salesbloo:
You see why APC Governors are right




I can deposit 500K in 5 different bank accounts making 2.5m meaning old notes is still a legal tender .....since the deadline specified is April 10 . Alternatively if you have individual and corporate accounts ....500k in each account

On the other hand if the above scenario is not plausible because of BVN, instead of depositing it, since there are no new naira notes, I will just spend it .Why should I return them since there is no new naira notes and no deadline. Let continue to recirculate them, CBN want to scam us again. To get old or new notes you pay as high as 20%


Redesign Policy is completely defeated

Am I right or wrong?

salesbloo:
You see why APC Governors are right




I can deposit 500K in 5 different bank accounts making 2.5m meaning old notes is still a legal tender .....since the deadline specified is April 10 . Alternatively if you have individual and corporate accounts ....500k in each account

On the other hand if the above scenario is not plausible because of BVN, instead of depositing it, since there are no new naira notes, I will just spend it .Why should I return them since there is no new naira notes and no deadline. Let continue to recirculate them, CBN want to scam us again. To get old or new notes you pay as high as 20%


Redesign Policy is completely defeated

Am I right or wrong?

missuzoma:
Key highlights from the Banker's Committee meeting held today on the Naira Redesign

1. The old 200 naira will still be legal till April 10th 2023.

2. The old 200 naira and the new 500 and new 1000 will continue to be in circulation till 10th of April 2023.

3. The old 500 and the 1000 can be deposited into commercial bank just once within the 60days extension.

4. A new App will be developed by CBN to enable customer to make the one off deposit within the extended 60 days.

5. A customer cannot make more than 500k deposit within this period and it cannot be splited.

6. Customer making above 500k will have to visit the CBN.

7. You cannot receive value for the deposit immediately because the money will go to a CBN GL.

8. You can only receive value Upon remittance and confirmation from CBN.

salesbloo:
You see why APC Governors are right




I can deposit 500K in 5 different bank accounts making 2.5m meaning old notes is still a legal tender .....since the deadline specified is April 10 . Alternatively if you have individual and corporate accounts ....500k in each account

On the other hand if the above scenario is not plausible because of BVN, instead of depositing it, since there are no new naira notes, I will just spend it .Why should I return them since there is no new naira notes and no deadline. Let continue to recirculate them, CBN want to scam us again. To get old or new notes you pay as high as 20%


Redesign Policy is completely defeated

Am I right or wrong?

AtikuOkowa:


Leave that to me.

But I am sure 100％ Abiola will be president of Nigeria before Tinubu.

Ahmed0336:


CBN don shoot their selves for leg.


Left for me, since we are yet to see much new notes in circulation, let's continue to use the old ones as a means of legal tender pending when CBN announces deadline for commercial banks to stop receiving deposits of old notes.

If we rush go deposit all our money when we no see the new ones, how we go take cope?

DispatcherLagos:
Nigerians are half illiterates walahi.
CBN said you can go to the bank and deposit your 500 and 1000 currencies after getting a code online.

Now let me explain....a code can only be obtained once by any individual and the maximum amount that can be deposited using a single code is 500k.

This implies that once you get and use a code to deposit once, CBN assumes you have deposited all the old currencies with you and next time you try to obtain a code, it will be rejected.

salesbloo:
You see why APC Governors are right




I can deposit 500K in 5 different bank accounts making 2.5m meaning old notes is still a legal tender .....since the deadline specified is April 10 . Alternatively if you have individual and corporate accounts ....500k in each account

On the other hand if the above scenario is not plausible because of BVN, instead of depositing it, since there are no new naira notes, I will just spend it .Why should I return them since there is no new naira notes and no deadline. Let continue to recirculate them, CBN want to scam us again. To get old or new notes you pay as high as 20%


Redesign Policy is completely defeated

Am I right or wrong?

DispatcherLagos:
Nigerians are half illiterates walahi.
CBN said you can go to the bank and deposit your 500 and 1000 currencies after getting a code online.

