WHITELIGHTER:
The problem isn't CBN but Banks and ourselves....the new money is there but as usual we take advantage of people's disadvantages

Just like what obtains at petrol stations, the fuel attendants will rather sell 5 kegs before selling to 1 car, because of the money they want to make. This is the major reason why car owners will spend 6 hours on queue just to buy fuel.

rickpat:
oga the problem is not depositing the old notes,the problem is getting the new ones...this country sef,how can people be buying the new notes?..our leaders are demons

That's the problem, the CBN is trying to moderate the number of Naira notes in circulation but the people are hording the note in order to defeat the aim of CBN.

How can you deposit 100k Naira in the bank and you want to withdraw the same amount?

Please Nigerians should learn how to use transfer platforms for their transactions.


There is no going back.

vikstandon:


My friend the directive is, don't dispense above a certain amount of the new currency to an individual.

Most banks and their officials deal out this new currency to corrupt individuals in exchange for the ill gotten funds. Why then will the new currency not be scarce.

Who gave the directive and to whom was it given?

How do you know that "Most banks and their officials deal out this new currency to corrupt individuals in exchange for the ill gotten funds"?

If there wasn't a deadline, would there be scarcity?

baralatie:

Have you asked on thing
What happens if the cbn did not stock the banks with the requisite new notes.
For example,a bank has in it's stock #1 billion naira old notes and CBN sent #200 million naira new notes.
Is that not shortage

All we fail to understand is the idea behind the policy.

CBN wants to limit physical handling of currency and encourage electronic transaction.
So the Cashless policy is geared towards receiving the Old currency (1 billion), which must be credited and held virtually as your financial asset. The 200 million Naira is to be used to encourage few transactions done on a minute scale.

CBN is to Commercial Banks what the Commercial Banks are to individuals.

So if you returned 1billion old notes and received 200million new notes, it means you have a virtual holding of 800 million and a physical holding (or cash) of 200 million... All na still your money.

When you want to make huge transaction like paying for groceries, paying rent, shopping, buying land, buying building materials, paying for furnitures, paying educational fee, do it electronically.

Transactions like buying pepper of #50, paying #50-200 t-fare can be done with cash.

Banks managers are the people sabotaging the effort of the CBN Governor by selling the new note to the highest bidders and allow the poor masses to suffer.
Banks managers should be arrested for them to give explanation why the new note is not in circulation.

Why is the guy fidgeting at the sight of Buhari?

Why is the guy fidgeting at the sight of Buhari

God1000:
The paucity of new naira notes is even the problem, CBN should ensure it is adequately addressed before the end of new deadline.

Banks should stop the shenanigans going on

The new naira notes aren't even available in some ATM machines

Since 2016 only N500 billion has been in circulation within banking system. That is what was printed and it is enough until after March 2023.

U don smoke again

MajorOvakporaye:


SHUT UP!!!

vikstandon:


All we fail to understand is the idea behind the policy.

CBN wants to limit physical handling of currency and encourage electronic transaction.
So the Cashless policy is geared towards receiving the Old currency (1 billion), which must be credited and held virtually as your financial asset. The 200 million Naira is to be used to encourage few transactions done on a minute scale.

CBN is to Commercial Banks what the Commercial Banks are to individuals.

So if you returned 1billion old notes and received 200million new notes, it means you have a virtual holding of 800 million and a physical holding (or cash) of 200 million... All na still your money.

When you want to make huge transaction like paying for groceries, paying rent, shopping, buying land, buying building materials, paying for furnitures, paying educational fee, do it electronically.

Transactions like buying pepper of #50, paying #50-200 t-fare can be done with cash.

You seem to not see the problem
The structural backbone for cashless society across Nigeria is faulty and in adequate.the things of which is known to the cbn and has not addressed them.
Cbn has been pumping cash into the society through overprinting to save this administration
Cbn itself said it has received #1 trillion in old notes into its vault aside from the #2 trillion circulating in trade and transfer within the banking circuit.
Now the cbn under supplied the new notes creating scarcity of funds breathing apathy for new notes
Therefore the cbn cannot now say it's aim is to pursue cashless when the new notes are already in the hands of those who hoarded it in the first place(at least for the replacement of their old stash of cash)

Validated:


Since 2016 only N500 billion has been in circulation within banking system. That is what was printed and it is enough until after March 2023.

So where did emefiele get #3 trillion in Nigerian system and that his has received #1 trillion of old notes

rickpat:
oga the problem is not depositing the old notes,the problem is getting the new ones...this country sef,how can people be buying the new notes?..our leaders are demons

But Zombiedients are loving this development because they have made them believe that this is to prevent Tinubu from vote buying

TheNiceGuy:
From his statement, the volume of new notes printed was not mentioned for the umpteenth time.

What's going on

They're introducing cashless economy, they said that clearly. What I don't understand is why people refused to link the inadequacy of new naira notes to implementation of cashless economy.
One newspaper reported that just 200 billion naira was printed to replace 3.1 trillion naira in circulation. Not minding the fact that Nigeria is a developing nation with high Illiteracy level thereby relying heavily on cash

Well,this man is a good orator.

Una go all hear am when they add money to stamp duty and value added tax

gaby:
Buhari's Anobaku and current henchman has spoken.

I trust Bubu, him just dey look this pear-headed thief with corner eye.

When he's done with his current checkmate na another person him go send to match Emebobo belle for am to vomit him own loot.

