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Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts - Business (2) - Nairaland

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Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by MARSHALDEMSA202(m): 5:23am On Nov 24, 2022
K
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad(f): 5:24am On Nov 24, 2022
PrinceOfLagos:
The new currency will be so counterfeited

Just as everything you post now cannot be trusted again since you're not a man of your words.

You voluntarily made a public promise or vow and unabashedly broke it.

2 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Globad(f): 5:25am On Nov 24, 2022
dochenaj:
How many "common man" have up to 10 million naira in their bank account in this Nigeria.

I guess they don't understand the definition of common man.

Don't mind them

Some people must just comment or criticise anything and everything they come across

1 Like

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by drololaaof: 5:29am On Nov 24, 2022
Islie:


The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people…
How did the politician get the cash they distribute ? We are all waiting for the enforcement and strict compliance.





https://dailytrust.com/naira-redesign-nigerians-will-fill-uncountable-forms-to-withdraw-large-amounts-emefiele/
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Ekpekus(m): 5:48am On Nov 24, 2022
For the ordinary citizens... top shots seat at home and the banks bring the money to them.
If you know, you know.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Patriotsleague: 5:49am On Nov 24, 2022
It's good for money to be cashless, it saves CBN money of continuously printing new notes. Emefiele needs to be scrutinized by EFCc though, that his position is sensitive.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by cloud(m): 5:51am On Nov 24, 2022
PrinceOfLagos:
The new currency will be so counterfeited
even the mighty dollar is counterfeited, so what's the point?

1 Like

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Coronavirus1: 5:56am On Nov 24, 2022
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.
Please explain in detail how is common man affected?
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by IbroMaka(m): 6:01am On Nov 24, 2022
There to be much counterfeit of this new design in circulation

Anyways.... I get 4 bedroom building for lease @ Abeokuta. Everything dey inside from furniture to cookware to solar power. Call or text digits on my signature.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Invest4growth: 6:03am On Nov 24, 2022
It's already happening. There is a withdrawal limit set daily. Even if you open multiple accounts then you will be feeding the banks with huge profits. Meanwhile, hope CBN will llook at the possibility of increasing the intra-bank daily limits.

2 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by MrBroke(m): 6:07am On Nov 24, 2022
All of you saying this redesign will be easily counterfieted are just people who are always looking for fault. Money you haven't seen live or held or even squeeze, do you know if the materials are the same. You can't from a picture conclude on that. This is a good initiative but people with a third world mentality wouldn't see to know.

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Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by udemzyudex(m): 6:07am On Nov 24, 2022
It will only affect the middle class,the politicians have friends in higher places.

The law is only for the poor.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by tamdun: 6:10am On Nov 24, 2022
PrinceOfLagos:

E pain dis one
U are shameless ,u said you'll leave nairaland if tinubu becomes apc candidate ....

1 Like

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Mayor101010(m): 6:10am On Nov 24, 2022
Tinubu's Bullion Van in the mud!
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by SmartyPants(m): 6:17am On Nov 24, 2022
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

You have no clue how these things work.

It's obvious the common man does not withdraw the large sums of money Emefiele is talking about. So it obviously won't affect them in any way.

Even those so called big men who dont go to the bank must still fill those forms whether they fill them at home or in their offices.

The idea is not that you must come and stand in the bank. It is that law enforcement should be able to monitor your use of that money to prevent criminal activity.

We are talking about transiting to a cashless economy as is the global standard, you are here picking imaginary faults.

Logically, what doea a common man want to use 10 million in cash, for example, to do that he or she cant do by electronic payments?

3 Likes

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Decent09(m): 6:29am On Nov 24, 2022
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.


My Guy how common man will withdraw 6,000,000 Naira, what is he going to do with it.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by PrincessofDSS(f): 6:33am On Nov 24, 2022
I sense Buhari trying to manage the planned vote buying by the bullion van politicians during this election period, if not why is the policy scheduled to take off few months to the elections?

However, whatever thing that he’s cooking is going to benefit us the NO SHISHI association of Nigeria
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by ejimatic: 6:34am On Nov 24, 2022
Islie:


The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people…





https://dailytrust.com/naira-redesign-nigerians-will-fill-uncountable-forms-to-withdraw-large-amounts-emefiele/
. Why Arabic expression on our notes? Is Nigeria an Islamic country? The christians in Nigeria should make a case for the removal of Arabic expressions on our notes or inclusion of christian expressions.Instead of doing so they fighting against Muslim- Muslim ticket!
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Kayyus09(m): 6:50am On Nov 24, 2022
Such forms will only be presented to common man
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by CBR100: 6:59am On Nov 24, 2022
PrinceOfLagos:
E pain dis one

lol, funny most ppl always criticizing the government always lack integrity
u are not different from fani kayode, reno, or dino
why say wat u can't do just to make stupid point

1 Like

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dchamp234(m): 7:09am On Nov 24, 2022
ukehnonny:
Everyday they bring out new rules to make the common man suffer, Cluelessness at its peak.
And how will this make the common man suffer? Don't come here to mislead people,if you have nothing meaningful to say just read comments and move on, the policy is targeted to looters and to track down kidnappings, if you go to the counter to withdraw 10 million to pay as ransom for a kidnapped relative, you will definitely be asked where you're taking the money to. The common man has nothing to loose. The efcc and other force agancies are also involve...
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Simplythebest: 7:10am On Nov 24, 2022
Bank is were the most corruption is committed. Don't mind all this CBN saying trash the bank will still find a way to help corrupt politicians to hide and bypass the process. Nigeria being good and better will only take grace of God.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Dchair2: 7:11am On Nov 24, 2022
SmartyPants:


You have no clue how these things work.