Now let me explain....a code can only be obtained once by any individual and the maximum amount that can be deposited using a single code is 500k.

This implies that once you get and use a code to deposit once, CBN assumes you have deposited all the old currencies with you and next time you try to obtain a code, it will be rejected.

Padipadi:

Thanks for reminding Nigerians about Abiola.
You ll indeed incure the wrath of Yorubas. Bloody northern slave. A born throwaway child.

PointZerom:


Don't ever think you're smarter than somebody who layes ambush against you.

CBN knows what they're doing but if you chose to be a victim that's your business.

PeterObi4LP:


Nursery School pupils talk.

ShenTeh:
One of the issues with Nigeria is that we dont take ourselves serious.

We have been spoilt with shifting deadlines, which may be the reason why some people didnt take the initial CBN directive seriously.

Nigerians are used to havind deadlines adjusted to many often.

CyynthiaKiss:


No, it has not been defeated and can never be defeated!!

You can only deposit your old note; but you can't use it..
They only helped you to reduce the stress of depositing it at the CBN ...

Nobody is or will collect old cash.. Those that still have theirs have been given an opportunity to visit any bank around to deposit it, not CBN...

Guess what, the situation will escalate more next week because after depositing the old note, the new note is not yet fully accessible

Oluchiugo:
I just dey laff for here......sebi Dem say na to curb vote buying. Sebi those politicians go use those old naira notes wey Dem don gather on election day now hahahaha. I duff my cap for politicians biko

Johnkennie:
Redesigned of naira is not the issue... The issue is how can you be rejecting Nigeria currency in Nigeria

LegendHero:


You don’t know what you are saying. If the policy is done to defeat vote buying, then it has failed even with the bolded statement from you.

Can’t I just sell my vote and then go ahead and deposit the money in the bank after election? Have you thought about that?

So if my bolded statement is true, hasn’t the essence of naira change to curb vote buying defeated already?

People selling votes can get their cash on election day, then go ahead to the bank to deposit it at their convenience and their account get credited with the amount.

Demogorgon:
One even said he can deposit 500k to different accounts when cbn clearly stated it's 500k per BVN

AtikuOkowa:


why the anger?

I just respect your heroes by putting them in order,shey Tinubu is not junior to Abiola?

Yoruba gods fear cows,I do not know why? Maybe they are grass?

CyynthiaKiss:


No, it has not been defeated and can never be defeated!!

You can only deposit your old note; but you can't use it..
They only helped you to reduce the stress of depositing it at the CBN ...

Nobody is or will collect old cash.. Those that still have theirs have been given an opportunity to visit any bank around to deposit it, not CBN...

Guess what, the situation will escalate more next week because after depositing the old note, the new note is not yet fully accessible

adioolayi:
I don't understand all these reactionary policy statement..

There are reports of crowds at CBN offices today...CBN Governor knows he has very little offices Nationwide, why direct entire population to return the old notes via this channel only

Now that he understands CBN offices are under threat, he has to do something very fast..and have directed commercial banks to collect the old notes..in a reactionary fearful move


As the Op has said, I feel the redesign policy is defeated...even if I have one time avenue to deposit the old notes...

Every SMEs can continue to transact with old note and wait till March or April before using their one time code to make the #500k deposit slot.

We can keep saying Nigerians have huge threshold of endurance....we have I don't care attitude... it is only true, if you have not disturb their means of daily living..afterall, Nigerians provide everything by themselves, for themselves...once you affect how Nigerians feed, move, you will see madness and craze...and that's what is happening right now

It is what it is...Poorly implemented policy cannot stand the test of time.

illuminutty:
Corruption will always fight back. For your info, voters will not accept the old notes as bribe, courts are no longer accepting them as filing charges and even policemen on the road are no longer accepting them as bribe. You are on your own.

A word is enough for the wise. If you could, limit the amount of old notes in your hand. Use cashless means where possible and only resort to cash where it is unavoidably imperative.

salesbloo:


That is before today...and it pertains to CBN only