Doubleoh7:
Why not get the cash counting machines that can also scan and print out the serial numbers just as it is done when withdrawing cash USD notes? Imagine the queue for withdrawals when someone will have to manually take down serial numbers of cash withdrawals by hundreds of corporate customers? Na those bank tellers and contract staff I dey pity for now cos their stress level just got trippled

who told you it's going to be done manually nitori Olo'un?

Some that is not sustainable. So with pen they have to write down all notes to what end?


Konfam.ng the best escrow service provider in Nigeria...be safe out there my people

dazzlingd:


When it comes to cost, banks are the number one most greedy people.
No bank will want to incur such cost to purchase those machines

No choice if it's not order. They wouldn't even dare to object.

walcruise:

Oga that's why its called advancement, the bank are wealthy enough to make provisions for that....after you will start comparing Nigeria to USA but don't want to sacrifice what it takes to be like them

You cannot make this comparison, stop speaking what you don’t know.

How many people do cash withdrawal at the counter in USA?

In Nigeria, cash work is like factory worker where person dey load bags of rice, even the foreign currency teller in the bank hardly count more than few pieces of dollar notes. You withdraw 1k dollars, that’s just 10 pieces of 100 dollars notes and the machine count and print the serial number.
How many people withdraw 10k dollars or 100k dollars.?
That 1k dollars is equivalent to about 700k naira.
Will they monitor the ones they load on the ATM machine as well?
Some things aren’t feasible nor realistic, they will just suffer the innocent bank tellers that already overworked and at the end abandon the mission

zolajpower:

Come and sew how bank staff will start to run and resign
The work will be too much for them

while some are resigning others are rushing in
the banking sector in Nigeria has the highest work force turnover

Cutehector:
how much is a foreign currency counting machine?

costs $700.

Good we shall trace every naira to see how they get to the hands of IPOB sponsorers !

SLIDEwaxie:
who told you it's going to be done manually nitori Olo'un?

And you think banks currently have machines to count the new naira notes?
I doubt any bank in Nigeria has machine to count naira notes and screen the serial number.
And if it is to buy, do you know the mad cost implications

BennyDGreat:


Redominating naira notes will do nothing....
What increases value of a currency is largely dependent on export earnings surpassing by far import

True oo. Didnt factor this part in.
Thanks.

dazzlingd:


You cannot make this comparison, stop speaking what you don’t know.

How many people do cash withdrawal at the counter in USA?

In Nigeria, cash work is like factory worker where person dey load bags of rice, even the foreign currency teller in the bank hardly count more than few pieces of dollar notes. You withdraw 1k dollars, that’s just 10 pieces of 100 dollars notes and the machine count and print the serial number.
How many people withdraw 10k dollars or 100k dollars.?
That 1k dollars is equivalent to about 700k naira.
Will they monitor the ones they load on the ATM machine as well?
Some things aren’t feasible nor realistic, they will just suffer the innocent bank tellers that already overworked and at the end abandon the mission

The ATM machine can be modified to install the scanning software and hardware.

lansile:
Good we shall trace every naira to see how they get to the hands of IPOB sponsorers !

IPOB that uses crypt0 to laundry funds?

Joker!

Favourchris:


Some of u still don’t understand the gimmicks, this rules are for the common man not political class

Lol... Only if you know... If it doesn't affect the politicians, why are summoning him at National Assembly and telling him to rescind the policy? With this now, it will be very hard to do vote buying... He wicked them so much that they can't withdraw more than 10m on a counter... The best option is transfer and transfer can be traced

Cutehector:
Foreign currency counting machines have provisions to take note of serial numbers when counted in contrast to our local counting machines.

It is obvious that when CBN governor is making policies, he doesn't take note of the current realities on ground.

What happens to gradually replacing the machines with the ones with the said feature...

No policy gets perfect and gives full result intended for at implementation, it takes some time.

