₦airaland Forum

Just some few minutes ago, I read that the CBN is about to introduce new currency notes. https://www.nairaland.com/7402800/old-currencies-expire-31-01
That is not the issue. It is the reaction of Nigeria's to the issue. To many, it is a waste of time and resources. That shows that many people don't know the importance of changing currency design. Even in USA, it is a normal thing.
Changing of currency is one of the most effective methods of fighting corruption. Many politicians that steal public funds don't put them in bank. They stack them up in private location like pit latrine, tanks, their rooms, safe etc. They pick few bundles from there everytime they need little cash to spend..
The introduction of new currency will forces these thieves to the bank to change these currency. That will pose a risk to them as they will be in the eyes of the law. Imagine the 1000 naira note has never been changed since ages now. Most politicians that stole 1000 notes can still spend them today.
But they may go to BDC to change these money to foreign currency. That is why the BDC are technically the problem of this country. Why allow individual to carry foreign currency in your country?

Whatever happens, this government has not really lived up to it's promise of fighting corruption. There is more corruption now than any other time in our history as a nation.

Fight corruption? when the real corruptions are wining and dinning in Aso villa.

This olodon eh…
So what stops those politicians from stacking up the new currencies too?

geunik:
Just some few minutes ago, I read that the CBN is about to introduce new currency notes. https://www.nairaland.com/7402800/old-currencies-expire-31-01
That is not the issue. It is the reaction of Nigeria's to the issue. To many, it is a waste of time and resources. That shows that many people don't know the importance of changing currency design. Even in USA, it is a normal thing.
Changing of currency is one of the most effective methods of fighting corruption. Many politicians that steal public funds don't put them in bank. They stack them up in private location like pit latrine, tanks, their rooms, safe etc. They pick few bundles from there everytime they need little cash to spend..
The introduction of new currency will forces these thieves to the bank to change these currency. That will pose a risk to them as they will be in the eyes of the law. Imagine the 1000 naira note has never been changed since ages now. Most politicians that stole 1000 notes can still spend them today.
But they may go to BDC to change these money to foreign currency. That is why the BDC are technically the problem of this country. Why allow individual to carry foreign currency in your country?

This was the method used in the early 80s, what they do now is buy US dollars with stolen funds, or launder them through their companies

With what you just wrote here, I can see why politicians are getting away with whatever they do

Arda1000:
This olodon eh…
So what stops those politicians from stacking up the new currencies too?

That is why I was laughing when emiefele gave the reason!
I was like
Has he forgotten that Nigerian has changed currencies like how many times .
And he wants it by December o

baralatie:
That is why I was laughing when emiefele gave the reason!
I was like
Has he forgotten that Nigerian has changed currencies like how many times .
And he wants it by December o

How many times?

The timeline is 31 Jan 2023.

Arda1000:
This olodon eh…
So what stops those politicians from stacking up the new currencies too?

You just showed that your education is waste. How can they stack the new currency without going to the bank?

geunik:
You just showed that your education is waste. How can they stack the new currency without going to the bank?

will the money not be in circulation? Only a fool will stashed naira

Something they do with dollars , pounds and euro.

The cbn has lost directions. First they said it’s bitcoin. Later abokifx. Now is redesigning of the notes

geunik:
You just showed that your education is waste. How can they stack the new currency without going to the bank?

so tell me if you are a politician, and u have 20billion of old naira u won’t know how to go about spending it?

Arda1000:
so tell me if you are a politician, and u have 20billion of old naira u won’t know how to go about spending it?

No mind am joor! As if i invest the money in a business or build houses they know.

fineboynl:
will the money not be in circulation? Only a fool will stashed naira

Something they do with dollars , pounds and euro.

That was why I said BDC are thee problem. They changed the stolen fund at aboki

Arda1000:
so tell me if you are a politician, and u have 20billion of old naira u won’t know how to go about spending it?

Most politicians want to save money for their children after investing and buying business and landed properties. They cannot keep buying until yhe money is finished. They want to save.
And since they can't save it in naira, they buy foreign currency from BDC because the current naira design will change soon. It is this currency they save with in hard currency. Dollars will rise to 1k soon before January with what CBN is about to do.
They have to make it illegal to hold physical foreign currency in Nigeria

geunik:
Most politicians want to save money for their children after investing and buying business and landed properties. They cannot keep buying until yhe money is finished. They want to save.
And since they can't save it in naira, they buy foreign currency from BDC because the current naira design will change soon. It is this currency they save with in hard currency. Dollars will rise to 1k soon before January with what CBN is about to do.
They have to make it illegal to hold physical foreign currency in Nigeria

someone should tag CBN on these comments lol