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Nairaland Forum / Nairaland / General / Business / Banks Will Accept Old Naira Notes After Deadline - Emefiele (51037 Views)
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 omonnakoda: 4:01pm On Jan 31, 2023 |
Omoapena:lol You are a fool and proud of it Legal tender means public is obliged to accept it. The moment that ceases it is no longer legal tender The 17th is old. Regardless The initial statement still meant it would cease to be legal tender on the 10th His statement today appeared to change that But that is a different issue The point is if Banks are accepting the notes but the public are not it is. NOT LEGAL TENDER |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by kaeycea(m): 4:02pm On Jan 31, 2023 |
Wilson212:I'm not interested in reading the act.. I'm quoting Emefiele who's expected to know the Act you're referencing in and out.. He's the CBN governor and I also believe the Bank has legal adviser. I'm not interested in the technicalities |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Omoapena(m): 4:02pm On Jan 31, 2023 |
Wilson212: Omo Na wa o Its not a legal tender but they will collect it and give you the exact value of what you bring..... Is your sense not telling you that since they are collecting 20000 units of it while they give you same value either in cash in hand or cash at bank then people will keep spending it when they know they can take 20000 units of it to the bank and still gets same value, so how does that rule out the money being legal tender? I'm not arguing.... |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:03pm On Jan 31, 2023 |
Wilson212:leave him Some people like to argue blindly |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by baralatie(m): 4:04pm On Jan 31, 2023 |
kaeycea:Can the cbn governor go against the hor , Hos passed laws and not make himself eligible for an outright sack by the two houses? |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Abujaexpress: 4:04pm On Jan 31, 2023 |
SmartPolician:The visit has already nullified the arrest threat |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Wilson212: 4:05pm On Jan 31, 2023 |
Omoapena:unfortunately that is what our law said that is why bank are not rejecting that old 100 note but they can't give it out |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:06pm On Jan 31, 2023 |
kaeycea:This is what he said today https://punchng.com/banks-will-accept-old-notes-after-deadline-emefiele/ "Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.” 2 Likes 1 Share |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Omoapena(m): 4:06pm On Jan 31, 2023 |
omonnakoda: Are you a fool, you're saying the public is obliged to accept it till 10th but can still take it to bank till 17th, so what makes it not to be legal tender from 10th to 17th since banks will still accept it, abi this guy brain is leaking ni... Is there something I'm not getting from this your statement.... Legal tender means something you can present to bank, both commercial and apex and accept it as a medium of exchange.... |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by FireUpNow(m): 4:07pm On Jan 31, 2023 |
So what's the purpose for setting a deadline and rushing a policy? |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Xrhymez: 4:08pm On Jan 31, 2023 |
buhariguy:so you know your Bastard Old Drug Lord,Can't win without Vote Buying..... Shame on You.we go still show am shege....we go result to plan B or C......Una never see anything...... Bastard M f k 3 Likes |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:08pm On Jan 31, 2023 |
Omoapena: Emefiele said this. Not me Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.” Who is the fool? You are 1 Like |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by seunjungle1(m): 4:08pm On Jan 31, 2023 |
How did you got to graduate from the institution you attended guy? There was a plan to arrest him had it been he did not show up today. SmartPolician: |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:11pm On Jan 31, 2023 |
Omoapena: This is rubbish Legal tender means money that the. PUBLIC is obliged to accept It is not optional If the public DO NOT HAVE TO accept it it is not legal tender That is all there is to it |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by blowjohn(m): 4:12pm On Jan 31, 2023 |
The more money they return after deadline, the more the new notes will be bought by politicians |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Chinedumejoooo: 4:13pm On Jan 31, 2023 |
This CBN Governor is unstable and incompetent. How can you force Nigerians to pass through stress because of your useless policy |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Omoapena(m): 4:17pm On Jan 31, 2023 |
omonnakoda: Okay, so the public can't spend it within themselves but the banks will take it, is that what you mean? |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:18pm On Jan 31, 2023 |
