This was mentioned by Emefiele on Wednesday, October 26, 2022 in Abuja during a news conference. The CBN expressed concern about the fact that Nigerians are hoarding 85% of the cash in circulation.
He also asked Nigerians to deposit their Naira notes at their banks; noting that deposits of less than N150,000 will not be charged a deposit fee.
Emefiele noted that the redesign of Naira notes would prevent terrorism and kidnapping ransom payments; as well as reduce the use of counterfeit notes.
The CBN Governor said: “Bank charges for cash deposit are suspended with immediate effect.”
Further, he disclosed that over 80 per cent of the total cash in circulation was outside the banking system.
“N2.73 trillion out of N3.23 trn exists outside the commercial bank,” he added.
from 1st news.
So Nigerians stopped taking their monies to the Bank? LOL
So m every three years dem deh update the naira
ReplyDeleteWHO WOULD ANYONE DOES???
DeleteThis is just an avenue to increase inflation in the long run. Plus help them loot More money easily
DeleteSo he believes that this decision would prevent terrorism and kidnapping ransom payments. I just de laugh, in OBJ's voice.
ReplyDeletehonestly is not funny, is that the solution to the problem at hand
DeleteMoney wey person dey manage, go seize to be considered Legal money Lol, untop of suffering he dey boast.
ReplyDeleteStella, when monies will just dissapear from the account nko?
ReplyDeleteThey mentioned Terrorism and Kidnapping because that we are battling currently so it ll look like they want to solve the nations problem. That wont change the fact that they won't still demand for ransom after the introduction of the new naira note. THEM GO STILL COLLECT THE NEW NOTE , That's not how to tackle the issue here , considering the nations current state of finance, if we had this money why are we still here, why did Asuu go 8 months on strike.? In less than 2 months new naira note ll be in circulation, no be juju be that?
ReplyDeleteno be small juju self , at the end of the day you will be hearing they use 1billion to design the new note
DeleteLol
ReplyDeleteIs this what the CBN should be worried about now? There's a growing movement of unbanking. Because banks in Nigeria are failing in the one fundamental reason why they exist: To safeguard depositors funds. The rampant issue of fraud within the banking system, supposedly inexplicable withdrawals from customers accounts and the myriad of endless charges actually discourages people from banking money. I don't blame them.
ReplyDeleteNigerian banks are lazy, lack innovation and are very parasitic. How do you explain the fact that our banks still managed to post profits of billions of naira during the Corona period?
you think they give accurate financial statement
DeleteThank you 🙏
DeleteWill this one now solve anything??
ReplyDeleteI am surprised that we do not have machines to print money in this country. We pay another country to print our monies. How much is the machine that we cannot get?
ReplyDeleteI know all these people are on cheap drugs. What’s his business with terrorism? Focus on stabilizing naira- you’re fighting terrorism
ReplyDeleteNibo latun jasi bayi oluwa. Dear God in your mercy, cleanse our land. Forgive our sins. Pacify the innocent bloods crying against the glory of our land. Restore your power, restore your presence. Take away every blood sucking demon from our lands. Take away thr famine and war.Let the blood of Jesus, speak better things in Nigeria, than the blood of Abel. Father this I pray through Jesus Christ our Lord. Amen.
ReplyDeleteAmen
DeleteAmen 🙏
DeleteAmen IJN
DeleteNa here we de, can this solve our problem ?
ReplyDeleteIs this really the solution?
ReplyDeleteSeen.
ReplyDeleteThis is another way of embezzling our money.will this solve the high rate of poverty in the country?
ReplyDeleteThere is so limited time so all stealing has to be done quickly 2023 is just round the corner
DeleteNot necessary at these trying times but I'd like to see the new design.They've got valid reasons for it too.
ReplyDeleteWaste of money. They will just embezzle the money through this means.
ReplyDeleteThey don't know what else to say or advice the FG. Nothing in their heads again, only to drink tea, browse, check transfers and close.
Very smart move Sir Emefiele.
ReplyDeleteThe hoarded cash in people’s warehouses will have to be changed or become useless.
That means people will be forced to take them to the banks to change it or be forced to do giveaway. When they take it to the bank, it will no longer be given to them physically and when it’s given away, people will chop fine.
This is good. However work on the integrity of the bank to curb theft to avoid court cases.
You get sense ooo
DeleteWhich sense lol they will run it thru church secret tithe or sowing of seeds & the church will get huge percentage.
DeleteCan they change dollar and euro notes too? Too many stashed cash for generations yet not circulating for business persons.
ReplyDeleteAll the naira notes stolen and hidden in undergrounds by corrupt politicians for 2023 elections will be deposited at the bank,
ReplyDeleteI trust naija politicians,they will start converting the naira notes to foreign currencies which will result to scarcity of foreign currency.
Him body no ho rest till naira to dollar enter 2k
DeleteSo printing new notes will stop terrorism and kidnappers from collecting ransom, how? They will spend billions to go print new notes when there are other pressing needs....
ReplyDeleteEvery and any way to thief money is welcome to them
ReplyDeleteThe fraud
The fraud
Kai
The fraud that will be uncovered in this regime chai
The fraud ooo