₦airaland Forum

Too much money in circulation. Inflation pro Max. Buhari, Usman and Emefiele una do this one.

It is Govt of statistics without results...nothing to show since inception ..keeping reeling out baseless figures there ..

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Brendaniel:
Was this not what Emefiele tried correcting that Tinubu supporters still insult him till date?

Ask yourself the sincere question, how many Nigerians are banking over 4 trillion outside of their banks or even have that in cash if not the politicians and top people in government and a few others....

Of course the made sure they spoilt the plan, the reason why I knew all Cardoso's policies will fail was that the politicians have never come out to challenge any policy he brings out like they did agianst Emefiele Naira change

100% correct.
Don’t leave out BDCs and POS operators they are complicit.

Politicians inspired ignorant folks to revolt against Emefieles policies, which in truth were excellent.

The highest denomination in the UK is 50 pounds yet billions of transactions happen daily.
Any country serious about regulating its financial sector, fighting corruption and insecurity must go digital.

I had said it on here an inordinate amount of times that the plot to change the naira design, introduce Africard and encourage electronic banking was the silver bullet to have killed corrupt empires.

Cardoso should stop embarrassing his name and pull up Emefieles notebook.

You want more cash in banks yet you implemented the nonsensical electronic charges. Implication: Sell to POS and enjoy!
The outcome of poor policy implementation from Emefiele has killed the public interest in deposit banking if there's anything like that especially going by how those with good money in banks were denied assess to their funds. Imagine being told you can't withdraw more than 5k when you have 5m.
Also, nonsensical bank charges especially for holders of savings accounts is a major discouragement to those who could have kept their money in the bank.
Finally, the advent of POS has continued to kill bank deposits.

Brendaniel:
Was this not what Emefiele tried correcting that Tinubu supporters still insult him till date?

Ask yourself the sincere question, how many Nigerians are banking over 4 trillion outside of their banks or even have that in cash if not the politicians and top people in government and a few others....

Of course the made sure they spoilt the plan, the reason why I knew all Cardoso's policies will fail was that the politicians have never come out to challenge any policy he brings out like they did agianst Emefiele Naira change

what is the correction that emefiele was correcting here?

what was the outcome of emefiel naira change?

lexy2014:
what is the correction that emefiele was correcting here?

what was the outcome of emefiel naira change?

Of course they made sure it failed, he was correcting hoarding of stolen hoarded naira notes, that was why the politicians fought him...

Baxilexi:
100% correct.
Don’t leave out BDCs and POS operators they are complicit.

Politicians inspired ignorant folks to revolt against Emefieles policies, which in truth were excellent.

The highest denomination in the UK is 50 pounds yet billions of transactions happen daily.
Any country serious about regulating its financial sector, fighting corruption and insecurity must go digital.

I had said it on here an inordinate amount of times that the plot to change the naira design, introduce Africard and encourage electronic banking was the silver bullet to have killed corrupt empires.

Cardoso should stop embarrassing his name and pull up Emefieles notebook.

what was excellent about emefieles naira change and cashless policy?

how will going digital fight corruption?

Magnumproperty:
Too much money in circulation. Inflation pro Max. Buhari, Usman and Emefiele una do this one.

how do you determine whether the money in circulation is too much or not?

how is the volume of money in circulation directly responsible for inflation?

Brendaniel:
Of course they made sure it failed, he was correcting hoarding of stolen hoarded naira notes, that was why the politicians fought him...

was it his job to correct hoarding of stolen naira notes?

once again, what was the outcome of emefiele naira change on the country in the period the policy was implemented?

Brendaniel:
Of course they made sure it failed, he was correcting hoarding of stolen hoarded naira notes, that was why the politicians fought him...

was it his job to correct hoarding of stolen naira notes?

once again, what was the outcome of emefiele naira change on the country in the period the policy was implemented?

how did the economy fare and how did nigerians fare during the period?

That remain 6% wey dey bank we go soon go withdraw am...

Brendaniel:
Was this not what Emefiele tried correcting that Tinubu supporters still insult him till date?

