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Banks Deliberately Flood Market With Dirty Naira Notes—cbn - Business - Nairaland

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Banks Deliberately Flood Market With Dirty Naira Notes—cbn by dipoolowoo: 11:52am On Jan 10
By Dipo Olowookere

Commercial banks operating in the country have been accused of deliberately flooding the market with dirty Naira notes, which have become an eyesore to citizens.

This is mainly seen in the N100 notes.

At several Automated Teller Machines (ATM) spread across the country, customers are given mutilated notes, a thing that has become a source of worry to many.

Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, while commenting on the issue, also accused the banks of hoarding new notes.

He said commercial banks in the country receive enough new notes and wondered why they are not being circulated.

The CBN spokesman absolved the apex bank from the debacle, pushing it to the commercial banks. He said the banks were supposed to employ people to do the sorting for them, but they refused in order to avoid the cost of employing personnel for this.

“Instead of bringing them to us sorted, the banks bring them unsorted. Then we started charging them N12,000 per box. A box of N1000 notes contains N10 million worth. So, a box of N500 notes is N5 million in that order. So, in a bid to avoid cost, they preferred to re-circulate old and mutilated notes,” Mr Okoroafor said.

On why so many mutilated Naira notes are still in circulation, CBN image maker claimed that people handle these notes badly, making them unable to get to their lifespan anymore.

He said for the lower denomination notes, they have a higher velocity of circulation.

“What that means is that you use it more often and as you use it in exchange, it gets worn out and gets torn more frequently. So, that also creates another problem.”

https://www.businesspost.ng/2018/01/10/banks-deliberately-flood-market-dirty-naira-notes-cbn/
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by lizzypro(f): 11:53am On Jan 10
embarassed
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Brooke60(f): 12:02pm On Jan 10
Thought na only me notice o.
I have 1k that ATM gave me, they are rejecting it for me.

30 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Tetragramaton(m): 12:15pm On Jan 10
The worst is 100 naira note . I actually thought there was some kind of fraud going on. The 100 naira notes are horrible. As much as I try to dispose them, someone must hand another one over to me somehow sha.

120 Likes 3 Shares

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by WilsonMayowa(m): 2:22pm On Jan 10
Thought i was the only one, the 100 naira too much

14 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Rhemy2013(f): 3:56pm On Jan 10
I have 100naira(4pieces) that are useless to me..i havnt seen new 100naira note for some months now...

23 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by alphaconde(m): 4:03pm On Jan 10
lies

i work with these people u go to cbn to get money and they pay you these bad notes. even if commercial banks hoard note it would still find a way to people wallet only as a cost. so thats not an excuse.

15 Likes 1 Share

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Abbeyme: 4:04pm On Jan 10
Story

Even the CBN is failing in their job of checking the activities of the commercial banks.

You, CBN, produce the notes, send them into circulation free of charge via the Commercial Banks, now wants to take a charge (fee) from the Commercial Banks for mopping them (your own produced currency o) from circulation.

Haba!! You no try

50 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by afbstrategies: 4:04pm On Jan 10
undecided

1 Like

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by TOLULOPEMIDEAR(f): 4:05pm On Jan 10
Especially #100 note

7 Likes 1 Share

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by plusfield: 4:05pm On Jan 10
When you the cbn charge them a fee before accepting dirty notes, why wont they prefer to resend such notes into the system than pay that fee

15 Likes 1 Share

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by DAntivirus(m): 4:06pm On Jan 10
No wonder!

that's why Buhari left Nigeria for Togo grin

3 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by seunmohmoh(f): 4:06pm On Jan 10
LET GO BACK TO D USE OF NYLON MONEY E BETTER PASS PAPER

5 Likes 2 Shares

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Dhayor001(m): 4:06pm On Jan 10
When CBN officials tell bold faced lies.

The money gotten from CBN in December was described by a customer "as something similar to money left in a shrine over a long time".

Let me not even go into how we discovered fake notes and wrappers with shortages.

Abeg make them face front biko.

19 Likes 2 Shares

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by macbede(m): 4:06pm On Jan 10
alphaconde:
lies

i work with these people u go to cbn to get money and they pay you these bad notes. even if commercial banks hoard note it would still find a way to people wallet only as a cost. so thats not an excuse.