What we should be concerned about is what the intention is for...which I believe, time will reveal

dazzlingd:


And you think banks currently have machines to count the new naira notes?
I doubt any bank in Nigeria has machine to count naira notes and screen the serial number.
And if it is to buy, do you know the mad cost implications

you can get at a discounted cost of $599, $499 and $399 if you buy 100, 1000 and 10000 machines respectively.

SLIDEwaxie:
who told you it's going to be done manually nitori Olo'un?

Read the article again and note the below portion

However, rather than take them down manually like they currently do with the new naira notes,

sircatherine45:


you can get at a discounted cost of $599, $499 and $399 if you buy 100, 1000 and 10000 machines respectively.

Are your saying this based on what your know or you are just estimating.
Lol, you must be joking
And how many machines do u think a branch will need?

Some of you need to take a class on consulting to know how to think logically so u can stop blind arguments on social media

staga:


Is this a loan app or what?

it's a bank it's on all mobile banking app

Emiefele wants to make sure every naira officially released by cbn or the banks is tracked!
It is a good innovation with the right technology.
It means that if a banks should move monies which are unmarked. Or can not be identified to have been issued from it's claimed source of release
Explanation or explanations will full ground because nothing wey you fit tell efcc

dazzlingd:


And you think banks currently have machines to count the new naira notes?
I doubt any bank in Nigeria has machine to count naira notes and screen the serial number.
And if it is to buy, do you know the mad cost implications

They had better go and get the machines required to do so!

dazzlingd:


Are your saying this based on what your know or you are just estimating.
Lol, you must be joking
And how many machines do u think a branch will need?

Some of you need to take a class on consulting to know how to think logically so u can stop blind arguments on social media

estimating? when you can't consult a sales sites? you must be a sorry asshole!

Alibaba page is there to consult, but no, you go ahead and spill trash. Now look who's the fool here.

sircatherine45:


The ATM machine can be modified to install the scanning software and hardware.

Easy talk, the cheapest thing is talk

Doubleoh7:
Why not get the cash counting machines that can also scan and print out the serial numbers just as it is done when withdrawing cash USD notes? Imagine the queue for withdrawals when someone will have to manually take down serial numbers of cash withdrawals by hundreds of corporate customers? Na those bank tellers and contract staff I dey pity for now cos their stress level just got trippled

I think the job of taking down the serial number will be done in the inner room before it gets to the cashier, and Its going be just the first note on any bulk, since the currency is new, it most have been arranged in serial code from the apex bank. That will help the banks to carry out their activities swiftly in absence of the scanning machine. No sane being will have that time luxury to take down serial numbers of every cash withdrawed on daily basis.

dazzlingd:


Easy talk, the cheapest thing is talk

when there are professional technicians who can do it? wetin you dey spill, bros?

This is a good innovation!

Psady:
I think the job of taking down the serial number will be done in the inner room before it gets to the cashier, and Its going be just the first note on any bulk, since the currency is new, it most have been arranged in serial code from the apex bank. That will help the banks to carry out their activities swiftly in absence of the scanning machine. No sane being will have that time luxury to take down serial numbers of every cash withdrawed on daily basis.

Obviously the solution is for the banks to get the machines needed nah!

sircatherine45:


estimating? when you can't consult a sales sites? you must be a sorry asshole!

Alibaba page is there to consult, but no, you go ahead and spill trash. Now look who's the fool here.

Now get out of my mention! Animal in Human form!

No joke, you and I are not on the same level of thinking nor experience.
I have worked in that same bank in different departments before I left some years ago. Do u know how long it takes a bank to replace one machine? Do you know the cost of even the regular counting machine? Or the cost of replacing one FX counting machine? If you don’t know the internal processes of something, don’t argue with those with the knowledge.
Apart from that, your analytical skills is far below the person u are arguing with, I will advise you to start studying case interview because these are interview questions you may face if u want to work in top investment banks or consulting firms

Which kind punishment be this

Nawa o

How long will they do this?

Viridis:
All these work on top small salary
Bankers go suffer tire

Who told u they are after low income earners?
These is one of the steps to make the country better for poor people and here u are complaining...

All this because of thiefunubu that baba has a criminal tendency to move CBN to burdillon if he wins