Good concept. Good innovation. The money card schemes make out of a population of 200mn is too much to be ignored.

Future benefit: more jobs.

Quick question: why wait till now?

datola:
Why not also ban holding of more than $1,000, and other hard currencies for individuals (in hand or bank) illegal

Mugu

How can someone buy something on Aliexpress because local debit Master card have been restricted since Dec 31st

So what this man wrote in his caption on nairaland is coming to play...read below;

https://www.nairaland.com/7541322/does-cbn-governor-emefiele-work


Why must alway be Nigeria to start with?

BigDawsNet:


$100=N150 nothing is impossible bro🙂

Yeah, Nothing is impossible.

I laughed very hard when I saw this. That's why I had to draw your attention to see if you made a mistake of knew what you typed 😅😅

SunMusk:
Lol,.... Ghana currency is better than Naria quote author=CoronaVirusRelo post=120390928]Way to go!

Before we become Ghana

buh more useless I live in Ghana and 200ghc is not enough for a day convert to naira and see how long he go last u

Bebigiby:
A leopard can not change it's skin, Emefiele is not on your side. He is actually destroying our economy and monetary system with each new policy. What good can come out of this evil government? Election is in few weeks time and you think Emefiele who with his bad policies took the naira from N200 to N800 to $1 will magically boost the value of the naira.

I think this statement is purely sentimental, the only reason you still have an economy left is because of emiefele.

For the record, the CBN govenor is not responsible for managing economy, that bulk stops at the door of Mr President......

Currency, regulation of financial systems and title of exchequer of the Nation, that's his responsibility.....

It's just people look up to him to balance up, when the executive make a mess, and this government's mess is a shitload of a mess!!

His Job is on economic issues is to complement what government is doing, how can an exchequer compliment a government whose official policy is borrow to fund consumption?

No policy to boost local trade or manufacturing.

For the record, as far back as 2018, analysts opined that the actual value of the dollar to the Naira was actually #1200, emiefele was serious wedging the himself between that value and what we have today...

THE MAN DESERVES COMMENDATION AND NOT CONDEMNATION!

And another thing, Please the election is actually the incentive for his current actions. He is not really trying to boost the naira magically to #200 to the dollar......

Considering how politicians use dollars to large volumes of cash against electoral expenditure, he is trying to wedge himself to force a steep decline in value!

If emiefele didn't dump the kids gloves and chose to go hard-core, the Naira was confidently heading to a #1000 to the dollar and would have gone further beyond that if not for this new policy direction.....

i can bet you that 98% of those commenting on this thread don't understand what the write up is all about

lOXOl:
Who understand the write up please explain

All to work for Etiku

datola:
Why not also ban holding of more than $1,000, and other hard currencies for individuals (in hand or bank) illegal

How will USD now come to Nigeria?

God1000:
Nice one from CBN, but the deadline for discarding the old currencies and getting new naira notes should be extended by one week

Why? Is bank overwhelmed?

odaniel1:

you wey no understand anything make I contact you for Academics? make I get zero ba?? 😩

That's the problem with humans to use what someone said to judge them, are you perfect, just because i said i dont understand a post made me a bad writer or what🙄 do your assignment yourself and pass oo, god!!🙄
You've never joked before na, nonsense!!!

MITCHELL96:


Yeah, Nothing is impossible.

I laughed very hard when I saw this. That's why I had to draw your attention to see if you made a mistake of knew what you typed 😅😅

I actually typed $100
BUt truly anything can happen... as long as the earth never stop spinning

Yankee101:


When you use you cards in nigeria there are charges paid to the card issuers and exchange networks like visa and Mastercard. Even if your account or card charges are in naira, the banks settle them in dollars. CBN is saying your cards will now be Afrigo for local transactions and still keep the visa etc for your domicilliary dollar account for international transactions. Also there will be no more charges on your newly issued Afrigo cards on your naira accounts.

Bravo

ojotobiloba1:
How can someone buy something on Aliexpress because local debit Master card have been restricted since Dec 31st

Get a dollar or pound visa or master card. Quite easy. You load it with fx.

Islie:
Launches Afrigo, to set deadline for existing card shemes



https://leadership.ng/breaking-cbn-bans-dollar-charges-on-domestic-transactions/

So we that uses Visa card to pull out money abroad will now be f#cked up? Wahala Dey oo

The only reason for this is because CBN plans to extra tax every single transaction on your cards and not because they want to improve things.
Watch as it plays out.
Tax all Loot all govt!

He went to copy someone's book in his short trip to UK. Where did he keep all these innovations before now and just unleashing them few days to the election

I no understand anything here someone should break it down

olaeffect:


Enough time to do what?

So if we all had deposited our old Naira notes into our bank accounts since December 16th 2022, what will we all have been transacting with since then?

People should start seeing not just looking nah!!!

And please don't start telling me rubbish of cashless society ooo, because even in the cashless more developed countries we are trying to copy, they still use cash.

I still withdrew 900 Canadian dollars cash from an ATM at once (one single withdrawal) to pay late rent because it will take some days for my cheque to clear if I had paid with cheque.

