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Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes (16995 Views)

We Did Not Authorise Commercial Banks To Collect Old ₦500, ₦1000 Notes - CBN / CBN Orders Banks To Collect Old ₦‎500, ₦‎1,000 Notes / Bus Conductor Refused To Collect New Naira Note From Passenger (Video) (2) (3) (4)

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Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by just2endowed: 9:42am On Jan 21, 2023
Godsonkemz:
Out of every 20 notes of 1k, One is new note. Is this how we shall achieve this. CBN has to print enough of the new notes which are yet to be circulated.

In an inflationary economy, more notes need to be printed.
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Ishilove: 9:42am On Jan 21, 2023
KingMack:
At least this money would have been 50-60% in circulation by now..I can bet my balls that not everyone on this forum has seen the new notes undecided
I saw the 200 note for the first time yesterday

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by mu2sa2: 9:46am On Jan 21, 2023
KingMack:
At least this money would have been 50-60% in circulation by now..I can bet my balls that not everyone on this forum has seen the new notes undecided
You're not incorrect. Can you believe that I held the new note in my hand for the first time just yesterday.

1 Like 1 Share

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by mechanics(m): 9:47am On Jan 21, 2023
But ₦200 and ₦500 notes are not yet available like the ₦1,000 note.

1 Like 1 Share

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by everythinggirly(f): 9:47am On Jan 21, 2023
Money wey look like say blood no dey am😂🤣
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Curious345: 9:47am On Jan 21, 2023
KingMack:
At least this money would have been 50-60% in circulation by now..I can bet my balls that not everyone on this forum has seen the new notes undecided
I have only seen and handled the 1000 naira note just once .and it was not from an ATM

1 Like 1 Share

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 9:51am On Jan 21, 2023
Ikaeniyan0:
How should we support the CBN?

Why is the CBN in a rush sef?

By making sure we insist on the new notes when we go to the banks to withdraw and also from our daily transactions.


Rush?
The policy is not 1 week old.

Except you're in support of the criminals hoarding old naira notes thereby suffocating our economy, or you're in support of those who have hoarded old notes to be used to bribe their way through the elections, I don't see why you think this policy is being rushed or bad.

Ask yourself, why are the banks not picking up the new notes CBN said are available?

2 Likes

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 9:57am On Jan 21, 2023
TenQ:

CBN is not giving banks enough new notes

Stop peddling lies
Did you bother to read the article at all?
If new notes aren't available, why then is CBN fining them?

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by baralatie(m): 10:02am On Jan 21, 2023
Vickym1:
I doubt if the deadline will be possible
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Wapgod(m): 10:09am On Jan 21, 2023
Omicronvaccine:


https://igberetvnews.com/1437271/banks-pay-n1m-fine-daily-failure-collect-new-naira-notes-cbn/

A bank will pay 365 million naira for a whole year for this fine.
Very small money to a Nigerian bank.
Fines do not work on the rich.
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by DIVINEEVIDENCE: 10:12am On Jan 21, 2023
jibrilELsudan:
ALL THESE BANKERS ARE CRIMINALS

WHAT THE BANKS DID IS THEY TOOK THE MONEY IN THEIR VAULT PLUS THE ONES CUSTOMERS HAVE BEEN BRINGING IN FOR EXCHANGE THEN WENT TO CBN TO GO COLLECT NEW NOTES

CBN EXCHANGED THE OLD NOTES FOR THEM CAUSE THERE IS PAPER WORK AND RECORDS FOR ALL THE MONIES THEY BROUGHT IN

NOW WHAT THE BANKS NOW DID IS TO SELL THE NEW NAIRA NOTES THEY COLLECTED FROM CBN TO THE POLITICIANS AND KIDNAPPERS

SO NOW THEY CAN'T GO BACK TO CBN TO COLLECT NEW NOTES CAUSE THEY CAN'T EXPLAIN WHERE THEY GOT THE OLD NAIRA NOTES THEY BRINGING IN FOR EXCHANGE TO CBN CAUSE THERE IS NO RECORD THAT THE MONIES WAS DEPOSITED BY A CUSTOMER


FOR THEM TO GO COLLECT NEW NOTES FROM CBN....THEY HAVE TO GIVE CBN OLD NOTES IN EXCHANGE

CBN ISN'T GIVING THEM FREE MONEY

COME AND COLLECT 1 BILLION NAIRA NEW NOTES.....THEY HAVE TO DROP 1 BILLION NAIRA OLD NOTES AND SHOW RECORDS HOW THAT 1 BILLION NAIRA OLD NOTES WAS COLLECTED FROM CUSTOMERS

You made my day with this superb analysis.

