So seeing this news, I brought out all the notes in my pocket and lo and behold the longest is 2020. I can see hoarding in play. Ride on Bubu.

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Peter Obi, Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Fixed

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

Only bigger idiots makes agument with insult,so yr Tiny pea Size brain,wants to ague that politicians store dollars more than naira?,you must be slow upstairs

inforesource:
So seeing this news, I brought out all the notes in my pocket and lo and behold the longest is 2020. I can see hoarding in play. Ride on Bubu.

You sound like someone that pays tithes regularly

dettolgel:


Why would you do that? Even if you do bdc operators have insider in banks. Bros this is Naija if you know your way you can pull it off by just giving up 10 pc of the cash.

There’s something someone said…

As of the time that CBN made that announcement, CBN knows how much volume of cash that each bank has.

So, if all of a sudden, a bank’s cash balance skyrockets exponentially without the bank reporting those transactions, then the bank will run into trouble.

The Nigerian financial system is now too digitalized for things to go the way you think.

omonnakoda:
You sound like someone that pays tithes regularly

I no come understand you ooo, wetin bring tithing come here na?

Scribx:


Because hoarding the dollar equivalent of the naira would give them away. They don't care about the exchange value, they get the naira like a land flowing with milk and honey. Converting the stash to dollar might make most BDCs close shop. Our minds cannot conceive how much of our Commonwealth politicians plunder per second. If most of us knew, none would campaign for any politician.

I rarely comment here, tho I visit this platform everyday. God bless you for this:

Our minds cannot conceive how much of our Commonwealth politicians plunder per second. If most of us knew, none would campaign for any politician.

They never know.

dettolgel:


Couldn't they just buy dollars, pounds and euros from bureau de change?

They have started doing that, if you've noticed the rate of depreciation of the Naira against the US$ has increased recently

Penguin2:
Lol

This is what we have been trying to tell some foolish and shortsighted idiots here that these corrupt politicians and kidnappers that have been hoarding naira will be forced to start throwing it around as they can’t deposit it in the bank and some fools are here arguing.

Tinubu, Atiku and co, who packed money to buy votes will be choked; together with their BATstards.

See as 2007 naira note fine.

During 2019 election, one politician shared #10,000 each to people and the wrappers of the money still carry Oceanic Bank.

inforesource:


I no come understand you ooo, wetin bring tithing come here na?

Just answer then I will answer

AstraDroid:
Still so clean?

yes because is was safely kept for you since 2007

Zanzibar1:

Hahahah miracles happen in Nigeria doesn't it ?

Not very much. Churches seems to be more than houses but miracles are quite few. May be we can reduce the number of churches.

Buddha3:


Please what is the life span of every dollar note made?

https://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm

$100 redesigned in 2013
$5 redesigned in 2008
$10 redesigned in 2006
$50 redesigned in 2004
$20 redesigned in 2003

https://www.uscurrency.gov/history?period=All

Our money is bing minted and somepeople will have the updates now

mDavenzy:
The approach is nice, but what if there is more to it that we are yet to know?
God Be With Nigeria.

The only "more" I'm thinking is, EFCC might be on the look out for those who will try to deposit certain amount of cash in the bank.

Penguin2:


It’s a tricky one…

How would you wanna change 100million naira to dollar and you wanna pay in cash?

That Bureau De Change you are going to pay 100million cash to, how would he deposit it without running into trouble?

Bureau de change runs multiple accounts at various banks in Nigeria and they're allowed to do exchanges of any size however they want. When they exceed the daily limit of cash allowance, they pay tax over the free daily limit. No questions asked. They're doing business

Guess what? The people who are supposed to question them are the ones hiding all the money. It was stolen from public funds, they're the same people running public institutions

Tareq1105:


During 2019 election, one politician shared #10,000 each to people and the wrappers of the money still carry Oceanic Bank.

My goodness!

You can imagine

People with illicit business and politicians are the enemies of this country.

Ordinary our monies supposed to be in the banks but bcoz they're fraudulent people, 80% of their money are in their homes.

For those of them responsible for the devaluation of the Naira bcoz they want to save in dollars, God is watching them and He shall judge them accordingly even to the 4th generation of their family.

Daviddson:
So what's the rationale behind your comment, because you're saying two opposite things at the same time?

What are the two things I’m saying, lemme understand.

