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CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes - Business - Nairaland

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CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by shuttox: 7:02am On Jan 27, 2023
As the January 31st deadline for the phasing out of the old N200, N500 and N1000 note approaches, officials of the Central Bank of Nigeria (CBN), Abeokuta Branch on Thursday visited various Mobile money/Point of Sales agents in Ogun State to monitor the implementation of its recently introduced cash swap policy.

The cash swap programme is targeted at fast-tracking the withdrawal of the old notes from circulation.

The apex bank recently directed its super agents to swap the old N200, N500 and N1,000 naira notes for the newly redesigned notes under the policy.




“Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking”.

The agents were expected to swap up to N10, 000 per person while amounts above N10, 000 would be treated as deposits”.

The officials, who visited agents across the state including; Ijebu-Ode, Sango Ota, Ilisan-Remo, Ikene, Sagamu amongst others said the move was to ascertain whether the super agents are truly disbursing the new notes to the POS agents who are expected to further circulate it to their various customers as directed by CBN.

Speaking with journalists during the monitoring exercise, CBN Deputy Director, Banking Supervision Department, Jayeola Olugbenga, said, the essence of the visit was to create awareness for residents of the state, especially the rural dwellers was to ensure that the new note is circulated across the state.

The Director noted that the CBN was intensifying efforts to make sure that the new N200, N500 and N1000 notes are circulated before the deadline.


His words “We want people to be aware, especially people in the rural areas and for this new note to go round that’s why we have distributed this money to the super agents . We are moving to ensure that they already have the money and they are giving people.

“We have moved around and we have seen that ATMs that were not functioning are now functioning so there is no more excuse for people.

“N500,000 is given to an agent per week so those that have received only 250 or 300 will still go back to get the rest. We want to assure the general public that the money is there and more ATMs are functioning,”he added.


He expressed satisfaction that all the super agents in the state are operating in compliance with the directive of the apex bank.

“So far we are happy because all the nooks and crannies of this state the super agents are functioning and from our interview, people are happy with this development.”


Also, the Deputy Director for Research Department, CBN Dr Adeniyi Olatunde Adenuga stressed that the exercise will help in the area of financial inclusion.

He said “Now we have to go to rural areas. That aspect will help us in the areas of financial inclusion. With these agents, people can come with their old notes and get a maximum of 10 thousand naira.

Olatunde added “people must embrace this programme, what we are doing is to sensitize them to ensure that we mobilize them for them to see the new notes and embrace.
https://www.vanguardngr.com/2023/01/cbn-applauds-banks-in-ogun-over-circulation-of-new-naira-notes/

2 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by princeade86(m): 7:06am On Jan 27, 2023
Serious bank. I Know that in Lagos, they are stubborn. But my advice for everyone is, whenever you want to collect money from POS, make sure u ask them maybe they have new naira before u transfer or use ur card because most of them will still want to be giving u old note. Is not ur job to go deposit to bank for them and it may expire in ur hand. If u collect it, u will realize that d people that gave u will be the first to reject it if u want to spend it back for them.




FTC on Friday early Momo before going to work. God bless all working class, hustlers, and people looking for job. God bless Nigeria, God bless WAILLERS, OBIDIENT, AND URCHINS. Let their be one love and chose right man for our country. Let stop dirty fight on social medias. It helps us not in any ways.

36 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by MrOkenwa(m): 7:06am On Jan 27, 2023
Lies. They are not circulating anything.

15 Likes 2 Shares

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by itubaba001: 7:06am On Jan 27, 2023
Untrue . Rather there is panic . people are rushing to the bank to deposit the old currency

4 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by emmanuelbrown26: 7:06am On Jan 27, 2023
Interesting days ahead. Good one from Cbn at least it will reduce d stress of queuing in d Bank (if d tori na true).
Why is a particular candidate afraid of BVAS and d new naira redesign? We hv 18 political parties contesting an election but only one has being crying bcs of d BVAS and new naira note.
I thought such a person is a political enigma?
I thought such a candidate is a political lion?
I never knew that an enigma and lion could cry like a new born baby that his mother is denying him of sucking breast.

