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Nairaland Forum / Nairaland / General / Business / 15-Year-Old ₦500 Note Currently In Circulation (Pictured) (91536 Views)
It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦500, ₦1000 / Video Of Nigerians Arriving CBN Office With Sacks Of Old ₦500 And ₦1,000 Notes / Fisayo Fosudo Redesigns The ₦500 Note Through Photoshop (2) (3) (4)
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Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by siraj1402(m): 5:37pm On Nov 01, 2022 |
Penguin2:Meanwhile many of them are so desperate to change their kept Naira to dollar as they can't take it to the bank thereby causing dollar scarcity. Dollar will surly reach #1000 to a dollar soon. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Godispeace: 5:38pm On Nov 01, 2022 |
Tinubu parked the money from your father's house abi ? eleribu Penguin2: |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by dettolgel: 5:38pm On Nov 01, 2022 |
Truth234: But the 2.7 trillion is not in one person's hand? But I understand the point you are trying to make. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by dettolgel: 5:39pm On Nov 01, 2022 |
SmartyPants: I am not aware. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by dettolgel: 5:40pm On Nov 01, 2022 |
SocialJustice: |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by yinkeys(m): 5:41pm On Nov 01, 2022 |
siraj1402: At the end of this money redesign you’d see it’s not the criminals that’d suffer but regular citizens 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by justmi1: 5:43pm On Nov 01, 2022 |
WibusJaga:because they didn't work for it, they simply stole it and it doesn't matter how much value it loses, cos they stole alot |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Revolva(m): 5:44pm On Nov 01, 2022 |
Omo make d money flow enter street as long as its not fake money i go spend am weller before the expiration date i go don use am buy many things |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 5:44pm On Nov 01, 2022 |
aieromon: How did you come about your definition? Did you get from cbn? What makes you think that a will have up to 1trillion in it's vault in the first place? What will banks be doing with that kind of money in the vault when customers are queueing up looking for cash? You are ridiculing yourself with your analogy because you suppose that all the money should be in bank vaults. That supposition is actually the hoarding because money is of no value sitting in a bank vault. Money is only useful in the hands of the consumers not bank vaults. If a person decides to keep all his money at home, that is his business. Not yours or the CBNs. It's his money. As far as I know, I don't remember hearing any nigerian complaining of scarcity of naira notes. Pls get your facts and stop making up stories |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Gbeng30(m): 5:45pm On Nov 01, 2022 |
Changing of this note doesn't change anything, this is the result, most of this big man politicians have the manager of Nigeria banks in their pockets who change this money for them at anytime... ChangIng of this note it's just another corruption |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by hosemujica: 5:46pm On Nov 01, 2022 |
SmartPolician:Use Google. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 5:48pm On Nov 01, 2022 |
yinkeys: God bless you |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by FireUpNow(m): 5:48pm On Nov 01, 2022 |
Penguin2:Don't mind them jare! Don't you think also these corrupt polithieficians and kidnappers will not have insiders in the banks to change the money to the new ones? Trust Naija bankers with kickbacks. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 5:49pm On Nov 01, 2022 |
Gbeng30: Thank you my brother. U got it 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 5:52pm On Nov 01, 2022 |
Truth234: And so you believe cbn? Has CBN been able to explain the justification for this exercise? Has it been able to explain the advantage of this exercise or the problem it will solve? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by LOVEGINO(m): 5:53pm On Nov 01, 2022 |
jumper524:u use am and dem no collect am? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by chinnyonwu(m): 5:59pm On Nov 01, 2022 |
Penguin2: You mean if you had 1 month to launder 500m naira in a country with thousands of bitcoin traders and official & unofficial bureau de change operators, plus having relatives and friends who can also get involved for a little cut, you cannot? That will be a shame. I hope CBN has a better reason for this |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by KingOfAmebo(m): 6:03pm On Nov 01, 2022 |
dettolgel: ...and for how long do think someone can escape judgment?...the person's visit to the last BDC may be his last, he may have an accident, slump or get arrested on his last trip. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Gmajor(m): 6:06pm On Nov 01, 2022 |
what kind of slowpoke hordes naira |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Truth234(m): 6:07pm On Nov 01, 2022 |
