The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.
In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

“CBN is working today because we have a competent hand,” he said. “Mr Emefiele is a man of vision, but he is also passionate about Nigeria, he is patriotic; we need to replicate that kind of public officer.

“Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable.

“They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.”

But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.


“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

For example, “CBN can’t do much to stop smuggling; so you have improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice.

“The same thing with textiles. So Customs must also sit up. Energy is also important. We need uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors in this sector are actually used for production and employment is being created.”

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

He had argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society

“The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently.

“Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,” he had said.

Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.

According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders.

“These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.

https://www.thisdaylive.com/index.php/2019/06/24/cbn-sets-september-deadline-for-mutilated-notes/?amp

Awolowo don suffer...

OK oo.


For Stubborn STI check my signature..

Especially our 100n note!

Reissue especially of the 100 naira notes is imperative. The CBN should also put meaning into the cashless policy by introducing measures that facilitate e-payments even for micro and medium scale enterprises. Many people don't know that these overused Naira notes are a purveyor of dangerous germs and diseases having gone through the whole gamut of experiences from being sprayed on dead bodies, and shrines to mad men using them as wont, and even sane people's gross unhygienic transactions. There should be stricter control of the naira and seriousness in enforcing anti-naira note sanctions.

Instead of destroying the money, CBN officials usually sell the mutilated monies at half price to buyers. Dont be surprised if you see the bad monies in the market again
https://www.vanguardngr.com/2015/05/efcc-arrests-6-cbn-officials-22-bankers-over-n8billion-fraud/

No fewer than six top officials of Nigeria’s Central Bank and 16 other workers of commercial banks in the country have been arrested by the Economic and Financial Crimes Commission, for a mega scam involving the sum of N8 billion.

The suspects were picked up by operatives of the anti-graft agency for stealing and putting into circulation defaced and mutilated Nigerian currency notes to the tune of N8 billion meant for destruction. All the suspects have already been taken into EFCC custody preparatory to their arraignment at the Federal High Court, Ibadan on Tuesday, June 2. The trial will run till June 4 in a bid to speed up the prosecution of the suspects by the court. A statement signed by the Head of Media of the EFCC, Mr. WilsonUwujaren, gave the names of the suspects as: Patience Okoro Eye( Abuja) , Afolabi Olufemi( Lagos), Kolawole Babalola( Ibadan), Olaniran Muniru Adeola(Ibadan), Fatai Yusuf, Adekunle( Head, Security, CBN, (Ibadan) and Ilori Adekunle Sunday,(Akure).

Read more at: https://www.vanguardngr.com/2015/05/efcc-arrests-6-cbn-officials-22-bankers-over-n8billion-fraud/

Good

But they should also issue out new notes along side.

90% of the mutilated notes are found in the North

Good initiative!

At the end of the sorting, there will be no more One hundred naira in circulation

ikorodureporta:
The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.
In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

“CBN is working today because we have a competent hand,” he said. “Mr Emefiele is a man of vision, but he is also passionate about Nigeria, he is patriotic; we need to replicate that kind of public officer.

“Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable.

“They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.”

But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.


“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

For example, “CBN can’t do much to stop smuggling; so you have improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice.

“The same thing with textiles. So Customs must also sit up. Energy is also important. We need uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors in this sector are actually used for production and employment is being created.”

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

He had argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society

“The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently.

“Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,” he had said.

Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.

According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders.

“These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.

https://www.thisdaylive.com/index.php/2019/06/24/cbn-sets-september-deadline-for-mutilated-notes/?amp

Nackzy:
90% of the mutilated notes are found in the North

calm down bros, we still spend coins up north here.

At least we can expect a reduction in mutilated notes one receives as change after making payments.


Anyway, to those interested.

www.nairaland.com/attachments/9531155_img20190601111006_jpege1f5fdb6a73f8a64b8326378cea8107a
Dell Core i3 3GB RAM 320GB HDD, WiFi, Cam Clean.

