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Nairaland Forum / Nairaland / General / Business / Banks Deliberately Flood Market With Dirty Naira Notes—cbn (25418 Views)
We Didn't Direct Banks To Disburse Old Notes – CBN Insists / We Did Not Authorise Commercial Banks To Collect Old ₦500, ₦1000 Notes - CBN / Men Caught Selling Pillowcase Filled With Dirty Fabrics And Used Foams (Video) (2) (3) (4)
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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 1 Like |
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Divay22(f): 4:16pm On Jan 10, 2018 |
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: 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: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: 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: 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: 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: 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: |
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? |
Re: Banks Deliberately Flood Market With Dirty Naira Notes—cbn by Emekus92(m): 4:24pm On Jan 10, 2018 |
Brooke60: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: 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
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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 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: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: 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: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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