Ask yourself the sincere question, how many Nigerians are banking over 4 trillion outside of their banks or even have that in cash if not the politicians and top people in government and a few others....

Of course the made sure they spoilt the plan, the reason why I knew all Cardoso's policies will fail was that the politicians have never come out to challenge any policy he brings out like they did agianst Emefiele Naira change

What was Emefiele trying to do for 10yrs? Emefiele worked with Dangote to ruin our economy you are here defending him. If you have to criticize Cardoso,do so without praising Emefiele.
Emefile ways and means is of the policies that led us to where we are today. 30 trillion printed!!!

lexy2014:
what was excellent about emefieles naira change and cashless policy?

how will going digital fight corruption?

The US dates its currency intentionally to ensure it returns to the bank seasonally. If the CBN outdated naira notes made 2018 and below, the 4 trillion will return to the bank. Same with the redesign, it cost us to reprint but it was a necessary measure to checkmate hoarding.

In terms of fight corruption, I believe the answer is obvious.
Limit cash redrawals to 20k a day and transfers over 1 m will require in person transfer at the local bank.
Digital footprints will be initiated and the purpose of the money transferred can be found. Be it for terrorism, vote buying, or misappropriations in any form.

lexy2014:
was it his job to correct hoarding of stolen naira notes?

once again, what was the outcome of emefiele naira change on the country in the period the policy was implemented?

how did the economy fare and how did nigerians fare during the period?

Yes it was his job to correct hoarding of naira...

I have explained to you that the policy failed because the politicians fought it to fail....

Like I said earlier on, the entire policy was sabotaged because the politicians fought it, ask yourself why were the politicians fighting it?

I think That was the only policy the politicians challenged Emefiele throughout Buhari's tenure because it didn't Favour them

Baxilexi:
The US dates its currency intentionally to ensure it returns to the bank seasonally. If the CBN outdated naira notes made 2018 and below, the 4 trillion will return to the bank. Same with the redesign, it cost us to reprint but it was a necessary measure to checkmate hoarding.

In terms of fight corruption, I believe the answer is obvious.
Limit cash redrawals to 20k a day and transfers over 1 m will require in person transfer at the local bank.
Digital footprints will be initiated and the purpose of the money transferred can be found. Be it for terrorism, vote buying, or misappropriations in any form.

how does that answer these questions:

1. what was excellent about emefieles naira change and cashless policy?

2. how will going digital fight corruption?

Heavensake1:
What was Emefiele trying to do for 10yrs? Emefiele worked with Dangote to ruin our economy you are here defending him. If you have to criticize Cardoso,do so without praising Emefiele.
Emefile ways and means is of the policies that led us to where we are today. 30 trillion printed!!!

I never liked Emefiele neither did I support most of his policies but on that naira change, he got something there...

I am just fed up with these kind of statements....

The person that has authority to fix a problem is telling us about the problem..

Apparently nothing has and will change.

Limit cash withdrawals across al channels and stop penalizing banking transactions. Even fish sellers now have pamlmpay or pay due to the lack of cash in 2022.


If it's to add nonsense charges o you will know how to do that one.

Yes, people will cash out their monies and hide it under their pillows in order to avoid your criminal banking levies and hidden fees.

Brendaniel:
Yes it was his job to correct hoarding of naira...

I have explained to you that the policy failed because the politicians fought it to fail....

Like I said earlier on, the entire policy was sabotaged because the politicians fought it, ask yourself why were the politicians fighting it?

I think That was the only policy the politicians challenged Emefiele throughout Buhari's tenure because it didn't Favour them

which portion of the CBN act gives the governor the power to "correct" hoarding of cash?

how do you determine if nigerians are hoarding cash?

you claimed that emefieles naira change and cashless policy was meant to correct "hoarding of stolen hoarded naira notes".

the key word there is "stolen". if people stole money and hoard the money, when did it become emefiele's job to correct people that steal money and hoard the money they stole?

I didnt ask why the policy failed or who was responsible for its failure. I asked you...

1. what was the outcome of emefiele naira change on the country in the period the policy was implemented?

