hohafrank:
Most especially when the maximum daily cash lodgement is #3,000,000 for corporate entity.That will take about 330 days to lodge #1billion in a single account.

Another angle..

I know they are setting traps all around

heysquare:

It was not disclosed

Cash deposit limit is #3,000,000 #500,000 for corporate and individual respectively.

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 say e easy to deposit 1billion for bank? There are bank rules/policies that need to be followed you know. Also the bank has the duty to report you to the EFCC

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

Tinubu's Blokos and all other politians who have stashed money at home will have a hell of of a task changing their money at a short notice, this why the decision was taken without the awareness of major stakeholders.
Now Jagaban will have to explain when he gets to the bank how he has so much money that he has to use a bullion van.
Ever since Gumi has been sweating cos now cos all the Ransome money stored in the forest will have to be changed also.

hohafrank:
Cash deposit limit is #3,000,000 #500,000 for corporate and individual respectively.

That's a welcome development

Moh247:


Isn't that a good boost to our GDP?! Won't that have positive impact on local economy?!

As for FX going bullish, that's not even possible because no BDC or Bank would trade FX with you without a valid reason, only Black market prices would rise.. and that's not as issue as we run double FX window


.

This guy doesn't know that if the black market rise it is going to cost the CBN more money in keeping the FX window low. And who has ever access dollar currently using the CBN FX widow. That window is a ghost one as no one uses it. Even all the banks has been the use of naira cards for FX transaction. So that dirty CBN FX window no longer exist.

Penguin2:


Don’t be shortsighted.

So you don’t know that they’ve laid traps for anybody that deposits large sum of money in the bank?

You think it’s easy for somebody with 10billion naira buried in his septic tank to just carry it to the bank without the bank tipping EFCC off?

As of today, any cash deposit above 5million by an individual and 10million by corporate organization is usually reported to the EFCC.

That’s why corrupt people and terrorists who have been collecting ransom in cash are crying.

Think bro, think.

Laid trap my foot. If i take a billion naira now to the black market today i will walk out with the equivalent in foreign currency. So, you are as clueless as your government. If you think your analogy is right let's wait and see how many arrests will be made. My guess to you is none. Clueless citizens.

fxexperts:



Laid trap my foot. If i take a billion naira now to the black market today i will walk out with the equivalent in foreign currency. So, you are as clueless as your government. If you think your analogy is right let's wait and see how many arrests will be made. My guess to you is none. Clueless citizens.

So you will carry 10billion naira cash to black market abi?

And the black marketer will not deposit the money abi?

Again, you are just another shortsighted fellow.

makaveli902:


Tinubu's Blokos and all other politians who have stashed money at home will have a hell of of a task changing their money at a short notice, this why the decision was taken without the awareness of major stakeholders.
Now Jagaban will have to explain when he gets to the bank how he has so much money that he has to use a bullion van.
Ever since Gumi has been sweating cos now cos all the Ransome money stored in the forest will have to be changed also.

Lol! Don’t mind some idiots with their shortsightedness.

They don’t know there’s chain reaction to the entire thing.

IT SIMPLY MEANS THE CBN GOVERNOR WAS HOLDING PRIVATE MEETINS WITHOUT THE KNOWLEDGE OF THE MINISTER!THAT IS VERY WRONG!!

Penguin2:


So you will carry 10billion naira cash to black market abi?

And the black marketer will not deposit the money abi?

Again, you are just another shortsighted fellow.

Baba Carry 100 billion to those abokis and they will exchange it for you. For your information the so called 10billion you are screaming about is just 12.5million dollars. Don't let poverty ruin your thinking in Nigeria. Does aboki guys are not as poor as you think. The last time i went to change $50,000 I was thinking they may not have the naira equivalent, when I asked if they can have up to that amount the aboki said even if i bring a million dollars now he will just make a phone call to some of his bosses, and they will exchange it immediately. This is just one aboki in just one BDC location not even in Lagos. and you are here telling me they cannot exchange ordinary 12million dollars. right in my presence one man came and they exchange almost 100,000 in my presence. So, take your poor thinking elsewhere.
It is because lack of proper thinking that makes your Naira becomes like waste paper. how can you come up with a sudden decision to change your currency as such short notice. What about foreign nation that are currently holding the Naira in their vault? will they have enough time to change it to the current naira note or it will just become worthless in their hands. The last time the British government change the pounds they gave adequate notice and time for all countries to return the old pounds sterling and they made the mean of returning it accessible to all.
If these investors in foreign countries cannot change this naira note for the new ones or they are caught off guard, they will never trust your naira ever again. lack of trust for a currency is a fast means of devaluing of the currencies.

