Nonsense!!! No forward thought was made on planning and availability. The timing of this exercise is wrong!

My take is that CBN failed in monitoring the disbursement of the new notes which they seems doing now. These new notes they released earlier wasn't monitored closely and a lot of things went wrong. The previous systems was take old notes to bank and collect new ones. Old notes are never dispensed again.

modsfucker:
I remember debating with a supposed economic expert when the policy was earlier announced. I told him that the policy would fail, and he kept insisting that it has come to stay, and now look at the sorry situation we found ourselves because of this poorly thought out vindictive policy.

The sorry situation is caused by CBN not releasing enough of the money into the system but the policy itself is good for keeping the money in circulation in check. If that starting from the day of the announcement banks stopped paying old notes even with the new policy it wouldn't have gotten this messed up. Besides, bank top guys aren't helping the situation because these guys instead of changing the money for the general public are taking politicians billions for a 10% cut to change their money they are hoarding, this has also contributed to the scarcity we are facing.

LiteratureClass:
It is unfortunate. To withdraw 1000, you have to pay the POS operator 300. This really pained me yesterday but I have to pay the charges because I need money to go out.

300? O holy prick! You can't be serious

afroniger:
Emefiele really messed up. If he knows what's best for him he should just simply resign. He went ahead with such a delicate policy of monumental socio-economic implications knowing full well that the CBN lacks the capacity to print and circulate the requisite new notes to replace the old ones.

At this rate, the apex bank may have to direct banks to re-release some old notes back into the system (as a face-saving measure) to forestall the accelerating chaos the policy is already generating, coz apparently the CBN has printed about ₦450-billion of new notes so far (much of which has been hoarded). The Mint can print a maximum of ₦950-billion per year if they print only ₦1000 notes. If they mix the notes, it will be much less. Meanwhile, they've withdrawn ₦1.9-trillion and are still trying to withdraw ₦900-billion more. How is that expected to work?? Buhari is toying with his legacy.

How did you get these information? Well, great job. So, we are in for more weeks of hardship on account of this.

The Sanators are supposed to call for an emergency meeting to find solution to the problem. But they are mute. Maybe, they have gotten their new notes.

There was a country.

God, please save Nigeria from these wicked and unreasonable leaders.

Oga leave POS we need cash

07kjb:
NIGERIA should exercise patience the policy is a good one

Don't join politicians to fight there fight because they haven't fought for you people before

If you need money go to the bank they are giving each person 20k daily

maybe at ur area....where want see 20k withdraw for bank

Where bbqmannagrillz. Has he lost his voice. God punish that guy and other urchins that supported and is still supporting apc. I rest my case.

PETER OBI & DATTI AHMED for life!

afroniger:
Emefiele really messed up. If he knows what's best for him he should just simply resign. He went ahead with such a delicate policy of monumental socio-economic implications knowing full well that the CBN lacks the capacity to print and circulate the requisite new notes to replace the old ones.

At this rate, the apex bank may have to direct banks to re-release some old notes back into the system (as a face-saving measure) to forestall the accelerating chaos the policy is already generating, coz apparently the CBN has printed about ₦450-billion of new notes so far (much of which has been hoarded). The Mint can print a maximum of ₦950-billion per year if they print only ₦1000 notes. If they mix the notes, it will be much less. Meanwhile, they've withdrawn ₦1.9-trillion and are still trying to withdraw ₦900-billion more. How is that expected to work?? Buhari is toying with his legacy.

Whatever legacy Buhari may have had has been flushed down the toilet the moment he pulled this madness in the month before the election. This is far worse that gejs ill advised new year subsidy removal gift.

I actually suspect that it is Buhari and the clowns around him that pushed Emefiele on this.

Emefiele was a seasoned professional from the banking sector so he would definitely know this is a plan that cannot work. Your mid level manager would know it can't work. But Buhari who has zero head for business and thinks in terms of n5000 per month villagers will push this rubbish.

Our president is dumb

SmartPolician:
May God richly bless the management of Guaranty Trust Bank! Yesterday, I was at IKOTA shopping Complex at VGC and notified that two GTBank ATMs at two branches were dispensing 10k to their customers and 1k to non-customers.

First Bank, Access, UBA and other top banks have been busy selling the money CBN gives them to the highest bidder. Perhaps they want the citizens to revolt and set the banks ablaze before dem get sense!

