₦airaland Forum

Itsrm:
How many customers Lotus and Jaiz bank get.

To the best of my knowledge, there is only one Jaiz bank in PH at waterrlines. That's what you're comparing to banks with close to 15 branches in town.

If Jaiz and First bank both get 100m new notes from the CBN, one has to distribute across 15 branches and the other only has to distribute across two branches, which one do you think will finish first?

Say a first bank ATM machine and a Jaiz bank ATM machine are both loaded with 9m. Which one will finish first? People will be here telling us first bank is hoarding money while Jaiz is paying by the time the money in the first bank machine finishes.

I have a direct inside source in the bank, my wife works there as a core staff. The company I work with provides services to banks. There are not many banks in PH that I don't have or cannot get the direct phone number of thier HBSs, HOPs and CSMs. Believe me when I tell you, they are not hoarding anything. They don't have.

Attached is my contact list when I search for zenith. It's the same for other banks. I get first hand info anytime I want

I know of firstbank, stanbic and UBA banks in Lagos that have been loading their ATM's since last week continuously.

Maybe everything about that una PH just dey different sha from buying fuel at exorbitant pump price and now not having banks that load ATM machines with new notes. Banks in Lagos are loading ATM machines with new notes; u just need to stay on the long queue and withdraw not more than the 20k daily limit.

Jodera:
When I saw that Blueangel post, I actually thought it was blueray, I nearly wan pop my eye

God forbid bad thing!

Itsrm:
Calm down. If Partey gets injured and he may, Lokonga is the backup. Jorginho is a decent backup for Partey better than Lokonga. Make una do come buy abeg

Jorginho may be decent for una team wey dey play 5 defenders, but he's not decent for my own arsenal at all. I don't need no 4ckibg escorts in my midfield!

How can u watch Partey this season and say that Italian bakayoko will be a decent backuo for him?

No make me say fuel go turn 2,000 per liter for PH if Jorginho come arsenal o🤬

Itsrm:
This is not true at all.

They just don't have the money themselves. ATM o, over the counter o, they don't have new notes to give.

Trust me, if they indeed have and are hoarding it, CBN would have come down hard on them. CBN wasted no time handing out fines of 5m to any bank caught dispensing old notes through their ATM machines.

They deployed their staff to move around ATMs and record videos of any machine still dispensing old notes. That's the extent the CBN is willing to go.

I'm talking from personal experience, these banks have the money ;it's the big bosses that are playing whatever game they like with the new notes.

Lotus bank and Jaiz bank were commended today on twitter for continuously loading their ATM's with new notes. I can confirm that one of those two banks has been loading new notes in all their ATM's since early last week and they've not stopped. The moment cash finishes in the ATM, it takes them few minutes and they load it up again.

No be everything person go talk with full mouth online, but games dey happen underground sha. Don't speak for banks when u no know their game play.

izzou:
[color=royalblue]The bolded is why i see anybody arguing against the policy as either ignorant of the CBN's goals, or just being mischievous

You deposited 1,000,000 of old notes, and you are expecting to have access to 1,000,000 of the same new notes. So what is the essence of the policy in the first place?

Go to any bank with 10 000 of old notes. Ask the cashier to change it for you, and she will give you 100, 50 or 20 naira notes. What is the headache there?

The exaggeration is just too much. [/color]

That's the problem, exaggerating the whole thing and blowing it out of proportion.


These same people watched DJswitch's live video on the 20th October 2020 and saw soldiers shooting at unarmed protesters. Dem no call Buhadi out o. I mean people's lives were lost ; yet we have people amongst us who would rather believe Lai Mohammed's story above the live video we all watched ( simply because the soldiers packed up their mess while leaving).

Now they suddenly care about how people's lives will be affected by CBN's policy that people are already adjusting to.

Anybody that has a bank account has no reason to be complaining about the naira redesign except there's something they are not telling us.

