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Banks Deliberately Flood Market With Dirty Naira Notes—cbn - Business (2) - Nairaland

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Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Horus(m): 4:16pm On Jan 10, 2018
It is time to use Bitcoin grin

1 Like

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Divay22(f): 4:16pm On Jan 10, 2018
cheesy cheesy cheesy
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by miqos02(m): 4:16pm On Jan 10, 2018
Bad
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Bluffly: 4:16pm On Jan 10, 2018
The major reason why we do not see more of lower denominations is that we all withdraw through the ATM which only gives either 1000 or 500 note. So how do we get the lower denominations into the market. From this, the reason he gave for lower notes is lame because lower notes have stayed too long in circulation without new ones at the same proportion though cum improper handling.

This is why collecting change for petty payments is difficult
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by alphaconde(m): 4:16pm On Jan 10, 2018
slimbowwow:
CBN doesn't have individuals as its customer. Only banker to the government and financial institutions.

so the government, banks and financial institutions send ghosts there?

oversabi

2 Likes 1 Share

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by adonismuller(m): 4:16pm On Jan 10, 2018
We will gladly return it to them
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Ghostmode2two(m): 4:17pm On Jan 10, 2018
Can't CBN sanction the commercial banks?
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by oluwaahmed: 4:17pm On Jan 10, 2018
jamesibor:


What lame excuse is this?

Is it not CBN's responsibility to withdraw dirty naira notes?
My brother don't mind them. The story is for gullible Nigerians who don't know how the financial system works.

2 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by correctguy101(m): 4:17pm On Jan 10, 2018
So since they can no longer flood the market with bloated share offerings, it's time to kickback abi?

It's their business Sha, except the money no tear tear, it's acceptable.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by GavelSlam: 4:20pm On Jan 10, 2018
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.

Are you saying you have an account with CBN?
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by alphaconde(m): 4:21pm On Jan 10, 2018
GavelSlam:


Are you saying you have an account with CBN?

i am saying my job involves working closely with them

3 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by ushafe(m): 4:22pm On Jan 10, 2018
[color=#990000][/color]this government is full blame, no takes responsibility of any failure
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Horus(m): 4:22pm On Jan 10, 2018

https://www.youtube.com/watch?v=Oqk7nKWREPo

Representatives, urged (CBN) to urgently withdraw and destroy mutilated naira notes in circulation.

The House of Representatives, on Thursday urged the Central Bank of Nigeria (CBN) to urgently withdraw and destroy mutilated naira notes in circulation.

The house also charged the National Orientation Agency to carry out sustained public enlightenment to educate Nigerians on the need to handle the naira notes cautiously with care.

The resolutions followed a motion by Rep. Adekola Alexander (PDP- Ekiti).

Moving the motion, Alexander said that the alarming rate of mutilated currency notes in circulation had become a national embarrassment.

He added that banks were issuing torn, mutilated and unhygienic currency notes through ATM machines and across the counter.

“I observe that in spite of arrest and subsequent prosecution of the culprits, there is still a cartel in CBN and commercial banks, which make brisk business recycling old naira notes meant for destruction.

“They enrich their bank accounts, acquiring properties through these illegal proceeds by converting the equivalent of the mutilated notes into their accounts and selling printed mint meant for customers, to touts and hawkers.

“Section 21(4) of the CBN Act of 2007 makes it a punishable offence for any person to hawk, sell or trade in naira notes, coins or any other issued by the apex bank,” he said.

The lawmaker expressed worry that most of the mutilated currency notes in circulation harboured pathogenic micro organisms hazardous to human health.

He said that the mutilated notes also harboured infectious disease such as diarrhea, food poisoning and respiratory problems which could be spread through the notes.

The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara.

The house, therefore, mandated the Committee on Banking and Currency to conduct an investigation into the activities of the cartel by beaming searchlight on the CBN, commercial banks and other allied institutions.

The committee was given six weeks to carry out the assignment.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by progress69: 4:23pm On Jan 10, 2018
jamesibor:


What lame excuse is this?