Now calculate 900 Canadian dollars in cash to Naira and compare it to what you can collect on Nigerian ATM.

Our government will just always use every excuse to mask their incompetence.

Cashless economy is by choice and for convenience, not because a country's CBN is unable to print and circulate quality notes.

The inflation here is too high mostly during the election period where they share money to every goat and fowl.
The fools think they are being smart by collecting money to vote but unfortunately,it simply increases the demand and prices of goods in the market because everyone would want to buy something with what they receive

So this policy will cut back on all that.
Myself i really think there shouldn’t be much new naira notes in circulation until after the election to prevent politicians from hoarding then thereby defeating the purpose of the exercise.

Let’s go cashless for a while!

Nolevel666:


The inflation here is too high mostly during the election period where they share money to every goat and fowl.
The fools think they are being smart by collecting money to vote but unfortunately,it simply increases the demand and prices of goods in the market because everyone would want to buy something with what they receive

So this policy will cut back on all that.
Myself i really think there shouldn’t be much new naira notes in circulation until after the election to prevent politicians from hoarding then thereby defeating the purpose of the exercise.

Let’s go cashless for a while!

So after the elections we go back to square one right?
And you think the reason for inflation is just too much cash in circulation?
Have you ever considered how much US dollars is in circulation around the world?
Do you think Nigeria has 10% of the bank notes the USA has?

Let me ask you another question, can you collect cash from a bank that you do not have?

The problem with inflation in Nigeria is wasteful spending based on fraud and embezzlement.

A road construction that should not cost more the N800m being awarded at N2.6bn.
Even if the excess N1.8bn is not collected in cash but transferred to Dubai, transferred to car dealers to buy luxury cars with no ecomic advantage or contribion to the economy their will still be inflation.

But do you know that if a politian however collects N2bn cash and share it during election day, and just N500m out of it is used by people who collected to ugument their farming, do you know that it will have a positive impact on the economy?

So our problem is not cash, but how our leaders waste money, either in cash or any other means.

Sebi they are asking Emefele how electronic fees in trillions have been mismanaged now, Nigerians are not saying anything.

Under Jonathan $20bn was missing in NNPC, he was saying it was not possible.
Emefele and Buhari are using Naira notes and cheap blackmail against others, in order not to make Nigerians ask real questions about real monies that are responsible for the real inflation.

I will say any monetary policy that takes away people's ability to choose, is bad and must be rejected. The deliberate effort by CBN to destroy Nigeria's cash monetary system, should be of great concern to everyone.

In 2015, naira was N197 to $1 since then we have seen how the bad polices of Buhari's government and Emefiele's devaluation of naira have led to the astronomical rise of naira to N800 to $1. It is unfortunate that there are still Nigerians on this forum who are praising the CBN governor and applauding every evil policy Emefiele unleash on the people. We can only look back to see the true intentions of the men behind this evil government and how callous they are. They have ruined the economy and destroyed the gains Nigeria made as at 2015. I hope Nigerians see through the veil of Emefiele's deceit and know how he contributed in destroying our economy.

Lush100:
This can not be in the interest of Nigeria.
The globalist are trying to cage Nigeria and also to defeat the merit of competition.

Don't let the big grammar fool you.
Is simply saying we are all to be using one card.
Ina nutshell CBN card.
What they couldn't achieve thru e-naira and closure of crypto, the want to achieve thru atm card.
@bebigiby

How can a seating CBN governor who has desecrated his office as a card carrying APC member (See https://punchng.com/apc-chairman-confirms-emefieles-membership-says-cbn-gov-registered-feb-2021/) deserve commendation from Nigerians?

You're naive if you think Emefiele's new policy will stop vote buying. Also the last time I checked it is not CBN's job to combat vote buying or insecurity. One will ask what then is the job of INEC, EFCC, ICPC, Police and our other security outfits? (The CBN is not INEC neither is it a department of the Nigerian police force).

You said "If emiefele didn't dump the kids gloves and chose to go hard-core, the Naira was confidently heading to a #1000 to the dollar...." Again it is Emefiele's fault for the astronomical rise in exchange rate, seem you've forgotten CBN banned sale of forex to BDC (See https://www.premiumtimesng.com/news/headlines/475998-breaking-cbn-bans-sales-of-forex-to-bdcs.html) and also threatened to stop selling forex to banks. If you really think that Emefiele's recent policy will stop Tinubu or help Nigerians then you don't know what's going on. As I said in my earlier post he is not on your side.

ehissi:


I think this statement is purely sentimental, the only reason you still have an economy left is because of emiefele.

For the record, the CBN govenor is not responsible for managing economy, that bulk stops at the door of Mr President......

Currency, regulation of financial systems and title of exchequer of the Nation, that's his responsibility.....

It's just people look up to him to balance up, when the executive make a mess, and this government's mess is a shitload of a mess!!

His Job is on economic issues is to complement what government is doing, how can an exchequer compliment a government whose official policy is borrow to fund consumption?

No policy to boost local trade or manufacturing.

For the record, as far back as 2018, analysts opined that the actual value of the dollar to the Naira was actually #1200, emiefele was serious wedging the himself between that value and what we have today...

