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Nairaland Forum / Nairaland / General / Politics / Bank Customers Can Reject N5000 Note – CBN (12193 Views)
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Bank Customers Can Reject N5000 Note – CBN by supereagle(m): 5:15am On Sep 10, 2012 |
The Central Bank of Nigeria has said that it will be illegal for banks to compel their customers to accept the N5000 note when it comes into existence.. The apex bank, which denied allegations that it was forcing the new structure of the naira on Nigerians, said customers could reject N5000 note from banks “I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. You can go to your bank and say you don’t need N5000 note,” Deputy Governor (Operations) of the CBN, Mr. Tunde Lemo, said in a Channels Television interview programme on Saturday. Lemo added that, “Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me N500, N200 and N100.’ It will be illegal for that bank to say you must have N5000. “We did not say take or leave it. If you don’t need it, you don’t need to ask for it. We are not saying people will be compelled to take the N5000 note.” The ‘reject-N5000 note-call’ came even as the Nigerian Bar Association insisted that it would take the apex bank to court if it went ahead to introduce the N5000 denomination. The NBA told The PUNCH on Sunday that it had not changed its position on the N5000 note. The association had in a statement after its Annual General Meeting on August 31, described introduction of N5000 as “a scam.” But Lemo said the CBN was not averse to the criticisms trailing the planned currency restructuring. He described as untrue, a claim that the apex bank was forcing the proposed scheme on Nigerians. He said, “We are public officers. We operate for public good. We may not be popular. Central banking anywhere in the world is not a popularity contest. We are interested in doing what is good and to explain what we are doing to the satisfaction of the public that we serve. That is why the dialogue that is going on is very important.” Submitting that that the CBN had the power to print currency notes and mint coins , Lemo added that it (CBN) was taking advantage of technology to stay “ahead of counterfeiters.” The CBN deputy governor also faulted the claim that the apex bank’s cashless policy in Lagos State had failed. He explained that the bank first introduced cashless banking in Lagos because the state is a miniature Nigeria and due to the level of infrastructure obtainable therein . Lemo said, “There are challenges that are outside the area of control of individuals and stakeholders. These are issues that we are dealing with. We cannot say we failed. It is just that the speed with which we should be running is slowed down by some of these challenges.” He said that the CBN had set up a Customers’ Protection Department to handle complaints against banks. He added that banks had been asked to set up help desks to cater for the new scheme and that issues that are not resolved within 48 hours should be referred to the CBN. Meanwhile, the NBA has said it will go to court to stop the CBN from going ahead with the proposed introduction of N5000 note. The association had in a statement described the proposal as a “shallow and poorly thought-out initiative” by the CBN. It added that N5000 notes would diminish the lives of Nigerians and push corruption and money laundering to unimaginable heights. The NBA president, Mr. Okey Wali (SAN), while reacting to the endorsement of the scheme by the National Economic Management Team, said the association had not changed its position. Wali, in a telephone interview with one of our correspondents, explained that though the association was watching the situation, it would not go back on its position. Wali said, “We are watching the situation, but we are maintaining our position that the CBN should not go ahead with the introduction of N5000 note. “We made it very clear in our communiqué why the Federal Government should not go ahead with it (introduction of N5000 note).” Also on Sunday, the Primate of the Church of Nigeria (Anglican Communnion), Archbishop Nicholas Okoh, said the introduction of N5000 note was not the solution to the problems facing Nigeria for now. He spoke at the consecration of the Bishop of Ifo, Ogun State, Nathaniel Oladejo Ogundipe, at St. Bartholomew’s Cathedral, Kubwa in the Federal Capital Territory. He said, “For me, they have explained to us that it is not going to cause inflation, but in my opinion as a common man, we don’t need N5000 note. We don’t even have money and there is poverty everywhere. If there is something else we can do with money, let us do it and stop not printing N5000 note. I don’t think it is desirable. “It may not cause inflation as people fear, according to the economic analysis. But we are aware that the ones introduced before actually caused problems and reduced our lower denomination to nothing. I don’t think higher denomination is our problem today. Nigeria has many other problems to face than introducing higher denomination of money.” http://www.punchng.com/news/bank-customers-can-reject-n5000-note-cbn/ |
Re: Bank Customers Can Reject N5000 Note – CBN by eudoh940(m): 5:24am On Sep 10, 2012 |
![]() ![]() ![]() ![]() supereagle: |
Re: Bank Customers Can Reject N5000 Note – CBN by Odunnu: 5:34am On Sep 10, 2012 |
How does this thrash even sound in their ears? 'you can reject' a legal tender? *smh* We were compelled to take the coins, now we can reject the note. 10 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by supereagle(m): 5:42am On Sep 10, 2012 |
