ViktorCash:
Thats what i feel will happen next. This scenario applied to other countries that adopted this policy.

Yku feel that is what will happen and you dey talk am with authority, like say the CBN Gov tell you his next move.

No matter how much you deposit at the bank for now, no one will question you. The CBN gave an amnesty to people hoarding the Naira. they can deposit as much as they want for noe

ibinaboonline:
So, to you, this is all about enforcing the cashless policy? Even if that were true, then the program is a disaster. I made a POS withdrawal last Saturday and got billed twice. The vendor simply told me to go to my bank. I went to the bank today, filled the form, and then was told to wait 5 weeks. You hear that? Five weeks. What if the reason I need the money is critical? Mine is even a mild example. The country is not ready for a cashless economy. It's a disaster waiting to happen.

I'm against Emefiele rushing things too

A lot of things have not even been put in place

Omoapena:


How does this make any sense to you, bank can collect it but people can't spend it, if banks collects it, does that not automatically mean, it's still legal tender

You continue to insist on your own version of reality arguing foolishly all day
Legal tender
He nothing to do with what banks do
It is a legal construct
When TENDERED the Payee is obliged by law to accept Legal tender. It is not optional
That is where the definition ends
Legal obligation of the PUBLIC to accept when TENDERED
Making a bank deposit is not a payment or settlement of debt/liability
Even the CBN governor made a clear statement,reinforcing what Speaker House of representatives said but you insist everyone is wrong and you are ri nght
Is that not foolish? Obviously you have a problem accepting you are wrong
Well you are totally wrong here.
The notes cease to be legal tender on the 10th but the CBN WILL REDEEM until further notice using agents like commercial banks

tamdun:

Why won't I accept it if I can just enter any bank and credit my account with it?
It is legal tender until the bank stop accepting it

Same reason people don't accept dollars even though they can easily change them.
Not everyone has a bank account
As of November there were 50 million BVNs meaning over 70% of population have no bank accounts
It is not strange or peculiar to Nigeria
Similar situation in the UK now
Over 10 billion pound of notes that are not legal tender still out there. Ordinary people won't accept them.
https://www.rte.ie/news/business/2022/1001/1325974-paper-l20-and-l50-no-longer-legal-tender-in-uk/US

Whether banks agree to accept old notes on behalf of CBN is not hassle free.
The banks are not obliged to do this for free for ever
They may wish to charge the CBN and the CBN could say bring the notes to us directly
So redeeming would entail hassle and cost which individuals would not want

ibinaboonline:
So, to you, this is all about enforcing the cashless policy? Even if that were true, then the program is a disaster. I made a POS withdrawal last Saturday and got billed twice. The vendor simply told me to go to my bank. I went to the bank today, filled the form, and then was told to wait 5 weeks. You hear that? Five weeks. What if the reason I need the money is critical? Mine is even a mild example. The country is not ready for a cashless economy. It's a disaster waiting to happen.

bail Is free

SmartPolician:
I thought Gbaja was threatening to arrest Emefiele! How come he visited the HoR and the speaker didn't ask security operatives to pick him up? Yeye dey smell.

By the way, why are they going back and forth with this naira redesign policy?

Bros, it is never too late, you can still go and enroll in a kindergarten program. All these zombiedients sef. Truly, education is the master key.

[

As if i knew Check front page this morning

Parachoko:


Yku feel that is what will happen and you dey talk am with authority, like say the CBN Gov tell you his next move.

No matter how much you deposit at the bank for now, no one will question you. The CBN gave an amnesty to people hoarding the Naira. they can deposit as much as they want for noe

ViktorCash:
As if i knew Check front page this morning

So wetin concern my comment with the screenshot?

Explain the correlation between wetin I dey talk and the screenshot you post

Efcc to track heavy withdrawals Deposit as much as you can,but come withdraw am nah . This is good policy against these corrupt Nigerians

Parachoko:
So wetin concern my comment with the screenshot?

Explain the correlation between wetin I dey talk and the screenshot you post

ViktorCash:
Efcc to track heavy withdrawals Deposit as much as you can,but come withdraw am nah . This is good policy against these corrupt Nigerians

Go and read my comment you quoted again, this time around, make sure you read and understand please

But if you do not still understand it

You are free to go find who you go give your phone to, make dem fully explain my comment to you, cause I don see reading and understanding they disturb your life.

Parachoko:


Yku feel that is what will happen and you dey talk am with authority, like say the CBN Gov tell you his next move.

No matter how much you deposit at the bank for now, no one will question you. The CBN gave an amnesty to people hoarding the Naira. they can deposit as much as they want for noe

Sheggy13:

Lol what does this even mean. If banks can still accept it from you to deposit, then its still a legal tender. When something isn't a legal tender, it means its illegal to spend it but that is not the case here. The only difference is the stress of going to the bank regularly to deposit every old note you're given.

no, banks will only accept the old notes but banks won't use it any to issue it for withdrawal any longer.

The more people rejected it, the more

Wipper7000:
Brother, What of if I accept it as a legal tender and later take it to my Bank for deposit since bank still accept it as a deposit. is it not the same. Emefiele is the worst CBN governor. I have never seen a CBN governor running to the president before taking decisions in my life.

Even if you deposit 10 billion of it...you only withdraw 10 or 20k of it.That is the idea of what is meant...

BloomingDale:


Oga, stop this fake argument. If you take your old notes to the back even years after the deadline, they will still accept it even though it’s no more legal tender.

Even though it’s no more legal tender I’m sure the public will still use it if they can’t get hold of the new notes since you can take the old notes to the bank anytime for exchange.

The only people that are mandated to follow the CBN deadline are the banks that will no longer give out the old notes to the public. Gradually the old notes will be moped off.

Tinubu can still use all his old stash to bribe electorates on Election Day.

I hope you're getting the new update from CBN, pls keep your old notes with the hope commercial banks will accept it...


I don't know how something commercial bank will accept still remain legal tender, common sense isn't common truly

olahero:
no, banks will only accept the old notes but banks won't use it any to issue it for withdrawal any longer.

The more people rejected it, the more

You guys are just confusing yourself, banks will accept it but won't issue it out and that means it's no more legal tender to you?


Chai.


So far its no more legal tender, no commercial bank will accept it, CBN knows what they are doing, if you still have the old note, take it to CBN yourself and change it, loosing legal tender means no commercial entity or individual should accept it...

Omoapena:


I hope you're getting the new update from CBN, pls keep your old notes with the hope commercial banks will accept it...


I don't know how something commercial bank will accept still remain legal tender, common sense isn't common truly

I was working on the information available as at then. Different info now. Take a chill pill.