Omoapena:
Lolz

If banks allows it, then it's still legal tender and people will continue to spend it like they spend the 2 different 100 naira notes we have....




This is now clear to me, general public are advise to start rejecting it after 10th of February while people that still have it are advised to take it to bank before 17th of February to credit their account so which means, it's legal tender until that 17th of February, they should have just said 17th of February is the deadline date instead of all this confusion everywhere...


You can now decides within yourself whether to keep collecting it after that 10th of February with the intention of taking it to bank before 17th of February or you start rejecting it thereby forcing whoever holding it to take it to bank before 17th of February to avoid crashing with him....


Seun, the headline is misleading, banks will stop accepting it after 17th of February and not keep accepting after the public deadline which is 10th of February...

U understood the whole narrative very well

Parachoko:
Mr Man are you just arguing for arguing sake?

You sef look the screenshot you sent to me, nah you send screenshot, yet you dey argue blindly.

There's a law that states the banks must keep on accepting the old notes 6 months after the deadline.

Is so silly for you to even be arguing wetin you dey use your eyes see

Even the title of this thread alone should make you stop arguing like a pikin

Banks will accept old notes after deadline -Emefiele

Tilumbu urchin..
You know the law more than CBN Governor and his legal department..
Keep wishing it's not true..
Those old notes stockpiled in ware houses for vote buying will soon become useless

Omoapena:






Did you even read the screenshot at all, he said if you have your money you have not able to send to bank, they, the cbn are mandated to collect it so that means, commercial banks will stop collecting them from public but the apex will still collect them if you have it

How many CBN office dey all over Nigeria?

The banks will still accept the cash on behalf of the CBN

Ireportlive:




They have showed him small shege



.

I know you must be happy, your Tinubu is now certain he can use his warehouse full of old Naira notes to buy votes on election day, because the voters will be able to deposit the money to account after the election.

seglabsy:
use ur sense that date is not going to work

Keep wishing it's not going to work.
The policy is here to stay with full backing of Mr President GCFR

How many nations have implemented a complete currency change as part of a cashless policy? I don't oppose the policy itself; my concern lies more with the confusion Emefiele causes when discussing economic issues. It's crucial to communicate clearly. Just asserting that the cashless policy was introduced in 2012 doesn't automatically make you well-informed, in my opinion. FOH

Parachoko:
You're ignorant bro

Go and make some research and educate yourself why the Cashless Policy was introduce in 2012

pavoda:
How many countries have applied total change of currency as a means to cashless policy? I have no issue with the policy, my issue is more with the confusion that emefile brings when addressing economic matters, it’s important to always be clear.
You Assume that just stateing that cashless policy was introduced in 2012 makes you sound informed? FOH

Where in my post did I support Emefiele in rushing the policy and causing chaos?

I've always make it clear the deadline should be extended because is not feasible

Buksaylor:


You cannot accept it as legal tender but banks can accept deposit of it.

There is no difference. Since bank will be accepting it then people will accept it and deposit it in their account. Unless bank stop accepting it then people will stop regarding it as a legal tender

Ipigs are in confused state of mind right nw

kaeycea:

Keep wishing it's not going to work.
The policy is here to stay with full backing of Mr President GCFR

yeyenatu,because u want to deal with just one person,u put the whole 200m people into trouble

Nice adjustment but I don't think big ppl will be able to withdraw large amounts of new notes for nefarious political reasons. The country is moving into the 21st century of being cashless.

kaeycea:

Tilumbu urchin..
You know the law more than CBN Governor and his legal department..
Keep wishing it's not true..
Those old notes stockpiled in ware houses for vote buying will soon become useless

As much as I don't like it, but this is the fact.

The CBN governor said he agrees with section 20(3) of the CBN Act, which provides that commercial banks must accept old notes after a deadline.

After February 10, the old notes will cease to be legal tender, meaning people will have the right to not accept it, but people will still be able to deposit them into their bank account.

Unfortunately the CBN governor cannot just make new rules and laws, he must be guided by the constitution. "Three months after the release of new Naira notes, banks must stop accepting the old notes." the CBN governor cannot give such order when the constitution says otherwise.

seglabsy:
yeyenatu,because u want to deal with just one person,u put the whole 200m people into trouble

200m have been having troubles upon troubles.
Why are politicians more concerned about this particular trouble? Why didn't they fight with the same vigor on fuel scarcity and other bad policies.
We the 200m people are ready to sacrifice and stop the bullion van politicians from returning to power through vote buying

Femich18:

There is no difference. Since bank will be accepting it then people will accept it and deposit it in their account. Unless bank stop accepting it then people will stop regarding it as a legal tender

The law says banks must accept the old notes for six months after the release of new notes.