No matter what you think of Buhari, he is one man you can't point any material acquisitions to as being directly linked to him corruption-wise and a man like him is the only person that can match the rogues in out polity head-on with nothing to blackmail him with.

The more reason why Tinubu disgusts him .

What are you doing with all the material acquisitions and embezzlements for God sake? And now you still have the nerve and a sense of entitlement to say Emilokan to pocket the entire country?

Over Buhari's living and dead body.

Tinubu disgust Buhari now, after he came to his rescue and told him to wail no more? Lol.

SpecialAdviser:

Same people hoarding the old notes have started hoarding the new notes making it scarce. Blame desperate politicians

Really? So, what is Emefiele and Buhari going to achieve then?

adekolaelect:
He is talking as if they release enough new notes for Banks to dispense for Nigerians. He is talking as if the policy is beneficial to Nigerians than to hand over Nigerians to those that will be deducting their hard earned money in the name of transactions and electronics charges. You are making much more money from Nigerians yet you returned it back with nothing than hardship. You are only making money for government to be looted by politicians.

Exactly my brother. If I tell you the amount of money I lose on daily basis due to electronics fees, you will be angry. Now, see what they came up with again! People are now paying 1k as a charge to get 5k new notes from POS operators.

baralatie:

You seem to not see the problem
The structural backbone for cashless society across Nigeria is faulty and in adequate.the things of which is known to the cbn and has not addressed them.
Cbn has been pumping cash into the society through overprinting to save this administration
Cbn itself said it has received #1 trillion in old notes into its vault aside from the #2 trillion circulating in trade and transfer within the banking circuit.
Now the cbn under supplied the new notes creating scarcity of funds breathing apathy for new notes
Therefore the cbn cannot now say it's aim is to pursue cashless when the new notes are already in the hands of those who hoarded it in the first place(at least for the replacement of their old stash of cash)

Who aided that? How did it get into their hands.

This is the question, since morning we have not come to terms with.
I said the Commercial Banks Officials are aiding that... Most of you disagreed.

Is either the apex bank staff or commercial bank staff helped them get their hands on it.
You see the system is being sabotaged.

Jack500:


Keep fooling yourself, in your foolishness, Tinubu like you, doesn't have access to the new notes? Dey play 😊

Just like the two idiots who brought you into this world to bury your head under Tinubu's butt-hole.

Asswiped brainless dolt.

[quote author=Babastrong post=120492805][/quote]

The same way the two asswipes who should naturally have kept away from copulating but went against all entreaties not to upset nature's balance.

Thunder fire your head there, you non-entity.

Mccullum:


Preacher, It's Buhari in Aso Rock now, not Jibrin, thanks for your emergency love for Buhari just to justify your wailing against Tinubu that's claiming it's his turn to serve Nigeria to those that believed in his leadership.

Do you think everyone on here is like you whose skull is perpetually on a hiatus?

Asswipe.

You had better stay out of my mentions for your good and sanity.

DonPADRO:



Na only God know wetin you dey talk

I'm not talking to people whose cranium is poo-filled.

Copy that?

vikstandon:


Who aided that? How did it get into their hands.

This is the question, since morning we have not come to terms with.
I said the Commercial Banks Officials are aiding that... Most of you disagreed.

Is either the apex bank staff or commercial bank staff helped them get their hands on it.
You see the system is being sabotaged.

Is it the commercial banks that collected #1 trillion naira in old whilst still having #2 trillion in circulation only to disburse less than #200 billion in new for the whole federation?
Abi where do you want commercial banks to get the needed new notes to load onto the atm

lexy2014:


How do you know that the problem is the banks and not CBN?

How do you know that "the new money is there"? There where?

Bro if you don't know what's going on, rest then. Don't have strength to start going back and forth about what's obvious.

baralatie:

Is it the commercial banks that collected #1 trillion naira in old whilst still having #2 trillion in circulation only to disburse less than #200 billion in new for the whole federation?
Abi where do you want commercial banks to get the needed new notes to load onto the atm

Isn't that the idea behind cashless policy? Less cash so people can do more of online transactions but the banks are hoarding the little available for use because as a people we like paper cash

WHITELIGHTER:


Isn't that the idea behind cashless policy? Less cash so people can do more of online transactions but the banks are hoarding the little available for use because as a people we like paper cash

So why is it that the cbn that said you can get below 20k withdrawal of #200 note is defaulting?

[quote author=gaby post=120498599]

The same way the two asswipes who should naturally have kept away from copulating but went against all entreaties not to upset nature's balance.

Thunder fire your head there, you non-entity.[ IGANNAMOJO will not let you know peace.]

BeauBragnar11:


You still do not get it!!!!
There's not a time the new notes would be proportionate with the old, This isn't a currency swap as the name implies, it's rather a currency mop up....

You're right!

The swap is a way of burning up many Naira notes in circulation

baralatie:

So why is it that the cbn that said you can get below 20k withdrawal of #200 note is defaulting?

How're they defaulting? Like I said, it's the banks that are the real culprits...if you still don't understand how this things work, chillax and stop beer parlour argument...

BeauBragnar11:


You still do not get it!!!!
There's not a time the new notes would be proportionate with the old, This isn't a currency swap as the name implies, it's rather a currency mop up....

Exactly, I don't understand how many still don't get it... we've almost 4tr naira in circulation which is too much. The govt want it to be around 1trn just as they met it in 2015...the only way to get it done is by introducing new notes and that's the best decision

The CBN naira swap deadline is illegal see https://www.nairaland.com/7546457/why-cbn-naira-swap-deadline