It's obvious the common man does not withdraw the large sums of money Emefiele is talking about. So it obviously won't affect them in any way.

Even those so called big men who dont go to the bank must still fill those forms whether they fill them at home or in their offices.

The idea is not that you must come and stand in the bank. It is that law enforcement should be able to monitor your use of that money to prevent criminal activity.

We are talking about transiting to a cashless economy as is the global standard, you are here picking imaginary faults.

Logically, what doea a common man want to use 10 million in cash, for example, to do that he or she cant do by electronic payments?


Really? A cashless transition without the necessary infrastructure in proper place? Network issues, failed transactions, transactions declined yet customer is debited, poor security of customers deposits via hacking etc. A cashless policy is good only when the government ensures that the infrastructure to operate the policy is in excellent conditions. Get to the banks customer care service and see if a greater percentage of those under pressure for a refund or reversal of monies into their accounts due to all these failures and more are not the poor and low income earners. I think the real reason for the change in the color of the naira was majorly to reduce the cost of producing the naira notes itself because the CBN has been complaining that it cost way above the real value of the note to print them in the former, before this present one that has just been commissioned
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by smasher1(m): 7:15am On Nov 24, 2022
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

What is the common man, using with cash for example N1,000,000 in cash? What happens to transfer? The policy would only affects the rich and not the common man.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by Jeezuzpick(m): 7:16am On Nov 24, 2022
The politicians no go fill shishi!

One call, the Branch Manager don show with bales of Naira in sacks or bullion vans.

Naija, sorry ehn?
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dchamp234(m): 7:18am On Nov 24, 2022
dochenaj:
A cashless economy will save the CBN money used in printing new cash notes.

A cashless economy is the way to go, but there are limitations to it, and top on that list is literacy.

But we will get there.
Comments like yours is the type that moves the country forward, a madman above said the policy is to make a common man suffer.
Nigeria has to move forward like the rest of the world, imagine keeping money in warehouses and underground for no purpose,or withdrawing 10 million from the counter to pay ransom for a kidnapped relative, this policy if sticked to will reduce crime and boost the economy.

1 Like

Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by smasher1(m): 7:18am On Nov 24, 2022
BluntCrazeMan:
THAT MEANS, THEY WILL STOP CHARGING US FOR MAKING WIRELESS TRANSFERS??


They made cashless policy useless when they started deducting money whenever we make transfers.
It became a beautiful nonsense to us.
It's no more attractive again.

How much charge do you pay to transfer any amount? Maximum N50. The bank's IT infrastructure etc is being maintained 24/7 to ensure your transaction flies. Not a major issue please.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by smasher1(m): 7:22am On Nov 24, 2022
dochenaj:
How many "common man" have up to 10 million naira in their bank account in this Nigeria.

I guess they don't understand the definition of common man.

They don't.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by NapoleonHill: 7:24am On Nov 24, 2022
lhordspy:
I thought Emefiele said this re-designing of the Niara notes is targetted at curtailing money-hoarding, bribery and corruption.

The first mistake is using a light-coloured design. The petty traders on the street and market will be targetted by counterfeiters. It will be more difficult to detect a counterfeit notes now. Since both the counterfeit and originals are both light in colour.

And With this new process they are introducing that involves lot of forms-filling. It is very clear they are only looking for ways to punish the common man. Emefiele is clueless.

No big man or politician will line-up in banks to fill forms for cash even prior to this. Just a simple call to the manager will do the magic. They will always find a way around this too. Just like how they managed in evading the former rules put in place.

The common man is the loser here.

I agree with your first point but I'm not sure you consumed the second one before making this comment. Which common man goes to the bank to withdraw large sum of monies?? Stats. show that over 90% of Nigerians have less than 500k in their accounts.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by dchamp234(m): 7:26am On Nov 24, 2022
dochenaj:

Well you never get to hoard up to 500,000 do you? And I bet the limit CBN will place will be higher than that.
if this policy is to be real which I believe it to be, the limit won't be upto 500k, 500k can easily be transferred. I'm 200 or something..
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by panpan(m): 7:27am On Nov 24, 2022
What exactly is wrong with a "cash economy"?
Cashless transactions should be an option, but should not be mandatory.
Re: Naira Redesign: Nigerians Will Fill Uncountable Forms To Withdraw Large Amounts by altteemy: 7:28am On Nov 24, 2022
Simplythebest:
Bank is were the most corruption is committed. Don't mind all this CBN saying trash the bank will still find a way to help corrupt politicians to hide and bypass the process. Nigeria being good and better will only take grace of God.

Knowing this, a lot of bank managers might go to jail if they will be the weak part of the link.

Multiple birds are killed with this new policy.

- If you have limited cash, no more spraying of money at parties else EFCC will track you
- Election bribe money will be curbed.
- Corrupt payments will drastically be limited
- Possible Ransom payment withdrawals will be flagged to starve the kidnapping business
- Kidnappers and terrorists funds can't be withdrawn to buy new weapons unless they start doing bartering which is high inventory and higher risk of tracking.
- Lesser cash printing costs
- Stamp duty funding of government.
- Easier to tax incomes

A huge win for the government in saving, earning more and handling security issues all at once.

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