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Banks Will Accept Old Naira Notes After Deadline - Emefiele - Business (4) - Nairaland

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New Naira Policy: Do People Still Accept Old Naira Notes In Your Area? / Supreme Court Temporarily Halts Banning Of Old Naira Notes / Old Banknotes Redeemable Only At CBN After Deadline - Emefiele (2) (3) (4)

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Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by baralatie(m): 2:35pm On Jan 31, 2023
rottennaija:
it means, after the deadline, you cannot spend it as a legal tender anymore. But take it to the bank and they will accept it and pay into your bank account.
Exactly
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Calibrator: 2:35pm On Jan 31, 2023
So what will stop me from collecting it from a client or customer knowing I can simply go and deposit it at the bank?

rottennaija:
it means, after the deadline, you cannot spend it as a legal tender anymore. But take it to the bank and they will accept it and pay into your bank account.

9 Likes

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Agadinaagwuofe: 2:36pm On Jan 31, 2023
Dreal1247:
What is the meaning of this statement? We need further explanation.

I think the writer misrepresented the actual statement. After the deadline from the memo I saw circulated within the banking industry, owners will take it directly to CBN and not banks. At the expiration banks will move their old notes to CBN while owners can't submit to bank. If after the deadline bank can still collect why the deadline? don't believe everything you read online.

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by baralatie(m): 2:36pm On Jan 31, 2023
Calibrator:
So what will stop me from collecting it from a client or customer knowing I can simply go and deposit it at the bank?

Well if the police man catch you dealing with old currency .what will you say?
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by 27Pushing30: 2:37pm On Jan 31, 2023
SmartPolician:
I thought Gbaja was threatening to arrest Emefiele! How come he visited the HoR and the speaker didn't ask security operatives to pick him up? Yeye dey smell.

By the way, why are they going back and forth with this naira redesign policy? undecided

You are speaking like a child…
He threatened arrest if he failed to honor their invite

Though you are presently a non-entity if for some reason the NASS calls you , you must present yourself . It’s the law

3 Likes

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by sterlingD(m): 2:37pm On Jan 31, 2023
sterlingD:
Mef man go drop beat for them,them go dance by the time wey their eyes go clear open him go don carry himself waka comot go
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by unclejb2(m): 2:38pm On Jan 31, 2023
Emefiele has been compromised. If the new note are still accepted until election day, then it's over

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by leogho: 2:38pm On Jan 31, 2023
Abeg not vex, just copy and paste where e for talk so make we understand u better.

The CBN law is quite straight forward on this issue, lawyers be won use am take get SAN. Find the CBN act read u go know why bro.

kaeycea:

He has already made a press conference after his last meeting with Buhari at the Aso Villa and addressed the issue before his appearance at the lower chambers todays.
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by FashionCookie(f): 2:38pm On Jan 31, 2023
Wahala ooo...Wahala oooo...Wahala oooo
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Agadinaagwuofe: 2:38pm On Jan 31, 2023
Calibrator:
So what will stop me from collecting it from a client or customer knowing I can simply go and deposit it at the bank?


You are correct. it is not logical and sensible, I saw a circular issued to banks during the weekend. After the deadline they will stop collecting but CBN will still be accepting it so many will take it directly to CBN. I think the writer misrepresented the statement.
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Calibrator: 2:39pm On Jan 31, 2023
Is the Police functional in Nigeria... Even they will receive their usual bribes in old notes and head to the bank.


You think anything works in this country? cheesy
baralatie:

Well if the police man catch you dealing with old currency .what will you say?
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by baralatie(m): 2:39pm On Jan 31, 2023
So we are still back to the issue of the circulation of the new currency notes!

So emefiele don enter am
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by 43Ronin: 2:39pm On Jan 31, 2023
You are a fool. This is why Nigeria should be run by technocrats and nor politicians
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by baralatie(m): 2:40pm On Jan 31, 2023
Calibrator:
Is the Police functional in Nigeria... Even they will receive their usual bribes in old notes and head to the bank.


You think anything works in this country? cheesy
Na true you talk
Collecting their usual in the old currency na him go sure pass
grin
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by okpurukata(f): 2:40pm On Jan 31, 2023
Jack500:
Where are those obidient fools, they are punishing Tinubu abi?

You go get sense last last grin grin

So are you jubilating over the triumph of corruption in Nigeria. So much for patrotism. Most of you don't really want this country to make progress.

2 Likes

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Babalegba(m): 2:40pm On Jan 31, 2023
Dreal1247:
I hope it is not what I'm thinking that is playing out right now. Nigerians are in for a ride. But I'm happy for the innovation in the elections process. Those hoping to rig the election will be massively disappointed and disgraced.
Lol, the politicians already have the new notes. Where do you think the new printed notes went They are not in circulation because they are with the politicians

1 Like 1 Share

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by toprealman: 2:40pm On Jan 31, 2023
Dreal1247:
What is the meaning of this statement? We need further explanation.
The guy is actually confused
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by IamSolopy(m): 2:41pm On Jan 31, 2023
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Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Eau01: 2:41pm On Jan 31, 2023
What is the essence of the deadline date then?
That mean the aim of the policy is defeated already. Chai!