Odunnu: How does this thrash even sound in their ears?I don sit don dey look. |
Re: Bank Customers Can Reject N5000 Note – CBN by hassymo5(m): 5:52am On Sep 10, 2012 |
CBN u are funny, i waz forced in mu bank 2 collect coin in leather bag,,, after collection nobody agree to collect from me,,, now u are telling them not 2 force us to collect 5000 note,, even if we request it will not b given 2us,, all dis politicains are the ones that will order a bank 2 keep 5000 notes for them!!! 1 Like |
Re: Bank Customers Can Reject N5000 Note – CBN by Acidosis(m): 7:04am On Sep 10, 2012 |
sir don't even stress yourself talking and explaining. The people your talking to won't reject ANYTHING. Infact they'll gladly accept the #5000 note with honour expecially when its new ![]() "a typical Nigerian guy would insert the new note in the br. east pocket of his starch - looking transparent white shirt for all to see especially babes.. "some will even upload bundles of note on facebook..lol" "Na that time we go know who get money for party... esp wedding& birthday" "na that time hungry dude go talk 'baby you can keep the change', for fastfood & boutique" all because dude wan impress babe.. "na that time we go know the next cynthia" 7 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by iykak47: 7:21am On Sep 10, 2012 |
Oga CBN deputy governor, can bank customers also reject 5,000 notes from Atm machines? God dey. 22 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by Biggyd2: 8:00am On Sep 10, 2012 |
Words of Comfort! ![]() |
Re: Bank Customers Can Reject N5000 Note – CBN by ballabriggs: 9:47am On Sep 10, 2012 |
supereagle: This is the most bizarre and stupid argument I have heard on this issue. Now one of the biggest ways of financing crime and money laundering is through international trade, foreign capital flows and international banking. Should we then stop trading with other nations because it "promotes money laundering"? Should we also stop electronic transactions because it also promotes money laundering and thus ignore the benefits of millions in diaspora who use it to support relatives at home? Bottom line is, every innovation in finance is a source of crime but we cannot ignore the benefits because we want to keep living like cave men as the NBA would want. The new currency regime would promote efficiency of transactions, save cost for the system and should be implemented. I have coins with me minted in 1982, now show me any Nigerian currency minted in 2000 or even 2006. It's either been fixed with cello-tapes or it is no more. There is no reason why transactions at the low end where there is a high velocity should be done in cash, it is a waste. For an environmentalist, this is a crime on ecoversity as trees are being cut to make these notes. 2 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 9:53am On Sep 10, 2012 |
what about ATM? because last time i checked no ATM gives 500naira note again only 1k ![]() 2 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 9:54am On Sep 10, 2012 |
The N5,000 note isn`t meant for ordinary people anyway. |
Re: Bank Customers Can Reject N5000 Note – CBN by Ogbodavies(m): 9:58am On Sep 10, 2012 |
No comment 4 now,chiling with pop corn n zobo ![]() 2 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by emenim(m): 9:59am On Sep 10, 2012 |
Nigeria has never has a sound economic advisers, they are all bunch of sycophant and deceivers who study in abroad and have value over there, but only to return and and their brain is totally empty. They no more know what economics is all about 1 Like |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 10:00am On Sep 10, 2012 |
iykak47: Oga CBN deputy governor, can bank customers also reject 5,000 notes from Atm machines? God dey.That one nah very long thing ! We can only reject it @ the counter but not from ATM . |
Re: Bank Customers Can Reject N5000 Note – CBN by Aphrygian(m): 10:00am On Sep 10, 2012 |
@seun,warn ur clown mods to note my ID,am unbanable o.i may decide to let u feel the heat of been not be able to be paid by MTN & others.i dont like destroying other peoples work or inovations but i may be forced to test the awesomeness of my new TROJAN HORSE.PLS AM BEGGING U.how can sm1 ban me cos i wrote smtn pertaining to G4 2 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by Flakeey(f): 10:02am On Sep 10, 2012 |
*thinking* |
Re: Bank Customers Can Reject N5000 Note – CBN by touchmehard: 10:02am On Sep 10, 2012 |
Why don't the CBN mint N5,000 coins instead of notes? Let me now see how they would carry out their money laundering with the 5k coins. They are just making things easy 4 themselves. Afterall, they know that the common man does not even need the 5k note. How many people even use the already existing 1k note sef? 3 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by XFive: 10:03am On Sep 10, 2012 |
Acidosis: sir don't even stress yourself talking and explaining. The people your talking to won't reject ANYTHING. Infact they'll gladly accept the #5000 note with honour expecially when its new |
Re: Bank Customers Can Reject N5000 Note – CBN by JayKayMaybachz(m): 10:05am On Sep 10, 2012 |
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Re: Bank Customers Can Reject N5000 Note – CBN by touchmehard: 10:06am On Sep 10, 2012 |