RichAbujaGuy:
Nice adjustment but I don't think big ppl will be able to withdraw large amounts of new notes for nefarious political reasons. The country is moving into the 21st century of being cashless.

They can still use the old notes

The old notes can still be deposited at the bank after February 10

kaeycea:

200m have been having troubles upon troubles.
Why are politicians more concerned about this particular trouble? Why didn't they fight with the same vigor on fuel scarcity and other bad policies.
We the 200m people are ready to sacrifice and stop the bullion van politicians from returning to power through vote buying

Zombiediots no dey get sense

kaeycea:

200m have been having troubles upon troubles.
Why are politicians more concerned about this particular trouble? Why didn't they fight with the same vigor on fuel scarcity and other bad policies.
We the 200m people are ready to sacrifice and stop the bullion van politicians from returning to power through vote buying

Millions of Nigerians will disagree with you. With the rate at which the new notes is introduced, there will be protest and riots across the country if banks stop accepting the old notes by Feb 10. Millions of Nigerians will not be willing to accept the loss.

Omoapena:
Lolz

If banks allows it, then it's still legal tender and people will continue to spend it like they spend the 2 different 100 naira notes we have....




This is now clear to me, general public are advise to start rejecting it after 10th of February while people that still have it are advised to take it to bank before 17th of February to credit their account so which means, it's legal tender until that 17th of February, they should have just said 17th of February is the deadline date instead of all this confusion everywhere...


You can now decides within yourself whether to keep collecting it after that 10th of February with the intention of taking it to bank before 17th of February or you start rejecting it thereby forcing whoever holding it to take it to bank before 17th of February to avoid crashing with him....


Seun, the headline is misleading, banks will stop accepting it after 17th of February and not keep accepting after the public deadline which is 10th of February...

You're passing wrong information here solely based on what you think. That's very wrong!

Buksaylor:


You cannot accept it as legal tender but banks can accept deposit of it.

What if you accept it and take it to bank?
Emefiele is confused, just like Buhari

Nyamuri eh EVERYTHING they do is nzogbu zogbu. They never use their sense. You want to implement such a huge change and you did not carry the populace or their representatives along. You think you will just throw the entire country into confusion without repercussion?

What a stupid IPIG.

Parachoko:
Zombiediots no dey get sense

Have you heard of the latest gaffe from Tilumbu?
Just released today As E dey hot 🔥
Daily gaffe from demented drug lord..
Nairaland urchin get yourself updated

Parachoko:
How many CBN office dey all over Nigeria?

The banks will still accept the cash on behalf of the CBN

So if banks will continue to accept it, how will people stop spending it or should I say, how does it lose its legal tender status?

Thats what i feel will happen next. This scenario applied to other countries that adopted this policy.

Parachoko:
Can you show me where you get the bolded from?

hero2000:
The post says CBN will accept old notes after Feb 10, not banks. The title is misleading.

Thanks for noticing that. We will know for sure later

dyera:


The law says banks must accept the old notes for six months after the release of new notes.

You are not getting the bone of contention.
If banks will be accepting it what will it take me to take the old notes to the bank after business transactions
I think it will stop being a legal tender when banks stop accepting it from the people

Omoapena:


You're the unintelligent, it is said bank should keep accepting it, so how does something being accepted by the bank not legal tender?

Legal tender means anything generally acceptable as a means of payment and bank is accepting it as a means of payment, even your explanation isn't comprehensible...

I think what that man is trying to say is, dollar is a legal tender in the world, but still, you can't use it to buy things the way you want in Nigeria untill you change it to local currency.. so the old naira will just be like a dollar which you cannot spend through the general public, but bank can exchange it for you.

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?

He for no come na and him for no change mouth na

tolue42:


I think what that man is trying to say is, dollar is a legal tender in the world, but still, you can't use it to buy things the way you want in Nigeria untill you change it to local currency.. so the old naira will just be like a dollar which you cannot spend through the general public, but bank can exchange it for you.

And if banks can exchange it to the new one at any time, so what makes it to lose its legal tender, i can choose to collect it at any point in time and if I will, take it to the bank or spend it to someone else who will also collect it and take it to bank if he will...


So, what's the point...

So,why frustrating millions of Nigeria's,if banks would continue collecting old notes of deadline day...Nigeria is a joke

OlawaleBammie:
u don dey see realities abi??

We tell Una but no, Una no listen

wetin una tell us?

Islandboi:
wetin una tell us?

I tell Una say election for Nigeria is not for the sane people

Now u don dey see the sign that tinubu will enter with little friction from pdp

OlawaleBammie:
I tell Una say election for Nigeria is not for the sane people

Now u don dey see the sign that tinubu will enter with little friction from pdp

na this election we go know how many sane people dey nah. And what do you mean by enter with litter friction from pdp?