Apart from the Criminal-In-Chief Gumi, this policy will also affect EMILOKAN very well, because instead of having peace of mind on how to spend the money in his warehouse he will be thinking of how to convert them to clean money. More wahala for the APC boys

Case closed!

Moh247:


Good.. atleast that go boost the economy

Printing new money cost money. Why do it at a time money is scarce?

ikorodureporta:
Case closed!

consequence begins.

Penguin2:


Maybe I’m the one who should ask you to go study basic accounting.

CBN clearly stated that the motive behind this is specifically to retrieve the banknotes in people’s hands. So, the policy is specifically targeted at cash.

That’s why they employed those phrases like “cashless economy” and all, to justify their action.

So, yes, the policy is targeted specifically at banknotes.

Why is retrieving money a desirable thing
So if they retrieve money from peoples hands what will people spend?


Is there no other way to retrieve money
Where else has this worked in the past

omonnakoda:
Practical and realistic meaning

Agree with you
I could say that exactly right back at you
You be practical and realistic

If you have an argument to make make it

The practical and realistic truth is Nigeria is probably the most corrupt country on earth and this is a stupid policy with unclear objectives and no practical way to measure its success

The policy is stupid to you because you dismissed it without taking your time to actually understand what it is about.

I’m a Buhari critic but I support this policy.

About measuring success…

You are saying that because you are not in the financial sector. If there was no way to measure, then how did CBN know that over 3trillion naira is unbanked?

And do you know that there’s a government agency called Nigerian Financial Intelligence Unit (NFIU)? This agency and the CBN keep record of the volume of transaction that happens everyday in Nigeria.

See, calm down and study the policy, maybe you’d understand then.

The simple truth is that there are trillions of naira in circulation because the CBN has been printing money with no restraint and lending money to the government illegally

omonnakoda:

Why is retrieving money a desirable thing
So if they retrieve money from peoples hands what will people spend?


Is there no other way to retrieve money
Where else has this worked in the past

Is cash transaction the only possible means of transaction?

Penguin2:


The policy is stupid to you because you dismissed it without taking your time to actually understand what it is about.

I’m a Buhari critic but I support this policy.

About measuring success…

You are saying that because you are not in the financial sector. If there was no way to measure, then how did CBN know that over 3trillion naira is unbanked?

And do you know that there’s a government agency called Nigerian Financial Intelligence Unit (NFIU)? This agency and the CBN keep record of the volume of transaction that happens everyday in Nigeria.

See, calm down and study the policy, maybe you’d understand then.

You are not logical

You do not know anything about me and what I do
DOes everyone in the financial sector agree with the policy
Above everything I am a THINKER

So saying I am saying this because I am not in the financial sector is to say everyone in the sector or any sector for that matter will hold the same opinion

Simple question

Can you name one place or time in history anywhere where this has been done successfully

Just one

Penguin2:


Is cash transaction the only possible means of transaction?

In Nigeria for most people yes e,g public transport
buying food in the market etc

Why didn’t he do that on Arise tv?

Penguin2:


The policy is stupid to you because you dismissed it without taking your time to actually understand what it is about.

I’m a Buhari critic but I support this policy.

About measuring success…

You are saying that because you are not in the financial sector. If there was no way to measure, then how did CBN know that over 3trillion naira is unbanked?

And do you know that there’s a government agency called Nigerian Financial Intelligence Unit (NFIU)? This agency and the CBN keep record of the volume of transaction that happens everyday in Nigeria.

See, calm down and study the policy, maybe you’d understand then.

Do not misquote me

If the stated objective is to stop tkidnapping how will THAT be measured?

Knowing what is banked is very easy
What is not clear is why that is a good or bad thing

We do not have the financial infrastructure and logistics to support cashless economy so it is not clear what the CBN is trying to achieve is it to reduce kidnapping or to encourage cashlessness and WHY that cannot be achieved with current banknotes why is it necessary to change the design to achieve that? The CBN can reduce the supply of notes by not printing more and the old notes would eventually be mopped up as they wear and tear

Why is a redesigned note an essential part of the policy?

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

that us exactly the point....CBN printed and injected these monies into tge economies..in order to stimulate growth....however, this didnt happen because folks started to embezzle and bury the injected monies ...

if this move succeeds in forcing their hands into spending the monies back into the economy...it's still a good move.....save for the security issues limiting productivity round the country

He should have confer with his finance minister about the new policy.

kafeii123:


that us exactly the point....CBN printed and injected these monies into tge economies..in order to stimulate growth....however, this didnt happen because folks started to embezzle and bury the injected monies ...

if this move succeeds in forcing their hands into spending the monies back into the economy...it's still a good move.....save for the security issues limiting productivity round the country

Back into the economy?

So where is the money if it is not in the economy?

What are you talking about?