I would have just advise you to keep praising the GTB at Ikota cos the one at my area was also busy selling the money CBN give them to the highest bidder...

In a sane country Meffy is supposed to have been sacked and if he still have an atom of integrity with him...he's supposed to have resigned...

DaddyFreeze2020:
APC and all members of the party will be filled with confusion and make more errors in governance until the party disintegrates

Amen oooo

Auxtan:

The sorry situation is caused by CBN not releasing enough of the money into the system but the policy itself is good for keeping the money in circulation in check. If that starting from the day of the announcement banks stopped paying old notes even with the new policy it wouldn't have gotten this messed up. Besides, bank top guys aren't helping the situation because these guys instead of changing the money for the general public are taking politicians billions for a 10% cut to change their money they are hoarding, this has also contributed to the scarcity we are facing.

The policy is not about swapping currency, it's all about starving the economy of cash, to force people to go cashless, that's why they didn't print enough of the new notes. They retrieved 2trillion from people and they printed about 400bn which roughly 1/5th of what they collected.

God bless you sir !❤️ I was talking to someone yesterday that buhari should go more harder ....and let’s see how those who have never complain in the last 7years will now come here and trying to be a saint ....I’m a yoruba boy but to be honest , tinubu greediness and self centered is second to non ! Idiot fellow 😡

sotall:


Go and sack him naa.

You think Buhari doesn't know what he is doing.

Most of those who have turned pro-masses both online and offline shouldn't be given any attention because they are hypocrites.


For over 7 years they have been praising APC and Buhari because they want him to handover to Emilokan.

Now that they see that it isnt happening, they are wailing everywhere and have become opposition.

Imagine we haven't heard from Fashola the rocket scientist since the ENDSARS protests where him and Tinubu didn't condemn Buhari's administration for how they handled Nigerians but now see him wailing.

Same thing with Oshomole, and other pro-Tinubu miscreants.

Buhari and the cabal should continue their plan, Nigerians understand the handwriting.

holysaint1:


When everyone is lamenting about the epileptic bank app network service. Just count yourself lucky that your transaction went through.

he will still be a victim. It's only a matter of time. And it will be worse than everybody else.

Its okay, but everything about Nigeria is all failed. Failed country failed Government.

SmartPolician:
May God richly bless the management of Guaranty Trust Bank! Yesterday, I was at IKOTA shopping Complex at VGC and notified that two GTBank ATMs at two branches were dispensing 10k to their customers and 1k to non-customers.

First Bank, Access, UBA and other top banks have been busy selling the money CBN gives them to the highest bidder. Perhaps they want the citizens to revolt and set the banks ablaze before dem get sense!

SMH. It is pple like you that is causing nuisance out there. Cos you went to a branck GTB and you were able to withdraw doesn't mean other bank are selling note. FBN, UBA in my area has been dispensing since. I believe they can only give out what they have. You fail to see that CBN is the problem here. Emefiele talking about POS charges. What do you expect them to do.
Ignorant Citizen. Olodo. Just Keep shut and move on.

afroniger:
Emefiele really messed up. If he knows what's best for him he should just simply resign. He went ahead with such a delicate policy of monumental socio-economic implications knowing full well that the CBN lacks the capacity to print and circulate the requisite new notes to replace the old ones.

At this rate, the apex bank may have to direct banks to re-release some old notes back into the system (as a face-saving measure) to forestall the accelerating chaos the policy is already generating, coz apparently the CBN has printed about ₦450-billion of new notes so far (much of which has been hoarded). The Mint can print a maximum of ₦950-billion per year if they print only ₦1000 notes. If they mix the notes, it will be much less. Meanwhile, they've withdrawn ₦1.9-trillion and are still trying to withdraw ₦900-billion more. How is that expected to work?? Buhari is toying with his legacy.

Incompetent fool like this Emefiele can not work in the BAT administration, he can only work with Bubu as a dullard begot dullard…Bunch of insignificant elements, Awon Concobility Oshi🥸🤷‍♂️

Badabada:
The issues is not really the POS vendors, because they too have to source for cash and in doing so, they pay exorbitant amount to the bank workers.

Just imagine a POS vendor collected 2million naira with 100k frm d bank. So what do you expect.

