The Deadline Is Upon Us, How Ready Are You?
Just yesterday I saw a Thread by @fokusnow advising us to make sure we do away with the three old Naira notes.
A few days ago a man was telling hubby and me the story of 1984 when the current president was then the head of state. He changed the design of the currencies then and the policy took people unaware. Two weeks were given to the populace to change the old currency in their possessions.
According to the regime, it was done to curb the menace of some unpatriotic Nigerians that stole money and stack them at home and abroad. The painful part was that the poor people who were expected to gain from the policy became the victims in most cases. Many could not change the currency in their possession to the new one within the two weeks window. This was made worse by two factors; the first being that there was no widely available telecommunication to spread the information and secondly, banks were very few and were located in the State capitals. People formed queues for days in the banking hall and many ended up not changing their old currency to the new one due to the limited availability of the latter. The experience was harrowing. People lost their businesses, homes were scattered. There were suicide cases because of the shock of losing a huge sum of money to the policy.
People that experienced this policy 38 years ago have bad memories of it.
Though things have changed in Nigeria today, we still need to make hay while the sun shines. Failure to do so as I am currently envisaging for some people may make them fall victim to losing their money.
Presently, we have more banks than we had in 1984 and also the communication system is far better for proper information dissemination.
The last deadline is on the 31st of January which is a few days from now, and here in the Northern part of the country, people did not seem to care about the deadline.
The old notes are still very much in circulation. The only place one can have access to the new note is via ATM. Most of the POS operators in my area are still dealing with the old notes.
This was part of the new note hubby got from the ATM a few weeks back, aside from this I haven't come in contact with any whenever I went out for transactions.
Most people here did not seem to care about the seriousness of the CBN to implement the deadline.
As for me, usually I don't deal with much cash. Most of my transactions are through bank transfers. The only time I hold much cash is when I visit the local market to buy foodstuff and I won't be able to do lots of cash transfers since I will be buying from many sellers.
This got me thinking about the question; how prepared are you in other to beat the deadline?
Some suggestions;
Don't keep much cash at hand, try to be doing transfers for your transactions as much as possible. This way, you can keep only the lower denominations that were not redesigned.
Follow the CBN directive by Withdrawing your cash from Bank ATMs direct as the Banks have been directed to make sure the machines are loaded with the new notes.
Educate your loved ones, so that they will know they shouldn't keep the old notes anymore.
The clock is ticking and I hope that at end of the day, this policy will benefit the masses and not just be another waste of our time and resources or frustrate us for nothing.
You are right for the Chang of currency. It seems they want many people to loose money. On 15/01/2023 they said people will get new money from ATM or post. But up till now, new money is not in circulation. I have not use the money. As if yesterday, it was talk of the town in my city. People were complaining bitterly that they have not see the money let alone using it even pos attendance. Let's see how it goes
It is well, this will frustrate a lot of people, mostly those in the village who do not have access to mobile transfers. And those villages' banks can be very annoying.
That's the point
Since the new notes have been in circulation, I have come across the 200 naira note only once.
It's a known fact that many Nigerians are still making jest of this notes😅 I mean look at the notes. People are finding it hard to accept the new notes are they are being reluctant to let go of the old notes.
Just like you, many of my transactions are cashless but to those who operate with cash everyday, you really need to swap your notes... That's if only the federal government is being serious about their deadline.
The new note does not look attractive at all compare to the old ones, but I think people will get used to it with time.
You are right, those people who deal with a lot of cash transactions might get some frustrations in meeting up with the deadline.
Not attractive at all😅 but I can imagine how people felt when they brought out the old naira notes for the first time. Maybe they didn't accept it too.
I went to the a wholesale distributor today to get some goods and the man was lamenting a lot. Ranting about how the politicians are the ones taking all the new notes leaving the common man at a lose. That his rant had truth in it.
I'm not surprised at all, it is their way.
But eventually, it will all get better ✊
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I think I have #2000 naira cash with me at the moment and I am thinking of buying fish with it tomorrow by God's grace 😅😅 I am too conscious of the old notes with me as I wouldn't want what happened in 1984 to happen to me, even though it's a small cash, na money 🤣🤣🤣
But mehn, that year would be the worst time for many people, especially those who lost lives, businesses due to lack of communication and banks to make it faster for them to change to the new notes. So sad but thank God for changes today.
I hope people take it serious and do the needful.
Hahaha, go get the fish dear. Don't be caught unaware !lol
With the way CBN is going and the attitude of most people, I can see people getting stuck with the old notes at the end of the deadline
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That is very possible because there are a large population of people in this country and at least there would be like 40% of people who will miss the deadline.
My dear, here in Aba, even ATM machine pays with old notes. On my last withdrawal of 10k, they gave me only 2k new notes. Matter serious and sounds weird
This is serious, Buhari's Government is synonymous with suffering the masses.
People should make do with app transfers as much as possible for now, till the money is fully in circulation. I think that is the only way around this.