Section 20 of the CBN Act states clearly that the Head of the CBN after talks withe president can issue in new notes and call back old notes.

Once a note has be unveiled as the new note,it becomes a legal tender, a medium by which all within the country must give and accept as means of payment.
Failure to pay with it or not accept it from a person paying with it, can be penalized.
However once it ceases to be a legal tender,one can now chose to not accept it as a medium of payment without fear.


By virtue of Section 20(3) of the Acts, the CBN is mandated to always collect the old notes after expiration and stile redeem with the same value.
Thus even after a year, so far it's not counterfeit, one can always take an old money to the bank and can sue the bank under the section for not collecting the old money and redeeming it at same value.
However, a clause in the section has it that, once the currency is mutilated that the bank has the discretion to now accept it or not.

Thus from now to 10th, one can actually sue anyone and as well be sued for not accepting the current legal tender as means of payment.. however, after the expiration of the period. Only the banks and the CBN can now be sued for none acceptance of the old currencies, as the Section 20(3) of the CBN Act,mandates the bank to always accept and honor back with equal value of the new currency in circulation at all time.

Save that the Act gets amended, this is the position of the Law and unfavourable it might seem to us now, but that's our law for now.

In this useless country abi?

Simply put..

It defeats the purpose of this policy if old currency can still be paid to buy votes and all they need to do is take it to the bank to change it even 6 months from now.

Truth is For Emefiele to totally make it that the old notes become paper, and totally worthles, he needs to first amend the CBN Act.

Cameroon still accepts the money it did changed as way back as possible, the US dollars has been changed as well over the years,but then the old ones are still in circulation.
It's ok to want to get at a particular candidate.. but should it be at the detriment of a whole country with 250+ million people ?

Nigerians are very angry already,with fuel sold as high as 400naira in oron here, no light, high cost of living, and the fact that the money they took freely to bank they now have to pay POS people 5k for 100k to witdraw.

Money that rich people and the political class never have to pay for because the very places they patronize will always receive bank transfers, and you want go transfer money to buy 5 cups of garri suger and groundnut at mama nkechi kiosk?
Rich people HOLD cripto politicians have their currencies in dollars. It's only business people mostly and people who do exchange that mostly keep cash to aid business transactions with the locals who have no, or can't operate bank accounts.

By next month end, the election will be over, but a dented economy will take months to repair.

If a politician is the problem, stop being a coward,go all out at him, stop using the whole 250+million people as bait to get back at a politician or some politician.. peace

Papichulostunne:
Simply put..

It defeats the purpose of this policy if old currency can still be paid to buy votes and all they need to do is take it to the bank to change it even 6 months from now.

Is there a politician that is bigger than than the whole 250+ million people in Nigeria ?

If he has cash held up in Nigeria, why can't the government break in there and take out the cash.. why use the whole Nigerian population as collateral damage... So as to take out one person ?

People are really suffering.. people can't do business again out of fear

Papichulostunne:
Simply put..

It defeats the purpose of this policy if old currency can still be paid to buy votes and all they need to do is take it to the bank to change it even 6 months from now.

What is the purpose?

Benesis:


Is there a politician that is bigger than than the whole 250+ million people in Nigeria ?

If he has cash held up in Nigeria, why can't the government break in there and take out the cash.. why use the whole Nigerian population as collateral damage... So as to take out one person ?

People are really suffering.. people can't do business again out of fear

Bro i believe you have lived well enough to know no "good" thing comes easy. It is usually faced with series of challenges.. setbacks.. but what you need to look at is the bigger picture here bro.. in the next six months you would be grateful for this.

Papichulostunne:
Simply put..

It defeats the purpose of this policy if old currency can still be paid to buy votes and all they need to do is take it to the bank to change it even 6 months from now.

Baba, the politicians have the new notes already, that's why I and you can't get it.

The ignorant folks blinded by hate for Tinubu should read this.....