Omoapena:

omonnakoda

Idiot

This is it here

Extension for commercial banks till 17th of February

lol
You are a fool and proud of it
Legal tender means public is obliged to accept it.
The moment that ceases it is no longer legal tender

The 17th is old. Regardless The initial statement still meant it would cease to be legal tender on the 10th
His statement today appeared to change that
But that is a different issue
The point is if

Banks are accepting the notes but the public are not it is. NOT LEGAL TENDER

Wilson212:
where did you get this information .go and read section 22 of cbn act .bank will still collect it next year the reason they are still collecting that old 100 naira just that they will not give it out but they can collect it

I'm not interested in reading the act.. I'm quoting Emefiele who's expected to know the Act you're referencing in and out..
He's the CBN governor and I also believe the Bank has legal adviser. I'm not interested in the technicalities

Wilson212:
oga go and read section 20 and 22 of cbn act if I take 20000 of old 100 note they will collect it yes it is not a. Legal tender but the law said it should be collected and the value of it given to you

Omo

Na wa o
Its not a legal tender but they will collect it and give you the exact value of what you bring.....

Is your sense not telling you that since they are collecting 20000 units of it while they give you same value either in cash in hand or cash at bank then people will keep spending it when they know they can take 20000 units of it to the bank and still gets same value, so how does that rule out the money being legal tender?


I'm not arguing....

Wilson212:
oga go and read section 20 and 22 of cbn act if I take 20000 of old 100 note they will collect it yes it is not a. Legal tender but the law said it should be collected and the value of it given to you

leave him
Some people like to argue blindly

kaeycea:

I'm not interested in reading the act.. I'm quoting Emefiele who's expected to know the Act you're referencing in and out..
He's the CBN governor and I also believe the Bank has legal adviser. I'm not interested in the technicalities

Can the cbn governor go against the hor , Hos passed laws and not make himself eligible for an outright sack by the two houses?

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?

The visit has already nullified the arrest threat

Omoapena:



Omo

Na wa o
Its not a legal tender but they will collect it and give you the exact value of what you bring.....

Is your sense not telling you that since they are collecting 20000 units of it while they give you same value either in cash in hand or cash at bank then people will keep spending it when they know they can take 20000 units of it to the bank and still gets same value, so how does that rule out the money being legal tender?


I'm not arguing....

unfortunately that is what our law said that is why bank are not rejecting that old 100 note but they can't give it out

kaeycea:

I'm not interested in reading the act.. I'm quoting Emefiele who's expected to know the Act you're referencing in and out..
He's the CBN governor and I also believe the Bank has legal adviser. I'm not interested in the technicalities

This is what he said today
https://punchng.com/banks-will-accept-old-notes-after-deadline-emefiele/

"Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

omonnakoda:
lol
You are a fool and proud of it
Legal tender means public is obliged to accept it.
The moment that ceases it is no longer legal tender

The 17th is old. Regardless The initial statement still meant it would cease to be legal tender on the 10th
His statement today appeared to change that
But that is a different issue
The point is if

Banks are accepting the notes but the public are not it is. NOT LEGAL TENDER

Are you a fool, you're saying the public is obliged to accept it till 10th but can still take it to bank till 17th, so what makes it not to be legal tender from 10th to 17th since banks will still accept it, abi this guy brain is leaking ni...

Is there something I'm not getting from this your statement....

Legal tender means something you can present to bank, both commercial and apex and accept it as a medium of exchange....

So what's the purpose for setting a deadline and rushing a policy?

buhariguy:
idiotic pigs are disappointed

so you know your Bastard Old Drug Lord,Can't win without Vote Buying..... Shame on You.we go still show am shege....we go result to plan B or C......Una never see anything...... Bastard M f k

Omoapena:



Are you a fool, you're saying the public is obliged to accept it till 10th but can still take it to bank till 17th, so what makes it not to be legal tender from 10th to 17th since banks will still accept it, abi this guy brain is leaking ni...

Is there something I'm not getting from this your statement....

Legal tender means something you can present to bank, both commercial and apex and accept it as a medium of exchange....

Emefiele said this. Not me
Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

Who is the fool? You are

How did you got to graduate from the institution you attended guy?
There was a plan to arrest him had it been he did not show up today.

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?

Omoapena:


....

Legal tender means something you can present to bank, both commercial and apex and accept it as a medium of exchange....

