First off, the main purpose of this change in naira notes is to go cashless. The government with the help of the media is just forcing hoarding of cash, especially by politians, down our throats because they know the masses hate Nigerian politicians. Same way Shaibu was saying land use charge in Edo is only for the rich in GRA. It will all trickle down to the masses.

The issue is not even the date. Be it 31st January or June 30th, we are going cashless. They might be using it as a propaganda against some politicians but it's not really about them. It's about technological advancement and record breaking profits for the banks. Please calculate N50 transfer charge by 50 million people a day. That's N2.5billion a day.

This would follow mass layoff of bank staff. In the Zenith bank I use frequently, there are four tellers downstairs and four tellers in the bulk room, making a total of 8 tellers for cash and cheques. What would then be the need for a bulk room when there is no bulk cash? What about the millions of jobs created by POS terminals? Those will all shut down too.

The major advantage I can see in this whole issue is the lack of cash to pay ransom to kidnappers. As their bank details will expose them. But what if they all start insisting on being paid in dollars?

Every policy has it's advantages and disadvantages. We will never be ready for technological advancement, sometimes we just have to push ourselves into it and see how it pans out.

Please share your views.

Op there’s nothing like going cashless please don’t misinform us

The cashless policy is a policy that predates the tenure of Emefiele.

Why Emefiele is rushing the whole thing now is what I do not really understand. There's still a lot of things that needs to be put in place

I was charged for sending money to someone through ussd code. Is suppose to be free

egopersonified:
First off, the main purpose of this change in naira notes is to go cashless. The government with the help of the media is just forcing hoarding of cash, especially by politians, down our throats because they know the masses hate Nigerian politicians. Same way Shaibu was saying land use charge in Edo is only for the rich in GRA. It will all trickle down to the masses.

The issue is not even the date. Be it 31st January or June 30th, we are going cashless. They might be using it as a propaganda against some politicians but it's not really about them. It's about technological advancement and record breaking profits for the banks. Please calculate N50 transfer charge by 50 million people a day. That's N2.5billion a day.

This would follow mass layoff of bank staff. In the Zenith bank I use frequently, there are four tellers downstairs and four tellers in the bulk room, making a total of 8 tellers for cash and cheques. What would then be the need for a bulk room when there is no bulk cash? What about the millions of jobs created by POS terminals? Those will all shut down too.

The major advantage I can see in this whole issue is the lack of cash to pay ransom to kidnappers. As their bank details will expose them. But what if they all start insisting on being paid in dollars?

Every policy has it's advantages and disadvantages. We will never be ready for technological advancement, sometimes we just have to push ourselves into it and see how it pans out.

Please share your views.

This article👇 sheds more light on the topic. I hope you go through it.

https://techcabal.com/2022/12/13/nigerias-demonetisation/

How it fared is a different story entirely👇

https://m.timesofindia.com/city/hyderabad/demonetisation-was-a-colossal-failure-says-kt-rama-rao/articleshow/95362518.cms

https://www.strategy-business.com/article/What-Happened-after-India-Eliminated-Cash

EgusiShankly:

This article👇 sheds more light on the topic. I hope you go through it.

https://techcabal.com/2022/12/13/nigerias-demonetisation/

How it fared is a different story entirely👇

https://m.timesofindia.com/city/hyderabad/demonetisation-was-a-colossal-failure-says-kt-rama-rao/articleshow/95362518.cms

https://www.strategy-business.com/article/What-Happened-after-India-Eliminated-Cash

Thanks for this.

We are already hoarding and selling the new notes. I never heard about the loss on MoMo. Really surprised Kenya is already cashless.

Lives lost to get the new notes in India!!!!!!! That's too much. Seems them were panicking because of the 2 months notice. The loss of jobs is my biggest fear. POS operators are the first to be hit now, other jobs will follow.

This whole "cashless policy" and the "hoarding cash" narrative is just nonsense.


If CBN really want to reduce the amount of money in circulation they should just get rid of 1000 & 500 naira notes.