40k

As if some of those corrupt CBN officials in aliance with some corrupt bank officials won't bring back those same mutilated notes into the 'market'.

Mcheew!!



Whether new or old, avoid constant skin contact with those deadly papers.

tofolo:
calm down bros, we still spend coins up north here.

Still living life of the 1980s when we are in 2019�

Good o

Nigeria's currency is as weak as jubril all Sudan

..

It's better selling and making at least half of the mutilated notes. My concern is, which account is the going after selling it?

hisexcellency34:
Instead of destroying the money, CBN officials usually sell the mutilated monies at half price to buyers. Dont be surprised if you see the bad monies in the market again
https://www.vanguardngr.com/2015/05/efcc-arrests-6-cbn-officials-22-bankers-over-n8billion-fraud/

No fewer than six top officials of Nigeria’s Central Bank and 16 other workers of commercial banks in the country have been arrested by the Economic and Financial Crimes Commission, for a mega scam involving the sum of N8 billion.

The suspects were picked up by operatives of the anti-graft agency for stealing and putting into circulation defaced and mutilated Nigerian currency notes to the tune of N8 billion meant for destruction. All the suspects have already been taken into EFCC custody preparatory to their arraignment at the Federal High Court, Ibadan on Tuesday, June 2. The trial will run till June 4 in a bid to speed up the prosecution of the suspects by the court. A statement signed by the Head of Media of the EFCC, Mr. WilsonUwujaren, gave the names of the suspects as: Patience Okoro Eye( Abuja) , Afolabi Olufemi( Lagos), Kolawole Babalola( Ibadan), Olaniran Muniru Adeola(Ibadan), Fatai Yusuf, Adekunle( Head, Security, CBN, (Ibadan) and Ilori Adekunle Sunday,(Akure).

Read more at: https://www.vanguardngr.com/2015/05/efcc-arrests-6-cbn-officials-22-bankers-over-n8billion-fraud/

Some people won't be happy about this. They would have preferred the burning method and just japa with the money.

How many times would they give such Oder before the banks will comply ? Thought they had ordered them before now and nothing was done ...

bobothem:
At the end of the sorting, there will be no more One hundred naira in circulation

It is done in phases

ikorodureporta:
The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.
In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

“CBN is working today because we have a competent hand,” he said. “Mr Emefiele is a man of vision, but he is also passionate about Nigeria, he is patriotic; we need to replicate that kind of public officer.

“Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable.

“They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.”

But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.


“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

For example, “CBN can’t do much to stop smuggling; so you have improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice.

“The same thing with textiles. So Customs must also sit up. Energy is also important. We need uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors in this sector are actually used for production and employment is being created.”

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

He had argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society

“The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently.

“Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,” he had said.

Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.

According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders.

“These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.

https://www.thisdaylive.com/index.php/2019/06/24/cbn-sets-september-deadline-for-mutilated-notes/?amp

I HOPE THE NIGERIA COMMERCIAL BANKS WILL OBEY THE DIRECTIVES FROM THE APEX BANK ( CENTRAL BANK )

Most of our commercial banks are either corrupt or do not seems to obey laws.

I trust my bank. Dey no go return am. Lolz

Save your business now so that it can save you in the future. It's not too late to get a website/blog/software for your business and ideas. Check my signature for contacts.

Ok I found a hundred naira made in 2019 , there was so much controversies about why cbn aren't producing 100 naira as some said they wanted to stop GEJ legacies

Taraby:

Still living life of the 1980s when we are in 2019�

even the advance world still spend coins brother....

tolexy007:
Awolowo don suffer...

If you see the way naija police squeeze 200 naira, you’d pity Ahmadu Bello more.

Gboyeboy:

If you see the way naija police squeeze 200 naira, you’d pity Ahmadu Bello more.

If any representative from CBN is reading this, please issue directive with a stipulated time frame for all commercial banks to add other lower denominations at their ATM dispensing machine not just N500 notes as seen in many dispenser countrywide

Naira needs to be strengthened as well. Else you keep seeing them like tissue