After introducing the new naira, don't set a deadline for the old naira to be out of circulation. When Nigerians want to withdraw money from the banks they are given the new naira. The old naira will naturally run out of circulation.
Simple and easy.
But it seems like whatever new policy is introduced in Nigeria, you people make it very difficult for Nigerians.
Na wao

izombie:
After introducing the new naira, don't set a deadline for the old naira to be out of circulation. When Nigerians want to withdraw money from the banks they are given the new naira. The old naira will naturally run out of circulation.
Simple and easy.
But it seems like whatever new policy is introduced in Nigeria, you people make it very difficult for Nigerians.
Na wao

They want to reduce vote buying. After the elections, they will allow old money to circulate

Cbn is not the problem but the bankers.. umthey were given money to disburse to people why are they selling it to the highest bidders

Lol CBN will be in a big trouble very soon pls vote for my master

They have always been giving deadlines and it has been working for up to 4 times in history

izombie:
After introducing the new naira, don't set a deadline for the old naira to be out of circulation. When Nigerians want to withdraw money from the banks they are given the new naira. The old naira will naturally run out of circulation.
Simple and easy.
But it seems like whatever new policy is introduced in Nigeria, you people make it very difficult for Nigerians.
Na wao

izombie:
After introducing the new naira, don't set a deadline for the old naira to be out of circulation. When Nigerians want to withdraw money from the banks they are given the new naira. The old naira will naturally run out of circulation.
Simple and easy.
But it seems like whatever new policy is introduced in Nigeria, you people make it very difficult for Nigerians.
Na wao

It would take years to completely change the notes without a deadline. That means the "aim" would be completely defeated.

What I would have done would be to encourage people to open the enaira wallet by giving them small incentives. Maybe like 1k or even N500 for every wallet that is linked with the bvn. Then make transactions free for the first maybe 10k or 20k daily.

This would could cost a lot of money but would have saved us a lot of this backlash while still achieving the aim.

Anyways, was likely an "emergency" decision sha. Things will stabilize in the coming weeks I'm sure.

emorse:

It would take years to completely change the notes without a deadline. That means the "aim" would be completely defeated.

What I would have done would be to encourage people to open the enaira wallet by giving them small incentives. Maybe like 1k or even N500 for every wallet that is linked with the bvn. Then make transactions free for the first maybe 10k or 20k daily.

This would could cost a lot of money but would have saved us a lot of this backlash while still achieving the aim.

Anyways, was likely an "emergency" decision sha. Things will stabilize in the coming weeks I'm sure.

The enaira wallet thing might still be difficult. Not a lot of people use it. When south africa put Mandela's face on their money, the old rands were slowly put out of circulation through the banks. No hassles.

ITbomb:
They have always been giving deadlines and it has been working for up to 4 times in history

Well, there easier ways. If there must be deadline then it should be atleast 6 months.

habsydiamond:
Cbn is not the problem but the bankers.. umthey were given money to disburse to people why are they selling it to the highest bidders

Because of the deadline. There's limited time given. They should've made it in a way that banks issue the new naira during withdrawals.

JoeNL22:

They want to reduce vote buying. After the elections, they will allow old money to circulate

Ok o