Michelle70:
u dont get it.

If someone wants to use N500m of the old currency to buy smtin from u, will u accept it? knowing that the money could be useless the next week.

Also if u pay in such large sum of money into ur account, EFCC will question u

most laundered monies are in USD cash not NGN cash

Ok

monex:


most laundered monies are in USD cash not NGN cash

Nope, most laundered money are in 2h, 5h and 1k notes.

We dont deal with dollars except in exchange

djon78:



The issue is that many of these people don't have critical and analytical thinking

Many don't think deep

Infact this policy CBN holds everyone of them by the balls

Because they are completely replacing old currency

So simply monitoring every money to be released
And placing a cap on the amount to be given each individual and company
Has already controlled the situation

Another thing for a whole Minister of finance to come out and be saying what she was saying

You will understand that this policy really caught all of them unawares

Buhari and emefiele really played all of them
A knock out punch

It was a closed tight kept secret

I believe they got the policy right
Naira will be hit
But with time when everything stabilizes it will later appreciate

You are not the only one capable of deep thinking or critical analyses and the fact that people disagree with you does not mean they do not think deep or critically or that somehow your own thinking is superior. Agreeing with you is not the test of critical thinking

I don't know how old you are but this thing has been done twice in the past in living memory

The first time was during the Biafra war to target Biafra

At that time it was kept top secret by Awolowo till the last minute at that time Buhari would have been a Captain or Major so he would have witnessed how successful it was. It was successful mainly because it was targeting notes trapped in Biafra and there was no civilian movement from Biafra into Nigeria

So Buhari repeated the same thing in 1984 along with his policy of getting soldiers to break open stores and sell goods at giveaway prices because the traders were "hoarding" according to Buhari
This time the reason for the change was to target politicians who had looted. Needless to say it did not work

It is like a free kick trick or format that only works once. Buhari in his mindset of crude solutions does not understand why the policy worked in the 1960s and why it will not work now

The reason is simple.

It is Nigerians that will operate the policy and even inside Buhari's family are those who will sabotage it or exploit it for personal gain

In 1984 during the change The Emir of Gwandu flew into MMA with 53 suitcases. His son was Buhari's ADC
They were not inspected. Abubakar Atiku was the Customs boss at the airport
The black market at Bristol Hotel in Lagos did not close for one day.

Now the CBN is telling us that 3 Trillion in unbanked, we are also told that onlu 40% of Nigerians in rural areas have bank account. I guess it is even lower in the north

We are told this policy also targets kidnappers. The question is how much of that 3 trillion is in the hands of kidnappers?

For 3 months anyone with stacks of cash has advance notice to
1, Buy Gold, dollars, cows, guns, bullets or other fungible assets.
2. Transfer cash to those who can launder it for a fraction of its value. This is where corruption comes into it.
3, This government has a reputation for not checking corruption. and it is very easy for corrupt officials in commercial banks or the CBN to launder cash and give it legitimacy

Yes Buhari likes the idea of a top secret mission such as Awolowo deployed but that was medicine for a different illness . It does not work for everything and Nigeria is just too corrupt for that to work
Even state governments can bring out cash from nowhere on grounds of "security vote"

Those people closest to Buhari personally are not clean

Nice one

HRMK:
IT SIMPLY MEANS THE CBN GOVERNOR WAS HOLDING PRIVATE MEETINS WITHOUT THE KNOWLEDGE OF THE MINISTER!THAT IS VERY WRONG!!

Why and how

Let me ask you a specific question . What is the relationship between the CBN governor and the Finance minister under the CBN Act 2007 ?