This is rubbish

Legal tender means money that the. PUBLIC is obliged to accept
It is not optional
If the public DO NOT HAVE TO accept it it is not legal tender

That is all there is to it

The more money they return after deadline, the more the new notes will be bought by politicians

This CBN Governor is unstable and incompetent.
How can you force Nigerians to pass through stress because of your useless policy

omonnakoda:


This is rubbish

Legal tender means money that the. PUBLIC is obliged to accept
It is not optional
If the public DO NOT HAVE TO accept it it is not legal tender

That is all there is to it

Okay, so the public can't spend it within themselves but the banks will take it, is that what you mean?

People need to understand that naira notes apart from being legal tender are a CBN DEBT just like Treasury bills
A debtor cannot just wake up one day an cancel his debt unilaterally
So the CBN is obliged to redeem it's debt
The banks collection of old note is just the banks. Acting as an Agent of the CBN

The debt/credit status of Naira notes is different from it's legal tender status

Omoapena:


Okay, so the public can't spend it within themselves but the banks will take it, is that what you mean?

They CAN .Just like they can spend Bitcoin dollars,gold or recharge cards subject to agreement one on one. Voluntarily
The difference is that legal tender is a legal construct. That means a creditor cannot refuse tender for debt. They must accept it. If they refuse legal tender there is no liability to pay but they can choose to accept anything as payment. BY CHOICE

Read

https://www.rte.ie/news/business/2022/1001/1325974-paper-l20-and-l50-no-longer-legal-tender-in-uk/

fact of the matter is it has all ended up to be rubbish. The supposed corrupt people and kidnappers etc whom this was supposed to sting, ain't gonna feel any sting now. Legal tender or not, as long as that money can be accepted at a bank and paid into an account, it still holds its value. So if I have 500billion stashed all I have to do is funnel it all into some accounts lobatan. Vote buying nko, if someone is give 5k, 10k or whatever as bribe to vote, they can simply now take the 5k or 10k to the bank and that's that.

So all those reports of people dumping bales of 1000 and 500 naira notes in stupendous quantity across the country, na im be say those wey see am and pack am don jam free manna from above be that. I saw a post where a tricycle was supposedly abandoned and filled to the brim with old notes. Abeg who know where that tricycle dey??

So ultimately, nothing worthwhile was achieved at the end of the day..and I am freaking pissed!!!🤬

If some of the aim of the policy was to target politicians who intend to use cash to induce voters, how does an this unending deadline confront that?

Parachoko:
Can you explain what part of the Cashless Policy that's defeated?

Emefiele don bow to political pressure...

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?

He said bank will continue to accept the old note after the deadline, who do u think is winning
Receive sense

pavoda:
If some of the aim of the policy was to target politicians who intend to use cash to induce voters, how does an this unending deadline confront that?

You're ignorant bro

Go and make some research and educate yourself why the Cashless Policy was introduce in 2012

Any person who believes this will achieve anything also believes that
BAIL IS FREE

kaeycea:

I'm not interested in reading the act.. I'm quoting Emefiele who's expected to know the Act you're referencing in and out..
He's the CBN governor and I also believe the Bank has legal adviser. I'm not interested in the technicalities

The guy is trying to educate you and cure you from your ignorance

But you are too daft to take correction.

The Banks will still be collecting the old notes after February.

kennyz247:

what u just said,does it make any sense?

what you just asked, does it make any sense?

Emefiele printed trillions illegally for Buhari and they want to mop it up before a new government comes
That is what this is about
Nothing to do with vote buying

Parachoko:
The guy is trying to educate you and cure you from your ignorance

But you are too daft to take correction.

The Banks will still be collecting the old notes after February.

Stop being a nuisance..
I'm just quoting Emefiele.. He should rather proceed to educate the CBN Governor since he knows more.
I'm not interested in his tutorial.

Completely botched redesign policy.

This is incompetence on steroids.

Emefiele has finally succumb and comply with this people by this comment... So no more arrest....for this country Na only poor and less privilege dey suffer

kaeycea:

Stop being a nuisance..
I'm just quoting Emefiele.. He should rather proceed to educate the CBN Governor since he knows more.
I'm not interested in his tutorial.

Even the CBN Gov made it clear the old notes will still be accepted by the banks after the

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says banks will continue to accept old naira notes after the stipulated deadline

He said the CBN will also accept the old naira from banks after the February 10 deadline.

Emefiele made reference to the CBN act mandates the apex bank to continue to accept old notes after it’s expiration.

Section 20 (3) of the CBN act states: “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”.

https://www.thecable.ng/just-in-banks-will-accept-old-naira-notes-after-deadline-says-emefiele/amp


If toh say you carefully read the article the OP posted and understand, you wont be disgracing yourself right now.