Following The CBN Update

This is a way to go, I supported this with CBN. This is the best way to make people adopt electronic transactions. By the time you need 100k, and the banks pay you with 5 naira notes, no one will teach you to make electronic transfer.

1000, 500 and 200 naira notes must be very scarce.

obyrich:
Every new note can be tracked to the bank it was issued. Some people have started trading it. Some people will fall victim and be used as scape goats

Story, no be naija we dey?

For you to be on a safer hands, register your business to avoid stories that touch heart

SmartPolician:
This makes perfect sense. In other countries, people still spend coins. Why has it become a crime for our ATM to dispense #100 and #200? Our ATMs always dispense #500 and #1000.

That leads to scarcity of change, and Lagos conductors will even refuse to carry you because you have no change.

Na only for banking halll they will pay you 100, 50, 10 or 5naira bill.

ATM will only dispense the new notes.

I love what is happening, they dont want to still pay those old notes so it wont recirculate.

CBN ...na Banks dey cast Una...dem dey sell the new notes

Romanoff:
PoS wey dey charge 100naira for every 1000 naira?

. I swear..the whole thing just tire everybody...... imagine I was charged#1500 for #15,000 yesterday at a POS....na wa

obyrich:
Every new note can be tracked to the bank it was issued. Some people have started trading it. Some people will fall victim and be used as scape goats

will they ever arrest or prosecute them? How many times did they warned that u must not spray money on party, yet they doing it. And did they arrest anyone? No law in Nigeria

Neyoohpompy:
Cryptocurrency is only a good investment if you can at least HODL it for 4 years.

On point bro

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

It may not be true cos CBN said from the onset that few notes would be printed to encourage cashless,

gabbasin:
CBN is just finding a way out of it's failure

What failures?

They deliberately reduced the volume of the new notes so those who like hoarding and storing them wont have access to it.

For now no banker can swap new notes with politicians.

Itisallright:
1. No Bank is authorised to pay out OLD NOTES again via ATMs or in bank branches over the counter

2. No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs

3. Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.

4. EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with CBN guidelines above.

5. Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned

6. No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.

7. All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch

Please note that no new notes for anyone over the counter in branches. I think this make sense

Yesterday someone tried withdrawing cash over the counter, na 1995 100naira bill dem pay am..

I fear...

I just love what emefiele in collaboration with buhari are doing.

Let those thieves keep stacking cash at home

Sonnobax15:
. I swear..the whole thing just tire everybody...... imagine I was charged#1500 for #15,000 yesterday at a POS....na wa

Go queue for bank na.

The vote buying in the forth coming election will be vital one. the politicians have gotten enough of the new notes to buy even africa.

Neyoohpompy:
Cryptocurrency is only a good investment if you can at least HODL it for 4 years.

Lmao, God abeg oh
Nah so I go hold sotey I loose all my savings..crypto is just another MMM

MightyHand:
🚦Good for the Gangstar, #5 in One million, you go count tired..

🚨🚨🚨🚨🚨🚨🚨
For efficiency of the cashless policy and to be stress free for the citizen, I challenge the CBN to bring down charges incur on transfers through USSD and Mobile banking to the barest minimum

i.e

amount less then #10,000 =0% charges
Above10,000 - 50,000 = 0.002% charge...

By doing this, I think it'll encourage SME and farmers market.

.
Imagine a kidnapper being paid 5 million naira in 20 and 50 naira notes. Them go leave the business sharp sharp

Buhari and Emefiele just dey play

Benesis:
Buhari is allowing himself to be used by Emefiele
Sooner than later one bank will be burnt down.
People can't do their transactions, ATM is not dispensing cash,and banks can't dispense too.
You try bank transfer and a single transfer will take hours to days.
All it will take is a single incidence to spark the outrage and even the election which is the reason for all this hardship won't hold.

Nigerians are on the edge... Fuel crisis, high cost of things and now the fact that you can't even get cash... It's just a single incidence of a customer that will be angry in the bank and security men there not dealing with it well... And boom.. the real revolution we had been talking about

you think this is emefiele handwork?? Not at all,this is all shades of buhari last cards. And no one is burning any bank

Sonnobax15:
. I swear..the whole thing just tire everybody...... imagine I was charged#1500 for #15,000 yesterday at a POS....na wa

I refused to use the POS o. I went into a supermarket I buy stuff frequently, bought stuff, paid with my card and asked them to add the amount I want in cash to their charge.

I hate cheating.

lol , this your one sentence has many story my brother ... they won start again o lol

Thanos5555:


How far, una done start again abi

yaki84:

What failures?

They deliberately reduced the volume of the new notes so those who like hoarding and storing them wont have access to it.

For now no banker can swap new notes with politicians.

you guys are jokers if you think the politicians will really suffer this currency mop up, who are those suffering the mop up most? It's the hapless masses

The sad truth is that some Nigerian are just bad people, they have zero patriotism, I am sure all they would be doing is looking for loopholes in the system, meanwhile they would be putting $100 in the AC and clean envelopes, they would leave Naira inside sacks. It kukuma for our good that Gov Emiefiele is doing all this , the looters can go and exchange for 100 Naira shey they would have to do everything to keep the value relevant. Even when they ask Oga at the Top how much money does he carry around, he said he does have Money on him, because cashless policy allows you to be accountable to yourself. I am sure inflation would drop in March if the CBN stay firm to their policies.

