Redesigning of naira notes will revive economy, checkmate insecurity, others-Obiaraeri

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

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According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

[wonderplugin_video iframe=”https://youtu.be/fXn7h4D2mZY” lightbox=0 lightboxsize=1 lightboxwidth=960 lightboxheight=540 autoopen=0 autoopendelay=0 autoclose=0 lightboxtitle=”” lightboxgroup=”” lightboxshownavigation=0 showimage=”” lightboxoptions=”” videowidth=600 videoheight=400 keepaspectratio=1 autoplay=0 loop=0 videocss=”position:relative;display:block;background-color:#000;overflow:hidden;max-width:100%;margin:0 auto;” playbutton=”https://www.tvcnews.tv/wp-content/plugins/wonderplugin-video-embed/engine/playvideo-64-64-0.png”]

According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.

 

 

The Central Bank of Nigeria (CBN) last week announced a redesigning of the Naira. The affected denominations are the 200, 500, and 1000 naira notes.

The CBN says the new notes will be released for public use on December 15 and will circulate together with all notes until January 31, 2023, when the all notes will be phased out.

Governor of the Apex Bank, Godwin Emefiele, said the move is to help take control of the money in circulation, which will in turn curb rising inflation.

[wonderplugin_video iframe=”https://youtu.be/fXn7h4D2mZY” lightbox=0 lightboxsize=1 lightboxwidth=960 lightboxheight=540 autoopen=0 autoopendelay=0 autoclose=0 lightboxtitle=”” lightboxgroup=”” lightboxshownavigation=0 showimage=”” lightboxoptions=”” videowidth=600 videoheight=400 keepaspectratio=1 autoplay=0 loop=0 videocss=”position:relative;display:block;background-color:#000;overflow:hidden;max-width:100%;margin:0 auto;” playbutton=”https://www.tvcnews.tv/wp-content/plugins/wonderplugin-video-embed/engine/playvideo-64-64-0.png”]

According to Mr. Emefiele, phasing out old notes will render useless huge amounts of raw cash in the hands of politicians, kidnappers and terrorists.

Speaking on the matter while featuring on TVC Breakfast, Managing Director, Taurus Capial, Nnaemeka Obiaraeri, said it is very clear that 2.7 trillion naira out of the 3.2 trillion naira cash in circulation are outside the banking industry.

He added that over 75% of these are high breed currencies like the 200, 500, 100 notes.

According to him, breaking down these numbers in terms of the values, using the CBN exchanges, one would be talking about $6.1 billion worth of foreign currency outside the banking industry which is not good for an economy.

Mr Obiaraeri stated that some have contended that the CBN’s move has no value because many have perceived it as an extreme move.

He further stated that most of these cash are in the hands of political elites, kidnappers, bandits and those who do not wish Nigeria well.

“There must be checks on the type of money out there for the CBN to be able to handle monetary policy and foreign exchange programs credibly.”

“What basically we have been seeing in Nigeria is that most political officeholders, those who are involved in corruption and grafts with their private sector funds, normally once they receive the funds and the jack they dissolve it, award contract they are paid cash and they hide these monies under their basement, soakaways and whatever cage they can provide for themselves.

“If you watch the trajectory, they will use these monies to pursue the few dollars in circulation, that is why we see the dollar ramping up.

“What the CBN is trying to do is to use one use one store to kill three birds.

Mr Obiaraeri noted that CBN’s move to mop up excess cash outside the banking industry will acheive three objectives.

Similarly, chairman, Ikeja District Society of ICAN, Sesan Okunade added that one of the areas mopping up excess cash outside the banking industry will do is to curb inflation.

According to him, inflation currently stands at 20.7 and one of the mechanism of curbing that is mopping out funds.

“Remember when we had snakes devouring money and monkeys coughing out currency and you thought to yourself, “Those money are not beneficiaries to a typical citizen because how do citizens gain from some of these?”

“The policy of the government mopping out some of these funds will curb the issue of inflation currently experienced in the country.

Speaking further on the goals, Mr Obiaraeri stated that the majority of the cash stored by robbers, kidnappers, and looters will have to be returned to the banking system, which is critical.

As election fast approaches, one of the ways politicians corrupt our electoral system, according to Obiaraeri is through buying of voters conscience.

“Government has done a lot by giving us the BIVAS using the 2022 electoral act as a question of the essence of the political players. The only way they can corrupt the minds of the electorate is to buy their votes.

“What the CBN is doing now will help us to allow free and fair election.

“Free and fair election is not just the absence of ballot snatching. It’s not just the absent of corruptly inflated numbers at the ward and the local government areas collation centers.

“Free and fair election involves not allowing over 100 million electoral officers for their choices to be corrupted through bribes.

What the CBN is doing will go a long way in ensuring free and fair elections in 2023.

The third and most important, by the time the Central Bank of Nigeria mops up these monies, the echannels through which people operate can be curbed.

What the CBN is doing will also help the EFCC,DSS and other security agencies. Incidences of insecurity can be curbed, if the monies can be tracked and cleared.

“This is a master stroke that will help Nigerian economy to recover, checkmate insecurity and protect the integrity of our elections in 2023.

“I will advise the government and CBN to go the extra mile to the National Assembly to amend and criminalise the use of dollar cash.

Mr Obiaraeri noted that Nigeria is the only country where dollar cash is used in a local economy that naira is the local currency indiscriminately.

“The dollar today is trading for 850, who are those chasing the the dollar with the naira?

“The average Nigerian who earns not more than 600 naira day are not the ones chasing the dollar, rather it is those who have criminal funds.

Mr Obiaraeri added that the CBN and the Buhari administration should go the extra mile to criminalise use of dollar in Nigeria, make it a punishable offense, jailable without an option of fine.