₦airaland Forum

I was strolling face book bumped into this video by comedian sarikin dariya about NNPC privatization and his point on Naira note having expiry date hit me.

I was in a bank some months back and the bank rejected some dollar bills pointing out that dollar minted on that particular year has been withdrawn from circulation. I never thought of the reason why the US government withdrew it seeing that the money was new and there was no difference between it and other dollar bills except for the year the notes were produced.

On seeing the video by sarikin dariya, I understood everything and the concept of controlling the loot of the dollar bill.

Nigerian politicians are found of looting and burying money in unthinkable places and most times, these money waste away and become unproductive. The concept of making the naira note to have lifespan will prevent alot of financial mismanagement and make those that still loot to invest the money in something meaningful to avoid it being expired according to sarkin dariya.

https://web.facebook.com/watch?v=1741475996187469

watch the video for your enlightenment.

It's a nice idea,but in Nigeria,they will always find a way to carry out their act.

Kazeem47:
It's a nice idea,but in Nigeria,they will always find a way to carry out their act.

one door at a time.

The government can start by introducing new redesigned naira notes and put a time frame to phase out the old naira notes. this will make those who looted naira to bring it out in circulation.

Bureau de change employs bank managers and work with them directly.This is bad for our currency. CBN needs to design a frame work to be the only channel through which Foreign currency flows into the country. They should also ban Bureau de change operations and stop activities and operations of institutions that oversees money wiring.
They should introduce a digital card that will be attached to individuals passports. By this, the card can only be used when a passport is used to board a flight to certain countries and the cards should be capped.
Expatriate and construction companies should also be paid in local currency and not with forex except there is a need for them to source for some items beyond the shores of this country.

Cashless society might reduce the impact of the idea, i think its a good one though.

Esseite:
Cashless society might reduce the impact of the idea, i think its a good one though.

It is. Everybody will have to return about to expire notes to the bank before it expire and become useless. It will encourage more people to go cashless and also prevent storing money in bricks and undergrounds.

The only problem now is that the naira has lost it value. To achieve this, the CBN would have to phase out the naira and introduce a new currency.

thesolutions:
It is. Everybody will have to return about to expire notes to the bank before it expire and become useless. It will encourage more people to go cashless and also prevent storing money in bricks and undergrounds.

The only problem now is that the naira has lost it value. To achieve this, the CBN would have to phase out the naira and introduce a new currency.

I dont think it needs to.. phase out old prints to a certain deadline while repainting the new with exp date..

Esseite:
I don't think it needs to.. phase out old prints to a certain deadline while repainting the new with exp date..

In a sane country, it is that easy. But in Nigeria, something new has to be introduced like the old N5, N10, N20, N50 notes was replaced by the new notes. Again, something new with superior value to the naira. Lets call the new currency ABOKI and 100 Naira =1 Aboki. it will make for less volume to be minted.

Like seriously?

I think this should be consider.

Very reasonable something.

thesolutions:
In a sane country, it is that easy. But in Nigeria, something new has to be introduced like the old N5, N10, N20, N50 notes was replaced by the new notes. Again, something new with superior value to the naira. Lets call the new currency ABOKI and 100 Naira =1 Aboki. it will make for less volume to be minted.

We need to make N100 our biggest note

thesolutions:
In a sane country, it is that easy. But in Nigeria, something new has to be introduced like the old N5, N10, N20, N50 notes was replaced by the new notes. Again, something new with superior value to the naira. Lets call the new currency ABOKI and 100 Naira =1 Aboki. it will make for less volume to be minted.

But that would rapidly increase inflation due to price moderation on items.. I think the best option would be phasing off the old notes gradually using "dealines".. but that would also shoot the forex exchange rate as majority would be seeking to protect their wealth until all is settled..

Esseite:
But that would rapidly increase inflation due to price moderation on items.. I think the best option would be phasing off the old notes gradually using "dealines".. but that would also shoot the forex exchange rate as majority would be seeking to protect their wealth until all is settled..

This did happen.