If this nonsense should happen, Arteta and Edu will enter my black book straight! 🙅‍♂️

None of their 4ckups will ever be overlooked going forward!

larride:
I have said it in my response to iz.zou many times and it's pointless to keep repeating it but I will do so again for emphasis sake. It is not really the naira redesign that's the problem, it is CBN implementation of the policy. It's as simple as that.

Yes, CBN said they have been able to mop up 1.9trillion naira but how much in new notes are people able to access? It us easy for you a big mam to deposit your old naira notes in the bank and continue to use transfer and other means to do your transaction, what percentage of the population have that luxury?

Or what do you say about those that deposited their old notes in the bank but when they needed to do cash transactions and up with withdrawing the old naira notes again?

I went to GB Ikorodu today and all their POS machine wasn't working, the stanbic atm right beside them isn't dispensing and the customers that were paying with cash were almost all paying in the old naira notes. I had to make transfer to their union acct and it took them close to 35mins to confirm the transfer. Earlier in the day while I was looking for fuel, i took bike to Itamaga with hope that i would be able to withdraw from pos agent at Itamaga only to get there and most of the pos agent are shouting no cash. The one i later saw that has cash was paying with old notes. I paid the bike man with the old note who in turn gave me change in old note also, I'm sure the bike man will also give someone else the old note when buying or paying for something and there's a big chance that he will get back old note as change also.

All these are happening in Lagos, how imagine how bad it will be in the rural areas where they only have pos agents around or have to go to another LG or the state capital to use the bank there. (That's what happened to me in Ebonyi. Uburu that I was in has no bank, we only have pos agents, to use bank, we have to go to the capital Abakaliki or to Afipko South)

The problem here is u are expecting the CBN that moped up N1.9trillion out of the streets to push out N1.9trillion of new notes ; unfortunately that's not going to happen. If it happens that way, then the aims and objectives of the naira redesign will be defeated. As at 4 weeks ago the same petty traders u are premising Ur argument on were practically rejecting the new notes ; some of us had to even convince them to accept to no avail.
It's only now they get the memo that the old notes will no longer be legal tender that they decide to start scampering for the new notes.

I also served in a community where was no bank and worse still there weren't POS as at that time. U go to the bank at the local government headquarters, withdraw the cash u will need for the month and head back to Ur community after buying things at the market. We survived then, people we met there have been surviving and people living there in present day are still surviving till date ( I doubt have bank in that community and neighboring communities till date). U see, people in these areas within a day or two working days they will make sacrifice and get their ni ara changed if they want to. I've lived in their midst and know these things ; it's a non issue.

I've mentioned it in the past that CBN ought to have drawn up a formal process of how the cash swap will be implemented especially for people in rural areas. But then I read somewhere that CBN had deployed about 30,000 agents in rural communities with no banks to aid them mop up the cash and make available new notes ( I'm not sure how much cash they would actually be able to access tho)

As regards GB's bank not having network, that's not a new thing. U honestly can't tell me this is the first time u will go to a store and the only means of payment available will be cash simply because their bank is either not having network, their POS down and u have no choice but to get cash across the street to pay for items bought. I've experienced it wella before this whole naira redesign.

larride:
Yes everything is exaggeration. I no even need to explain anything to anyone.

Painful that CBN extended the deadline, we will have seen how the over 900billion notes that's still outside the banking industry will magically change to new notes or it will become illegal in the holders hand.

U are just boxing empty air in this case . I think I will agree with izzou that u are looking at this thing from a political angle and u are projecting that on others . U are looking at it from how the whole thing will 4ck ur principal over , but yet u are accusing others of buying into CBN’s policy because they feel it will hurt Tinubu.

The CBN has come out to say they’ve been able to mop up N1.9 trillion that was previously being held outside the banking system . One would’ve expected u to applaud them because these are the monies getting into the hands of criminals , bandits and what-have-you thereby making the country unstable . You have not done that but u are concerned about petty traders who don't even handle that much cash.

