Ali points out that most of the cash flow escaping from the banking and tax umbrella is concentrated in the hands of the bank terrorist networks And groups that engage in corrupt economic activities.
He adds "It seems that the campaign to change the currency has sparked terror among terrorists, as reports indicated that some terrorist groups are quick to get rid of the huge money they possess, to the extent that some of them distribute it to passers-by.".
In addition to drying up funding sources terrorism corruption; Ali says that the move also aims to dry up the money that some political parties used to buy voters’ votes with, with the approaching general elections scheduled for October 25th.
In light of the great crowding and panic in front of the banks, the Central Bank of Nigeria was forced to increase the days and hours of work in commercial and public banks.
The overcrowding and long waiting lines for depositors in front of banks paralyzed movement and commercial activities in large cities, says Mohamed Thani, owner of a clothing store in one of the city’s markets. Lagos; The commercial capital of Nigeria, he had to close his shop for two days in order to deposit his money, to no avail.
Explained to the second site "Sky News Arabia"، "There are a few days left until the deadline for depositing our old money, or it will become nothing but worthless paper.. People flock in thousands for fear of losing, we are losing the revenue of our daily activities in order to ensure that we do not lose all our savings".
And while some resorted to many tricks to avoid standing in long deposit lines, including the purchase of dollars and other hard currencies, which led to a decrease in the naira by more than 6 percent during the current week, but it indicates the failure of this trick as well, given the tightening of the procedures for any deposits in foreign currency exceeded by banks. valued at $10,000; It requires the depositor to prove the source of his funds.
And while traders and sellers resorted to refusing to receive the old coins, sales shrank dramatically as the central bank greatly restricted the withdrawal of new coins that were already offered amid strict procedures.
bulk hitches
On the other hand; Despite the economic and security benefits that could result from a step change Nigerian currencyFears are growing that popular groups that have nothing to do with terrorist and corruption networks will be affected, as indicated by research conducted by the Foundation "inclusion" Finance, which specializes in sponsoring projects for the lower-income groups; Noting that among the country’s population of about 200 million people, 54 percent of the lowest-income do not deal with banks and prefer to save their money in a safe place at home or carry it; This means that more than 50 percent of this segment of the population may lose their savings if they fail to replace old banknotes with new ones. In light of the current overcrowding and the approaching end of the replacement deadline.
While economic gains seem to prevent currency counterfeiting bringing more money under the tax umbrella; They are the main objectives behind the process of changing the Nigerian currency; However, there is a widespread belief that the results that will result from changing the currency will be more evident in curbing corruption networks and terrorist groups.
Nigeria has been suffering for many years from the spread of corruption, as Transparency International ranks it among the 25 most corrupt countries.
It is widely believed that thousands of Nigerian businessmen are hoarding huge funds outside the banking system for fear of accountability.
Because of corruption, economic indicators have deteriorated Nigeria It is the largest in Africa, with a total output estimated at about $510 billion. External debt has reached more than $100 billion, equivalent to 13 percent of the total debt of the African continent.
On the other hand, since the advent of Boko Haram group in the north of the country in 2003; other terrorist groups; Nigeria has been suffering from continuous terrorist acts that have killed and displaced tens of thousands of people over the past two decades and destroyed many infrastructures and resources.
The strategy of those groups has changed during the recent period, as they focus on kidnapping groups of local residents in order to obtain a financial ransom for their release, which led to the accumulation of huge funds in the hands of these terrorist groups that enabled them to increase their attacks and expand their area to other regions in Western countries. neighboring Africa.
Observers believe that the move to change the Nigerian currency will greatly contribute to drying up the sources of funding for these groups.
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With the deadline approaching, banks are witnessing a huge congestion of depositors who spend more than 6 hours in long lines in front of banks.
The strategic expert, Suleiman Ali, told Sky News Arabia that the move to change the currency aims primarily to absorb the liquidity circulating outside the banking and tax system, which is estimated at about 70 percent of the total monetary mass in the country, which is estimated at about 4 trillion naira (the dollar is equivalent to about 94). nayira).
Ali points out that most of the cash flow escaping from the banking and tax umbrella is concentrated in the hands of the bank terrorist networks And groups that engage in corrupt economic activities.
He added, “It seems that the campaign to change the currency has sparked terror among the terrorists, as reports indicated that some terrorist groups are quick to get rid of the huge money they possess, to the extent that some of them distribute it to passers-by.”
In addition to drying up funding sources terrorism corruption; Ali says that the move also aims to dry up the money that some political parties used to buy voters’ votes with, with the approaching general elections scheduled for October 25th.
In light of the great crowding and panic in front of the banks, the Central Bank of Nigeria was forced to increase the days and hours of work in commercial and public banks.
The overcrowding and long waiting lines for depositors in front of banks paralyzed movement and commercial activities in large cities, says Mohamed Thani, owner of a clothing store in one of the city’s markets. Lagos; The commercial capital of Nigeria, he had to close his shop for two days in order to deposit his money, to no avail.
Thani explains to “Sky News Arabia”, “There are a few days left for the deadline for depositing the old money that we have, otherwise it will become just worthless paper. People are flocking in thousands for fear of loss. We are losing the return of our daily activities in order to ensure that we do not lose all our savings.”
And while some resorted to many tricks to avoid standing in long deposit lines, including the purchase of dollars and other hard currencies, which led to a decrease in the naira by more than 6 percent during the current week, but it indicates the failure of this trick as well, given the tightening of the procedures for any deposits in foreign currency exceeded by banks. valued at $10,000; It requires the depositor to prove the source of his funds.
And while traders and sellers resorted to refusing to receive the old coins, sales shrank dramatically as the central bank greatly restricted the withdrawal of new coins that were already offered amid strict procedures.
bulk hitches
On the other hand; Despite the economic and security benefits that could result from a step change Nigerian currencyFears are increasing that popular groups that have nothing to do with terrorist and corruption networks will be affected, as indicated by a research conducted by the “Al-Shomul” financial institution, which specializes in sponsoring projects for lower-income groups. Noting that among the country’s population of about 200 million people, 54 percent of the lowest-income do not deal with banks and prefer to save their money in a safe place at home or carry it; This means that more than 50 percent of this segment of the population may lose their savings if they fail to replace old banknotes with new ones. In light of the current overcrowding and the approaching end of the replacement deadline.
While economic gains seem to prevent currency counterfeiting bringing more money under the tax umbrella; They are the main objectives behind the process of changing the Nigerian currency; However, there is a widespread belief that the results that will result from changing the currency will be more evident in curbing corruption networks and terrorist groups.
Nigeria has been suffering for many years from the spread of corruption, as Transparency International ranks it among the 25 most corrupt countries.
It is widely believed that thousands of Nigerian businessmen are hoarding huge funds outside the banking system for fear of accountability.
Because of corruption, economic indicators have deteriorated Nigeria It is the largest in Africa, with a total output estimated at about $510 billion. External debt has reached more than $100 billion, equivalent to 13 percent of the total debt of the African continent.
On the other hand, since the advent of Boko Haram group in the north of the country in 2003; other terrorist groups; Nigeria has been suffering from continuous terrorist acts that have killed and displaced tens of thousands of people over the past two decades and destroyed many infrastructures and resources.
The strategy of those groups has changed during the recent period, as they focus on kidnapping groups of local residents in order to obtain a financial ransom for their release, which led to the accumulation of huge funds in the hands of these terrorist groups that enabled them to increase their attacks and expand their area to other regions in Western countries. neighboring Africa.
Observers believe that the move to change the Nigerian currency will greatly contribute to drying up the sources of funding for these groups.