People need to understand that naira notes apart from being legal tender are a CBN DEBT just like Treasury bills A debtor cannot just wake up one day an cancel his debt unilaterally So the CBN is obliged to redeem it's debt The banks collection of old note is just the banks. Acting as an Agent of the CBN The debt/credit status of Naira notes is different from it's legal tender status 1 Like |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:22pm On Jan 31, 2023 |
Omoapena:They CAN .Just like they can spend Bitcoin dollars,gold or recharge cards subject to agreement one on one. Voluntarily The difference is that legal tender is a legal construct. That means a creditor cannot refuse tender for debt. They must accept it. If they refuse legal tender there is no liability to pay but they can choose to accept anything as payment. BY CHOICE Read https://www.rte.ie/news/business/2022/1001/1325974-paper-l20-and-l50-no-longer-legal-tender-in-uk/ |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Treadway: 4:25pm On Jan 31, 2023 |
fact of the matter is it has all ended up to be rubbish. The supposed corrupt people and kidnappers etc whom this was supposed to sting, ain't gonna feel any sting now. Legal tender or not, as long as that money can be accepted at a bank and paid into an account, it still holds its value. So if I have 500billion stashed all I have to do is funnel it all into some accounts lobatan. Vote buying nko, if someone is give 5k, 10k or whatever as bribe to vote, they can simply now take the 5k or 10k to the bank and that's that. So all those reports of people dumping bales of 1000 and 500 naira notes in stupendous quantity across the country, na im be say those wey see am and pack am don jam free manna from above be that. I saw a post where a tricycle was supposedly abandoned and filled to the brim with old notes. Abeg who know where that tricycle dey?? So ultimately, nothing worthwhile was achieved at the end of the day..and I am freaking pissed!!!🤬 |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by pavoda: 4:25pm On Jan 31, 2023 |
If some of the aim of the policy was to target politicians who intend to use cash to induce voters, how does an this unending deadline confront that? Parachoko: |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Sheyhunn(m): 4:25pm On Jan 31, 2023 |
Emefiele don bow to political pressure... |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by IPDGP: 4:26pm On Jan 31, 2023 |
SmartPolician: He said bank will continue to accept the old note after the deadline, who do u think is winning Receive sense |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Parachoko: 4:26pm On Jan 31, 2023 |
pavoda:You're ignorant bro Go and make some research and educate yourself why the Cashless Policy was introduce in 2012 |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:29pm On Jan 31, 2023 |
Any person who believes this will achieve anything also believes that BAIL IS FREE 2 Likes 1 Share |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Parachoko: 4:30pm On Jan 31, 2023 |
kaeycea:The guy is trying to educate you and cure you from your ignorance But you are too daft to take correction. The Banks will still be collecting the old notes after February. |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by silibaba: 4:30pm On Jan 31, 2023 |
kennyz247:what you just asked, does it make any sense?
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Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by omonnakoda: 4:31pm On Jan 31, 2023 |
Emefiele printed trillions illegally for Buhari and they want to mop it up before a new government comes That is what this is about Nothing to do with vote buying |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by kaeycea(m): 4:35pm On Jan 31, 2023 |
Parachoko:Stop being a nuisance.. I'm just quoting Emefiele.. He should rather proceed to educate the CBN Governor since he knows more. I'm not interested in his tutorial. |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by grandstar(m): 4:35pm On Jan 31, 2023 |
Completely botched redesign policy. This is incompetence on steroids. |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Gbeng30(m): 4:36pm On Jan 31, 2023 |
Emefiele has finally succumb and comply with this people by this comment... So no more arrest....for this country Na only poor and less privilege dey suffer |
Re: Banks Will Accept Old Naira Notes After Deadline - Emefiele by Parachoko: 4:40pm On Jan 31, 2023 |
kaeycea: Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says banks will continue to accept old naira notes after the stipulated deadline He said the CBN will also accept the old naira from banks after the February 10 deadline. Emefiele made reference to the CBN act mandates the apex bank to continue to accept old notes after it’s expiration. Section 20 (3) of the CBN act states: “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”. https://www.thecable.ng/just-in-banks-will-accept-old-naira-notes-after-deadline-says-emefiele/amp If toh say you carefully read the article the OP posted and understand, you wont be disgracing yourself right now. |
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