Thank you my brother. These people keep chasing shadows

Despite the hardship, it's going to be okay at the end.

Badabada:
The issues is not really the POS vendors, because they too have to source for cash and in doing so, they pay exorbitant amount to the bank workers.

Just imagine a POS vendor collected 2million naira with 100k frm d bank. So what do you expect.

Are you the POS operator that collected 2 million with 100k from the Bank? There are POS operator that withdrew money from ATM and they will tell you that the bank sold to them.

SmartPolician:
May God richly bless the management of Guaranty Trust Bank! Yesterday, I was at IKOTA shopping Complex at VGC and notified that two GTBank ATMs at two branches were dispensing 10k to their customers and 1k to non-customers.

First Bank, Access, UBA and other top banks have been busy selling the money CBN gives them to the highest bidder. Perhaps they want the citizens to revolt and set the banks ablaze before dem get sense!

stop blaming the banks blame your CBN governor. The cash came in December 15th where was the Governor? He only came in a week to the end of the deadline. He.is the problem.

Aldol:

You sound too dumb, so every four years they must redesign new naira notes to curb vote buying. New naira notes that's already with bandits in the bush,didn't you hear a governor just collected 500 million new naira notes from just a bank? How you people think this policy will affect politicians amazes me

Anything you hear or see you Don believe, that is y we are easily decieved

MarketDispatch:

why did emefiele not ensure that banks are willing and able before coming up with the policy?

MrBroke:


Anything you hear or see you Don believe, that is y we are easily decieved

disposed

MrBroke:


Anything you hear or see you Don believe, that is y we are easily decieved

So something that's in the news , you still don't believe it

nedekid:

That is serious. 30%
Sorry jare.
Omo, meanwhile my staff goes to deposit sales money in the bank daily and complains of qeue. No be juju be that?
Maybe I will stop him and be collecting the cash.
Heck, but I am a cashless practicing person.

Bro, I need those cash abeg

You know a so-called country is totally finished when they convert good old POS (that's used for sales in businesses everywhere else in the world) into a bank. I'll never understand what Nigerians turned the POS into - same way it made no sense that dollar sellers in same country usually paid lower rates to exchange dollar notes with older print dates on them. Everything in Nigeria is rocket science.

SmartPolician:
May God richly bless the management of Guaranty Trust Bank! Yesterday, I was at IKOTA shopping Complex at VGC and notified that two GTBank ATMs at two branches were dispensing 10k to their customers and 1k to non-customers.

First Bank, Access, UBA and other top banks have been busy selling the money CBN gives them to the highest bidder. Perhaps they want the citizens to revolt and set the banks ablaze before dem get sense!

It has stared already, in ibadan yesterday, banks were burnt

afroniger:
Emefiele really messed up. If he knows what's best for him he should just simply resign. He went ahead with such a delicate policy of monumental socio-economic implications knowing full well that the CBN lacks the capacity to print and circulate the requisite new notes to replace the old ones.

At this rate, the apex bank may have to direct banks to re-release some old notes back into the system (as a face-saving measure) to forestall the accelerating chaos the policy is already generating, coz apparently the CBN has printed about ₦450-billion of new notes so far (much of which has been hoarded). The Mint can print a maximum of ₦950-billion per year if they print only ₦1000 notes. If they mix the notes, it will be much less. Meanwhile, they've withdrawn ₦1.9-trillion and are still trying to withdraw ₦900-billion more. How is that expected to work?? Buhari is toying with his legacy.

he might have failed in other things as I'm a critic of the CBN governor, but definitely not this, give it time, the naira will go around... You See the 1.9 Trillion they've withdrawn, more than 80% of it was never circulating, it was out of the system(hoarded) by thieving politicians.. 950 billion circulating in the system for a year is more than enough, Afterall the 2.8 Trillion was the naira produced over more than 5 years window.... Las Las we all go dey alright, Make election pass first, it is the election that is mouthing pressure on the process because thieving politicians are angry that the money they've accumulated over time will go to a waste... When last u hear say them kidnap person to go pay random Coz even them understand say naira scare and limit is also a barrier... Y'all should chill and allow the process work optimally.

DaddyFreeze2020:
APC and all members of the party will be filled with confusion and make more errors in governance until the party disintegrates

AMEN!!!!!