A servant must do his Master's bidding.

Sis rest. There is no glory without pains. The policy is painful to all but it is one that benefits our nation in this season.

So many things have gone wrong. Killings and bloodshed . Did you at anytime see the likes of fashola , tinubu and the rest speak out ?

Don't be fooled? Dem no send you.

dalass:


Everything is not about Obi/Datti. To buy anything is a huge headache for me personally.

How can I spend hours wasted in trying to make transfers for fuel, food, clothes shoes, undies, other stuffs like perishable food just because there's scarcity of cash.

Cash swap should be I need 100k of my money , it is my money oh, they now bring bags of coins of 500, 1k or 2k? And you are happy?

Do you know that people are dying? Pregnant women, sick people because even network is not to be trusted and hospitals only want cash?

To make hairdos, wahala... One will be looking around for salons that will take transfer. At the end of the day, transactions fit no happen.. it's exhausting and very frustrating

He has a strong point but he is still a politician not favoured by the currency redesign that's why he is talking. The CBN, in my view, undoubtedly mopped up cash out of circulation.

Seun:

https://www.youtube.com/watch?v=skmqHLZnb7A?t=680
Fashola appeared on AriseTV this morning to clarify his comments on the CBN's naira redesign policy. He said that the CBN Act doesn't support a confiscation of our old currency but a 1:1 swap of old and new currency. He also accused AriseTV of being biased in their coverage.

But the CBN act also empowers the CBN to have control over the monetary policy and that also includes volume of money in circulation.
Besides, what Fashola is saying in effect is that the CBN cashless policy is illegal.
So all the POS and mobile apps should be banned

The same amount is given back to you by crediting of the same value to your account.

Bluntguy:

Fashola and other urchins have become accidental economists. They talk as if they don't know the reason for the naira redesign.
Vote buying in Lagos, banditry in Kaduna, looting in Kano. Yes, let CBN confiscate all monies till after election. Btw, they are still holding unto their old notes thinking they could spend it on election day. Thieves!

You really don't know how elections work do you? You think voters are called into a corner and offered money one by one? If someone tried to bribe voters that way, how could you be sure that they will vote for you? How do you carry that out all over every polling booth?

If you understand you will understand that the way money is used in elections is completely different and unfortunately as far as the two major parties are concerned, the naira shortage has failed if that is its purpose. APC had completed their task by last weekend. PdP are still on theirs. LP is not a party, it is more of a movement. That is a huge difference.

Having said this the way it works is like this...

Massiveglory:
It is only illegal because it affects your political moves.

If the likes of fashola, tinubu, elrufai and the rest have put in a quarter of this "lamenting energy" on all the Killings, bloodshed, nepotism and ills in this government, we would take them serious.

Keep lamentating. Nigerians have moved to bring in PODATTI.

Why won't it be illegal, you people will eat that old naira notes that you stashed for election, foolish criminals who have refused to repent, very soon we the masses will do boys oyeee against you all

Kukutenla:


But the CBN act also empowers the CBN to have control over the monetary policy and that also includes volume of money in circulation.
Besides, what Fashola is saying in effect is that the CBN cashless policy is illegal.
So all the POS and mobile apps should be banned

He was not saying cashless policy is illegal; He is a lawyer and he was talking from the position of law. Law is an ass. Just a word can upend a case. By his training, he was looking for lacuna in what CBN did, and he was building his case. You can only fault his argument if you have a superior counter argument. If not, you accept his position as valid. This is how the law works.

These people should stop putting words in the mouth of CBN. What CBN said is that we should deposit our old money in our banks and that our daily withdrawal limits are #20,000 for individuals and #500,000 for cooperate organizations. So i don't know where these APC goons get their swat policy from.

Senior bros!
Na now you dey realize fah

updatechange:




That’s the beauty of democracy, u can have objections once it’s backed by law, remember it’s a game of interest.

A game of their own pockets.

Massiveglory:
It is only illegal because it affects your political moves.

If the likes of fashola, tinubu, elrufai and the rest have put in a quarter of this "lamenting energy" on all the Killings, bloodshed, nepotism and ills in this government, we would take them serious.

Keep lamentating. Nigerians have moved to bring in PODATTI.

Despite the fact I'm support Peter Obi, let’s speak the truth no matter whose ox is gored. The policy is illegal. It is unfair and not a perfect timing. This is nothing but a political witch-hunt like some people say...

Let’s keep saying the truth no matter if we are favoured or not...

The Government which ur past and parcel of has never done anything legal since 2015..
Mr. Jack Baur..the cameramen discoverer..
Bleep off abeg..
Who are you to say wat is legal or illegal when ur smelling and wearing corruption..
Werey

MT:


He was not saying cashless policy is illegal; He is a lawyer and he was talking from the position of law. Law is an ass. Just a word can upend a case. By his training, he was looking for lacuna in what CBN did, and he was building his case. You can only fault his argument if you have a superior counter argument. If not, you accept his position as valid. This is how the law works.

