28/01/2023
The simple explanation about the redesigned naira notes, the banks and the CBN
Can be simply explained this:
Please read to the end!
The CBN wanted to cure money stacking and hoarding of cash and decided to reprint/ redesign/ change the currency.
They did their bid and decided to give to the banks
On getting the naira notes, the banks decided to take their share of the national cake close the gate of the banks to the poor and pretend as though they are accepting deposit, close their banks as early as possible to deposit and releases the old money through their ATM channels why selling and exchanging mint to the same persons that the policy is geared toward.
The implication is that the money given to the bank to dispense through their ATM, POS as well as over the counter withdrawal was never withdrawn by the poor masses but was exchanged with hoarded cash and the hoarded cash distributed as the new notes hence the entire malady we have found ourselves. The prey becomes the predator.
So should we fold out hands and let this slide?
Nigerians have been taken for granted once again and here we are suffering the plight of the rich.
Here is the explanation of what happen so don't feign innocence
When you make laws without measures you have a pitfall in implementing such laws
B.O. Oshafi Esq.