windvane:
I am yet to see Atiku openly condemning the policy

he has begged for extension

Trollronaldo:
it's not APC, every politician that wants to buy votes and rent Crowds including PDP.

See, there's no way it's not going to affect them. They might find some pallaitive ways around but it will affect them still

By palliative you mean the north will be share hard currencies and emilokan will be struggling to provide new notes.

God bless who ever wrote this.

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.

I believe in the new policy as it will change a lot illegal happenings in the country right now. One is the case of kidnapping, I want to see how they will take huge sum of money from their abductees without been tracked when we can only carry few amount of money.

seunlayi:
the current queue at the banks is one of the way it's affecting a common man. The new notes are scarce till now just a day to it's invalidity, an yet to touch the 200 and 500 version. This is unusual unlike the 1984 and other exchanges I have witnessed

There are POS outlets everywhere
The common man wants to make transactions, he simply gets the account number of the person he needs to send the money to, make transfer, send the slip as confirmation of payment.
How else do you think the implementation of daily withdrawal limits will work without mopping up of excess cash.
You wanted him to stop banditry, good, he’s doing that, by changing legal tender, the bandits will have to either change their mode of ransom collection which will make it otherwise very convenient for security agents to track them.
You want free and credible elections? If this model proceeds as planned, then politicians who have already stockpiled cash will hurriedly deposit these money in their various accounts, since it’s an unplanned situation, EFCC in liaison with the banks can atleast chase whoever they can easily and reduce vote buying & the overall pull of money on the elections
You want price reduction of local goods; everyone knows that the lesser the volume of physical cash flow exchange, there will be a big effect on price reduction of local goods.
The common man doesn’t need to carry much physical cash, the common man should take out time to educate his neighbors to adjust accordingly
So in one way, this is a way of financial education for the masses, call it upgrade
You wanted him to cut cost of government, then it should occur also that since the new designs are simple enough, then it should follow that production cost will also be reduced to a level.
In summary if Mr President & his team can weather the storm and the model proceeds according to plan then this will be a wonderful master stroke

We have survived this long, let’s be patient
On side: this news should be a good one for Obidients and lovers of New Nigeria
@CBNgov he’s the best not likes of Soludo
Abeg we Dey complain say Buhari no do anything, Oya na Good or Bad Mek we atleast support am to do one thing wey fit change our lives

Bullocks! .. The criminal politicians are far less affected by this impromptu, hasty, ill thought policy!

kingsways:


If your cash is safely in your account, you can use POS or bank transfer to pay your bills. You don't need to rush to get the new money

The people in the village will do transfer or swap their old notes to cowries Oga, reason deep abeg

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.

You are spot on, we keep chasing shadows in this country. May God help us

babyfaceafrica:


If I want to enter 250 bus, I should use bank transfer? If I wan buy pepper for market ko? Or take bike?.. Look, we need more new money that's my own. It isn't enough outside.
Nigeria runs a cash economy

The redesign didn't affect 100 note downwards.

faceland:


Just use ATM for new notes. Since 24th many shops stopped collecting the old notes. It's too risky having old notes.

how many ATM are dispensing such, and the queue isn't nice.

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

For 8 years PMB allowed them to embezzle the Naira, now he is giving them send off gifts by making there Money useless in a twinkling of an eye.

For christ sake what's the fuss about ?

They did not change 50naira and 100naira notes. i like the way the cbn has made this new note scarce. as a matter of fact they shouldn't make too much of it in circulation.

What they should do at this point is make more of the #50 and #100 naira notes so the masses can use that for their lite expenses anything you want to purchase above 5k make transfer. It would be difficult at first but eventually we would adjust to it.

Anybody who wants to hord cash then can hord the #20 #50 or #100 maybe this would discourage the act of hording our naira

Lastly at this point the Banks and POS should be dispensing 100naira notes so that those who'd be needing cash for lite expenses within 5k can have them..

#PEN

Fiscus105:



Talking as if bank officials are not even corrupt than politicians.

All these yahoo boys that their transactions passed through banking halls, how many have u reported?

U think we dnt know how bank officials collude with yahoo boys to defraud oyinbo people?


What about multi millionaires that their accounts domiciled in your bank, and in which they can't explain the sources of their wealth? Is bank officials not seeing that large volume of such money? What did they do about it?.

After election, all these gragra will die a natural cause.

Emefiele only trying to help his kinsman to win election jare.

Dude I understand what you are saying but the truth is this redesign policy is a masterstroke from CBN and daddy Bubu

Fiscus105:



If NFIU reports corrupt politicians and efcc spend whole lot of govt money to prosecute them, when court finally sent few of the politicians to jail, .... Buhari that's fighting corruption will now release them without collecting Kobo from money they stole.


