THE UNTOLD STORY OF THE NEW CBN NAIRA DESIGN [LEGIT]

Let me tell you a story.

Wait, hear me out, I know most of the best brains 🧠 in the country have failed you and you are probably still disappointed [that is if you're still not basking in the foolery] but I graduated summa cum laude in Economics and I was very enthusiastic and ardent while a student so I cannot make this stuff up.

I was having a tete-a-tete with my mom over the phone and I was enlightening her on what the new policy is all about.

I first heard what she has to say which of course is a compendium of all your opinions out there, talking about that the new policy is to curb vote buying, apprehension of kidnappers and other fraudulent individuals out there and the least to bring in many unbanked individuals into the system [this one here is the truth but was never the intent]

Like I said, hear me out I'm coming to ice the cake 🎂, you will surely like my baking.

So, I was a banker [I doubt many of you know that] I was a relationship manager or what you commonly call an account officer so believe in my experience mixed with common sense when I tell you that I will take each notion above one after the other and debunk it with pragmatic approach. 

Wait na, don't go, hear me out.

The issues of curbing vote buying, we read a case where a bullion van was seen in a politician's house, what do you think it's doing there?

It either went to load or offload cash from a bank who offers HNI or Private Banking services to its highest deposit customer. 

Now if a bank can send a bullion van for cash mobilisation for a customer, if you are an RM or an account officer,  won't you be promoted if maybe Asiwaju or Waziri calls you to come pick N100B in old notes [cash]?

Then later he will withdraw it in bits or in full when the stipulated time comes, that would even get some Executive Directors in DMBs promoted, some of them if not most don't even have such amount in their CABAL.

So permit me to tell you that it isn't to curb vote buying because our commercial banks have used our disbursed new notes as deposit mobilisation means from their heads leaving the poor masses stranded with their old notes.

I'm still coming oh.

The issues of apprehending kidnappers and other fraudulent miscreants. 

This country is porous, these guys have bank accounts, they transact, they don't flag suspicious transactions that much. Because if they do, how do you explain someone with a tag "student" having 20 million in his savings account and still balling?

There is nobody with "kidnapper" printed on his forehead, they would come to the bank too like you and I and swap their illicit profits by deposit and withdrawal. 

The last and also the least up there is the case of bringing in the unbanked in the society, yes I said that is true but that was not the intent, CBN does not have in mind to mobilize customers for commercial banks, who runs that unpaid marketing services 😉. 

Let me leave it here.

Murife, please don't run🏃🏽 Don't run Murife I'm almost there.

The two reasons for this Naira redesign is to curb and know for sure the amount of Naira in circulation [Yes I said it, CBN does not know to the last Naira how much is out there] and to loot money from exaggerated cost of printing. 

Central Bank of Nigeria produced certain amount [unknown to us] but for the purpose of understanding let's say N1B, let's also say that Nigeria has N100B flying around out there, the CBN wants to recover those monies back into the system and give you guys N1B to circulate, now they KNOW they have N1B out there and they have also succeeded in limiting money supply and hopefully inflation. 

But hey, sorry to blow your minds, the reason you don't have enough new notes isn't only because they printed a percentage of the money out there but because 1% of Nigerians are actually the wealthy ones, they made sure they used their influence to swap the provided new notes through the banks for their old notes and it is you the masses that is supposed to take the burden of the loss that will emanate from the insufficient gap.

The CBN is saying they have distributed to the banks, the banks that have used it to mobilize are lying they don't have.

Now brothers and sisters, you have heard the story so ask me the way forward but as you might not know but now you have, I am a lazy writer and this isn't even my best work.

End.