Do you know?

fxexperts:
Baba Carry 100 billion to those abokis and they will exchange it for you. For your information the so called 10billion you are screaming about is just 12.5million dollars. Don't let poverty ruin your thinking in Nigeria. Does aboki guys are not as poor as you think. The last time i went to change $50,000 I was thinking they may not have the naira equivalent, when I asked if they can have up to that amount the aboki said even if i bring a million dollars now he will just make a phone call to some of his bosses, and they will exchange it immediately. This is just one aboki in just one BDC location not even in Lagos. and you are here telling me they cannot exchange ordinary 12million dollars. right in my presence one man came and they exchange almost 100,000 in my presence. So, take your poor thinking elsewhere.
It is because lack of proper thinking that makes your Naira becomes like waste paper. how can you come up with a sudden decision to change your currency as such short notice. What about foreign nation that are currently holding the Naira in their vault? will they have enough time to change it to the current naira note or it will just become worthless in their hands. The last time the British government change the pounds they gave adequate notice and time for all countries to return the old pounds sterling and they made the mean of returning it accessible to all.
If these investors in foreign countries cannot change this naira note for the new ones or they are caught off guard, they will never trust your naira ever again. lack of trust for a currency is a fast means of devaluing of the currencies.

You are still talking plenty…

I asked a simple question, after exchanging your 100billion naira, shey aboki will still go to deposit the money in the bank or he will keep the 100billion naira cash for it to expire in his hands?

So aboki who knows he has about 3 months to bank your 100billion naira will take such amount in cash from you and bank it how? That’s the question you haven’t answered.

And about countries holding the naira in their vaults, 3 months is enough for them to return the old currency and get the new one or be given some waiver by CBN if they are confirmed not to be fraudulent.

omonnakoda:
The hoarders ? Which hoarders What is hoarder
Stop and think and stop repeating like a parrot

There is nothing like that in economics so you can see you are talking rubbish
Keeping cas in houses
What evidence is there for that? You are not using your head
People are free to do whhat they like with their money to suggest that someone they ar keeping it in graves or freezers is not evidenced

There are billions if not trillions of US dollars outside the US is that HOARDING. WHat the hell is hoarding?

Any naira not in the bank is IN THE ECONOMY
Please stop parroting that nonsense

Ok

omonnakoda:

You are not the only one capable of deep thinking or critical analyses and the fact that people disagree with you does not mean they do not think deep or critically or that somehow your own thinking is superior. Agreeing with you is not the test of critical thinking

I don't know how old you are but this thing has been done twice in the past in living memory

The first time was during the Biafra war to target Biafra

At that time it was kept top secret by Awolowo till the last minute at that time Buhari would have been a Captain or Major so he would have witnessed how successful it was. It was successful mainly because it was targeting notes trapped in Biafra and there was no civilian movement from Biafra into Nigeria

So Buhari repeated the same thing in 1984 along with his policy of getting soldiers to break open stores and sell goods at giveaway prices because the traders were "hoarding" according to Buhari
This time the reason for the change was to target politicians who had looted. Needless to say it did not work

It is like a free kick trick or format that only works once. Buhari in his mindset of crude solutions does not understand why the policy worked in the 1960s and why it will not work now

The reason is simple.

It is Nigerians that will operate the policy and even inside Buhari's family are those who will sabotage it or exploit it for personal gain

In 1984 during the change The Emir of Gwandu flew into MMA with 53 suitcases. His son was Buhari's ADC
They were not inspected. Abubakar Atiku was the Customs boss at the airport
The black market at Bristol Hotel in Lagos did not close for one day.

Now the CBN is telling us that 3 Trillion in unbanked, we are also told that onlu 40% of Nigerians in rural areas have bank account. I guess it is even lower in the north

We are told this policy also targets kidnappers. The question is how much of that 3 trillion is in the hands of kidnappers?