THE MAN DESERVES COMMENDATION AND NOT CONDEMNATION!

And another thing, Please the election is actually the incentive for his current actions. He is not really trying to boost the naira magically to #200 to the dollar......

Considering how politicians use dollars to large volumes of cash against electoral expenditure, he is trying to wedge himself to force a steep decline in value!

If emiefele didn't dump the kids gloves and chose to go hard-core, the Naira was confidently heading to a #1000 to the dollar and would have gone further beyond that if not for this new policy direction.....

Bebigiby:
How can a seating CBN governor who has desecrated his office as a card carrying APC member (See https://punchng.com/apc-chairman-confirms-emefieles-membership-says-cbn-gov-registered-feb-2021/) deserve commendation from Nigerians?

You're naive if you think Emefiele's new policy will stop vote buying. Also the last time I checked it is not CBN's job to combat vote buying or insecurity. One will ask what then is the job of INEC, EFCC, ICPC, Police and our other security outfits? (The CBN is not INEC neither is it a department of the Nigerian police force).

You said "If emiefele didn't dump the kids gloves and chose to go hard-core, the Naira was confidently heading to a #1000 to the dollar...." Again it is Emefiele's fault for the astronomical rise in exchange rate, seem you've forgotten CBN banned sale of forex to BDC (See https://www.premiumtimesng.com/news/headlines/475998-breaking-cbn-bans-sales-of-forex-to-bdcs.html) and also threatened to stop selling forex to banks. If you really think that Emefiele's recent policy will stop Tinubu or help Nigerians then you don't know what's going on. As I said in my earlier post he is not on your side.

Just calm down and ignore some people some time.
I simply wonder how some people believe that anyone in this uncoordinated government is doing anything for the benefit of Nigerians or the masses.

olaeffect:


So after the elections we go back to square one right?
And you think the reason for inflation is just too much cash in circulation?
Have you ever considered how much US dollars is in circulation around the world?
Do you think Nigeria has 10% of the bank notes the USA has?

Let me ask you another question, can you collect cash from a bank that you do not have?

The problem with inflation in Nigeria is wasteful spending based on fraud and embezzlement.

A road construction that should not cost more the N800m being awarded at N2.6bn.
Even if the excess N1.8bn is not collected in cash but transferred to Dubai, transferred to car dealers to buy luxury cars with no ecomic advantage or contribion to the economy their will still be inflation.

But do you know that if a politian however collects N2bn cash and share it during election day, and just N500m out of it is used by people who collected to ugument their farming, do you know that it will have a positive impact on the economy?

So our problem is not cash, but how our leaders waste money, either in cash or any other means.

Sebi they are asking Emefele how electronic fees in trillions have been mismanaged now, Nigerians are not saying anything.

Under Jonathan $20bn was missing in NNPC, he was saying it was not possible.
Emefele and Buhari are using Naira notes and cheap blackmail against others, in order not to make Nigerians ask real questions about real monies that are responsible for the real inflation.

Well there’s a lot of sense in what you’re saying.

I just don’t want Nigerias to become accustomed to collecting money during voting period. Politicians always try to get back their losses by looting more money

Nolevel666:


Well there’s a lot of sense in what you’re saying.

I just don’t want Nigerias to become accustomed to collecting money during voting period. Politicians always try to get back their losses by looting more money

Politicians steal money in Nigeria because stealing is easy and our laws against stealing are weak.
Our civil servant and public servants (Military officers, DGs, AGFs, Ministers) that haves stole billions, where they elected? Did they campaign and share money to anybody before they get to their position?

As long as our political offices are cash-cows people will always do all things possible to get there.

If you re in the US 10$ is nothing, does that dollars didn't have more value than Naria?? Is the standard of living.

Marley15:

buh more useless I live in Ghana and 200ghc is not enough for a day convert to naira and see how long he go last u

SunMusk:
If you re in the US 10$ is nothing, does that dollars didn't have more value than Naria?? Is the standard of living.

Wtf dym by standard of living
The gap between Rich and Poor in Ghana is extremely high and funniest part no price control in My country poor man go fit buy Mr Biggs nobody go see am as anything
Come GH only d rich can afford those kinda food I mean Papaye and co...

What of your country Nigeria... U re very very funny fa about 130million Nigeria re in poverty, now 7000 naria is equal to that 200 cedi. Do you see the difference. Do you see the wide gap. My brother forget that thing thy re suffering that I know. But Nigeria own is worst..

Marley15:

Wtf dym by standard of living
The gap between Rich and Poor in Ghana is extremely high and funniest part no price control in My country poor man go fit buy Mr Biggs nobody go see am as anything
Come GH only d rich can afford those kinda food I mean Papaye and co...

SunMusk:
What of your country Nigeria... U re very very funny fa about 130million Nigeria re in poverty, now 7000 naria is equal to that 200 cedi. Do you see the difference. Do you see the wide gap. My brother forget that thing thy re suffering that I know. But Nigeria own is worst..

U a dummy tbh
An average Nigerian is ten times better than a middle class Ghanaian it is what is dummy