32 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Mubby4luv(m): 7:06am On Jan 27, 2023
Let the people of Ogun confirm for us first. Because for where I de everywhere done red

6 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by GardenOfGod(m): 7:06am On Jan 27, 2023
Tinubu the drug lord will cry foul as his looted/stolen drug money/Lagos State funds will be useless by 31st January. Blaming Bubu is like pouring water on top fowl. grin
Bubu is deaf and dumb to his cry. grin grin grin grin grin grin 😂😂😂😂

Modified
Drug lord supporters are crying alongside their master grin grin

Tinubu told Nigerians that Bubu was the best thing to happen to us...why is he crying for the best thing about to be done to him grin
OkoRemi2023:

Tinubu is more concerned of Nigerians people using the frustration of getting the naira note on the ruling party at the poll


if you think, Tinubu, Atiku, Peter Obi will struggle to have the new naira notes in millions then you're the dumb one here

these three contenders are billionaire, they've dollars acct, level up with your low IQ

Cry cry baby... Neither Tinubu the drug lord nor Atiku the Asset seller will never be president of this country. Nigerians now understand their corrupt tendencies.
Tsolutionjoseph:
Leave Tinubu out of your travail, Let's pray for good leader, I believe Tinubu is the best for this country, you believe Peter Obi. Peter obi, can't control this country madness, as much as I want Tinubu or Obi, from south, I know Peter obi can never win, if Tinubu fails, Atiku wins

How dumb could drug lord supported be more than this... grin grin
Tinubu knows there is no way he could deposit all the trillions of looted drug money and Lagos State funds starched at his residence... Reason why he is crying grin grin
Lekan239:
All ur problems is Tinubu. This news u comment under state Ogun, and Ogun is one of Tinubu's stronghold yet they are circulating the new naira note. What happen to the 5 Eastern state and other Geo political Zone not circulating the note. Or they will carry new note from Imo to Lagos for Tinubu. Why not just reason and use ur brain for once

10 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Hopium: 7:07am On Jan 27, 2023
No amount of PR will save CBN from the impeding embarrassment and disgrace.

4 days until the deadline and they can only pinpoint one state chapter for doing well with the swaps.

Emefiele will postpone the deadline - there's no argument about that.

The exact thing India did that almost crippled their economy is what the CBN is doing but Nigerians being myopic and semi-learned thought it's worth destroying the economy and getting pushed further down the socio-economic hierarchy as a reward for waging some delusional electoral war on one man.

https://economictimes.indiatimes.com/news/economy/policy/how-indias-failed-note-ban-move-taught-the-world-what-not-to-do/articleshow/60457625.cms

8 Likes 2 Shares

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by superCleanworks(m): 7:07am On Jan 27, 2023
what kinda fuckery is this?

na now dem wan dey do all this one? make una no stress people grannny oh.

1 Like

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by tradepunter: 7:07am On Jan 27, 2023
Nice
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by codeplace(m): 7:07am On Jan 27, 2023
toward election
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Itisallright: 7:07am On Jan 27, 2023
I think the banks are just there to frustrate the efforts of the CBN by not releasing the new note to public, rather exchanging it with those fraudsters...

10 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by JustPowerApps(m): 7:08am On Jan 27, 2023
wink
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Ameko4ever(m): 7:08am On Jan 27, 2023
No circulation here in Akwa Ibom State. This morning, I've gone to like 5 ATMs with different banks, unable to dispense cash. It is annoying.

2 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by princejohnard(m): 7:08am On Jan 27, 2023
Nice initiative,if it's not hijacked
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by jasent(m): 7:08am On Jan 27, 2023
They said this move will affect tinubu presidential bid. Shey others don't need money to campaign?