E-diot. When last u enter market?

1 Like 1 Share

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by nwakibie3(m): 4:07pm On Jan 10
exactly what I have in mind especially 100naira notes

driver and one passenger nearly fight yesterday for bus I entered because of this same dirty 100 naira note grin grin

5 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by globatop: 4:07pm On Jan 10
Even the polymer notes once torn small, it lost its legal tender feature.

5 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by alphaconde(m): 4:08pm On Jan 10
macbede:



E-diot. When last u enter market?

this thing that killed ur father is troubling yu already

18 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by jamesibor: 4:09pm On Jan 10
dipoolowoo:
By Dipo Olowookere

Commercial banks operating in the country have been accused of deliberately flooding the market with dirty Naira notes, which have become an eyesore to citizens.

This is mainly seen in the N100 notes.

At several Automated Teller Machines (ATM) spread across the country, customers are given mutilated notes, a thing that has become a source of worry to many.

Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, while commenting on the issue, also accused the banks of hoarding new notes.

He said commercial banks in the country receive enough new notes and wondered why they are not being circulated.

The CBN spokesman absolved the apex bank from the debacle, pushing it to the commercial banks. He said the banks were supposed to employ people to do the sorting for them, but they refused in order to avoid the cost of employing personnel for this.

“Instead of bringing them to us sorted, the banks bring them unsorted. Then we started charging them N12,000 per box. A box of N1000 notes contains N10 million worth. So, a box of N500 notes is N5 million in that order. So, in a bid to avoid cost, they preferred to re-circulate old and mutilated notes,” Mr Okoroafor said.

On why so many mutilated Naira notes are still in circulation, CBN image maker claimed that people handle these notes badly, making them unable to get to their lifespan anymore.

He said for the lower denomination notes, they have a higher velocity of circulation.

“What that means is that you use it more often and as you use it in exchange, it gets worn out and gets torn more frequently. So, that also creates another problem.”

https://www.businesspost.ng/2018/01/10/banks-deliberately-flood-market-dirty-naira-notes-cbn/

What lame excuse is this?

Is it not CBN's responsibility to withdraw dirty naira notes?

9 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by jmichael(m): 4:10pm On Jan 10
Ikeja airport toll gate will never give u good looking notes. So I av reserved my pegeon hole for their notes. I return it to them each day I pass there.

8 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by rawtouch: 4:10pm On Jan 10
waiting for banks to respond..
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by pennywys: 4:11pm On Jan 10
So what should we do now
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Nobody: 4:12pm On Jan 10
Pay toll gate fares with it cheesy
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by pennywys: 4:12pm On Jan 10
Okay
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by ibietela2(m): 4:12pm On Jan 10
First Bank
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Jabioro: 4:12pm On Jan 10
The blames game continue...shifting responsibity.The apex bank is not doing enough,the 100 notes in the circulation is an eye sore follow by thy nylon called 50 notes with faded pictures.Nigeria had enomous problems.

1 Like

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Odingo1: 4:12pm On Jan 10
Nothing is working in Nigeria now
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by oluwaahmed: 4:13pm On Jan 10
macbede:



E-diot. When last u enter market?

What sort of stewpid comment is this? If you don't have any reasonable thing to comment why not watch Nickelodeon and Disney? Do banks print money? Isn't it what they get from CBN that they pay out. F00lish boy.
As for CBN you should be professional and stop lying. You give banks dirty money and charge them when they bring it back.

11 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by SalamRushdie: 4:13pm On Jan 10
No suprises , every thing in Nigeria is kuku mutilated
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by atilla(m): 4:13pm On Jan 10
Arent there machines that can sort new from old. Why waste man power in hours of sorting new and old notes?

1 Like

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by slimbowwow(m): 4:14pm On Jan 10
alphaconde:
lies

i work with these people u go to cbn to get money and they pay you these bad notes. even if commercial banks hoard note it would still find a way to people wallet only as a cost. so thats not an excuse.
CBN doesn't have individuals as its customer. Only banker to the government and financial institutions.

3 Likes

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