eudoh940:Bros, why did you quote the whole thread only o say this? It doesn't make sense now. The thread is already there for us to see, you don't have to quote it again, plzzzz. It's too long. Thanks 6 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by oradee: 10:07am On Sep 10, 2012 |
ballabriggs: You really shld study the nigerian history and metality... 1)Atedo Peterside says the new notes wld make it difficult for robbers to operate in dollars (but easier to rob in naira). are they making stealing more convenient for them? 2) i our futile bid to imitate the Western country,is there anytime you,ur parents or family and even those going on foreign trips have withdrawn $1000 or %5000 dollars from foreign banks or ATM's? 3) in line of their argument that it costs less to print one N5000 than printing one hundred N50, dont u know that it wld actually cost twice as much cos a N5000 transaction wld definately require change (unless they expect us to always completely spend N5000 in one sitting) 4) while Ghana is smart enuf to remove two zero's from their currency, cant we borrow a leaf from them and start from one zero? 50the same arguement in favour of the N5000 is tha same they gave for the N1000...shle we expect more notes from future CBN govts? 6) We (south,east and west) dont trade in coins...lets not delude ourselves any further.. 7) i strongly believe that CBN's insistence on going along wif this is becoming an Ego thing...Sanusi dont wanna be seen as GEJ who makes absurd policies without due considerations 4 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by philip0906(m): 10:09am On Sep 10, 2012 |
ballabriggs:You know absolutely nothing about how Nigeria works-u must be filled with 2much textbook economics.We are talking practical here. . .go update urself b4 u begin yarning dust. |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 10:12am On Sep 10, 2012 |
it is easy to intelligently build a point FOR and AGAINST the introduction of the note whichever side you want to take, you have your point and will make good sense. Sanusi is one big thief who is acting a script written by those who promise to steal from this nation at all cost If he has no hidden agenda, why the strong head? why is he moving ahead with it despite the controversy which surrounds this new way of laundering cash? is it that Nigeria will crash if this new note is not introduced immediately? is this our topmost priority? I still believe we as Nigerians reserve the right to dictate what we want, We dont want this. Period. 1 Like |
Re: Bank Customers Can Reject N5000 Note – CBN by seglan(m): 10:12am On Sep 10, 2012 |
Sanusi want to sell the idea of 5000 by force. We say no to it, if they can remove the 1000 note and return back our coins, it would be a welcome idea 1 Like |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 10:16am On Sep 10, 2012 |
Be your own Boss! |
Re: Bank Customers Can Reject N5000 Note – CBN by DonaldGenes(m): 10:17am On Sep 10, 2012 |
Hmmmmmph! I just dont know what tha heck to say whether to add or subtract from Mr Lemo's assertion let 'em do as they wanna 'cos if Fed Govt can't stop 'em,then who will |
Re: Bank Customers Can Reject N5000 Note – CBN by talktrue1(m): 10:17am On Sep 10, 2012 |
Imagine you rejecting N5000 notes from a cashier, the cashier will just enter the bulk room and pack N10 coins and give to you in a brief case You have to bribe him to give you back the N5000 note 2 Likes |
Re: Bank Customers Can Reject N5000 Note – CBN by inspirenet: 10:19am On Sep 10, 2012 |
seglan: Sanusi want to sell the idea of 5000 by force. We say no to it, if they can remove the 1000 note and return back our coins, it would be a welcome idea. Ok |
Re: Bank Customers Can Reject N5000 Note – CBN by jcmi(f): 10:22am On Sep 10, 2012 |
U see, they are now sayin that we should reject the note. i new it was not for the poor cos is only the low class that go linin up in bank to collect money. |
Re: Bank Customers Can Reject N5000 Note – CBN by ballabriggs: 10:24am On Sep 10, 2012 |
philip0906: Good!!! How does Nigeria work? That people like you still move with a cave-man mentality. That people like you have refused to move with the realities of the changing world. That you will rather happily and ignorantly live in a chaotic environment than in a well organised society and refuse to accept change which could better your lives. At the same time you complaining your country is not developing, you want to be like Japan, you want to move like the Koreans but refuse to do things the way they did. I've heard some idiots talk about "IMF policies, Neo-Classical policies". Now let me give you an example of China. China has a strict one child per family policy. What is that? It is in line with Solow a neo-classical economists thoughts of population growth rate control and growth. Can you do the same for the benefit of Nigeria or would you rather spend your whole life moaning about things not working for you rather than accept change. |
Re: Bank Customers Can Reject N5000 Note – CBN by Nobody: 10:26am On Sep 10, 2012 |
Mallam na mallam,whether u spell am from front or back,what u expect from a cattle rearer,daft speech. |
Re: Bank Customers Can Reject N5000 Note – CBN by andyprez(m): 10:30am On Sep 10, 2012 |
Banks won't force you to take it my foot. Till tomorrow, my banks still compel me to take N50 bills even when I'm withdrawing large sums all in the name of circulation. We (most of us though) all know the reason for the notes. They can't come out & say it that's why they keep bringing up all these flimsy excuses. 1 Like |
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