Low notes possible to be converted to coins – Otitoju

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

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CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

[wonderplugin_video iframe=”https://youtu.be/Lwzr-b6Cr-c” 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”]

CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

[wonderplugin_video iframe=”https://youtu.be/Lwzr-b6Cr-c” 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”]

CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

[wonderplugin_video iframe=”https://youtu.be/Lwzr-b6Cr-c” 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”]

CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

[wonderplugin_video iframe=”https://youtu.be/Lwzr-b6Cr-c” 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”]

CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

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CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

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CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.

 

 

President Muhammadu Buhari has said the decision of CBN to redesign Naira notes will proceed as planned.

Buhari stated this after meeting with King Charles III at Buckingham Palace in the United Kingdom.

The redesigned notes include: N200, N500 and N1000.

[wonderplugin_video iframe=”https://youtu.be/Lwzr-b6Cr-c” 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”]

CBN Governor Godwin Emefiele unveiled a plan on October 26, to restructure the currency in order to manage money supply.

Minister of Finance, Budget, and National Planning Zainab Ahmed said that the ministry had not been consulted by the CBN before making its decision in a statement made less than 48 hours after the announcement.

In response to the Minister’s assertion, Buhari stated that he supported the CBN’s plan to redesign the naira notes.

In his most recent remarks on the subject, Buhari informed reporters that the CBN had given Nigerians adequate time to deposit their current naira notes in banks in exchange for the freshly redesigned ones that would be produced by December 15, 2022.

Meanwhile, the Legal Chamber of Commerce and industry LCCI wants the CBN to be innovative. The LCCI Director General, Chinyere Alumona wants the CBN to convert small denominations of the naira to coins.

The LCCI argued that there is no point spending so much money producing low notes that do not last long.

According to Veteran Journalist, Babajide Otitoju, the coins are far more durable.

“People will say notes are too dirty and some become very weak in texture”

He said coins are much more durable.

“Countries of the world still make use of coins as legal tenders, they are legitimate.

“I don’t understand why in our country, we just decided to face out coins.

According to Babajide, inflation played a part but it is still possible for the low notes to be converted to coins which will last longer and will be more durable.

The Veteran journalist added that the suggestion of LCCI makes sense but may not have been part of the CBN’s plans, but it is something to consider in future.

Further discussing the redesign of naira notes, Mr. Tony Ofoetan stated that although this nation is aware of its problems, it lacks the will to address them.

“We have a crisis that comes and goes and we know the process of eliminating them.

“As Christmas season and the election is fast approaching, we are going to see more crisis because it hasn’t ended yet. We need to find a way to resolve this permanently.

Mr Otitoju stated that there is nothing bad about the redesign of the naira notes but Nigerians will exploit the situation.

“By the time the pressure becomes unbearable, a lot of people who were insistent on not taking their monies to the bank will find BDC operators that will convert the monies.