somehow:


By making sure we insist on the new notes when we go to the banks to withdraw and also from our daily transactions.

What you're suggesting does not make common sense. What you can just do is to report them. The old Naira is still legal till Jan 31st. Please I hope you will start doing all this you're talking about from Monday sha, cause talk is cheap

Printing new money and thinking it will circulate within 2 month all over Nigeria makes no sense

a TOKEN fine of just a million naira ... Daaaaaaaaamn it
The shithole is indeed a VERY STUPID JOKE

The least amount any defiant bank should be fined is 500 million!

Honestly, I can bet it with you that bank ATM will still dispense old notes on the 1st of february 2022.. No be Nigeria will dey, majority of all Nigerian politicians have stake in all these banks

Ikaeniyan0:
What you're suggesting does not make common sense. What you can just do is to report them. The old Naira is still legal till Jan 31st. Please I hope you will start doing all this you're talking about from Monday sha, cause talk is cheap

Printing new money and thinking it will circulate within 2 month all over Nigeria makes no sense

How on earth do conclude what makes sense or not?

Why should you collect old notes from the banks when CBN directed we move old notes there to collect new ones?

Do you see that it's good to always think deeply before responding to what you are yet to comprehend?

2 months is enough for all banks to have the new notes!

somehow:


How on earth do conclude what makes sense or not?

Why should you collect old notes from the banks when CBN directed we move old notes there to collect new ones?

Do you see that it's good to always think deeply before responding to what you are yet to comprehend?

2 months is enough for all banks to have the new notes!

Can you mention one country in the world where such a thing is done within 2-3 month.

Make we even use UK as example

The UK go introduce new currency in 2024 and it does not mean the old currency will be phase out immediately like Emefiele is senselesly doing.

There should be no need for all this rush

I withdrew in a GTB ATM this morning, nah old notes the ATM dispense, what will you do in this situation on a Saturday morning?

Ikaeniyan0:
Can you mention one country in the world where such a thing is done within 2-3 month.

Make we even use UK as example

The UK go introduce new currency in 2024 and it does not mean the old currency will be phase out immediately like Emefiele is senselesly doing.

There should be no need for all this rush

I withdrew in a GTB ATM this morning, nah old notes the ATM dispense, what will you do in this situation on a Saturday morning?

Cite an example of a country that took more than 2 months to phase out (3 notes from their currencies).

This is why CBN is fining them for refusing to adhere to the directives.

We have ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000 notes, only 3 of these were changed, yet you want 1 year grace.

The reasons for fading out these 3 notes were listed out by CBN, yet you're talking about them rushing it or you think it was just done for no reason?

I got new notes from fuel stations the last time I went to get fuel. I insisted on the new notes.

Currently, I do not have any of the changed notes in my possession and not ready to collect them going forward.

It's not rocket science, insist on the new notes or stick to Cashless banking for the time being.

somehow:


Cite an example of a country that took more than 2 months to phase out (3 notes from their currencies).

This is why CBN is fining them for refusing to adhere to the directives.

We have ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000 notes, only 3 of these were changed, yet you want 1 year grace.

The reasons for fading out these 3 notes were listed out by CBN, yet you're talking about them rushing it or you think it was just done for no reason?

I got new notes from fuel stations the last time I went to get fuel. I insisted on the new notes.

Currently, I do not have any of the changed notes in my possession and not ready to collect them going forward.

It's not rocket science, insist on the new notes or stick to Cashless banking for the time being.

UK won't be phasing out the currency with Queen Elizabeth portrait in 2 month after new pounds with King Charles Portrait start getting release

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bankofengland.co.uk/news/2022/december/king-charles-iii-banknotes-unveiled%23:~:text%3DThe%2520new%2520notes%2520are%2520expected,to%2520use%2520these%2520as%2520normal.&ved=2ahUKEwiQmd7f6tj8AhX7TKQEHYwCCO4QFnoECA8QBQ&usg=AOvVaw0XQ3wlG1bxyYsQw9Uh2lmC


It makes no sense phasing out the old notes in just 2 months all over Nigeria.

If you're in my position this morning, what would you have done when the ATM dispose old currencies?

Ikaeniyan0:
UK won't be phasing out the currency with Queen Elizabeth portrait in 2 month after new pounds with King Charles Portrait start getting release

They don't have election malpractice and insecurity reasons for the printing of the new currency nor do they have hoarding reasons.

Out of ₦2.3 trillion (old notes) printed by CBN, only 20% or less are in circulation. Is this not enough reason to wonder why people are hoarding these old naira notes?

somehow:


They don't have election malpractice and insecurity reasons for the printing of the new currency nor do they have hoarding reasons.

