₦airaland Forum

larride:

GloriousGbola:
And then you will hit him with esprit de core

I am your fellow Uber driver

Recognize!

[color=royalblue]On Thursday, I will take Uber from Badagry to Ajah

After the ride, I will pay him in mint 1000 old notes



....and watch the violence unfold

[/color]

Emaprince:
,
ATMs stopped dispensing. Banks are still giving out old notes as we draw near to the deadline.

I have always had the feeling that its all a plan to dry out the availability of cash. How they will achieve this is by continuous payment of old notes to customers, which the customers will still return back on or before 31st January. Then by 1st of February, you will look around you and there will only be a little amount of cash (new notes) in circulation.

I was discussing this with a zenith staff today..and inquired on why they refused to pay the new notes. He told me that CBN is not giving out enough to banks. E.g zenith might take a billion of the old notes to CBN and the apex bank will give them like 50mil of the new notes. So there is not enough to pay customers.

[color=royalblue]Is this not the aim of the CBN in the first place?[/color]

Roland17:
Na dis kain send-forth dem dey see you!

Lekwe ntu kobe efe!

[color=royalblue]Na so naa

I had an appointment in Alaba, but they shutdown today to collect PVC

I kuku use the opportunity hangout with my homie

At least, the day was not wasted [/color]

[color=royalblue]So upon all the demolitions that they did along the Buffer zone on 2nd avenue, Nezzjnr and GloriousGbola have started building there again?

[/color]

larride:
Most of the fintech solutions seems repetitive offering the same solution but we can explore something out sha. Please send me a DM when you are free so we can discuss around it.

Best of luck in your business, I hope you find it easy and rewarding.

[color=royalblue]There must be something new that can be created

Wahala need to dey, for solution to come out [/color]

DeadPresidents:
Happy for you and your homeboy. Make una no carry all the Olosho for Allen ooo

[color=royalblue]Hahahahaha

Olosho ke?

Na gist we dey gist since. [/color]

DeadPresidents:
The best route is getting mentored by Senior Product Designers. The main problem though is, the best ones are rarely interested in mentoring anyone. UI/UX design is a really rigorous field (as opposed to what many people think) because there are so many principles to learn.

You have to understand how to find the perfect balance between aesthetics, psychological reinforcement, and business decisions.

This guy (Erik D. Kennedy) has really good stuff on UI design: https://www.learnui.design/

Shameless plug: I just got my visa on Monday. I'm selling my house stuff in case anyone you know is interested. I'll be meeting a top product designer in Berlin so I'll ask him if he's willing to mentor budding designers.

[color=royalblue]Congratulations bro. So happy for you

Currently at Allen avenue now. My homeboy is leaving today. I don close shop, make we just dey, incase we dont see in this life again

Be well bro. God be with you[/color]

larride:
@izzou

Are you still learning frontend development?

I'm currently working on a concept fitness app design, make we collaborate.

[color=royalblue]If you are not under any timeline, I would be grateful to join abeg

I haven't opened my laptop in two weeks now.

Trying to expand the network for my business. Got the connect to become a supplier for one sweet Haulage company, but the documentation wey I need to submit don pass the one for eternal life.

Make we begin think of other ideas. Fitness app don too much

This CBN policy suppose give opportunities for more fintech innovations[/color]

GloriousGbola:
Danfo is the one structure where paying by transfer will get kleg, esp with this n50 surcharge. As your Danfo is never guaranteed to get to its destination how will transfer work? What happens if the bus breaks down? Will they pay everyone back? Or will they dump the money on one customer and comot hand?

[color=royalblue]100 and 50 will be more in circulation. [/color]

GloriousGbola:
I am not sure how bad that would be. In lagos anyway. The only people I pay in cash right now are okada riders. I have a lady I buy fruit from and na transfer. I have seen people use transfer to buy suya from abokis. There is an aboki along the street I pay the same way. The tanker that brings my water - I pay them like that also.

So I don't think that is really an issue.

[color=royalblue]People are seriously adjusting

The lady hawking Moimoi told us she won't collect old notes from Saturday. She said she would give us her Opay account number on Monday.

I don't know about other states, but the awareness in Lagos is high.

