The Solution he suggested is perfect and I don't know why the Central Bank Governor Emefiele and his team did not think of this....
Or did they deliberately make it difficult for a reason?
''I still don't see why there is a shortage of Naira notes.
Or are banks not allowed to give the ones that were not changed. That's the one that should flood the market and people can begin to change those to the new ones with time.
It's not like if you buy something for N2000, the seller will reject 20 pieces of the N100 notes.
We just like to make things difficult in this Nigeria''
The whole idea is too reduce amount of cash in circulation. And for people to embrace more of cashless traceable transactions.
ReplyDeleteYea but make lower denominations more available and the new notes (higher value) less available. It will increase their value too.. in Europe and America hardly anyone spends 100 dollars and 50 pounds. They are always crispy new. Opportunity to brong coins back sef. Naira has no value!!!!! Everything is in thousands even groundnuts
DeleteGbam!!
DeleteI over support the system
DeleteLet us go cashless
Let’s see how they will steal the money without accounting for it
Let them also refuse to shift the date. Return all old money, let no one pay in new money into the bank.
Push up (original)
Thank you guys, this policy is great!
DeleteI love and support it.
Let's go cashless!
Let's embrace the banking apps and online businesses.
Thank you.
Anon@10:15, if they flood the market with lower denominations, it will still defeat the purpose of less cash in circulation for politicians to hijack.
Deleteit will not, they already have the template for 50 and 100 naira, so printing new ones will not be an hassle, the old money they collected, print new 100 and 50 naira notes to replace them
Delete@10:15, that will not make lower denominations more valuable. Our money can only be more valuable when we redenominate our currency, or improve our economy, or have a deflation (which no one wants). Simply having more of a denomination does nothing for its value.
DeleteMystic
12:40, which old notes? If I'm not mistaken, the N100 and N50 notes are not among the currencies redesigned. Why wd ppl want to turn them in for replacement?
DeleteIts frustrating really! All the shops in my area were closed from 26th till yesterday night saying they don't want old naira note they don't even know if you have lower denomination to buy with.
ReplyDeleteIt's so bad
DeleteUnwise of them. Why not stay open and trade with POS or receive transfers from customers. It’s not that complicated
DeleteIn places like Delta state where yahoo is rampant, many shops don’t agree to transfer, cos they manipulate it. Their best bet is to close shop untill we know whats up. But now that date has been shifted, i’m sure many would open
Deleteour leaders love to see those they are leading suffer, you think they do not know about this but they want everyone to suffer first before the needful can be done. Why implement a new system when you do not have an alternatives?
ReplyDeleteI believe all this will soon pass
Deletewe hope so too.
DeleteVery intelligent and sound policies are beyond their pay grade
DeleteTheir way is act first and patch up later
He got it right...."We just like to make things difficult for ourselves in this country''
ReplyDeleteSame thing I was saying yesterday
ReplyDeleteI went to the bank this morning and was not able to make any withdrawal. The machines were not dispensing; and when we went inside the banking hall we were told "only cash deposits please, no withdrawals for now".
ReplyDeleteI guess they had run out of cash. 🙄
Spoken like a true comedian. The idea is to check the monies in circulation and by so doing check inflation, hoarding and some political wrongs, and trust me, it's working. If we want to get it right, we must be ready to sacrifice a bit.
ReplyDeleteYou're right about check in monies in circulation and inflation, but I can bet you the politicians are still the ones getting/ having access to the larger part of the new naira notes.
DeleteAnne K
DeleteNa their way, selfish and mean creatures
Hmmmmm
ReplyDeleteNigerians like to complain too much.
ReplyDeleteEven Buhari clearly stated the purpose of all this is to disorganize the Politicians that have stock up money awaiting election in hopes to buy votes, Reasons why the politicians are clearly clamoring for it to be extended to June.
we have been clamoring for free and fair elections but can’t bear the slightest inconvenience for a better country.
Whether we complain or not, we all know eventually new money will become more available over time and people would have become more integrated in cashless transactions too.