2. how did the economy fare and how did nigerians fare during the period?

ayufun:
As your banks. Are they not the first to start selling cash to POS operators, now people rather sell their cash than to deposit in the bank and the circle continues.

This is the new trend, money ain't go to the banks anymore, we keep on circulating amongst ourselves.

How are they selling cash?

lexy2014:
how does that answer these questions:

1. what was excellent about emefieles naira change and cashless policy?

2. how will going digital fight corruption?

You’ve got an anchor and confirmation bias. So no matter what’s been said on here you wouldn’t see value in it.
Being obtuse towards logic doesn’t fault it rather it denies you the opportunity to appreciate it.

Money is needed to fund vices. Some of the safest countries in the world are that way because money handling is strictly regulated. A small 10k USD deposit in your account would flag the account.

In a different story, an ex governor was accused of embezzling billions of naira, how did he get the cash? How was it converted to USD? Why isn’t there a bot on all banking softwares that automatically informs ICPC about transfers exceeding 1M? Again criminals do not like digital footprints.

Now I ask you, what can Cardoso do to return the monies out of circulation into the banking system?

Banks can't give you 1 million. But pos vendors can give you 2 million at a go

Same CBN injected N1.4trillion naira cash to the economy last week, and also extended the day for cashlite charge takeoff from 30th september 2024 to March 2025.

Is it not foolish to continually inject cash into the economy, rather than encourage cashless transactions?

How do you expect nigerians to save money in banks when the costs of living is high, inflation, purchasing power of nigerians is low, naira depreciating and has no value, salary that a worker is paid cannot even last him for 2 weeks because of the high costs of living, inflation, high transportation, house rent, high costs of food stuffs, school fees, medical bills and drugs..so how can one save money in bank will all this inflation everywhere

Origin:
I am just fed up with these kind of statements....

The person that has authority to fix a problem is telling us about the problem..

Apparently nothing has and will change.

Limit cash withdrawals across al channels and stop penalizing banking transactions. Even fish sellers now have pamlmpay or pay due to the lack of cash in 2022.


If it's to add nonsense charges o you will know how to do that one.

Imagine that cashlite charges on cash deposits and withdrawals that was supposed to recommence on 30th of september has been suspended till march 2025.

This administration is not committed to ensuring that transactions become cashless. They are not ready to mop up excess cash from the economy, instead they injected fresh N1.4trillion CASH into circulation last week.

Why should the CBN be telling us that only 6% of cash in circulation is held in banks, when it is their job to regulate cash flow within the economy?

I just tire.

People don’t trust banks anymore, can’t remember when I went to bank to deposit cash, I just give/ sell it to POS people , case closed

lexy2014:
which portion of the CBN act gives the governor the power to "correct" hoarding of cash?

how do you determine if nigerians are hoarding cash?

you claimed that emefieles naira change and cashless policy was meant to correct "hoarding of stolen hoarded naira notes".

the key word there is "stolen". if people stole money and hoard the money, when did it become emefiele's job to correct people that steal money and hoard the money they stole?

I didnt ask why the policy failed or who was responsible for its failure. I asked you...

1. what was the outcome of emefiele naira change on the country in the period the policy was implemented?

2. how did the economy fare and how did nigerians fare during the period?

No it was your job to correct it not the CBN's governor's duty...

1

oluwaahmed:
Ronuites used their lagos-ibadan media to demonize emifiele for changing currency. We that worked in banks then knew he was on the right track as politicians has stacked billions of Naira & huge amounts of raw dollars in their houses therby leading to inflation. Cardoso is just dull. You wana curb inflation but you inject more money into the economy. Why not outlaw 1k, 5H & 2H notes under 6 months let our highest currency be hundred naira watch how inflation will drop by 50% as those funds will come back into the banking sector

I have always say this.. give a 6months ultimate time for ₦1,000 , ₦500 and ₦200 to be returned back to the bank and become illegal after the 6months notice. Just like you said, inflation is gonna reduce immediately it will even be more than 50%>>

What do they expect when cost of things have gone so high that people don't save anymore. Most households spend all they have on food

Difrent:
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ignorance is a bliss ...you are free to wallow in it,also free to run your mouth,its yours.