By Eruobodo Lanre Oyenuga

If you are friends with; our Vice President, Yemi Osinbajo, Minister of Finance, Kemi Adeosun, or the CBN Governor, Godwin Emiefele, please help me tag all in this post. Cash based retail businesses in Nigeria is being destroyed today by staff of our CBN in charge of distribution of new lower denominations currency – the N50, N100 and N200 notes.

Rather than send these new notes to our banks, as replacement to the old and thorn ones, these CBN staff route the “mint” notes through an illegal association of currency traders, whose members litter party event centres, to hawk these new notes to Nigerians, wanting to use same to “spray” at parties, often at premiums as high as 30%-40%!

The effect of these institutionalized corruption inside our CBN is that, these lower denomination currencies have become so so scarce, that our traders are losing as high as 50% of turnovers there from. Each time you want to buy any article of between N50 to say N500, the very first question the traders ask is: “Do you have change”?

If you don’t understand my point, what I’m is saying is, this country is losing billions of Naira in trading opportunities daily, from the criminal activities of possibly less than 100 people in our CBN! This must stop!
This act is 100 times worse than our SARS that went rogue! It is silently destroying the trading/retailing arm of our economy!

Mr. Osinbajo heads this country’s economic team. The Governor of the CBN is necessarily part of that team. Please let these men know, the activities of our CBN staff are killing the economy.

New notes are serially numbered. The serial numbers of every of these issued to any bank are recorded. These numbering and issuance can be computerized and made available to all banks.

Since the personnel of the banks in charge of these notes are also known. Thus, if the banks/CBN wants to trace how any batch of money got to the hands of these hawkers/vendors, it is simpler than tracing footprints on the sand.
The simple reason this evil business has continued is because, it primarily harms the lowly, to the traditional corrupt benefits of the affluent in our society! Unfortunately, we are losing million folds economically!

Source: That New Notes Criminal Syndicate In Our CBN

On point. You hardly or almost impossible to get #50, #100 and #200 notes over the counter or through ATM transactions. All federal government staffs are relatively corrupt. Challenge me with valid points.

This is Nigeria

to see one hundred naira or 50 naira change these days na real war

victoronyekwelu:
This is Nigeria

Look how we living now
Look how we living now
Everybody be criminal

...


Thats True o. So This Is What Is Happening...


I Swear Who Ever Is Doing This Will Die Like Poisoned Rats...


Whenever I Go To Buy Things, I Always Hear "No Change". Its Very Annoying...



What Is Even More Annoying is That They Are Using It For Parties. What Nonsense! What Is All These Rubbish In This Animal Kingdom!

Must this monster called corruption fester in every department of Nigeria , nawao what kind of nonsense is this

Nigeria my country.

Arrange everywhere

Truest talk

if you need New Notes goan buy nothing is free in diz country so if u want a new note locate a big party around u. pipul pay to get PVCs. politicians pay to buy Votes daz a case study...

Someone even said somepeople have eaten our cash

Those Who Carried Out Looting of this Country Must Be Held to Account

if i can only disfinger them

Who told you its the cbn thats giving out mint notes to those hawkers? Its after the notes are supplied to commercial banks the managers call those people and exchange the mints for them after settlement.If you have a bank manager friend you can also get mints easily any time.

Very key and important observations.

Opinionated:
By Eruobodo Lanre Oyenuga

Rather than send these new notes to our banks, as replacement to the old and thorn ones, these CBN staff route the “mint” notes through an illegal association of currency traders, whose members litter party event centres, to hawk these new notes to Nigerians, wanting to use same to “spray” at parties, often at premiums as high as 30%-40%!

The effect of these institutionalized corruption inside our CBN is that, these lower denomination currencies have become so so scarce, that our traders are losing as high as 50% of turnovers there from. Each time you want to buy any article of between N50 to say N500, the very first question the traders ask is: “Do you have change”?

If you don’t understand my point, what I’m is saying is, this country is losing billions of Naira in trading opportunities daily, from the criminal activities of possibly less than 100 people in our CBN! This must stop!
This act is 100 times worse than our SARS that went rogue! It is silently destroying the trading/retailing arm of our economy!

Source: That New Notes Criminal Syndicate In Our CBN

hmmmmmm

The government should legalise corruption. it seems to be the only functioning thing in the country.

Hope they listen.

That of N100 note is even worse...

Try taking a cab or bike without change, you'll know the true definition of frustration and strandedness means.

Ok nau

Nigeria my country.


Arrangee everywhere

Very true. Does it mean the authorities are not aware of this illicit act?

I blame Buhari

not necessarily true, poor supply by the CBN is the root cause. that is not to say there isnt corrupt individuals benefiting from the shortages. let the ATMs dispense lower denominations and this problem will end. why arent we using coins by the way. this country is joke. all your leaders use coins when they go abroad to lavish your national wealth.

Our culture breeds corruption. Y shud any sane person spray money at parties

No be today, e don tey

Pay N200 to change 1k

CBN Currupt bank of Nigeria

Nigeria my country go better one day.
especially when all those 75 years claiming 40 retires,even if they do they will surely hand over the position to there children ni.
may God have mercy on us.

Under this present Cbn Governor, the central bank has become a business centre for various greedy thieves.

Banks introduced 65 naira after 3 monthly withdrawals
Banks introduced card maintenance charges
Banks introduced card replacement fees once your card is trapped in another bank's atm
Now, There's scarcity of mint notes in lower denominations

I'm not surprised though. He's from that criminal bank that sponsors political elections.

CBN or commercial banks?

mistakay:
Who told you its the cbn thats giving out mint notes to those hawkers? Its after the notes are supplied to commercial banks the managers call those people and exchange the mints for them after settlement.If you have a bank manager friend you can also get mints easily any time.

He also asked the CBN to trace the serial numbers of the notes found with the hawkers to know the bank that sold them to them