Besides There was good 3months notice for people to deposit their cash in banks why all the sudden cries like it was just announced yesterday?
Yvonne God bless you. Even countries that have reached whr they are, Nigerians should ask them the kind of sacrifice they put in before they got there. The whole point is to force ppl into a cashless economy which the world over is already running. Infact Nigeria came late to the party, that way all the monies are easily traced. Most businesses now have pos or accounts u can transfer to, i am not rich, but i am not poor, but when i see people who i am doing better than, shout that no money in circulation, i’m like what do u even need the cash for? Food in the market, u can pay by transfer, airtime, u load with ur bank, fuel, they have pos, so please why the craze to hold the new notes?
DeleteThank you very much@Yvonne O,you have said it all and I pray we adjust,bear this little inconvenience and soon all will smile.
DeleteDon’t mind them
DeleteWe have to endure for a while
Even the so called politicians can only steal a certain amount, you can’t steal as much as you want to
Also you’d have no option but to spend all the old monies hidden
The politicians crying are only crying for their own pockets, have you ever seen anyone of them concerned about the average Nigerian? They were bribed using the old naria notes, they want it to tally until the election. But mba it won’t
They should return all they have.
If they are so concerned about the general public how come non of them have spoken about fuel scarcity?
Dear emefele better not shift that date.
Push up (original)
Lovely!
DeleteYou all aptly wrote well.
Thank you!
Electronic transfers and all are as good as the effectiveness of the platforms they are conducted on. A lot of these platforms tend be problematic. Since online transactions came onboard in Nigerian banking, every end of month, one still hears, 'system up' and 'system down' in virtually every bank. Fraudulent transfers are still being reported. So it's not just to put a policy in place, consider the challenges and strive for a system that won't put ppl into unnecessarily excruciating hardship.
Delete10:08
DeleteJust one small point. I don't have the old notes. I don't have the new notes. How many foodstuffs traders use POS?
Every foodstuff seller has an account, if they don’t, they have that of a neighbor they use for transactions. Or you think they still keep money in bags in their bedrooms? No, they all have an account. So if no pos, u can do transfer.
DeleteSome stations only use cash
DeleteBasic food sellers at the petty level don't use POS
Whatever
ReplyDeleteWell said, but your last paragraph is not totally people's fault, what about the ATMs that dispense old notes instead of new notes? They still give out old notes as at last week even across the counter, what would you have people do in those case? Don't forget they cannot totally eradicate cash transactions.
ReplyDeleteCBN permitted old notes across counters BUT ordered new notes only in ATMs. Ostensibly the permission and order is to drive more use of ATM and cashless transaction.
DeleteTrust some of us to profiteer from every government policy. So banks continued with all round old notes payment.
You rightly made the point that cash use cannot be completely eradicated in 3 months
Sometimes we come up with good and laudable projects and Ideas, but Implementation rubbishes it .
ReplyDeleteBrain waves and not thinking through is their Hallmark
DeleteNo banks in my Local Government. We travel to the L.G. headquarter to withdraw from POS as there is none in my village
ReplyDeleteU can take that advantage and open a pos stand in the LG. That way you won’t be waiting for govt job, or if u already have one, add it as a side hussle. Use lemons to make lemonade.
DeleteI am happy all of you are suffering. Keep voting them in.
ReplyDeleteI am not suffering but has their mumu do?
DeleteWhat cashless society are we talking about ? Do we have robust internet? Do we have stable electricity?Do all the banks have robust security in place to safeguard customers money against internet fraud? Why force what we have not attained? Will cashless policy stop corruption? Because cashless policy doesn't stop fraud and corruption. And is Buhari a good government, why all of a sudden they are trying to frustrate some groups of people, because they have hidden agenda. Wicked leaders with foolish followers.
ReplyDeleteSo they should put #50 and #100 notes in the ATM? How much they wan load wey go reach citizens? Let shop owners use NQR it’s much more cheaper and doesn’t require electricity…scan the code with your bank app and pay. NQR was developed by NIBSS for easy payment. Nigeria must develop by God’s grace.
ReplyDelete