A typical u in the past would've elaborated on the CBN'S policy and would educate us on how the policy would be a Buhari's legacy of fighting insecurity with non-comabtive measures. I guess tide has changed 😎

larride:
So those selling puff puff and patty traders dont receive 1k, 500 and 200 naira notes?

For someone who sells items worth N50 u don’t need to be an economist to know majority of his customers will be paying with N50 , N100 notes more than any other denominations. The few ones that bring new N1000, N500 and N200 notes will get their change in N100 and N50 denominations .

It’s not rocket science .

I gave an example of someone I bought N600 worth of items with N1000 and I was given 4 N100 notes as change .

There’s no need for unnecessary exaggeration as far as this new naira notes are concerned . In fact it’s petty traders that are less affected .

sebod:
One funny area people are not paying attention to in this cashless policy issue is the excessive bank charges.
Imagine buying puff puff worth of 150 Naira, the buyer is charged heavily on the transfer of 150 while the seller is also charged 50Naira for receiving just 150Naira. How does the seller make gain after losing 50Naira on every transfer he receives?

Oga CBN did not change N100, N50, N20 and N10 notes . Anybody selling puff puff has no reason to complain about being affected by the naira redesign . After each day sales , the puff puff seller should be having a bag full of N100 and N50 notes which he/she will be using to purchase ingredients for tomorrow’s sales .

Make una stop to dey exaggerate these things Abeg !

iamoyindamola:
What denomination did you get

1000 naira .

It’s the banks and their staff/management that are part of people sabotaging the whole thing .

It’s just similar to when Ambode took the job of PSP operators and came up with Visionscape. What happened next ? People poured refuse almost everywhere ; in fact the area I was staying back then people will dump refuse everywhere but the visionscape large refuse containers provided at strategic areas .

I believe those bank CEO’s are not in tune with Emefiele’s policy and would not mind to frustrate it if the chance presents itself .

iamoyindamola:
My colleague that went to bank is angry because the highest denomination he was given is 20naira
Imagine 20 naira in 100k, my guy is a big man

I withdrew 20k new notes this afternoon . I guess some banks load cash at some of their branches while they don’t make cash available at some not so important branches .

The banks too are part of the problem ; it appears they are hoarding the new notes for reasons best known to them .

As at 3-4 weeks ago traders and transporters were practically rejecting the new notes claiming it looked fake/counterfeit .

Some even boldly said they preferred the old notes ; fast forward to a week ago when the CBN deadline was looking like a real deal everybody started scampering here and there to get the new notes .

We Nigerians are part of the problems too. The time we spent deliberating on the color of the new notes , rejecting it and wishing to be paid with the old “original “ sef is something . I remember paying someone with the new notes fee weeks ago and the woman insured on getting the old notes. I’m sure she’s also part of the people rejecting the old notes today .

izzou:
[color=royalblue]That Alaba own was even a lie. I had even posted it before it made news

The market association declared that day as a day for collection; Nobody was to open.

That video was for those who insisted on showing up that day. The association then agreed that if you decided to come on that day, show us proof that you collected the PVC.

But agenda is everly bound to agend[/color]

Me I just feel say make we dey balance the reports.

Amoto94:

https://www.youtube.com/watch?v=tpldlFEAz8w

https://twitter.com/DeinmoweiEzi/status/1618637633625948160?t=UlswlGFvDUGIwewwL5goSg&s=19

Non-PVC holders were blocked from accessing
Electrical Dealers Association of Nigeria, EDAN, the electrical market section of the Alaba International Market, Lagos State

The officers of the market reportedly blocked Non-PVC holders from entering the section of the market, in a bid to make sure people get their PVC, to enable them participate in the forthcoming presidential election.

NEWS UPDATE:

Something similar has happened this morning on Lagos island , just that this one is ordered by Lagos state government .