Unless BAT is speaking on behalf of McOluomo and his boys, that won't have the means to collect their 100 naira through transfers[/color]

Itsrm:
That 10m naira is cumulative na and not just for one person.

However, I do agree with you that everyone will have to go cashless but it won't happen overnight.

There will be a storm before an eventual calm.

[color=royalblue]Simple.

I don't see the need to overamplify everything

If Tinubu had suggested this, the same people fighting it would have licked the idea with salt and red oil.
[/color]

Ibime:
Petty traders go suffer am sha. Considering most Nigerians are employed in the informal economy, cash crunch go hit street oh

[color=royalblue]Definitely, it will.

But not to the extent of a presidential candidate talking about frustration[/color]

[color=royalblue]Avoid the middle lane at Agboju if you are going to Mile 2

A truck carrying floor tiles just fell. I think the driver is dead (A lifeless body is on the floor)

No road.

Go back and join the trailers you thought you avoided [/color]

Itsrm:
I dont think you are getting the point Larride is making

If you deposit old notes, you will only get old notes in return. Over the counter, banks are paying old notes.

The ATMs will only give you a maximum of 20k if you try to withdraw with your banks card on your banks machine. If you try your card on another banks machine you will only get 5k. E.g, Zenith bank ATM on zenith bank machine will give you 20k new notes. Zenith bank ATM on fidelity banks Machine will give you 5k.

I also know for a fact that banks have now dispersed 100 naira notes to their various branches because they still don't have enough new notes. The plan is to start paying 100 naira notes from the first of February. What will that solve? How many 100 naira notes can they possibly have? How many 100 naira notes will you have in 10 million naira?

Larride is actually right. There is serious chaos coming.

[color=royalblue]They want you to make a transfer of 10 million, instead of paying with 100 naira

1st of February isnt far[/color]

larride:
You are coming around to the point I'm making.

You are just talking about deposit deposit without considering those that need that cash to transact their business or for their daily survival. You are lucky that you were able to withdraw the new naira notes. Not everyone is. I'm practically telling you I havent seen or touched the new 500 and 200 notes since it began circulation.

So what happens if by monday, most business begin rejecting the old notes, what happens to all the old notes still in circulation? If you check the link I posted, some banks are actually still dispensing the old notes while some dispense mixture of old and new.

Let's just wait till monday and see how everything unfolds.

[color=royalblue]We will have to settle for the lower denomination. Unless you want to tell me you have not been seeing 100 naira notes.

I also deal with cash everyday, more than transfers, but I have deposited my old 1000.

So I am safe. I expect everybody with a bank account to do same, instead of assuming the chaos Monday will bring[/color]

larride:
You are the one that's ignoring the reality of things. So what happens when I deposit the old notes with me? Open one of those link I send in that post and CBN practically banned over the counter withdrawal of the new notes, so what happens if the ATM is not dispensing the new notes and I cant even get it at the counter?

What happens to all the traders that their entire business is in their cash flow? Those petty traders that recycle the cash as they are given?

Infact till this moment, I havent seen the new 500 and 200 naira notes, only the 1k note. When I used the 1k to pay for a service, I get back the old note.

If Emefiele do not extend the deadline of making the old note illegal by Jan 31st, chaos will happen.

[color=royalblue]ATMs are dispensing new notes as at yesterday I withdraw. Unless you have proof that they are paying old notes.

As for the petty traders, I agree that is an issue, but i know with time, everyone will find some solution

Just deposit your old notes first.

Many businesses have started adjusting. In the markets, people have started notifying customers that no old notes will be accepted as from Monday.

It is a start, and I don't see why the nation will be on fire because of it[/color]

larride:
That's the sabotage we are talking about.

If from th depot is 280 naira, how are others still selling at the official price or slightly above. I was going to Ijebu Ode yesterday afternoon and I bought fuel at Oando along that Ikorodu - Ijebu ode road for 185 naira. Just some few distance to that Oando, another filling station is selling 280.

So how are they doing it?

Are the major marketers buying at 280 and selling at 175/180 or are the other buying at 280 and selling at 280? Infact where I normally buy fuel without stress at Ikorodu sells at 250.

How are they doing it?

[color=royalblue]I don't know. I see Total, Oando and NNPC selling at 189 here too.