Out of ₦2.3 trillion (old notes) printed by CBN, only 20% or less are in circulation. Is this not enough reason to wonder why people are hoarding these old naira notes?

I showed you an example, yet, you're here blabbing.

What does the bolded have to do with the issue at hand?

You're just blabbing up and down.

The time limit is just so short, there's no where thing kind of thing is possible. There's not even enough New Naira notes to circulate.

I wish you are in Lagos so we can have a bet if this policy will be extended or not. The deadline will be shifted.

There will be scarcity of the Naira if the deadline is not shifted.

Ikaeniyan0:
I showed you an example, yet, you're here blabbing.

What does the bolded have to do with the issue at hand?

You're just blabbing up and down.

The time limit is just so short, there's no where thing kind of thing is possible. There's not even enough New Naira notes to circulate.

I wish you are in Lagos so we can have a bet if this policy will be extended or not. The deadline will be shifted.

There will be scarcity of the Naira if the deadline is not shifted.

Do you know the meaning of the word 'example' ?
What you used as example haven't even happened, and you called it an example?

Have they printed the new notes and has it been released?
Like I said, the reason for proposing to print new notes have no colleration with why we are doing ours, so use a suitable example next time.

And please, don't make me think I have been wasting my time all these while.

When you present a true example, I will dignify you with a response.

Thanks.

somehow:


Do you know the meaning of the word 'example' ?
What you used as example haven't even happened, and you called it an example?

Please, don't make me think I have been wasting my time all these while.

When you present a true example, I will dignify you with a response.

Thanks.

Click on the link I shared with you

Nah direct from the Bank Of England. Stop disgracing yourself online.

It makes no sense to change the currency of a country within 2-3 month. It makes no common sense.

Even though the expo is before you in the screenshot, but you still don't want to use your common sense smh

In 2024, new notes will be introduce in the UK, that does not mean the old notes will be phased out in 3-4 month. Emefiele is the most terrible CBN governor in this 4th Republic.

Ikaeniyan0:
Click on the link I shared with you

Nah direct from the Bank Of England. Stop disgracing yourself online.

It makes no sense to change the currency of a country within 2-3 month. It makes no common sense.

Even though the expo is before you in the screenshot, but you still don't want to use your common sense smh

In 2024, new notes will be introduce in the UK, that does not mean the old notes will be phased out in 3-4 month. Emefiele is the most terrible CBN governor in this 4th Republic.

I want to believe you can read.
If so, kindly go back to my last post, read, understand what I wrote, then compare with your response to see if they fit.

I also told you why what you're using as an example does not tally with why we changed these notes, yet my point keeps flying over your head.

somehow:


I want to believe you can read.
If so, kindly go back to my last post, read, understand what I wrote, then compare with your response to see if they fit.

I also told you why what you're using as an example does not tally with why we changed these notes, yet my point keeps flying over your head.

Naira is not been hoarded for election purpose alone. The people hiding the Naira notes didn't just start hiding it. And nah mostly corrupt public officer, politicians and people making money illegally dey mostly hoard cash.


There are locations in this Nigeria, where most of the people never even see the new naira, but all that no concern you, the hardship and confusion it will cause no concern you, nah election matter just full your head. Since when you don dey vote sef?

There is nothing wrong with releasing redesign naira notes, but it does not make sense to phase out the old Naira notes within 2-3 month.

People still dey spend US dollars that was printed in the 70's and 80's even though the US dollar have been redesign after the 80's.

I've only seen and touch the ₦1000, IV only seen the ₦500 once, I never see the ₦200 notes at all.

Ikaeniyan0:
Naira is not been hoarded for election purpose alone. The people hiding the Naira notes didn't just start hiding it. And nah mostly corrupt public officer, politicians and people making money illegally dey mostly hoard cash.


There are locations in this Nigeria, where most of the people never even see the new naira, but all that no concern you, the hardship and confusion it will cause no concern you, nah election matter just full your head. Since when you don dey vote sef?

There is nothing wrong with releasing redesign naira notes, but it does not make sense to phase out the old Naira notes within 2-3 month.

People still dey spend US dollars that was printed in the 70's and 80's even though the US dollar have been redesign after the 80's.

(1) We didn't change our currency, we changed 3 notes out of 8 notes. (Note this)

(2) CBN gave reasons to why they changed these 3 notes.

The reason is why they made sure the prototype wasn't available until they were ready to be released.

The reason is why the time frame given can't be faulted to be short, else why change them at all?

The issue you're having is that you do not understand why CBN changed these 3 notes, this is evident in your comments so far.

You do not understand the reasons, so your comments/examples are mostly off.

somehow:


(1) We didn't change our currency, we changed 3 notes out of 8 notes. (Note this)

(2) CBN gave reasons to why they changed these 3 notes.

The reason is why they made sure the prototype wasn't available until it was ready to be released.