As at this morning all the major markets in Lagos island are not accessible to the traders because the government ordered that all market men and women should go and collect their PVC’s . While Alaba people allowed those that have PVC transact business , Lagos state government doesn’t care whether u have collected PVC as at 2015, they just close the market and compel everybody to stay away.

Segedinho:
Black market


Station..from 500 to 750 n to get it is another luck entirely

Omo, na armed robbers dey run filling stations for that south south o. The highest I’ve seen on a meter in Lagos is 315 naira per liter and these filling stations where there are no single queue . U just drive in, buy and leave with no hassles. It’s places where the price ranges from 185, 220 and 280 that u see queues in different sizes ( depending on what price they are selling )

raumdeuter:
Atiku or Tinubu wins and they are contesting in 4yrs for a 2nd term. Will the then CBN governor be able to deny them cash needed or they will change money again?

Obviously not; the CBN governor will always align his policies with the thoughts of the president( at least in this part of the world as we’ve seen ) , and the moment he chooses to start from it he becomes personae non grata .

The reason u keep seeing Emefiele’s pictures each time he meets Buhari is to pass a subtle message that Buhari the president is sold in on his idea of naira redesign.

Someone mentioned how Fayose had cash moved from Zenith bank to Ekiti for him to prosecute his 2nd term election back then; I mean like the minister for defense for state Obanikoro supervised the transfer of cash for a PDP candidate to prosecute election ….. that’s what Tinubu thought Buhari should be doing for him and not this silent coup of changing naira design just to turn his stored cash to rubbles .

Whoever wins this chess game , we gather dey to observe as e go be . If we survived Buhari’s 2 terms listening to bullshiiit explanations and gas lighting , we go survive either Atiku or Tinubu if they become the president ; but we know nothing will change .

GloriousGbola:
when all this is done we need tell all books about all the shit that actually went down in this administration

also this

lifted from a post



we can all remember how money was moved by zenith bank for Fayose in 2013/2014

the bank chiefs are also carefully looking beyond buhari to ensure they are not in the bad books of whichever administration comes next

The person who made the post u quoted is oblivious of a lot of things . Time and tide has changed. The CBN in its press release claimed they’ve brought in 1.9 trillion that was previously hanging out of the banking system since October 2022 when the whole naira redesign was announced .

Where did he think the 1.9 trillion came from ? Ur goes is as good as mine . The op should go to the non Ikotun, Okokomaiko, Igbo elerin branches of his favorite bank and confirm to us now if he still sees mint new notes in millions like he claimed he did of the old notes .

The thing is CBN knows how much notes they printed , how much they’ve released and how much of it they have not made available to banks . And by the way , these banks file reports per some transactions above certain threshold , they do periodic reports etc. Some of these reports are just insurance for the banks when a politician they service runs into problem with the government of the day . U won’t see EFCC or CBN hassling these banks and their CEO’s until their political customers run into problem with losers that be and they will deploy every rule o the book to deal with the bank if they are found wanting not to have filed all necessary reports .

Just like other posters have pointed out here , it will be more difficult to get enough cash to prosecute an election on a national scale due to change of naira notes. Not like it’s not possible , but it will be more tasking and would involve u getting as many of ur political associates who have access to cash to call in favors for u all over the country .

Itsrm:
And be paying charges abi? Most of her customers will buy below 1000 naira. How much is she earning from the groundnut

Maybe she will add the charges to the cost of the groundnut which will beg another question. Why will people buy from her and not others who sell cheaper?

I also once tried getting a POS machine for a personal business and there was a challenge I couldn't overcome. Unfortunately I can't remember what the challenge was.

Baba they didn’t redesign 100 naira , 50 naira , 20 naira and 10 naira . A petty trader that sells a commodity lesser than 200 naira shouldn’t be bothered about this redesign thingy .

Personally I believe people are over-amplifying the whole issue sef . I bought something worth 600 this evening with a new 1000 naira notes and the seller gave me 4 100 naira notes as change. She didn’t have problem with me since I paid with new notes and I didn’t have problem with her since she gave me change in 100 naira denomination which is not affected by the redesign .