Why that is different is what i dont know. Maybe GloriousGbola will help us understand better

But if you see 330 per litre, just know they bought it 280 per litre.

PS: Avoid the last lane on Lagos Badagry expressway, especially from Barracks.

Road don block[/color]

larride:
You are intentionally ignoring the current reality on ground.

CBN is fùcking up this exercise for themselves. The banks are complaining that they are not getting enough supplies from CBN and CBN in turn is accusing the banks of hoarding the new notes. You dont see how fùcked up that is with just 5 days to go to the deadline, the old notes are still in circulation in large quantity.

Maybe you need to follow up on what's happening.

https://www.google.com/amp/s/www.vanguardngr.com/2023/01/cbn-banks-in-battle-of-wits-over-new-naira-notes/amp/

https://www.google.com/amp/s/punchng.com/banks-battle-new-naira-shortage-ahead-deadline/%3famp

https://nairametrics.com/2023/01/07/cbn-orders-banks-to-stop-over-the-counter-withdrawal-of-new-naira-notes-with-immediate-effect/

If Emefiele and his banking committee friends has gotten their acts together, nobody will be complaining today.

[color=royalblue]The intended aim of the policy is to reduce the volume of 1000, 500, 200 notes in circulation.

So unless you are expecting to get the same number of notes you exchanged, you are ignoring the reality, my brother

Deposit the money first. Is that not the ideal thing to do?[/color]

larride:
But the government has not increased pump price of fuel, which begs the question why filling station are selling at the price they like without any consequence.

[color=royalblue]The price at the depot is 280 naira. Do your findings, my Oga.

So if you have enough capital, you can help us buy, and sell at the government's RRP.

It is like you don't understand the headache the marketers are going through[/color]

BlueRayDick:
Don't worry, since Tinubu has shown concern with 30 days left to the election the fuel scarcity/queue will be a thing of the past. Just believe!

[color=royalblue]There is fuel. But who get mind and money to buy am?

The money you need to buy one truck, you have to double it to buy that truck again.

So, which one be sabotage for there?[/color]

Roland17:
You re being generous with your sarcasm. Instead of believing what his supporters here debunk, I choose to believe what their principal said with his own mouth. There is a reason Shehi Garba spends a lot of time debunking the tension.

The last time I checked the CBN is under the executive arm of government and the Governor is appointed by the President. We may not have proof of tension between Buhari and Asiwaju but we have proof based on Asiwaju’s outburst that there is tension between him and the CBN Governor whose office is under the supervision of the president.

You don’t need to be soothsayer to decipher who Asiwaju was referring during his outburst.. If he is upset about the policy, Emefiele did not approve it himself, he consulted with the president who approved of the design and plan.

[color=royalblue]See how they are dragging Emefiele, as if he made the policy and approved it alone

This policy has been up for 3 months. Why didn't he complain then?[/color]

Ibime:
Bullion van things. Mobilisation of cash to grassroots for vote buying became harder

[color=royalblue]Very clear to the blind

But let's assume BAT is so concerned about how a bus condutor will collect his 300 naira in 5 naira notes on Monday.

We play too much in this country[/color]

BlueRayDick:
Personally I don't have any issues with the naira redesign and the cash withdrawal limit. I've gone cashless for a while now. I've warned those close to me to stop accepting cash in large quantities to avoid stories that touch when 31st finally comes.

Truth be told tho, Emefiele could've done better. I believe they should set up a kind of cash-swap in which u can go to the bank, deposit Ur old notes and swap it for new ones. However, if the cash is much let's say 1m, the bank should accept the 1m old notes from you and then transfer the value to Ur bank account. You can then proceed to withdraw either over the counter, via ATM or POS( Subject to whatever cash limit they will set). This way the aim and objectives of the naira design will be achieved and people won't be stranded with cash traders have refused to accept.

As regards the fuel scarcity, Tinubu is foooolish to even be talking about that now(I'm not sorry to use this word). Queues have been appearing over and over again with each scarcity leading to increase in pump price ever since Buhari was voted in, yet Tinubu had no voice. Suddenly Tinubu is speaking on behalf of the masses and complaining about fuel scarcity because he's on the ballot and knows it will affect his chances.