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Elsueno: 2:42pm On Jan 31, 2023
Metchw....what an utter waste of time & effort...if that's d case they should never have stressed Nigerians...

This man is d most Incompetent CBN governor ever 🤣🤣

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by silibaba: 2:43pm On Jan 31, 2023
Dreal1247:
What is the meaning of this statement? We need further explanation.
CBN will continue to receive old naira notes from gtb, zenith, etc even after Feb 10, but gtb, zenith etc will stop receiving the old naira note from you and I after Feb 10.

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by abah52: 2:43pm On Jan 31, 2023
The CBN has already achieved one of their major aim in this policy. About 1.9 trillion naira,which is 75 percent of total cash in the system has been mopped up.

As it stands now, it will be a huge challenge for any presidential candidate to gather cash enough to buy votes across all the polling units in Nigeria.

2 Likes

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Ishilove: 2:44pm On Jan 31, 2023
An ill thought plan which was never going to work

3 Likes 1 Share

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Parachoko: 2:45pm On Jan 31, 2023
CrestMan:
What this means is that from February 10th 2023, the old notes will cease to be a legal tender but individuals/cooperations can still take their old notes to CBN but the challenge is that they will not get replacement with new notes. It means they will loose their money even though the bank is willing to collect it from them.

This doesn't in anyway help the politicians that want to buy votes
When dey deposit their old notes, won't it reflect in their account?
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by descartes400: 2:46pm On Jan 31, 2023
Dreal1247:
I hope it is not what I'm thinking that is playing out right now. Nigerians are in for a ride. But I'm happy for the innovation in the elections process. Those hoping to rig the election will be massively disappointed and disgraced.

It's not an innovation in the elections process. it is a poorly thought out policy, and borderline on election interference. Is the policy going to turn our politicians to Angels overnight?

To what end exactly? b'cos after the elections these politicians will likely act to amend the CBN act, to whittle down the executive hold in order to avoid this current scenario we are facing. It's against CBN mandate to interfere with elections!

1 Like 1 Share

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Parachoko: 2:47pm On Jan 31, 2023
JuanDeDios:

This will actually assure traders they can continue to accept the old notes till the deadline. It will also assure rural dwellers who haven't been able to pay in their money. It still prevents politicians from being to buy votes with old money. Win-win.

All that's remaining now is to increase supply of the new notes.
Can you kindly explain how it will still stop vote buying?
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by jorez: 2:49pm On Jan 31, 2023
What this simply means is that,when you bring the old Naira note to the banks after the deadline of February 10th,they will take it from us as trash with no monetarily value to your account,meaning zero crediting to your account,Na you go chose either to trash the cash at home or take it to the bank to trash.Either way Na trashing after Feb 10th for old notes

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by seborrhic: 2:50pm On Jan 31, 2023
SmartPolician:
I thought Gbaja was threatening to arrest Emefiele! How come he visited the HoR and the speaker didn't ask security operatives to pick him up? Yeye dey smell.

By the way, why are they going back and forth with this naira redesign policy? undecided
Did you complete secondary school?
That if he still fails to appear,they would issue a warrant of arrest for him.Since he has appeared,no need for the arrest!
It's just that the nass is full of clowns and criminals who are only interested in how much they can get for being there,if not,they would know the constitution grants them a lot of powers,in their oversight functions.
That's why people don't take them serious,but at least any person that passed through a secondary school should have understood what Gbaja said.Unfortunately,you didn't.

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by kennyz247(m): 2:52pm On Jan 31, 2023
Buksaylor:


You cannot accept it as legal tender but banks can accept deposit of it.
if u as a person can't accept it as legal tender,who den will take it to the bank ?abi na ghost go take it to the bank?

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by JohnnA1: 2:53pm On Jan 31, 2023
Jack500:


If bank can accept it, why can't I accept it? I will just collect and go and deposit in the bank.
Exactly.
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by pavoda: 2:53pm On Jan 31, 2023
This unquestionably undermines the intent of this policy. While it might aid in recovering funds outside the banking system, the current lack of clarity on when banks will stop accepting the old notes is a significant issue. The entire procedure is ambiguous and enshrouded in confusion, reflecting a consistent pattern under the leadership of Godwin Emefiele as the CBN governor.

1 Like

Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by kennyz247(m): 2:55pm On Jan 31, 2023
silibaba:
CBN will continue to receive old naira notes from gtb, zenith, etc even after Feb 10, but gtb, zenith etc will stop receiving the old naira note from you and I after Feb 10.
what u just said,does it make any sense?

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