They should kukuma arrest Buhari now . At least every adult know the case of naira design na Voice of Jacob , hand of Esau.

Na Buhari dey punish all of them through Emefiele ; so instead of threatening to arrest Emefiele they should kukuma arrest their loving daddy Bubu whom they’ve been doing rubber stamp for since 4 years ago.

Agadinaagwuofe:
Exactly if the policy didn't affect them you won't hear their complaints, it actually destabilize them. I don't think they will find a way around this unless they try other method that won't involve inducing the electorates but I can tell you categorically when money is take away from election many foot soldiers that would have stake their lives will withdraw, I mean most people supporting candidates and putting efforts is because they have hope during election they will benefit from the disbursements. I think Buhari drew a clue from what happened during APC primaries and wasn't happy how his plans were thwarted using money to sabotaged his plans and arm twist the electorates from states and swore within himself hat he won't allow such to happen again. The way he took the issue of this inducement of electorate matter eh! you go know say wetin happen for APC primary pain am reach e bone marrow

But it’s hypocritical on the path of Buhari sha cos he’s a beneficiary of the system he’s now going against . I was in the north during the 2015 elections and I can confirm both APC and PDP induced people with money during that election that brought him to power . I wonder where he thought his party men got all the cash that was used to secure his victory sha .

Agadinaagwuofe:
At the bolded, how much will your mum and Dad request compare to amount needed to prosecute elections? your mum and Dad can find "short corner" to get the money because the amount they will request isn't big enough to amount politicians need. The new money isn't yet circulated because CBN are monitoring and regulating amount pushed to the public. There is no politician that can get enough because amount pushed out won't be enough for that we are talking about trillions of naira here. Let me paint the picture well for you, the CBN might print 2 trillion of the cash and send 500 billion to the bank, bank has other obligations than giving the whole money to one politician, they push some to the branches, push some to ATM and even reserve some to meet customers obligation thereby won't have enough "FOR POLITICIANS THAT WANTS TO DRAW TRILLIONS FOR ELECTION PURPOSE" this is just the simple scenerio. Nobody is saying the politicians won't have the money but they will not have enough to send to polling units and foot soldiers to use it in thwarting or inducing voters unless transfer and that will be almost impossible. These things have been considered before coming to implement the policy, anyone telling you politicians have enough is just lying.

If the thing no touch politicians u won’t see someone like Ganduje subtly threatening the president telling him they can’t guarantee his safety in Kano when he comes for commissioning for project . People like Ganduje need money to prosecute the forthcoming elections and getting the new notes in large quantity is almost impossible .

Although with time Nigerian politicians may likey find a way around it, but for now the whole thing has distabilize them.

GloriousGbola:
Was there a time when Buhari basically instructed CBN to print more money? I think so but I can't recall.

Obaseki mentioned something like that , I don’t know if it was later proven to be true or not.

Imagine having 2.7 trillion out of 3.23 trillion held permanently by people out of the banking system; yet we wonder how terrorism is being financed 😳

No wonder there’s been rise in terrorism acts since 2015 Buhari’s administration came on board .

Efo riro & croaker fish . I don use this one rush pounded yam commot for ground .

ZINNYBANKS:
Not sure if its even up to 1kg and it been sold for N20,000.

Abi, thanks to high exchange rate and import duties

Itsrm:
I agree with you but this may make an already bad situation worse in the short term. It won't make kidnappers stop demanding for ransom.

Only this time, people won't have money to pay them which will make them go on a killing spree. By the time they kill a hundred people because they couldn't get ransom, kidnapping should start reducing.

All of these points out to Buhari’s incompetencies which we’ve always wailed about .

Itsrm:
CBN is now saying you are not meant to exchange your old notes for new notes. You are meant to deposit your old notes and go cashless

That is why they are deliberately restricting the money in circulation.

