VillagePipu:


Lol
I laugh at your naivety. You have a good mind but you're not realistic.
If you have friends within the banking space, just ask them how this cash swap thing is going.

My wife is a banker. I worked in the bank. The swap yes will cause inconvenience, but this is minor compared to the benefits. Look in the financial circle globally Nigeria is among the red flagged countries for monet laundering, we have consistently failed all Money laundering certification tests as a country. This move is classic and the best for the country. It is a three pronged strategy. First redesign the currency and force those who have cash hidden outside the system to bring it in. Next redesign the AML policy to limit cash withdrawals and criminalise large cash withdrawals. Next redesign the cashless policy which makes it such that large withdrawals must be carried out using online channels, and make reporting of suspicious transactions easy for banks.

Felabrity:
These corrupt politicians can cry from now till tomorrow, Buhari will not move a dime

Incase you are not aware, majority of this cash is held by corrupt civil servants, people in rural areas and farmers. Politicians rarely keep Naira cash, they rather keep hard currency. Na civil servants when dey collect kickback. Secretary, Directors, perm secs, MD et al get this cash up to billions atimes. They are the ones this policy will affect more.

NotKnown:
There are things the redesign will do.
Like the OP stated, corrupt people will be forced to bring out their looted funds or it will be rendered useless.

For those who think they will still get a hold of the new cash and store them, well one bad news for them again is that this new note is not as durable as the old note. They won't last long while hidden somewhere.

I think what will happen is that the govt will extend it by 1 or 2 weeks. But make sure it is fully effective by election period so those who stashed money to buy votes will be rendered useless.

Then when that is done, some months later, the new government or CBN will come up with one story and say we can use both notes simultaneously just like we used the redesigned N100 notes some years ago. Then they gradually and systematically retrieve the notes back.

see let's stop fooling each other,the reason the new note is not in circulation properly is because politicians were the first set of people to lay hands on it.....if you think there will be no vote buying,then I wonder how you think.If you are a friend to atiku or BAT and you head a bank,are you telling me you will refuse me changing the old notes?

The new notes are not enough.Hence,the extension.

VillagePipu:


Politicians actually have access to the new notes and they have exchanged old notes for new in bulk.
People that get dollars from CBN are those you think will be affected by this. I laugh.

If they have done this as you say, why are the politicians the largest wailing group on this? Oga I am in the system I know what I am saying.

juvewalex:
The New notes will still be stocked in large numbers as well in few years from now if government think this is the only way to fight against corruption while courts in Nigeria set free politicians when they face corruption charges.

You stole #9b and court would ask you to pay option fine of #100m .

If we all think these politicians would not have gotten the new notes in large number by now , then we lying to ourselves. People that their banks take cash to them in their comfort homes.

Oga, forget, this is affecting everyone.
If you had 9b in cash outside the financial system, you'll understand the reason the politicians are working against this move.
It will affect the politicians more.
Ask yourself, how much of the new notes were printed; how much will one politician stash away alone; why do you think the once empty senate sessions are becoming filled?
Well, they cannot be far from the fact that the move is targeted against them buying votes and other inducements.

What is the aim? Too many clowns in Nigeria ..if you want to deceive Nigerians just tell them your actions are targeted at the corrupt rich 😅😅😅 and watch them support you , that was how they supported Buhari because they thought he will jail Diezani and Akpabio 😅😅😅😅😅

Believeintruth:


You miss the point bro. This sudden move is the best thing the CBN has ever done because now it has made money laundering difficult and has boxed politicians and corrupt elements in a corner. If you bring large volumes of cash for swap, the banks are under obligation to report to NFIU and that singular move has put the person on the spot. What it means is that for a corrupt politician you are already giving the opponents material to institute a court case against you because moving with large wads of cash already contravenes the AML act which will be easily linked to vote buying, and if they decide to even use online channels it leaves an audit trail which will be traced to the politician.
This is good abeg.