Tiri gbosas for thee

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Father4all: 10:15am On Jan 21, 2023
Our banks are corrupt
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by TenQ: 10:17am On Jan 21, 2023
somehow:


Stop peddling lies
Did you bother to read the article at all?
If new notes aren't available, why then is CBN fining them?
A close friend that works in a Bank (I won't mention the name) gave me the situation report just yesterday night. The amount they get is far short of their daily requirements
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by bamac(m): 10:18am On Jan 21, 2023
Ecne:


NO WAY!
We won't extend shit.
Those politicians still keeping old notes at home, will see shege from February 1.
I pity the urchins still collecting old notes from them to sell their votes and campaign for them.
Believe that politicians have the old note at your own peril.

They are the ones hoarding the new notes, next month will expose them.

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by KingMack(m): 10:29am On Jan 21, 2023
mu2sa2:
You're not incorrect. Can you believe that I held the new note in my hand for the first time just yesterday.


shocked shocked
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by KingMack(m): 10:30am On Jan 21, 2023
Ishilove:

I saw the 200 note for the first time yesterday

shocked shocked
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 10:31am On Jan 21, 2023
TenQ:

A close friend that works in a Bank (I won't mention the name) gave me the situation report just yesterday night. The amount they get is far short of their daily requirements

You still didn't answer the question

Why are they being fined if truly its the CBN not giving them the new notes?

Except your friend is in the top management level and makes decisions for the bank, he's not expected to know how far.

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by olaeffect(m): 10:35am On Jan 21, 2023
Something fishy going on!

Do we still have bankers committee in this kwantri?

At least if individual banks are afraid to say something because of the fear of the rascality of officers of this government, the Nigerian bankers committee should not.

Have we all now become totally fearful under this oppressive administration?

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Sonoyom(m): 10:39am On Jan 21, 2023
CBN that is disbursing less than 5% of the new notes is talking about fine grin grin


These guys are comedians
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Samo1122(m): 10:45am On Jan 21, 2023
When you go to deposit old notes at your bank & the ATM still dispenses the same old notes. No be wahala be that?
Yes, you're right. It is like fetching water in a basket.
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by TenQ: 10:52am On Jan 21, 2023
somehow:


You still didn't answer the question

Why are they being fined if truly its the CBN not giving them the new notes?

Except your friend is in the top management level and makes decisions for the bank, he's not expected to know how far.
She works in the department responsible for moving cash to and fro CBN.

Trust government news at your peril
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by bluefilm: 10:53am On Jan 21, 2023
tamdun:
They'll gladly pay, that fine is too small,make 10-20 million

At whose detriment?
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 10:54am On Jan 21, 2023
TenQ:

She works in the department responsible for moving cash to and fro CBN.

Trust government news at your peril

She works where they move money doesn't mean she works where decisions on what to move are made.

And which department is that?

So why are they being fined?

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by TenQ: 10:55am On Jan 21, 2023
somehow:


Which department is that?

So why are they being fined?
The answer is here:
Can you answer the question why you feel that banks are reluctant to replace their old Naira for the new?
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by blowjohn(m): 10:57am On Jan 21, 2023
jibrilELsudan:
ALL THESE BANKERS ARE CRIMINALS

WHAT THE BANKS DID IS THEY TOOK THE MONEY IN THEIR VAULT PLUS THE ONES CUSTOMERS HAVE BEEN BRINGING IN FOR EXCHANGE THEN WENT TO CBN TO GO COLLECT NEW NOTES