CheapHomes1: I don't need CBN to explain the advantages and disadvantages of this to me, I know how it works. Also, I don't have to believe CBN when CIC is published every quarter. Even CBN will not be able to function in so many areas like Interest rate adjustment/fixing, fiscal policy, manage inflation and many more without the data used for this particular decision. This is not new to financial guys. In your other comment, I noticed you mentioned bank managers? There is a cashless policy, meaning every transaction is capped even for banks. How much is their operating capital? for the Fugaz is more than N300 billion. Any unusual transaction would be flagged. 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Mercury12(m): 6:08pm On Nov 01, 2022 |
xandy84: They are hoarding the naira notes. Unused naira should be in the banking system not stash in the house. That is the main point |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Pinkyposh(f): 6:12pm On Nov 01, 2022 |
Penguin2: Please school me What are the implications of having old notes in circulation. |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:13pm On Nov 01, 2022 |
chinnyonwu: Now, imagine that there are 100 more people like you employing same tactics as you, can you imagine the chaos that would cause and the fact that it would draw the attention of the authorities? And do you really think CBN and EFCC is unaware of such avenues? You think they have no plans against such people? 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by chinnyonwu(m): 6:19pm On Nov 01, 2022 |
Penguin2: Yes, since there are 100s of us, please explain how exactly CBN intends to know who is legit buying dollar for business and the ones buying cos they are trying to convert stashed naira? How will they differentiate? While they are at it, naira is falling to 1000 against the dollar harming the common man (who are in the far majority) while CBN is chasing looters. The looters EFCC has been chasing since 2015, what was done to them? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:21pm On Nov 01, 2022 |
BreconHills: Lol! Don’t talk as if you are in kindergarten. The average daily cash deposit by an individual is 5million naira. Anything above that is usually reported to EFCC. Similarly, the average daily deposit by corporate businesses is 10million naira. Anything above that will be reported to the EFCC. Any bank that fails to do this is usually fined heavily which makes banks wanna comply. Now, a bank sending a bullion van to bank naira from someone’s house is not the problem, the problem is that as the bullion van is on its way to your house, report is on its way to EFCC and NFIU. And you will have to go and explain to EFCC how you came about the huge cash. 2 Likes |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by CheapHomes1: 6:22pm On Nov 01, 2022 |
siraj1402: How many times have you seen a Tinubu or atiku in the bank? They don't need to take their money to the bank. The bank will come to them and go and deposit their money for them |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:23pm On Nov 01, 2022 |
endy69: So the forex trader that changed 10billion naira to dollars for you, where would he keep the cash after he has taken it from you? |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by xandy84: 6:25pm On Nov 01, 2022 |
Is there a law that prevent people from having a billion naira under their beds? Government can prevent hoarding by guaranteeing deposits to certain amount but people still decide what they want to do with their money either deposit it in a bank or put it under their beds. For example, there is a law in US that guarantee all deposits upto $250k in case anything happens to the banks. That law encourage people to deposit against keeping it at home. Mercury12: |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:27pm On Nov 01, 2022 |
RepoMan007: So, you are saying that on Election Day, politicians will go to polling units with trucks filled with bags of rice and after voting for him you go and carry one bag of rice and opposition supporters will just be looking at them? 1 Like |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Nobody: 6:30pm On Nov 01, 2022 |
BATified2023:and you think Peter obi and some other politicians didn't know about this policy many months before it was made public... lol The CBN Governor is corrupt he is a partisan CBN Governor... he wanted to run for the office of the President, he works with a lot of corrupt people, so don't think this policy will affect the elites and politicians... it will only affect the common man, that's all |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by occfx: 6:30pm On Nov 01, 2022 |
Penguin2: The second paragraph is my happiness. Bullion vans will be escaping every night |
Re: 15-Year-Old ₦500 Note Currently In Circulation (Pictured) by Penguin2: 6:31pm On Nov 01, 2022 |
socialmediaman: See, it’s that way everywhere in the world even in America, UK, etc. There will always be some people that are too connected to be trapped by this kind of policies. The question is, is it every corrupt thief with a stash of cash in his house that can pull such strings? Only about 5 or 10% of the targets that can pull off the kind of thing you are talking about. The remaining 90% will be caught in the web. |
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