The reason is why the time frame given can't be faulted to be short, else why change it at all?

The issue you're having is that you do not understand why CBN changed these 3 notes, this is evident in your comments so far.

You do not understand the reasons, so your comments/examples are mostly off.

Have you ever withdrawn ₦100,#50,₦10 and ₦5 in any Nigerian ATM?

There's nothing wrong with him redesigning some of our currency, infact, people have been told to com and deposit the old Naira notes with them and people have been complying.

The issue is giving a short timeline for when the old notes will be phase out when the new notes have not circulate. Naira scarcity would be disastrous to the Nigerian economy at this period.

I'm sure reasonable opinion would prevail and the date will be push forward.

It won't even work, I'm 100% sure Emefiele will have no choice but to extend the deadline.

somehow:


Cite an example of a country that took more than 2 months to phase out (3 notes from their currencies).

People like you dey always make me laugh

You asked me to cite an example, I have giving you two examples but you start to dey change mouth.

Politicians will get new naira notes from the banks when they need it. The CBN policy is fine, but the deadline must be extended cause the new notes never circulate.

Even in this Lagos State, majority of the ATM in Lagos still dey dispense old notes.

And the old notes are still legal tender, so if you reject am, you just dey do yourself.

Ikaeniyan0:
People like you dey always make me laugh

You asked me to cite an example, I have giving you two examples but you start to dey change mouth.

Very powerful politicians in Nigeria will get new naira notes from the banks when they need it.

And I told you what you cited doesn't tally because their reasons differ.

One is changing hers because the former ruler died and they need the new head of their king (His reign is till his death) there.

The other is changing hers because of economic, corruption, election malpractice and insecurity purposes.

80+% of the changed notes are not in the system/economy, meaning they are being used for illegally purposes and can't be traced.

That of election malpractice is just few weeks away.

Now I hope you understand why your example can't work?

Ikaeniyan0:
Have you ever withdrawn ₦100,#50,₦10 and ₦5 in any Nigerian ATM?

There's nothing wrong with him redesigning some of our currency, infact, people have been told to com and deposit the old Naira notes with them and people have been complying.

The issue is giving a short timeline for when the old notes will be phase out when the new notes have not circulate. Naira scarcity would be disastrous to the Nigerian economy at this period.

I'm sure reasonable opinion would prevail and the date will be push forward.

It won't even work, I'm 100% sure Emefiele will have no choice but to extend the deadline.

Seems you're only interested in winning the argument. You can win if that's what matters to you.

I need to take my leave now.

Enjoy your weekend.

I know of a branch that sent the whole old money to CBN, they are yet to be giving the new notes. They don’t have money to pay customers. So who is telling the truth?

WibusJaga:
.

10 days to deadline & many Nigerians haven't even seen or handled the new notes.

It is not about seeing or handling.
Just ensure you don't have old note with you by 1st of February.
Keep your transactions digital till 31st January to avoid old notes

Are CBN saying banks has not been drawing from their accounts domicile in CBN since?which money are they giving them?

Brushstrokes20:
a TOKEN fine of just a million naira ... Daaaaaaaaamn it
The shithole is indeed a VERY STUPID JOKE

The least amount any defiant bank should be fined is 500 million!

Just kukuma carry gun and shoot the MD's now

Hope you know the money in banks belongs to people.

Some people believe bank money is one free money from nowhere

KingMack:
At least this money would have been 50-60% in circulation by now..I can bet my balls that not everyone on this forum has seen the new notes

My dear do not for a moment think that this new naira notes will be in circulation like the old ones.

CBN is trying to achieve two major objectives with this initiative, change the naira notes (while mopping up the excess money hidden in bunkers) and encourage e channels to prevent us returning to status ante after this exercise

You will see what will happen in the coming days.

olaeffect:


Just kukuma carry gun and shoot the MD's now

Hope you know the money in banks belongs to people.

Some people believe bank money is one free money from nowhere

Do yourself a favour and check out the STAGGERING SUMS those CORPORATE CRIMINALS DECLARE quarterly as PROFIT after tax, they're bloody rippers!

Besides, desperate times calls for desperate measures
Buhari is NOT in charge, hence the shithole is on AUTO PILOT...
Why is he the commander in chief if he can't effectively checkmate SABOTEURS
Nig urgently needs a SANE AND SOUND LEADER that is in charge.

Brushstrokes20:

Do yourself a favour and check out the [b]STAGGERING SUMS those CORPORATE CRIMINALS DECLARE quarterly as PROFIT [/b]after tax, they're bloody rippers!

Besides, desperate times calls for desperate measures
Buhari is NOT in charge, hence the shithole is on AUTO PILOT...
Why is he the commander in chief if he can't effectively checkmate SABOTEURS
Nig urgently needs a SANE AND SOUND LEADER that is in charge.