CBN EXCHANGED THE OLD NOTES FOR THEM CAUSE THERE IS PAPER WORK AND RECORDS FOR ALL THE MONIES THEY BROUGHT IN

NOW WHAT THE BANKS NOW DID IS TO SELL THE NEW NAIRA NOTES THEY COLLECTED FROM CBN TO THE POLITICIANS AND KIDNAPPERS

SO NOW THEY CAN'T GO BACK TO CBN TO COLLECT NEW NOTES CAUSE THEY CAN'T EXPLAIN WHERE THEY GOT THE OLD NAIRA NOTES THEY BRINGING IN FOR EXCHANGE TO CBN CAUSE THERE IS NO RECORD THAT THE MONIES WAS DEPOSITED BY A CUSTOMER


FOR THEM TO GO COLLECT NEW NOTES FROM CBN....THEY HAVE TO GIVE CBN OLD NOTES IN EXCHANGE

CBN ISN'T GIVING THEM FREE MONEY

COME AND COLLECT 1 BILLION NAIRA NEW NOTES.....THEY HAVE TO DROP 1 BILLION NAIRA OLD NOTES AND SHOW RECORDS HOW THAT 1 BILLION NAIRA OLD NOTES WAS COLLECTED FROM CUSTOMERS



Ur analysis makes a lot of sense

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 10:57am On Jan 21, 2023
TenQ:

The answer is here:
Can you answer the question why you feel that banks are reluctant to replace their old Naira for the new?

The answer to your question was addressed in my comment you quoted from the start.

So can you answer mine because your comment didn't address it.
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by blowjohn(m): 10:59am On Jan 21, 2023
TenQ:

A close friend that works in a Bank (I won't mention the name) gave me the situation report just yesterday night. The amount they get is far short of their daily requirements

The question is : is their daily routine that makes them sell the new notes in exchange of old notes?
If that's the case, then they can never have enof new notes daily. That is corruption
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by somehow: 11:00am On Jan 21, 2023
jibrilELsudan:
ALL THESE BANKERS ARE CRIMINALS

WHAT THE BANKS DID IS THEY TOOK THE MONEY IN THEIR VAULT PLUS THE ONES CUSTOMERS HAVE BEEN BRINGING IN FOR EXCHANGE THEN WENT TO CBN TO GO COLLECT NEW NOTES

CBN EXCHANGED THE OLD NOTES FOR THEM CAUSE THERE IS PAPER WORK AND RECORDS FOR ALL THE MONIES THEY BROUGHT IN

NOW WHAT THE BANKS NOW DID IS TO SELL THE NEW NAIRA NOTES THEY COLLECTED FROM CBN TO THE POLITICIANS AND KIDNAPPERS

SO NOW THEY CAN'T GO BACK TO CBN TO COLLECT NEW NOTES CAUSE THEY CAN'T EXPLAIN WHERE THEY GOT THE OLD NAIRA NOTES THEY BRINGING IN FOR EXCHANGE TO CBN CAUSE THERE IS NO RECORD THAT THE MONIES WAS DEPOSITED BY A CUSTOMER


FOR THEM TO GO COLLECT NEW NOTES FROM CBN....THEY HAVE TO GIVE CBN OLD NOTES IN EXCHANGE

CBN ISN'T GIVING THEM FREE MONEY

COME AND COLLECT 1 BILLION NAIRA NEW NOTES.....THEY HAVE TO DROP 1 BILLION NAIRA OLD NOTES AND SHOW RECORDS HOW THAT 1 BILLION NAIRA OLD NOTES WAS COLLECTED FROM CUSTOMERS


Now, this is someone that can think.
Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Lordofalmajiri(f): 11:26am On Jan 21, 2023
Ecne:


Story! Go and remove him na.
All your sponsors as well as evil politicians will go down.
What do you expect from a tinubu supporter I'm sure his masters have been Wailing since CBN changed the naira

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by Uzosaint(m): 11:59am On Jan 21, 2023
Now CBN is acting,nice one.

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by bdon123(m): 12:04pm On Jan 21, 2023
Bankers working wit politicians to shield stolen wealth by frustrating CBN policy.
Something doesn't feel right.why are d banks being stubborn..

1 Like

Re: Banks To Pay ₦‎1 Million Fine Daily Over Failure To Collect New Naira Notes by bonnyhope: 12:16pm On Jan 21, 2023
Surprised to get the new note yesterday

1 Like

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