The money IS IN THE ECONOMY or is it in Cameroon's economy

Try and think a little before talking

The money was not printed to stimulate the economy

Much of it was lent to the FGN by so called ways and means essentially illegally and above the mandate of the CBN to fund fiscal deficits for years.
So that idea that the money is not in the economy is ignorant and reveals economic illiteracy

Ventura1:
Everybody will be weary of huge transaction in cash, it may be questioned. You want to buy property worth 70m, you now request to pay in cash. When we have some restrictions on cash transactions.

The thing na very big trap
The property seller, even the BDC will still want to Lodge the money in the bank

That's where CBN will lay trap and catch them

Even the corrupt bankers
are all under this trap

The CBN knows the amount every bank have
They knew that over 2.7 trillions were out of the banks hands

So any banker that does anyhow will be caught

Even with the fall of Naira
If CBN handle this excrecise well. Naira will later appreciate

There is this saying that power is nothing without control

So the CBN is bringing the control now and will catch every abuser

onuman:
But Finance Minister appointed by president Buhari - Finance Minister who is the boss of CBN governor - said she was not aware of the redesign of the Naira.
What a cantercarous group working for Nigerians.

Send APC packing. APC is a party of people with irreconcilable differences.

How is she boss of CBN governor?

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

That's the idea, the government wants them to bank it and it's only a "mumu" criminal that'll actually bank their loot right now.

You are aware deposit of a certain amount are usually declared and CBN has the right to check the source of those funds?

Whatever they wish to do with that money apart from burning it will put it back into the system and they can still be traced with it.

Before you even buy stocks the forms you'll fill for KYC,
Will the stocks be bought with cash? Even if it were the money will still enter the system

A lot to explain but typing long stuff the tire me

Moh247:


You just use your data buy something terrible

Just calm down wetin you find you go see


Lazy toxic being that can't work looking for who to blame for their monumental life failure

Run your mouth well well... But get your next of kin ready

Because that home training wey your mama no gree give you wey make you dey cap nonsense you go learn public training in a painful bitter way


.

Gbenu soun werey omo, omoale.. If u get home training and your parent brought you up well, u go dey wish your fellow country men bad luck? U go dey create bad belle everywhere, u go dey pray for useless leaders to continue leading?? You that your parent failed parenting and you are already failing your children, I only pray it doesn't become generational.. Omoale jatijati ti ko maju atenuje lo.. U that can even sell your parent because of atenuje, oloriburuku omoale.. Waa te gbeyin ni, iwo ati irandiran re

Penguin2:


Will it work for all? No.

Will it work for some? Yes.

It’s not going to be all gloom.

And hey, even in the US, UK, and those developed countries, there are always people too connected to beat policies like this. But they are always few in number.

So, don’t make it seem like Nigeria is an exception.

Now, being able to return the cash to the bank is one thing, but sourcing equivalent amount in cash again is another lap of the policy that will not be easy to beat because CBN will be putting a cap to the amount they’d be releasing into the economy which will make it difficult for banks to release some certain huge amount of cash to individuals like politicians who would want cash to buy votes.

So, one way or another, the policy will yield some result.

Don’t dismiss it.

You do not need to redesign new notes to cap the amount of banks notes in circulation you can do that with the old nots by not printing any more and mopping up
The CBN Has ALWAYS DONE THAT

The question remains why that is a desirable thing

Is it a moral issue, an economic issue or what? What is the optimal amount of notes that should be in circulation and how was that determined.
What exactly is the PURPOSE of this ?

Why is it that the current high interest rates do not attract bank deposits

The recurrent fiscal irresponsibility of the FG and the CBN 's willingness to lend without limit
All the trader money and other goverment schemes led us to this pass and new notes is not the solution

Penguin2:


Exactly my point.

Some people are arguing that those with large amount of cash stashed at home might want to spend it buying real estate.

But how can I have a property I’m selling for 150million and you want to pay in cash? So na me go come go deposit 150million cash for bank make EFCC catch me?

Honestly they are not deep thinkers

They think it will be an easy fix

djon78:



The thing na very big trap
The property seller, even the BDC will still want to Lodge the money in the bank

That's where CBN will lay trap and catch them

Even the corrupt bankers
are all under this trap

The CBN knows the amount every bank have
They knew that over 2.7 trillions were out of the banks hands

So any banker that does anyhow will be caught

Even with the fall of Naira
If CBN handle this excrecise well. Naira will later appreciate

There is this saying that power is nothing without control

So the CBN is bringing the control now and will catch every abuser

Thanks for this explanation,
I've tried to explain this thing to people that it's a big trap for everyone involved.

I'll use your explanation next time

.

nedu666:


Which blokos. The currency comes out on 15 dec. So they hve ample time to either pay in the money into the bank, use it to buy govt treasury bills and bonds, buy stocks, buy dollars, buy properties. Only a mumu can be caught unaware by buhari

You think it's that easy right... ? don't know how old you are but this is a repeat of 1983 episode and lot loose their cash money they horde then....same would happen this time and to make matter worst we now have efcc and all kind of policies to monitor cash been deposited...!!!

omonnakoda:
Do not misquote me

If the stated objective is to stop tkidnapping how will THAT be measured?