Oga ur head need to be rechecked if u think Buhari and Emefiele want to fight corruption.

Dude try and be smart and understand where I am coming from all this is not because of fighting corruption, but to improve Nigeria's image in the AML world, because if we fail another AML certification again what it means is that it will be increasingly difficult for cross border transactions and who do you think will suffer it most?

Obaaderemi2:
You don't understand what she said. BAT is not complaining because he cares about the masses. He's complaining because the stress over the new notes and fuel scarcity would turn the masses against APC at the elections and hurt his chances.

Oga we are saying the same thing but in different angles how is he going to mobilize for vote buying?

kingsways:


When you have the kind of monumental corruption as the type in Nigeria, you have to pay the price to end it

You can only end corruption when the minimum wage is enough to cover two meals, descent shelter and basic healthcare for at least a family of three children; and when workers are assured of a healthy and stable pension.

Other than that, you're only joking.

Tell me, which civil servant will I offer 50k and won't sell government data to me? Let's not even talk about 500k.

Just dey play, dey play.

CBN should not succumb to any extension until after election,vote buying will drastically reduce as there wont be enough fund to go round. I'm sure that after election old notes will be acceptable again until if fades out of circulation.

windvane:
You still don't get it...don't worry but I am wondering how they pay rented crowds with new notes

If truly rented crowds are paid with new money the dynamics of money circulation would have made the funds to be fully in circulation and people will not complain about scarcity. How many rallies has Tinubu has in all that states in the past few weeks? If truly new money was circulated there it would trickle down in circulation and ease the currency shortage.

A banker makes 10M bla bla.what power does a bank manager have. Do you know banks are regulated and monitored internally and externally. Beer parlor argument..

This is a welcome development...In Buharis mandate I stand.

kingsways:


How will it affect the common man. My Common Man only needs to simply take his cash to a bank and pay into his account

But after paying into the bank what will you now have to buy things or pay for your transport fares because you won't get new notes in return.

kingsways:


If your cash is safely in your account, you can use POS or bank transfer to pay your bills. You don't need to rush to get the new money

When you go to buy pepper and tomatoes and bread and ponmo and fish and rice and stew and puff puff and garri and kulikuli and suya today, try using your bank transfer to buy them. It is then you will see how stupid your advice above sounds.

Themanleshey:



This is what you get when you have olodo as your president . As in * illiterate * as your president for people wey no understand the meaning of olodo.

Someone can be illiterate and still have common sense.

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.

I laughed at people thinking our politicians will suffer from this or lose money .
If at all they haven’t stored the money like before that why there is shortage of the new note

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.

anybody doing legal business have no reason to suffer. They should go to their banks or use cashless alternatives.

windvane:
most of you can't even comment properly because you were brought up by deranged parents...chai!!!

Vultures will feed on your dead body if you ever drag my parents to your stupidity .

charles009:
A banker makes 10M bla bla.what power does a bank manager have. Do you know banks are regulated and monitored internally and externally. Beer parlor argument..

This is a welcome development...In Buharis mandate I stand.

Are you no more standing on Obi's mandate?

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.

Interesting you should mention this; India tried something similar a few years ago, and it ended up being a resounding failure. The people who suffered the most were poor people, and none of the problems the government was trying to solve went away.

https://www.strategy-business.com/article/What-Happened-after-India-Eliminated-Cash

Brother don't worry about explaining. Only uninformed people argue blindly. Every money moved to every Kobo can be traced both internally by the internal control and externally by the the CBN. People just dey talk rubbish.

Believeintruth:


You are the mugu. Even mugu 1000 right now it iss hard to move large wads of cash around even your politicians know this right now. Even if the politicians strike a deal with the politicians. Shebi entries will be passed in the system and CBN has access to this, the same with NFIU. The thing is that there is no way it will not be seen by NFIU that is why I said they have entered a serious trap because it will still be used against them.

membranus:


When you go to buy pepper and tomatoes and bread and ponmo and fish and rice and stew and puff puff and garri and kulikuli and suya today, try using your bank transfer to buy them. It is then you will see how stupid your advice above sounds.

It is time for businesses to evolve...Allign or go home and sleep. There is no morality in business. The wise ones are looking for POS machines to simplify their payments. You thought pattern belongs to 18BC

Believeintruth:


Oga we are saying the same thing but in different angles how is he going to mobilize for vote buying?

In case you don't know, the bank directors of the banks he use have already deliver lorry loads of the new currencies to his house, before you even saw a single note of the currencies.

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.

When Obi comes you will find out that your analysis belongs to the dutbin

babyfaceafrica:


There are very few new money outside

What hundred naira notes?.....you can go to bank and ask for that....then do transfer or POS for bulk buying