For 3 months anyone with stacks of cash has advance notice to
1, Buy Gold, dollars, cows, guns, bullets or other fungible assets.
2. Transfer cash to those who can launder it for a fraction of its value. This is where corruption comes into it.
3, This government has a reputation for not checking corruption. and it is very easy for corrupt officials in commercial banks or the CBN to launder cash and give it legitimacy

Yes Buhari likes the idea of a top secret mission such as Awolowo deployed but that was medicine for a different illness . It does not work for everything and Nigeria is just too corrupt for that to work
Even state governments can bring out cash from nowhere on grounds of "security vote"

Those people closest to Buhari personally are not clean

Maybe I may not understand how deeply corrupt those around Buhari and politicians can be.

Which can mess up the whole policy

That means that they should be terribly dishonest to give with one hand and take with another hand.


Then it's shocking that these kind of things happen, and maybe the reason the country is not moving forward


And I can't vouch for them


So I agree with your summation


But honestly then things don really scatter be that


Finally when do you think we begin to get honest persons in high places?

Or is it that our case has been finally sealed?

djon78:




Maybe I may not understand how deeply corrupt those around Buhari and politicians can be.

Which can mess up the whole policy

That means that they should be terribly dishonest to give with one hand and take with another hand.


Then it's shocking that these kind of things happen, and maybe the reason the country is not moving forward


And I can't vouch for them


So I agree with your summation


But honestly then things don really scatter be that


Finally when do you think we begin to get honest persons in high places?

Or is it that our case has been finally sealed?

Honestly I am surprised are you pretending or you just arrived Nigeria? A country where policemen rob citizens at gunpoint?
I can tell you the only consideration here is the contract to print the money and the profit to me made potentially laundering dodgy cash NOT national interest

omonnakoda:
Honestly I am surprised are you pretending or you just arrived Nigeria? A country where policemen rob citizens at gunpoint?
I can tell you the only consideration here is the contract to print the money and the profit to me made potentially laundering dodgy cash NOT national interest

Honestly I am not pretending

Just that I never thought that these men can be degenarted like that.

I know they are corrupt but it's just that they will shortchange same policy they put in place

Anyway I am learning more more everyday

I believe this money change is another buhari trick. He knows the money section like changing the currency is what the next president would use to arrest those his Fulani herdsmen terrorists. So he did it first so he would save them and there wouldn't be justified reason to do that again by another president.

To believe me, you'll see no single.fulani would be arrested with the money

theforemost:
I believe this money change is another buhari trick. He knows the money section like changing the currency is what the next president would use to arrest those his Fulani herdsmen terrorists. So he did it first so he would save them and there wouldn't be justified reason to do that again by another president.

To believe me, you'll see no single.fulani would be arrested with the money

You are perfectly right.

omonnakoda:
Why and how

Let me ask you a specific question . What is the relationship between the CBN governor and the Finance minister under the CBN Act 2007 ?

Do you know?

KNOW WHAT?SO,YOU NEED TO BE TOLD FINANCE MINISTRY SUPERVICE ACTIVITIES OF THE CBN?TOO BAD!

HRMK:
KNOW WHAT?SO,YOU NEED TO BE TOLD FINANCE MINISTRY SUPERVICE ACTIVITIES OF THE CBN?TOO BAD!

Do not make ignorant assumptions
Writing in capitals makes you look stupid

It is supervise not supervice

We have a CBN Act of 2007
I have read it

Have you?

If not it is better you shut up

DO WE SAY YOUR PARENTS GOT THEIR PRIORITIES WRONG IN GETTING YOU TRAINED?OR ITS ANCESTRIAL AND SIMPLY GONE DOWN THE BEND?

THAT'S UNDUE ORDER.

EMEFIELE SHOULD BE IN JAIL NOW FOR UNDUE AUTHORITY

NAIRA WILL SOON BE N1000 TO $1.

The only thing we are yet to know is what will be the exchange rate of the old naira to the new one for those laundering billions of the old note.

That is the long and short of it an industry will emerge with fraudulent bankers and CBN officials to integrate and absorb any dodgy cash.

I reckon it will be about 80-90 new for 100 old . The bankers will pocket the difference Unless it is not this same Nigeria where commissioners of police are drug dealers and soldiers sell guns to terrorist
If Tinubu or Aisha Buhari or Mamman Daura has 100 billion naira do you believe they will not change it? In fact the CBN will deliver to their houses