amounts-emefiele/

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Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by PrinceOfLagos: 9:32pm On Nov 23
I saw the 500 and 200 naira notes with a friend today and it reminded me when I was 6 yrs old

I'm 29yrs old today , congratulations to me.

125 Likes 11 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by lhordspy: 9:35pm On Nov 23
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

Modified: I mean an Average citizen, not really common man per se.

131 Likes 18 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by lhordspy: 9:35pm On Nov 23
PrinceOfLagos:
I saw the 500 and 200 naira notes with a friend today and it reminded me when I was 6 yrs old

I'm 29yrs old today , congratulations to me.

Sorry to ask. How old are you again?

You cant be 29years old. You act and type like a primary 6 kid. Always.

72 Likes 10 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by PrinceOfLagos: 9:35pm On Nov 23
lhordspy:


Sorry to ask. How old are you again?

You cant be 29years old. You act and type like a primary 6 kid. Always.
Says a drug baron supporter

119 Likes 7 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by PrinceOfLagos: 9:37pm On Nov 23
The new currency will be so counterfeited

10 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by SNEFF: 9:41pm On Nov 23
May we not experience something more tougher after this regime, it could come from anyone

11 Likes 3 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by FreeStuffsNG: 9:43pm On Nov 23
If you need to withdraw large volume of cash, you will fill uncountable forms. We will take your data, whether it is your BVN, your NIN so that enforcement agencies like EFCC or ICPC can follow you and be sure that you are taking that money for good purpose.”

Emefiele warned Nigerians against holding of the old notes, saying there was no going back on the January 31st 2023 deadline to completely render the old notes useless.

5 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by LeoDeKing: 9:46pm On Nov 23
PrinceOfLagos:
The new currency will be so counterfeited
There are so many counterfeits.

There is currency counterfeit.

There is also counterfeit promise like the one below.

42 Likes 4 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by PrinceOfLagos: 9:48pm On Nov 23
LeoDeKing:

There are so many counterfeits.

There is currency counterfeit.

There is also counterfeit promise like the one below.
E pain dis one

27 Likes 3 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by owiko(m): 5:11am On Nov 24
Is it for Agbado and cassava, or for blulula balublu?

4 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by BluntCrazeMan: 5:12am On Nov 24
Ok Naa
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Gandah(m): 5:12am On Nov 24
Wahala
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Authoreety: 5:12am On Nov 24
Emefiele has failed Nigerians

4 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by BluntCrazeMan: 5:12am On Nov 24
THAT MEANS, THEY WILL STOP CHARGING US FOR MAKING WIRELESS TRANSFERS??


They made cashless policy useless when they started deducting money whenever we make transfers.
It became a beautiful nonsense to us.
It's no more attractive again.

13 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by ukehnonny: 5:13am On Nov 24
Everyday they bring out new rules to make the common man suffer, Cluelessness at its peak.

4 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by inoki247: 5:13am On Nov 24
lol untop my money abi dem dey du diz people ni undecided undecided undecided

1 Like 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by meobizy: 5:15am On Nov 24
By the next three years, the currency will be ubiquitous. Set the ball rolling for a cashless society, abeg. The world is leaving us behind.

2 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dochenaj: 5:16am On Nov 24
A cashless economy will save the CBN money used in printing new cash notes.

A cashless economy is the way to go, but there are limitations to it, and top on that list is literacy.

But we will get there.

10 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by GENES11S: 5:16am On Nov 24

...
We have to work as a country. Nigeria is the biggest country both in population and economy in Africa and we have to ensure that we do things the right way that also positions us as the leader in Africa and one of the leading countries in the world. We must do things right and I think it would start from today


After several years in office!, Good morning sir, how was the slumber?

4 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by TOPCRUISE(m): 5:16am On Nov 24
That means they couldn't track old naira notes that are stashed by kidnappers in hundreds of millions. Our currency is indeed on autopilot.
I hope this new notes eliminate such weakness.

2 Likes 2 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by BluntCrazeMan: 5:17am On Nov 24
I would like to be buying everything with wireless transfers,, including biscuits of N20.


But transfer charges wouldn't let me.

So, I have to be hoarding some physical cash., So I can use them to do some quick little little expenses here-and-there.





As for NIN and/or BVN, have they not been doing that before??
Before you get paid money from the bank using cheque, they will photocopy your ID-CARD.

Ok Naa.
This time around, we provide our NIN/BVN?
Then you better collect our phone numbers and check on both BVN/NIN portal.
If the information is not there (ie, either or both NIN and BVN portals are not tied to the number, or that they have differing identities) then you may decide to step up to second-level identification.

5 Likes 3 Shares

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad: 5:18am On Nov 24
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

A common man doesn't withdraw large sums of cash from the bank. The filling of forms won't affect a common man.

20 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Ezennia101(m): 5:19am On Nov 24
undecided beyond every reasonable doubt I have come to the conclusion that Nigeria is occultic, please believe what you want to but I’m still trying to understand why they have to make everything difficult for the masses …..Ya bu onwerozi Ihe mu na aghota undecided

3 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dochenaj: 5:20am On Nov 24
BluntCrazeMan:
I would like to be buying everything with wireless transfers,, including biscuits of N20.


But transfer charges wouldn't let me.

So, I have to be hoarding some physical cash., So I can use them to do some quick little little expenses here-and-there.
Well you never get to hoard up to 500,000 do you? And I bet the limit CBN will place will be higher than that.

2 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad: 5:20am On Nov 24
BluntCrazeMan:
I would like to be buying everything with wireless transfers,, including biscuits of N20.


But transfer charges wouldn't let me.

So, I have to be hoarding some physical cash., So I can use them to do some quick little little expenses here-and-there.

I don't see how this new policy will affect someone like you who wants to buy such N20 items in cash.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by itsene: 5:20am On Nov 24
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.
For once, just believe!

6 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by GOFRONT(m): 5:21am On Nov 24
Its like this policy is targeted at our gentlemen on the highway. Kidnappers!!!

10 Likes 1 Share

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dochenaj: 5:21am On Nov 24
Globad:
A common man doesn't withdraw large sums of cash from the bank
How many "common man" have up to 10 million naira in their bank account in this Nigeria.

I guess they don't understand the definition of common man.

5 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad: 5:21am On Nov 24
ukehnonny:
Everyday they bring out new rules to make the common man suffer, Cluelessness at its peak.

How exactly does this make the common man suffer?

How many common men have N1m or more in cash?

2 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by JoeNL22(m): 5:21am On Nov 24
President Obi......abeg!
Come and teach this guy economics
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad: 5:22am On Nov 24
LeoDeKing:

There are so many counterfeits.

There is currency counterfeit.

There is also counterfeit promise like the one below.

Don't mind the shameless guy

1 Like

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