₦airaland Forum

Wapgod:
Is this what Nigeria needs right now?

Your N200,N500,N1000 notes now have an expiry date.
Nigerians take note.

Na wa for this people in leadership positions o

iFESTAC680:
You didn't answer @kassandra

You didn't answer @iFESTAC680

Dbegining:
Your Excellency sir,

Economic policy is grouped into two: Fiscal and monetary policy.

The federal Government is in charge of Fiscal policies and the central bank I in charge of monetary policies. That is what makes up an economic policy.

Saying the CBN is not in charge of economic policies is trying to exonerate them of all their responsibilities and saying they don't do anything economically to the country.

And this civillan is telling you that until we run a diversified, actively exporting, industrial economy, the currency will forever be weak

And don't call me Mary.

Igboslayer:
In a dwindling economic with high inflation…currency control is a must and redesigning is one pretty way to gain control. The CBN releases new notes into circulation ones in a while so the gain of doing it out weight the cost by far. If you an art student…you won’t understand lailai.

I said it's the last problem we've now.
You only talked about advantage, you're not checking the cost of printing New notes and destroying the old ones

VanuatuWycombe:
The headline is misleading. Read the news well to the end. The value of the 2.518 billion notes (pieces not values) printed is N1.06trillion Naira.

How can N58.6billion Naira be used to print money worth N2.5billions Naira.

Please let’s stop spreading falsehood and incomplete news.
Vanguard news editors too are not doing good job. How can they allow this type of heading to go into prints?

But sir, its clearly started in my comment as NOTES as in quantity. Please sir kind look at my comments again circled in red in the photo

I mentioned NAIRA NOTES, not NAIRA sir

gonkin:
But sir, its clearly started in my comment as NOTES as in quantity. Please sir kind look at my comments again circled in red in the photo

I mentioned NAIRA NOTES, not NAIRA sir

Apologies. I didn’t read it well. May be I mixed it up with one that I have read before where the commenter said 58billion Naira was used to print 2billion Naira.

VanuatuWycombe:
Apologies. I didn’t read it well. May be I mixed it up with one that I have read before where the commenter said 58billion Naira was used to print 2billion Naira.

No problem sir. Thats what i also assumed the first time i came across it. I was like IMPOSSIBLE. Had to look at it again

Hmmmm. President Buhari seems much against the present political gladiators. He believes so much money in billions is ready for the elections. He believes the politicians can't change half of the money they had already procured for the elections before deadline. why should our currency be changed within a timeframe of just month.

All the polithiefcians hoarding money for rigging will have no choice but to circulate it now

Wapgod:
Is this what Nigeria needs right now?

Emefele and his goons wants to cash out b4 2023

Mynd44:
This is distressing to those who have stashed up large amounts in cash as they will be faced with the trouble of replacing the cash.

CBN and thieves playing chess

You're smart.

Kasssandra:
Capitalization of banks started before Lamido sanusi...and was a response to the wild west days of the 1990's, when any tom, rich, and mary could set up a bank....it took the Abacha government a while to clean up the resulting mess.

are u kidding me?it took abacha to clean up the mess?it's definitely useless arguing with u.before 2009 every family had a bank,I can now see that nairaland is a platform for misinformation. Under who did merchant bank flourish oga?banks like nal merchant bank that went under overnight and turned millionaires to paupers?

Mynd44:
This is distressing to those who have stashed up large amounts in cash as they will be faced with the trouble of replacing the cash.

CBN and thieves playing chess

its a blatant lie the crook emeifile wants to cash out by using 200 billion to print money. The corruption at cbn is at its highest ever and people that really have plenty cash will find a way with this crooks

VeryWickedMan:
Anybody wey stash up naira notes suppose wear chain for Yaba left.

I dey tell you, who stash away a currency that have been declared as one of the worst performing currency in African?

zionstaar75:
are u kidding me?it took abacha to clean up the mess?it's definitely useless arguing with u.before 2009 every family had a bank,I can now see that nairaland is a platform for misinformation. Under who did merchant bank flourish oga?banks like nal merchant bank that went under overnight and turned millionaires to paupers?

Failed banks tribunal

It was worse before 1994. Much worse.

mightyleks:
Stashers go wail

Exactly. This is a strategic move. Some people don't get it

Someone was speculating that the move is targeted at kidnappers

Changing the currency means a kidnapper could be left with worthless currency.

And he or she may have to approach the bank ...with millions of worthless notes.

Then again

Mynd44:
This is distressing to those who have stashed up large amounts in cash as they will be faced with the trouble of replacing the cash.

CBN and thieves playing chess

At what cost ? Which looter stash money in Naira ? This is not Nigeria needs right now.

Confused government

With the inflation and high cost of living, is this what we need now?

Them dey redesign cloth wey done weak? Last cash out strategy

[quote author=Rossonero post=117892631]Are these old notes one of the reasons for the economy's under-performance? I was never taught this back in school. [ So you thought you have known everything. There're alot of hidden mysteries to unravel. You continue learning even after proffesorship.]

Changing the naira how will it reduces the price of agbado in the market APC is like a rat poison

FG wants to use deceit to shove E-Naira down every Nigerian's throat. Hand in your money and you get E-Naira card or another Paper.

SamuelLoch:
You're wrong sha

Not really. Naira will loose value against USD rapidly. The reason being that many of those who stashed up cash for electioneering and vote buying will not just take the naira back to bank because EFCC and CBN will be monitoring inflow especially for those who have minted the naira.

So the easy strategy is to buy USD and stash them pending when the new notes are in circulation to buy back for the campaigns

The Law of Demand and Supply will lead to scarcity of the dollar. And when a commodity is scarce, the value goes up.

Those whose businesses pay in USD will be Tin Gods in the next few months leading to April before the system resets again.

This is what happened when a country have confused people as leaders

Wapgod:
Is this what Nigeria needs right now?

Nigeria needs a lot of things

Fallout:
Redesign with no value, old ones will be destroyed. What about all the mutilated 100 notes?

[Since] in the annals of the history of this country, ''mutilated'' non-metallic currencies are incinerated intermittently (weekly/monthly); more in this regime than ever, and substituted/replaced instanta with exact amount of expensive ''mint''.

Just as in our female U17 and U20 football squads of 2022, no Igbo bosom may appear on these newfangled non-metallic currencies. If anyone intends to, Ikpoba Bridge-cum-River is always craving for unperturbed live human flesh and entrails. Who no know go know.

Dumb move by a dumb cbn governor. How does that improve the value of the Naira.

bayelsaowei:
I am tired of Nigeria, CBN and Emefiele

Really? But it seems that people from the South South are ok with naija. With the way they are insulting any mention of Biafra.

chisomkachy:
https://www.thecable.ng/breakingcbn-redesigns-new-naira-notes/amp

Impressive.