You are very funny.
You are the one missing point. In fact I laughed loudly at your comment.
Which bank will report which politicians? Did a bank not send bullion vans to a politician's house in broad daylight? What did Buhari do? Did same Buhari not defend Gandollar who was captured on video stuffing wads of dollars into his pockets?

arejibadz:
only tinubu and his camp are scared

stop capping on dust!!!change naira to dollar,tinubu is very safe!!!tinubu pains is that people will look at the situation on ground and give APC a bad name which might affect his voting chances...

See shocking details: https://www.nairaland.com/7535960/why-must-pray-enemies

Felabrity:
These corrupt politicians can cry from now till tomorrow, Buhari will not move a dime

I repeat no Single corrupt politician is still holding his old naira note. This people just need to place a call to the MD of the bank they bank with and he will be in their house Live and direct. If an ordinary company director that makes some millions have a bank MD at a speed daily, what more can't a corrupt politician do.
By the way, majority of them don't have Cash in Naira, all in hard currencies. They only get to change it when it is month end to play staffs and settle bills.

bluefilm:
No need whatsoever to extend the deadline.

Before, I was skeptical but I think it can work... Where I live 90% of the cash on common man's hand is the new notes because some shops stopped accepting old notes last week.

Banks even opened on Saturday (despite very busy and crowed week), I felt sorry for the bankers (and I usually don't like banker but I pity them).

Hussein035:



Stop typing anyhow. The purpose is to make APC a very catastrophic party then return the power to north through Atiku. Tinubu will still win we are tired of the northern aristocrats who only believe in almajiri system to maintain poverty

Tinubu win wetin?? Una dey funny me I swear!!

Felabrity:
These corrupt politicians can cry from now till tomorrow, Buhari will not move a dime

Mugu's nor day finish,owner just day waste owner time ,they only redesign naira not Dollar, politicians and Moguls don't store naira but dollar's.. last last you are just supporting rubbish to slave your self

Exchange your 1000, 500, 200 for old 100 and 50 naira to make payments for good's and service at least those one are in circulation, no dey look for yeye new note that those commercial bank has given politicians and party money changer since last year. Wise up and stop complaining because nobody is listening to you

VillagePipu:
Politicians bring 50M old notes, manager takes it and gives them 49M old notes. Manager takes 1M.

Thank you,all I see are so dumb Nigerians that can see beyond their nose...The main reason the money is not in circulation is because politicians have the said new notes already and they are waiting patiently...

Believeintruth:


My wife is a banker. I worked in the bank. The swap yes will cause inconvenience, but this is minor compared to the benefits. Look in the financial circle globally Nigeria is among the red flagged countries for monet laundering, we have consistently failed all Money laundering certification tests as a country. This move is classic and the best for the country. It is a three pronged strategy. First redesign the currency and force those who have cash hidden outside the system to bring it in. Next redesign the AML policy to limit cash withdrawals and criminalise large cash withdrawals. Next redesign the cashless policy which makes it such that large withdrawals must be carried out using online channels, and make reporting of suspicious transactions easy for banks.

All these measures will fail when you haven't solved the inherent poverty in the nation. People are hungry and you want to fight corruption how is that supposed to work? Where is the buffer? In my village as we speak, people still have starks of cash they can't deposit in banks. They have gone to the bank 3 days straight, no way and they deal on food stuff. The unbanked in Nigeria are more than the ones enjoying financial services. It's a policy that came at a short notice and wrong timing. This is the sort of things that leads to protest in a sane clime. Buh the typical Nigeria notion is 'we go survive'.

As if the criminals don't have the new notes stacked up in their houses already, useless country!…... Na bank manager go carry the money come dia house sef.



Na common man dey suffer.

Why don’t they load one hundred naira note on atms? This would have at least helped

Obaaderemi2:
You are very funny.
You are the one missing point. In fact I laughed loudly at your comment.
Which bank will report which politicians? Did a bank not send bullion vans to a politician's house in broad daylight? What did Buhari do? Did same Buhari not defend Gandollar who was captured on video stuffing wads of dollars into his pockets?