Knowing what is banked is very easy
What is not clear is why that is a good or bad thing

We do not have the financial infrastructure and logistics to support cashless economy so it is not clear what the CBN is trying to achieve is it to reduce kidnapping or to encourage cashlessness and WHY that cannot be achieved with current banknotes why is it necessary to change the design to achieve that? The CBN can reduce the supply of notes by not printing more and the old notes would eventually be mopped up as they wear and tear

Why is a redesigned note an essential part of the policy?

You keep talking about kidnapping…

Reducing kidnapping is just one of the reasons given by the CBN. There are other reasons. Unfortunately you are fixated with kidnapping.

But let’s take your darling kidnapping as an example…

Everyone knows that 99% of the time, these kidnappers demand for cash, sometimes running into hundreds of naira.

Now, most of them have this cash stashed somewhere and taking their time to spend it.

A change in the design of naira will now force them to either spend that stashed cash lavishly or before January 31st next year or go to deposit the cash in the bank by which time the bank would notify the authorities of such transaction and such persons would be invited for questioning.

Now, these are the kind of people that would never release their money even if CBN refuses to release new naira into the economy in ten years. They will now be forced to either spend the money or bank it or it becomes useless.

Same thing goes for all corrupt politicians that have hundreds of millions or billions naira stashed in their rooms, they’d either have to take it the bank, spend it lavishly or it becomes useless.

And lastly, are even aware that periodical change of currency design is a global standard practice?

[quote author=Moh247 post=118000712][/quote]

Iwo ti aja ti je Iran e tanyanyan.. Wa shofo ni tomotomo..gbogbo eyin ti efe Dada fun orilede nigiriya, Ema soriburuku tirandiran ni lagbara edumare.. Seni enigbo ni, awa na oni gba.. Oriburuku, ofo, asheri, igbe ni ileyin, adanu, airi ati bebelo Leo ma bagbe tomotomo tirandiran.. Oloriburuku

Penguin2:


You keep talking about kidnapping…

Reducing kidnapping is just one of the reasons given by the CBN. There are other reasons. Unfortunately you are fixated with kidnapping.

But let’s take your darling kidnapping as an example…

Everyone knows that 99% of the time, these kidnappers demand for cash, sometimes running into hundreds of naira.

Now, most of them have this cash stashed somewhere and taking their time to spend it.

A change in the design of naira will now force them to either spend that stashed cash lavishly or before January 31st next year or go to deposit the cash in the bank by which time the bank would notify the authorities of such transaction and such persons would be invited for questioning.

Now, these are the kind of people that would never release their money even if CBN refuses to release new naira into the economy in ten years. They will now be forced to either spend the money or bank it or it becomes useless.

Same thing goes for all corrupt politicians that have hundreds of millions or billions naira stashed in their rooms, they’d either have to take it the bank, spend it lavishly or it becomes useless.

And lastly, are even aware that periodical change of currency design is a global standard practice?

You are making assumptions about what Kidnappers do when they receive their money
This will not force them to go to the bank they can buy gold or dollars, more guns and bullets

What is the purpose of this action let us leave kidnapping break it down for me please what is the purpose?

omonnakoda:
Do not misquote me

If the stated objective is to stop tkidnapping how will THAT be measured?

Knowing what is banked is very easy
What is not clear is why that is a good or bad thing

We do not have the financial infrastructure and logistics to support cashless economy so it is not clear what the CBN is trying to achieve is it to reduce kidnapping or to encourage cashlessness and WHY that cannot be achieved with current banknotes why is it necessary to change the design to achieve that? The CBN can reduce the supply of notes by not printing more and the old notes would eventually be mopped up as they wear and tear

Why is a redesigned note an essential part of the policy?

Reducing supply will work but it'll take time for the old notes to wear or go extinct and government of the day don't want to waste time on this.

This plan is more effective impromptu than slow and steady

.

emmy512:

Reducing supply will work but it'll take time for the old notes to wear or go extinct and government of the day don't want to waste time on this.

This plan is more effective impromptu than slow and steady

Why? Why is that a good thing?

emmy512:

That's the idea, the government wants them to bank it and it's only a "mumu" criminal that'll actually bank their loot right now.

You are aware deposit of a certain amount are usually declared and CBN has the right to check the source of those funds?

Whatever they wish to do with that money apart from burning it will put it back into the system and they can still be traced with it.

Before you even buy stocks the forms you'll fill for KYC,
Will the stocks be bought with cash? Even if it were the money will still enter the system

A lot to explain but typing long stuff the tire me

Lol!

A lot of these people are so myopic both visually and rationally.

It’s such a task trying to make them understand.

[quote author=Moh247 post=118000821][/quote]
Sir werey, if u like light 10000000candles, it won't change what you have used your life to drag.. Wha sofo ni tirandiran.. All of you that wants nothing but destruction for us in this country shall perish with your generation Ase ni tedumare.. Iwo ti o ti Kan agbako leni.. Agbako ninyio ma jeti e tirandiran... Iwo ati Awon iru re.. Epe lamama shee fun yin nisin pelu ogo ti olorun