SmartPolician:
If we have 3 trillion naira outside the reach of our commercial banks, Nigeria has a cause to worry.

So, anyone critizing this redesign of naira may have an ulterior motive.

This could be the best policy that Emefiele will be remembered for because I am yet to think of any.

All the past redesign of the naira from 1984:till now has achieved what effect

Where's the picture of the new money I want to check something

Such lies.

There would be a surge in bank deposit. Keeping your money digitally is the way out for the panic ones.
Anyways, central bank would be fair on this.

The election would boost the circulation of the new notes cos that is what politician would bank on and it is also a leverage for them cos common man would like to boast of having it in his pocket.

Hmmm

And this redesign will cost the country how much?

The printing will cost the country how much?

The new materials will cost the country how much?

How many people are aware that Nigeria does not print her own currency?

All these silly policies that have no bearing on the salient economic issues faced by Nigerians...are usually the ones treated.

What a mess.

topcatking:
And this redesign will cost the country how much?

The printing will cost the country how much?

The new materials will cost the country how much?

How many people are aware that Nigeria does not print her own currency?

All these silly policies that have no bearing on the salient economic issues faced by Nigerians...are usually the ones treated.

What a mess.

The 3 trillion naira has already been printed and paid for!

Michelle70:
If u have dollar, this is ur best chance to buy naira.

Naira will be difficult to see as the politicians are in a panic mode and will rush every note out there.
Politicians will change their dollars to naira.

CBN will produce much naira's but it may not match demand cos there will be naira rush as u have only 45 days to get enough Naira.
U will go to the bank and hear that there is no money.

Why will they buy naira when they can still exchange their dollars to the new naira?

jasent:

Why will they buy naira when they can still exchange their dollars to the new naira?

how do u think they buy currency?

Isit not buy echanging one currency to the other?

Boogyman557:
Holly Gram chai, dis CUNTREE!



That is y I de SMOKE WEED sotey my EYES go be like PESIN wey SLEEP de catch!


LITE UP my WEED in peace


WTF MAN!

no sha smoke away your kidney and liver

Emman08:
I have not read anywhere where anyone explains why this naira redesign is even necessary

Una governor want his name and signature on a note, thats all.

Michelle70:
u wait till after election then u sell it and get dollar back. cos everything will go back to normal

So e.g. I sell $2000 I bought at 560 naira per dollar , now to get, 1.4 m for example. After election, dollar will fall back to luckily 650, let's say 600 naira per dollar. So sir, what's my gain?

baralatie:

The 3 trillion naira has already been printed and [/b]paid for![b]

My question revolves around the highlighted.

baralatie:

The 3 trillion naira has already been printed and paid for!

That's exactly what he asked. How much did it cost? That was a fairly straightforward question. It definitely cost billions of Naira. Just 6 months after the redesign and introduction into the market everything goes back to status quo.

In my opinion it's not the most pressing issue right now, except the government is doing it for some other reasons which they don't want to mention for security reasons.

Oga Bismarck, anyway I am yet to determine the Pros and Cons of Oga Emefiele adventure. Unfortunately the timing might be wrong giving that our CBN governor has shown he might be sympathic to APC members, although I sense there would be deliberate act to print less currency, hereby limiting transactions to electronic medium. I won't have been worried but it would be sadden if the APC aspirants are allowed access to cash and the PDP aspirants are restricted. The best thing is to restrict for both parties, so we can have forex inflow. But security wise all those Kidnappers would need to bring their money to the bank.

topcatking:


My question revolves around the highlighted.

The cbn is will replace the old with new currency notes

It therefore means the contract for the new notes has been concluded and paid for by the cbn .we are only waiting for the cost of enforcement!
The old notes will now be destroyed the way the last one was destroyed

Light78:
A fall in GDP spells doom!!!

In what way?

Goodnigga:
So e.g. I sell $2000 I bought at 560 naira per dollar , now to get, 1.4 m for example. After election, dollar will fall back to luckily 650, let's say 600 naira per dollar. So sir, what's my gain?

No gain. No even reason am. No poin there!

ecolime:
I just dey pity Bank branch workers. Dem go count money tire.


This coming election go sweet ehn... E go hard to bribe the electorates abi na transfer urchins, Mikano boys, MC, Kabaka, etc. go do now?

Emefiele na bastard I swear. Congrats in advance to Peter Obi.

see how this one is deceiving himself

Holybaddo:
Where's the picture of the new money I want to check something

Go Mushin for Lagos

Inflation- too much money chasing few goods. Is that really the situation on ground? Or too much money in circulation?