Do you state the bolden vis a vis their investment?
Or you just look at their income/profit without any references to their investments?

Please state the so called STAGGERING SUMS you are referring to vis a vis the assets and investments of those banks and let's see what really your point is.

Many Nigerians don't really know shit about banking and its operations, unfortunately many of such Nigerians even include people in government/CBN.

olaeffect:


Do you state the bolden vis a vis their investment?
Or you just look at their income/profit without any references to their investments?

Please state the so called STAGGERING SUMS you are referring to vis a vis the assets and investments of those banks and let's see what really your point is.

Many Nigerians don't really know shit about banking and its operations, unfortunately many of such Nigerians even include people in government/CBN.

Google is your friend!
And any useless bank that won't comply with govt rules and regulations should be closed down
forthwith! ENOUGH OF NONSENSE.

Brushstrokes20:

Google is your friend!
And any useless bank that won't comply with govt rules and regulations should be closed down
forthwith! ENOUGH OF NONSENSE.

Me I don't like all this beer parlour level of argument asked you a question based on your own comment, you are referring me to Google that you yourself did not check.
With the bolden in your comment, I am not surprised why Nigeria is still backward.

The deputy governor of same CBN, that could not say how much money they have printed so far, the same CBN that still stated just last week that bank should not pay new notes over the counter but only through ATM, is still the same CBN stating this week that all banks in Nigeria have all together refused to collect new notes for no reason.
And some morons that this same government and it's agency have been telling lies after lies to since 2015 still choose to believe this senseless story.

Just imagine saying banks refuse to collect new notes from CBN, even if some of us are stupid, are we all blind?
Is there any single day in this country that you don't see a bank bullion van entering or leaving CBN?

Don't use Google, just ask anybody you know that has an office or shop on any route leading to any CBN in this country.

Sincerely we will always be having bad leaders if we the citizens continue with this our level of mumu mentality.

E dey pain me seriously.

olaeffect:


Me I don't like all this beer parlour level of argument asked you a question based on your own comment, you are referring me to Google that you yourself did not check.
With the bolden in your comment, I am not surprised why Nigeria is still backward.

The deputy governor of same CBN, that could not say how much money they have printed so far, the same CBN that still stated just last week that bank should not pay new notes over the counter but only through ATM, is still the same CBN stating this week that all banks in Nigeria have all together refused to collect new notes for no reason.
And some morons that this same government and it's agency have been telling lies after lies to since 2015 still choose to believe this senseless story.

Just imagine saying banks refuse to collect new notes from CBN, even if some of us are stupid, are we all blind?
Is there any single day in this country that you don't see a bank bullion van entering or leaving CBN?

Don't use Google, just ask anybody you know that has an office or shop on any route leading to any CBN in this country.

Sincerely we will always be having bad leaders if we the citizens continue with this our level of mumu mentality.

E dey pain me seriously.

Arrant Bullocks! ... Damn pathetic that simple COMPREHENSION is a major issue with MOST Nigerians.
Who's lying between the 2 CROOKS (cbn/ banks) ISN'T what this thread is all about,
# FACE THE BALL... # DON'T LOOSE FOCUS!


Back to the BONE of CONTENTION , 1 FVCKING, PALTRY million naira as a FINE for erring or defiant institutions against the Central Bank is the STUPIDEST JOKE imaginable! Its tantamount to AIDING , ABBETING and PAMPERING saboteurs!

... and if you still don't gerrit, forget it!

okpanachil:


My dear do not for a moment think that this new naira notes will be in circulation like the old ones.

CBN is trying to achieve two major objectives with this initiative, change the naira notes (while mopping up the excess money hidden in bunkers) and encourage e channels to prevent us returning to status ante after this exercise

You will see what will happen in the coming days.

🤔🤔🤔🤔

somehow:


Seems you're only interested in winning the argument. You can win if that's what matters to you.

I need to take my leave now.

Enjoy your weekend.

As you're reading this my reply now, a lot of bank ATM is still dispensing old notes here in Ikeja

Why is the CBN not sanctioning them by now? The CBN can't sanction them because they know there is not enough New notes in circulation yet.

As for me, the Nigerian Economy is very important, scarcity of the Naira will do a lot of harm to our economy. The deadline needs to be extended.

Can you remember our last conversation?

somehow:


Stop peddling lies
Did you bother to read the article at all?
If new notes aren't available, why then is CBN fining them?

Operators of Commercial Banks in the country have countered the Central Bank of Nigeria (CBN) over claims that the commercial banks have enough naira notes in their kitty but hoarding them.


https://www.nairaland.com/7543853/banks-blame-cbn-scarcity-naira#120431106