Daviddson:
What are you even saying? When did you begin to support anything Buhari's govt does? What would it take those people to change their so-called hoarded naira into dollar? Is that not why naira is currently plummeting as we speak?

Just keep quiet joor. Which bank will collect 1bn dollar naira equivalent from you and give you dollar in exchange ?? Abi bareau the change. Na mumu dey worry you.

What's the value of all nigerian bake that they'll give you all their dollar and collect naira from you ? Abi if you're a banker with naira rising daily, you won't keep dollar?

The currency change with improvrish many politicians. And it's a nice move except those who have businesses within and most importantly, outside the country

kayevans:


I rarely comment here, tho I visit this platform everyday. God bless you for this:

Our minds cannot conceive how much of our Commonwealth politicians plunder per second. If most of us knew, none would campaign for any politician.

They never know.

It's not a lie, you've been here since 2013 and made just 76 posts.

Always save sometimes with these funny pos cash is good but nobody just has lumps except bank robbers withdraw what you need and proceed.

Hoarding is not the only possible or the most logical reason

If you live outside Nigeria it makes sense to have some naira so that when you arrive changing money to pay for taxi is not your immediate priority and that is useful for security

frankson1:





The only "more" I'm thinking is, EFCC might be on the look out for those who will try to deposit certain amount of cash in the bank.

Of course but I doubt their sincerity too.

Scribx:


Because hoarding the dollar equivalent of the naira would give them away. They don't care about the exchange value, they get the naira like a land flowing with milk and honey. Converting the stash to dollar might make most BDCs close shop. Our minds cannot conceive how much of our Commonwealth politicians plunder per second. If most of us knew, none would campaign for any politician.

You have said it all.

WibusJaga:
.

Why would anyone hoard Naira that the value devalues on daily basis. I'll rather hoard Dollars.

Not when it stolen or illicitly gotten from kidnap victims etc

This is why Buhari was voted for overwhelmingly in the first place, to clean the rot from our national life and bring the looters of our common wealth to accountability. That way, the populace would long have supported his policies in and out. Unfortunately he missed it by saying he belongs to one and pursuing parochial and divisive policies, most of which are etched in religious subterfuge and clandestine ethnic bigotry; instead of belonging to the masses.
If he's determine to do some few right things before his exit in a couple of months, then may God help him.

femisplash:

Because you are deluded to think Tinubu whom you hate would be affected but you speak ignorantly. I can confirm Obi using Fidelity bank to clean up corrupt loots.

will you judge shut up already if you don't have anything reasonable to say...
How many anti corruption agencies or police station in Nigeria ever invited obi for questioning concerning his administration?
Tinubu was docked here in Nigeria for corruption charges, he was also docked I'm the United State, true or false?
Do not allow hates to ruin you bro.

dettolgel:


If you are talking of billions I may agree with you a bit. But 100million come on. 2 million go to 50 different BDC or 5 million with 20 BDC. You can get it all done within 3 weeks.

We dont have any where enough dollars to change all the hoarded naira.

And contrary to what you might think EFCC is watching the Bdc guys. Today, for example, across the nation black market traders have been raided.

Are you not aware?

socialmediaman:


Bureau de change runs multiple accounts at various banks in Nigeria and they're allowed to do exchanges of any size however they want. When they exceed the daily limit of cash allowance, they pay tax over the free daily limit. No questions asked. They're doing business

Guess what? The people who are supposed to question them are the ones hiding all the money. It was stolen from public funds, they're the same people running public institutions

Now look at it this way…

Can you count how much illicit billions of naira that is stashed in Lagos alone for instance or Kano or Kaduna?

Now, this is by different people. Do you not think that the BDCs will be overwhelmed with such transactions and it’s also possible that CBN has laid siege for them because CBN knows that BDCs are likely going to be the conduit pipe for people to spend their stashed cash.

But how would someone store up cash for 15years? Why not invest it? Abi generational wealth taken too seriously?

omonnakoda:
Hoarding is not the only possible or the most logical reason

If you live outside Nigeria it makes sense to have some naira so that when you arrive changing money to pay for taxi is not your immediate priority and that is useful for security

If you live outside the country and you have one million naira under your bed in Nigeria, you are a hoarder. Nothing stops you from running a Nigerian bank account with a debit card.

P.S The hoarders know themselves and why they choose to keep their illicit wealth away from the eyes of the banking system.