[color=royalblue]Fuel is 280 naira at the depot. I bought 330 yesternight.

There is fuel, and its true.

But when your capital no reach to buy am nko? [/color]

Amoto94:
If you have been following the conversations since the biting fuel and new notes scarcity you will understand that in a way the actions and inactions around this period will hurt Tinubu's chances, the question many influencers are asking in public fora is will you vote for a party that is causing you pain via long queues and insufficient new notes in circulation? Tinubu is right to assume that there are those who wants to stop him from becoming President because of the sequence of events, some of them believe that his Presidency will be too powerful for them and also many Atiku loyalists have the ears and eyes of PMB.

[color=royalblue]Please where are these influencers asking these questions?

Twitter and Soshio media?

The same place where elections are not won, or...?[/color]

[color=royalblue]This policy has been out for over 3 months.

Can a pure, detrabalised BATisit show me where he kicked against it then?

Then less than 20 days, it has become a hurdle to win.

Unless you want to share cash on that day, i see no problem with it. Businesses are adjusting already. Just go and deposit your money in the bank first. That is all you can do for now.

Nigerians that have suffered tirelessly for 8 years will suddenly wake up now and vote against you because of CBN policy

Dey play, Baba. Just dey play [/color]

BlueRayDick:
If u read the report of his outburst, he mentioned something about traitors who contested against him. He's poking that one at Emefiele.

I think Emefiele messed up dabbling into partisan politics to the extent of having presidential nomination form obtained on his behalf. Tinubu probably feels the naira redesign is a ploy by Emefiele to get back at him in particular since he's one of his co-aspirants at the party's primary election.

[color=royalblue]I understand the friction that will come up next concerning the policy, but i don't see how that is enough reason to start crying foul.

We can talk about the scarcity, and i could see some reasons, but definitely not this policy[/color]

larride:
If people cannot even spend their own money because people are no longer accepting it and the channels that's suppose to even dispense the new note are not dispensing it, who will the people hold responsible?

Whatever policy whether good or bad by Buhari will affect Tinubu chances. Is that not simple enough to understand?

Are you not the one saying people shouldn't vote Tinubu because Buhari has brought suffering to people? Now add the impeding chaos that will happen from monday with the biting fuel scarcity and tell us how it's not frustrating Tinubu chances.

[color=royalblue]Are you not seeing your rallies?

Can't you see the crowd in interior villages in the NW and NE, waiting for a Renewed Hope?

You point would fly if the population were literate enough to see where APC has led this country into. But 75% are not, and to your advantage, that is the number with most PVCs.

He is very good to go, IMO.

What he is crying about is what Obi and Atiku should be doing. Definitely not from the man that hopes to build on Buhari's legacies[/color]

Roland17:
It is shortsighted to argue that an expansive economic policy like the redesign of the Naira or fuel shortage is aimed at destabilizing only one candidate.

If you ask me, I’d say Asiwaju was done pretending about the palpable tension between the him and the presidency. This rumor has been rifle since he won the primaries but the presidency and Asiwaju have tried to dismiss it as mere rumors but Asiwaju’s outburst definitely proves there is tension between both.

Once again, a lack of strong institution. If we had an independent agency responsible for monitoring campaign donations and expenditure this wouldn’t be much of a problem.

[color=royalblue]There is no tension between Asiwaju and the Presidency oh

We have heard it numerous times here that he has their support.

So, bros, make we leave that one first.

I agree with your last paragraph though[/color]

[color=royalblue]The aim of the. policy is to reduce the quantity of 1000,500 and 200 notes we have in circulation

So if you deposit 1,000,000 in old notes, you should not be expecting to withdraw 1,000,000 in new notes.

Just deposit it first in your bank.

How exactly will this stop a particular politician from winning?[/color]

larride:
Because both the banks and CBN dont know what they are doing.

CBN is complaining that banks are not filling their ATM with the new naira note and yet they wont shift the deadline. Most people will soon start rejecting the old naira notes and there's no new notes to spend. Banks has also reduced withdrawal limit to 20k.

By tuesday, you will understand the chaos Emefiele and his banking committee is cooking in the country.

[color=royalblue]So, how is this frustrating Tinubu's chance of winning the election?

Or you did not read what he said at MKO Stadium?

[/color]