7 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Akalia(m): 7:09am On Jan 27, 2023
Bleep CBN!!!
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by FreedomArmy: 7:09am On Jan 27, 2023
Tinubu should stop wailing about naira redesign. When did he learn to be a banker to be talking about banking matter. He should concentrate on his drug banking

1 Like

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Hardcore11: 7:09am On Jan 27, 2023
Okay looting continue imagine Atiku win. Or balabu win. Another 8 years of steady looting. Those people have no mercy. If I was opportune to kill all Nigeria politicians Atiku Tinebu useless brainless buhari will be my first target I hate them all they are wicked to the core

3 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by CalabarPikin: 7:09am On Jan 27, 2023
Okay

Still wondering why and how change of naira will affect one candidate sha......that they even had to cry out.

CBN pepper them ooh
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by obajoey(m): 7:09am On Jan 27, 2023
CBN buruku
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by superCleanworks(m): 7:09am On Jan 27, 2023
Ameko4ever:
No circulation here in Akwa Ibom State. This morning, I've gone to like 5 ATMs with different banks, unable to dispense cash. It is annoying.

all the dog wey una dey chop there don dey protest

5 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by emmanuelbrown26: 7:11am On Jan 27, 2023
jasent:
They said this move will affect tinubu presidential bid. Shey others don't need money to campaign?
Too early to cry, dis is minutes past 7

2 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by obajoey(m): 7:11am On Jan 27, 2023
MrOkenwa:
Lies. They are not circulating anything.

The man targeted politicians at the expense of the larger population.

The question is if the man had won the primary, would he be doing this.

4 Likes 1 Share

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by Davies25: 7:12am On Jan 27, 2023
How are cash based businesses going to cope with this cash mop up?
It's about to go from bad to worse for poor, mostly uneducated Nigerians.

Kudos to Ogun banks. Banks in my state still dey dispense old notes wey iyalojas no dey collect again. Naija my country!
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by emmanuelbrown26: 7:12am On Jan 27, 2023
Ameko4ever:
No circulation here in Akwa Ibom State. This morning, I've gone to like 5 ATMs with different banks, unable to dispense cash. It is annoying.
So u guys can't 5hink outside b box on how to get d new naira? Nawa to some guys self
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by tradepunter: 7:12am On Jan 27, 2023
superCleanworks:
what kinda fuckery is this?

It's not fuckeryyy..... My friend a manager in one of the banks in Lagos over a drink straight up told me....

Certain people are exchanging old cash in bulk at discount with new cash....

Example I have 1 million old notes .... I will make a deal and exchange it for 800k new notes... Now imagine such deals happening in the 100s of millions

So banks are making money off this crap...
It's a big shame

I thought this was beer parlor talk but was shocked to my bones.... It's when I concluded the banks are the major demons behind this corruption

15 Likes 2 Shares

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by superCleanworks(m): 7:13am On Jan 27, 2023
tradepunter:


So banks are making money off this crap...
It's a big shame

that is the fuckery i was talking about.

CBN would have arranged this thing properly to avoid all this frenzy but their lack of planning and fire service attitude will cause the banks to extort and steal from this situation.

1 Like

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by INTEGRITYA1(m): 7:14am On Jan 27, 2023
Okay
Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by obajoey(m): 7:15am On Jan 27, 2023
tradepunter:


It's not fuckeryyy..... My friend a manager in one of the banks in Lagos over a drink straight up told me....

Certain people are exchanging old cash in bulk at discount with new cash....

Example I have 1 million old notes .... I will make a deal and exchange it for 800k new notes... Now imagine such deals happening in the 100s of millions

So banks are making money off this crap...
It's a big shame

I thought this was beer parlor talk but was shocked to my bones.... It's when I concluded the banks are the major demons behind this corruption

What do you expect from a politically motivated policy, they are beating him to his game

7 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by FashionCookie(f): 7:15am On Jan 27, 2023
obajoey:


The man targeted politicians at the expense of the larger population.

The question is if the man had won the primary, would he be doing this.
E no even target anything. Politicians don horde this money i tell you. They're just playing kalokalo with us....

4 Likes

Re: CBN Applauds Banks In Ogun Over Circulation Of New Naira Notes by obajoey(m): 7:17am On Jan 27, 2023
FashionCookie:

E no even target anything. Politicians don horde this money i tell you. They're just playing kalokalo with us....

We are always at the receiving end, and they don't care.

3 Likes 1 Share

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