Just dreamt abi should I say have a flashback of the American Civil War, trust me it is not a good thing to be told to choose side, especially if you're outnumbered and you don't believe in that side. You people should get your PVC and vote Oga Atiku,so he can give spare key to a leader better than him.

SmartPolician:
This makes perfect sense. In other countries, people still spend coins. Why has it become a crime for our ATM to dispense #100 and #200? Our ATMs always dispense #500 and #1000.

That leads to scarcity of change, and Lagos conductors will even refuse to carry you because you have no change.

it's the value of the money that will determine what denomination of the currency one should carry along. For instance for instance during the time when Zimbabwe dollar had completely lost his value the country proposed printing a billion dollar note because at that point it'll be cumbersome for 1 buying a loaf of bread for $1000000 [/left]denomination of tens Zimbabwe dollars. So my friend it is the volume of the currency that determines which denomination 1 uses. Imagine somebody buying a bag of rice for 40,000 naira you don't expect that person to go to the market with a denomination of 10 naira note that could mean a wheelbarrow load of 10 naira just to buy a bag of rice so we must first look for measures to strengthen the currency before decid6 to use the lower a nominations thank you

This is the REAL issue….no doubt some have gotten into the wrong hands but majority of them still don’t have enough and they won’t see it …..

Revolution2022:
The new naira notes are already in the hands of politicians whom buhari and emiefele are trying to prevent from using it for campaign bribe.

I am not a supporter of tinubu, but if all these is aimed at tinubu then for once I stand with tinubu. What arrant nonsense is this?

Didn't they see him siphoning money before bringing up stupid policies to seemingly stop vote buying with cash?

Someone wants to withdraw 500k you'll now give him notes of 100, 50, 20, and even 5 naira. Haba mana. What sort of "emefielectic" joke is this

Nigeria always carrying out post preemptive measures.

Rubbish.

Price inflation made the #5, #10, #20 bills nonexistent.

Sadly, Nigeria has a reputation that whatever goes up never comes down with respect to price inflation.

I expected CBN to take out the #1000 and maybe #500 as a way to not only use money scarcity to curtail price inflation but also force cashless transactions.

Imagine having to pay 1,000,000 and you'll need 100 bundles of #100.

SmartPolician:
This makes perfect sense. In other countries, people still spend coins. Why has it become a crime for our ATM to dispense #100 and #200? Our ATMs always dispense #500 and #1000.

That leads to scarcity of change, and Lagos conductors will even refuse to carry you because you have no change.

It is called devaluation my dear.

The value of the Naira is now so low it is close to the value of ordinary paper.

On the ATam people collect an average low of N5,000 what is the maximum number of notes our ATM dispenses?

Good one...

jackcanfield:
The sad truth is that some Nigerian are just bad people, they have zero patriotism, I am sure all they would be doing is looking for loopholes in the system, meanwhile they would be putting $100 in the AC and clean envelopes, they would leave Naira inside sacks. It kukuma for our good that Gov Emiefiele is doing all this , the looters can go and exchange for 100 Naira shey they would have to do everything to keep the value relevant. Even when they ask Oga at the Top how much money does he carry around, he said he does have Money on him, because cashless policy allows you to be accountable to yourself. I am sure inflation would drop in March if the CBN stay firm to their policies.

Just dreamt abi should I say have a flashback of the American Civil War, trust me it is not a good thing to be told to choose side, especially if you're outnumbered and you don't believe in that side. You people should get your PVC and vote Oga Atiku,so he can give spare key to a leader better than him.

Nah so dem tell us say boader closure will put an end to insecurity and make Nigerians self sufficient in agriculture, is that so today?

Them ban Aboki FX say e go help the Naira, what's the result today?

The cashless policy is a good policy, but why the rush?

The cashless policy is a policy that have been on since 2012

This rush of a thing is causing chaos

Why not instruct banks to load #100 in their atm?that is better.

Itisallright:
1. No Bank is authorised to pay out OLD NOTES again via ATMs or in bank branches over the counter

2. No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs

3. Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given the new notes.

4. EFCC/ICPC officials will accompany CBN examiners to inspect bank branches over the next two weeks to assess full Compliance with CBN guidelines above.

5. Officials of branches that fail to comply or that release cash to Corporates and Politicians will face termination of their contracts and the respective banks will be sanctioned

6. No branch should allow an individual with multiple Debit cards to do multiple transactions on ATMs.

7. All new notes have tracking numbers to trace them back to State, Bank and Bank branches. So notes confiscated at parties and other locations can be traced back to the Bank and applicable branch

Please note that no new notes for anyone over the counter in branches. I think this make sense

A big Thumbs up for your suggestions only if it another country.

U have no idea how we worship big men especially a serving public officers. They will bribe both the bank staff n the efcc/icpc staff. And if the refuse to agree only one call will calm them down.

Law enforcement is a word for the poor in Nigeria