That's not how the law works. His position is his opinion and is not valid on anyone except validated by a competent court.
The Act he's referring to is talking about the powers of CBN to issue notes. He simply stretched it to imply the CBN does not have the power to reduce volume of currency in circulation when it never said that.
By implication, he is also implying the cashless policy is illegal. You can't separate one from the other

Vote OBI-DATTI alllllllll the waaaaaasy

Abeg keep kwayet jo






Scammers full nairaland now oo

Bring 30k make i teach you how to avoid them

But someone confiscating Lagos money using bullion vans and trailers to stockpile the stolen old Naira notes in his house is legal?

I thought they said this man is a SAN?

Why is he sounding so senseless these days?

This is a man who has refused to say a word about Thiefnubbu and his illgotten loot until this day.

Kukutenla:


But the CBN act also empowers the CBN to have control over the monetary policy and that also includes volume of money in circulation.
Besides, what Fashola is saying in effect is that the CBN cashless policy is illegal.
So all the POS and mobile apps should be banned

are POS and mobile apps operating as they did prior to the policy. POS shops are closed due to cash scarcity while mobile apps are down due to the crunch.
Should we wait till people start committing suicide ? Or dropping dead which has started already.

Kukutenla:

That's not how the law works. His position is his opinion and is not valid on anyone except validated by a competent court.
The Act he's referring to is talking about the powers of CBN to issue notes. He simply stretched it to imply the CBN does not have the power to reduce volume of currency in circulation when it never said that.
By implication, he is also implying the cashless policy is illegal. You can't separate one from the other

I love the way you put out your point without being rude.

He didnt say that CBN does not have the the power to reduce volume of currency in circuluation. He was referring to the currency redesign. He said what the law says was a SWAP and not CONFISCATION - which can be interpreted as when I give the bank my 500 naira note, give me back the new 500 naira note unless I give express instruction that such should be deposited into my bank. That is a SWAP.

But the CBN is taking money from people and creditting their account without express instruction from the customer to do that. That is no more a SWAP, that is CONFISCATION.

If CBN wants to reduce volume of currency in circulation, there are many financial instruments that can be leveraged on e.g bonds, treasury bills etc. Currency redesign is not legally permissible to be used as an instrument to reduce volume of currency in circulation according to the law.

Will you keep kwayet Mr. Fashola the weeder himself

An sudden the idiot fashiola remembered he is a lawyer.

But you are with them

MT:


I love the way you put out your point without being rude.

He didnt say that CBN does not have the the power to reduce volume of currency in circuluation. He was referring to the currency redesign. He said what the law says was a SWAP and not CONFISCATION - which can be interpreted as when I give the bank my 500 naira note, give me back the new 500 naira note unless I give express instruction that such should be deposited into my bank. That is a SWAP.

But the CBN is taking money from people and creditting their account without express instruction from the customer to do that. That is no more a SWAP, that is CONFISCATION.

If CBN wants to reduce volume of currency in circulation, there are many financial instruments that can be leveraged on e.g bonds, treasury bills etc. Currency redesign is not legally permissible to be used as an instrument to reduce volume of currency in circulation according to the law.

Quote the section of the law that prohibits currency swap from being used to mop up excess cash.
Section 20(1) in that same act says the value of a note is in its face value yet you have e-naira, and cashless transactions. The CBN has not confiscated the money you pay to the bank. That's misinformation. The money is in your bank account.
Another point you need to consider is, the idea from CBN is to deposit your old notes in your account and then approach the ATM to receive cash any time you need it. The introduction of "swap" was mischievously introduced to hamstring the CBN.

Also note that Fashola lied. The word "swap" does not exist in S20(3) of the CBN act

No it is not.
What is more than illegal, indeed inhuman and wicked is the stealing amd warehousing of hundreds of billions of naira by you know who mr Fashola

Realist12:
are POS and mobile apps operating as they did prior to the policy. POS shops are closed due to cash scarcity while mobile apps are down due to the crunch.
Should we wait till people start committing suicide ? Or dropping dead which has started already.

No one is in doubt that the implementation is faulty.
The point being made is that reducing cash in circuluation is not a bad thing.
It's a policy that is meant to reduce cash movements. No one should have a problem with that.

All the billions in old naira notes Tinubu gave to those northern governors to rig elections has become redundant. That is why they are all crying and suing Buhari

Kukutenla:

No one is in doubt that the implementation is faulty.
The point being made is that reducing cash in circuluation is not a bad thing.
It's a policy that is meant to reduce cash movements. No one should have a problem with that.

Thanks so much for succinctly highlighting the salient points of this policy! I couldn't have expressed it better myself!!

CBN is empowered by law to change currency and apply sundry instruments to regulate monetary policy with view to improving the economy.

In line with current economic realities are reflected by current economic indicators, the CBN can decide to pursue expansionary or contractionary measures. With our inflation at 20%, there is no better time to introduce this amongst other measures to help check the current galloping inflation.

Fashola is just playing politics. He knows this is within the exclusive list and that the case would be eventually thrown out of the Supreme court for lack of merit.

Curious345:
Fashola's criminal side keeps unraveling everyday..

The guy is the biggest scam from Nigeria

SAN for that matter.

Even without me being a lawyer, I know Fashola is talking trash.

If CBN gives 1 to 1 swap, then what is the purpose of mopping up currency in circulation?

Oga Fashola you not saying th truth. Let the election come and go then things will fall into place. Most of the stolen funds by our politicians will rot away. Tell your crooked colleagues to stop stealing money so that the country can move forward