Just say you don't know. NFIU has a lot of suspicious transaction reports on politcians I am telling you what I have information on. Let one just have an issue and you will shocked on the STRs from banks on their transactions.

kingsways:
Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

Oh, they've had enough time to circumvent it. One of the reasons the new notes are scarce is because politicians have moped them up for election in connivance with CORRUPT bank officials. Of course, the CBN also didn't print enough.

The victims of this are mainly ordinary Nigerians and traders from Awomama to Kaura Namoda.

juvewalex:
The New notes will still be stocked in large numbers as well in few years from now if government think this is the only way to fight against corruption while courts in Nigeria set free politicians when they face corruption charges.

You stole #9b and court would ask you to pay option fine of #100m .

If we all think these politicians would not have gotten the new notes in large number by now , then we lying to ourselves. People that their banks take cash to them in their comfort homes.

. Probably my thought on why we aren’t seeing the money in most ATMs, first supply still going to politicians offering bank managers N50m old notes in exchange for N30million new notes

Buhari just dey give Tinubu watowato. . .

Bahamas95:
As if the criminals don't have the new notes stacked up in their houses already, useless country!…... Na bank manager go carry the money come dia house sef.



Na common man dey suffer.

You dey mind them?!

safarigirl:
The funny thing is that, while this is sticking corrupt politicians to some extent, it also has an effect on the everyday masses, because there is now scarcity.

You know why there is sacarcity? Because banks are not releasing the new notes.

You know why banks aren't releasing the new notes? Because they carried a significant amount of those notes to some politician's house.

The problem with this country is dirty corruption on every level, and weak, useless institutions that bow to the whims of a few.

you have said it all,anybody that does not believe what you just typed is a big fool....Very sector is corrupt.Give a bank manager 50m and he will change 49m and keep 1m...one fool said we all should use card or transfer,so if I want to buy pepper or enter bike,I should do transfer,if I wan buy gala for hold up nko?

Obaaderemi2:
I talk am!
I wanted to collect just #5000 this morning. The ATMs are not working and the POS man said he could only give #2000 for a #200 charge.

Haaaaaaa. I dey laugh ooooo.

kingsways:
Countries don't just wake up redesign their currency because it involves a significant cost

Whilst reasons for redesign are numerous; in the case of Nigeria, Corruption is pandemic and a big problem. Corrupt and wicked Nigerians have stocked large amounts of cash outside the official financial system

One of aims of the current redesign exercise in Nigeria is obviously to tackle the issue of corruption by corrupt people who settle their corruption activities in cash

To extend the deadline will give these rogues more time to come up with ways to circumvent the redesign and therefore defeat the aim of the exercise.

this is just a negative policy, can not solve any problem like 1984

VillagePipu:
Politicians bring 50M old notes, manager takes it and gives them 49M old notes. Manager takes 1M.

You think that is the way it works?
Do you work in a commercial bank ?
Money from nowhere will just hit your bank gbam !! & Money from somewhere will your leave your valut to nowhere just like that.

gfelo:
Business Men and traders will pay the prize for this corrupt politician, is very bad when big men thief the poor suffer for it.

Now people are scared to collect old note, new note not available, how do u sell, and how do you buy, not every business men and traders use POS.

Every major business should acquire POS. With POS, you also get receipt of the transaction should anything go wrong.

That is how they run business in developed countries.

Too many cash transactions Leed to corruption, kidnappings and the rest.

The money we use for cash transactions should not be more than 20% of the country's purse.

Believeintruth:


If they have done this as you say, why are the politicians the largest wailing group on this? Oga I am in the system I know what I am saying.

Once the election comes and you see how they are spending the new notes, you will wonder how they managed to circumvent the policy.

VillagePipu:


Politicians actually have access to the new notes and they have exchanged old notes for new in bulk.
People that get dollars from CBN are those you think will be affected by this. I laugh.

There is a reason politicians are united in crying right now. 36 state governors from different parties came together in unity to appeal to the president less than a month to general election. They don't have enough to buy votes. CBN is intentionally limiting the circulation of the new notes...e go flow after election.