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

some of you guys sef. na wa o. How will CBN withdraw it from circulation if the banks to send it to them?
if u read well, it says they are supposed to employ people the to sort the bad ones, but they send it to CBN unsorted, CBN in turn charges them for that per box. in a bid to avoid this charges, the banks rather recirculate the money. what is difficult for u to understand here>

3 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Dollabiz: 4:23pm On Jan 10, 2018
Yes
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by GavelSlam: 4:24pm On Jan 10, 2018
alphaconde:


i am saying my job involves working closely with them

Ok. but they've just said the banks return unsorted notes to them.

Personally, they should fine the erring banks.
Perhaps exclude them from some packages.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Anuoluwapo3054(m): 4:24pm On Jan 10, 2018
then you take it back to them at the counter...or add it with other cash and re-deposit it
Brooke60:
Thought na only me notice o.
I have 1k that ATM gave me, they are rejecting it for me.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by sekem: 4:24pm On Jan 10, 2018
I do internet banking

I guess I'm not affected? wink
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Emekus92(m): 4:24pm On Jan 10, 2018
Brooke60:
Thought na only me notice o. I have 1k that ATM gave me, they are rejecting it for me.
go and deposit it in ur account and withdraw another note
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Sunkyphil(m): 4:26pm On Jan 10, 2018
No wonder the 100 notes i collect these days are extremely bad,some have been taped front and back
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Sirheny007(m): 4:29pm On Jan 10, 2018
Abbeyme:
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

I have been trying to understand the economics involved in that-
The other day, i went to a Fidelity Bank to pay in a certain amount. The teller there refused to collect some notes.
It was then I got to know that banks pay for the mutilated notes they collect.
The question is, why would CBN charge them??
I dont understand the loss CBN will incur if they accept the mutilated notes from these commercial banks.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by olayinkajnr(m): 4:31pm On Jan 10, 2018
Very true. I have one dirty 100naira note here. But I must spend it.

2 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Wiseandtrue(f): 4:36pm On Jan 10, 2018
why charge the bank 12,000 CBN you people should also employ people to sort it out undecided

Your policies is not customer friendly and its too harsh on Nigerians!

1 Like 2 Shares

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Alal(m): 4:36pm On Jan 10, 2018
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.
my problem is, this government including CBN lies alot
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Abbeyme: 4:41pm On Jan 10, 2018
Sirheny007:


I have been trying to understand the economics involved in that-
The other day, i went to a Fidelity Bank to pay in a certain amount. The teller there refused to collect some notes.
It was then I got to know that banks pay for the mutilated notes they collect.
The question is, why would CBN charge them??
I dont understand the loss CBN will incur if they accept the mutilated notes from these commercial banks.

They are all out of control.

Thats why the commercials banks wont succumb to pay extra for whats not their direct jobs.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by miniziter(m): 4:43pm On Jan 10, 2018
New year should come with new money.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by miniziter(m): 4:44pm On Jan 10, 2018
New year should come with new money/notes.
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by mybestlove(m): 4:44pm On Jan 10, 2018
That's why I closed a counter at GTB. After giving these notes, I insisted they must change them and they refused so, I hung there refusing another customer to be saved until I am settled.

2 Likes

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by adeniyisamuel59(m): 4:48pm On Jan 10, 2018
Picture or idonbilivit
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by dopemike: 4:53pm On Jan 10, 2018
[url="
https://www.youtube.com/watch?v=tpUozVXusCE"][/url]
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Nobody: 5:00pm On Jan 10, 2018
Abbeyme:
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
You don't get it. CBN will take and replace mutilated notes at no cost if the commercial banks sort them appropriately. If you know how it works, monies taken to the Central Bank by a bank in January may not hit circulation till almost six months or even a year. The process of sorting by the CBN can even make it longer which is why the apex bank tries to discourage the commercial banks by charging N12,000 per box for sorting which these banks try to avoid by recycling old and mutilated notes into the system.

1 Like

Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by olabright11(m): 5:02pm On Jan 10, 2018
that is why I like northerners, no matter how the money rough reach, if there is intrinsic number on it they will accept it in market. Cbn should make it Trade by batter if possible.

3 Likes

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