This has always been my position on the issue . Allow people deposit their old notes , give them a certain percentage of it as cash withdrawal over the counter and deposit the rest in their account .

If almost everybody is going cashless , there won’t be need for excess cash in the system . It’s that excess cash people use to pay ransom, terrorist buy more arms and the country keeps getting more and more harder security wise.

GloriousGbola:
I guess everyone in apc is getting tired of Buharis hypocritical shit. The man is casually indifferently and carelessly fucking the party over two months to the election. Even voters on the fence would Lilley go your way and vote to punish the party for this tripe jab hardship.

Buhari has allowed us to have the worst fuel scarcity reminiscent of the abacha days. He is the petroleum minister. A president with some sense would have read the marching orders to nnpc to contain any fuel scarcity until after the election. Instead we have the DSS running round stations arresting people for selling in Jerrycans, Mile long queues and no end in sight.

Imagine dss storming a station at 5am to look for Jerry cans.

Now add this currency nonsense which has people storming banks as if there is about to be a run on the naira.

I guess Buhari is an equal opportunity failer.he failed the voters, he failed the party. Maybe we will also find he failed the family which going by aishas retirement to dubai may be true

Fu-ck this man. He has singlehandedly reinforced all the stereotypes about Northern incompetence that we grew up with.

I'm not surprised about Buhari's hard stand on this currency issue ; Buhari has been known not to listen to anybody. I'm thinking just maybe if the late Abba Kyari was still around , just maybe Buhari would’ve taken wiser decisions and posture in public issues post COVID-19. It appears the man was the glue holding his government together , preventing DSS from going after CBN governor , making sure different government agencies at each other’s throat while the president sits arm akimbo.

Most of us had seen Buhari’s incompetence since his first term . When they say Buhari has taken us 50 years backwards some people think showing us new train coaches , second Niger bridge , rice pyramid etc can disprove his incompetence. Now it’s staring us in the face.

Personally I support the CBN policy , but I will be selfish if I say CBN has been up and doing to ensure people get their old notes exchanged for new ones . Perhaps there’s a friction between CBN and commercial banks hence why people couldn’t get their old notes exchanged for new ones for 3 whole months . Whatever happens , I know for sure Nigerians will adjust .

Fkforyou:
I’ve observed that these days, people are somehow squirmish to tough love. That is what Lokonga lacks, he doesn’t someone to massage his self esteem. In all honesty, I missed out the part Odegaard screamed at him, and at first I felt a bit sympathy for him, but then I remembered how I was number one person that wanted Pepe out of my team and thought why should I be sympathetic to Lokonga. I hated Pepe because he was weak and unintelligent. Baba frustrated me last season, there was one match against Newcastle or so that we had a counter attack so as to win the game naso baba begin dance Awilo with the ball, there and then, I figured people like this shouldn’t be in Arsenal if we want to win any silverware. In my opinion, Lokonga falls into the same category, he better ship in, or ship out. We don’t need cry babies here. There is this qoutes from Suits, “If you play with tigers, expect to get some scratches once in a while” my point is Lokonga deserves it and Odegaard was the tiger in this instance. This season is a war for us, we better drill the weak ones to step up for us. Simple.
How he goes from this incident will determine his success as a player wether as an Arsenal player or Not.

The truth is Lokonga doesn't belong in this arsenal team ; either as a first team player or a sub. He's not even shown he's better Joe Willock, yet some of us believe Willock wasn't good enough for arsenal.

We can loan him out hopefully he will play well and command a decent transfer fee next year when we want to sell him.

That onana for Everton no Sabi play anything. If we should buy him we will surely regret that decision and later cuss the club management.

doscar:
Pasta, sautéed shrimps served with fish fillet



@Chef'D👨‍🍳🔪

a

Can u try to always move the food closer to the camera? At times its difficult to get a full appreciation of the dish when it's so far away from the camera