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Stats: 3,014,495 members, 7,371,590 topics. Date: Friday, 31 March 2023 at 07:34 PM
Nairaland Forum / Nairaland / General / Politics / 7 Possible Effect Of Naira Redesign On The Nigerian Economy (617 Views)
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|7 Possible Effect Of Naira Redesign On The Nigerian Economy by Nobody: 11:50am On Jan 29|
Naira redesign will adversely affect transactions in the agriculture sector because this sector is heavily dependent on cash. Due to the scarcity of the new banknotes, many farmers will have insufficient cash to purchase seeds, fertilizers and pesticides needed for the plantation of crops. The shortage of cash might lead to plunging in demand which in turn led to a crash in the prices of crops. Farmers will be unable to recover even the costs of transportation from their farms to the market from the low prices offered.
Shortage of cash
The scarcity of cash due to the present naira design is already leading to chaos, people have faced difficulties in depositing or exchanging their old banknotes due to long queues outside banks and ATMs.
Drivers and conductors of all types of motors including keke and motorcycles will be affected by the shortage of cash. they might decide not to collect the old naira notes, which might lead to people getting stranded and also low patronage from commuters.
Companies in automotive, clothing, foods, paper, real estate, retail, steel, and sugar sectors might show a decrease in total trade due to the naira redesign while companies in the cement and rubber sectors will show an increase in total trade. Naira redesign will generally have a negative impact on stock market returns
There will be a reduction in industrial output as industries will be hit with cash shortages. there will also be a possible slowdown in both manufacturing and services industries. the positive side is that inflation might fall due to a shortage in the money supply
The new CBN naira redesign policy will cause loss of jobs and a decline in wages, particularly in the unorganized and informal sector and as well as in small businesses
Increase in handling cost to banks
Banks will incur the cost of collection, storage, and movement of the new banknotes across the country, as well as the cost of re-calibrating ATMs for the new banknotes, and they might transfer those costs to the depositors by increasing charges of transactions
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Zonefree(m): 11:51am On Jan 29|
It's only Tinubu and his numerous urchins that are against Naira redesign...why?
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|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Nobody: 12:04pm On Jan 29|
If you think naira redesign will stop vote buying by any candidate then you must be joking.
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Whois(m): 3:56pm On Jan 29|
Anyone who doesn't see this new note as a good thing for naira and for the people are only looking from the smaller time frame perspective. ( I.e. They're the shallow minded )
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by BATified2023: 4:15pm On Jan 29|
Zonefree:so peter obi fans are not queuing at atm machine
No wonder they say igbos aren’t intelligent
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Nobody: 6:58pm On Jan 29|
Naira redesign is good on paper but in reality, it is creating a lot of damage to the economy because of shortage of cash
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by bejamina: 7:06pm On Jan 29|
The only effect I'm seeing is that, it will wipe out corrupt politician
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by FreedomArmy: 7:26pm On Jan 29|
thebosstrevor1:because most urchines are illiterates and do not know the alternative means of business transactions. All urchines need to be thoroughly educated on how to carry out business transactions without using physical cash.
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by inoki247: 7:28pm On Jan 29|
What I knows Nigeria isn't in that Digital stage yet....
all the this bank network wey too dey fail no go fit stand if everybody face dere server...
Nigeria needs all this effective Momo type of system that you don't need Data just ussd code to send money and no Xtra charges like the way dem Benin Republic, Togo, Cote D'Ivoire nd Ghana other Africa countries av been using dem more Dan banks...
Most Africa countries no too rate banks dey are all used to mobile wallet cos they hardly fail...
When you walk into dere banks everywhere is always looking like graveyard not like Nigeria banks wey dey always full like Mile 12 cos everybody's used to Mobile wallet....
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Whois(m): 8:05pm On Jan 29|
Thanks for the reply. You have said it all. These urchines are enemy of progress, they prefer to be economical with the truth.
You have an internet enabled smart phone yet you're talking about cash in this 21st century.
Indeed education is not intelligence. FYI I carry out an average of 7 transactions on my phone daily. MY First 30 transactions of the month is free of commission/charges. What stops you from doing same when you're not an illiterate?
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Ventura1: 8:09pm On Jan 29|
Rubbish, all negative impact, no positive.
OP, Is scarcity of cash equivalents to scarcity of money?
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Iamgrey5(m): 8:14pm On Jan 29|
According to some people.
Naira redesign will tackle corruption.
Then, Nigeria will be the first country in the world to use currency redesign to tackle political corruption and election rigging..
#Set Awon olobe.
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by BeardedmeatR(m): 8:42pm On Jan 29|
You zombies defended every of buhari's shit in the past seven years thinking it would goad buhari into rigging the election for Tinubu.
Now your eyes have cleared you can all read the handwriting on the wall, you suddenly agree buhari is Jubrin elsudani from Sudan
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by BeardedmeatR(m): 8:45pm On Jan 29|
Ventura1:Leave the armchair economic experts. Some people can't survive a working nigeria. That's why they are gunning from a criminal brain dead microphone licking urinating machine to be the face of Nigeria.
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Nobody: 9:47am On Jan 30|
As educated you are, don’t you know that cash is freedom
Taking away cash means enslavement, you have a right to privacy. government has no right to monitor your transactions, with the fast track into digital transactions, you have given the government your right and power to know about all your finances.
If a bank collapses today, all your money is gone, that is one reason to protect yourself. As they say always have some cash in hand
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Whois(m): 12:09pm On Jan 30|
Life is easier with pos/transfer. I have the new notes but I only give cash to those that dont have pos facility or don't accept transfer. As for privacy, the government can only see (naira) transactions i want them to see. For privacy I have funds in usd in my pyypl, btc accounts, etc. btw, the world is now a global village and we can't do without banks. The last time any bank failed was In 2020.
|Re: 7 Possible Effect Of Naira Redesign On The Nigerian Economy by Nobody: 12:25pm On Jan 31|
Banks have been in existence before globalization and also because a bank failed in 2020 does not mean a bank can fail in the future.
Most people don't have access to the new notes, the pos people are cashing out by charging exorbitant prices on the withdrawal of new notes, then how is life easier for the masses
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