SmartyPants:
I'm surprised such a renowned economist could present such views. It is a trite principle of economics that GDP and inflation share a directly proportional relationship.

Of course, a fall in GDP will lead to a fall in inflation.

You're saying the same thing as he is only in another way. The idea behind redesigning the naira is obviously to curb inflation and mop up the excess naira in circulation through CBN's printing policy.
It will definitely lead to fall in inflation as you said and of course fall in GDP as he said. Where I don't see a problem is, the GDP is already fallen so you can't kill a dead man.

baralatie:

The cbn is will replace the old with new currency notes

It therefore means the contract for the new notes has been concluded and paid for by the cbn .we are only waiting for the cost of enforcement!
The old notes will now be destroyed the way the last one was destroyed

Nigeria doesn't print her currencies. I don't know what you are on. It isn't as easy as you are saying here.

GreyLaw:


That's exactly what he asked. How much did it cost? That was a fairly straightforward question. It definitely cost billions of Naira. Just 6 months after the redesign and introduction into the market everything goes back to status quo.

In my opinion it's not the most pressing issue right now, except the government is doing it for some other reasons which they don't want to mention for security reasons.

As in the actual cost of cbn printing the new notes and transporting into its vault.
Hmmm!
It is emefele that will use his mouth to publish such details

emerged01:
Inflation- too much money chasing few goods. Is that really the situation on ground? Or too much money in circulation?

Same same. labour labor

Michelle70:
If u have dollar, this is ur best chance to buy naira.

Naira will be difficult to see as the politicians are in a panic mode and will rush every note out there.
Politicians will change their dollars to naira.

CBN will produce much naira's but it may not match demand cos there will be naira rush as u have only 45 days to get enough Naira.
U will go to the bank and hear that there is no money.

Has there ever been atime cbn wasn't printing enough naira?

SmartPolician:
If we have 3 trillion naira outside the reach of our commercial banks, Nigeria has a cause to worry. So, anyone critizing this redesign of naira may have an ulterior motive.

This could be the best policy that Emefiele will be remembered for because I am yet to think of any.

PS: Naira should have an expiry date of 15 - 20 years. It will reduce high-level financial embezzlement and hoarding

since the announcement of this new policy, I have not seen any argument that has outmatched that of CBN Governor vis a vis the timing of the elections & security challenges. What do you have to worry about except you have skeletons of naira in your cupboard?

GreyLaw:


Nigeria doesn't print her currencies. I don't know what you are on. It isn't as easy as you are saying here.

Who prints Nigeria's currency?

GreyLaw:


Nigeria doesn't print her currencies. I don't know what you are on. It isn't as easy as you are saying here.

True Nigeria does not print it's currencies
But the cbn already has earmarked the funds and commissioned the firms for the new notes

SmartPolician:
If we have 3 trillion naira outside the reach of our commercial banks, Nigeria has a cause to worry. So, anyone critizing this redesign of naira may have an ulterior motive.

This could be the best policy that Emefiele will be remembered for because I am yet to think of any.

PS: Naira should have an expiry date of 15 - 20 years. It will reduce high-level financial embezzlement and hoarding

How did the CBN know that there is 3trillion outside the banking system? What will the 3 trillion in the banking system do for nigeria and Nigerians?

GreyLaw:


That's exactly what he asked. How much did it cost? That was a fairly straightforward question. It definitely cost billions of Naira. Just 6 months after the redesign and introduction into the market everything goes back to status quo.

In my opinion it's not the most pressing issue right now, except the government is doing it for some other reasons which they don't want to mention for security reasons.

What is the most pressing issue right now if not inflation and debt

...and also don't be surprised to see another policy that would make it hard to withdraw large volumes of naira from the banks.
On this policy FG, CBN Governor & economy of our nation is a GOAL!!!!!
POLITICIANS na minus 1 to buy votes.

Deltavariant:
since the announcement of this new policy, I have not seen any argument that has outmatched that of CBN Governor vis a vis the timing of the elections & security challenges. What do you have to worry about except you have skeletons of naira in your cupboard?

The argument by emiefele is there is #2.3 trillion naira outside the banking system!
The counter argument is if the past introduction of new naira notes based on increasing monies into the banks(did not work).how will this work compared to the fact that .emiefele timeline is to short to even capture the whole process