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It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 (64118 Views)

We Did Not Authorise Commercial Banks To Collect Old ₦500, ₦1000 Notes - CBN / ₦‎1 Trillion Old Notes Received By CBN, Banks - Emefiele / CBN Redesigns 200, 500 & 1000 Naira Notes (2) (3) (4)

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Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by MyVILLAGEpeople(m): 5:06pm On Mar 07, 2023
loosecanon50:
The heading says one thing, the body of the message says something different. CBN should just take a stand already.

Left for me, let them release the old notes they kept in their custody since, the masses have really suffered enough. Nigeria ain’t ready to go cashless yet. Common free and fair election we can’t achieve and they’re thinking of having a cashless society.

This policy has nothing to do with cashless policy or redesigning whatever. It was all a game plan in connivance with the supreme court. It was all about retaining power for the APC and the goal has been achieved!

2 Likes

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by gassbee: 5:07pm On Mar 07, 2023
Somebody no wan go jail
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by MichaelSokoto(m): 5:09pm On Mar 07, 2023
bassdow:
make e no be say some Banks wan use style release OLD NOTEs wey don hang for dem hand.

I suspect they would agree should they receive more InFlow than outFlow of OLD NOTEs .

POS dem do similar. Dem continue paying Old Notes till they exhausted them, then dem close shop.

Las las, should CBN fail to give the required directive, na people Money go loss.

As for Me, I no even TRUST the new Notes because e fit be FAKE or CBN fit wake up one Morning talk say all NEw NOTEs no valid again, say dem use am do TestRun.

As soon as New Notes enter my hand, I break Am DoWn, and any wey remain, no go tey
Naxo na!

dat so called new note would be withdrawn dats why dey did only re-dyeing.
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by iammolise(m): 5:11pm On Mar 07, 2023
Well since the CBN and buhari hasn't said anything about it life should move on, if they(CBN/buhari) are not in tandem with the supreme court order they'd have said something already, after all the whole naira redesign, old note deadline bruhaha has fulfilled it's purpose.
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Elsueno: 5:11pm On Mar 07, 2023
Zico5:
This is truly the end of Emefiele. I trust Tinubu, he won't spare him for putting this country in turmoil through naira redesign. He will vommit all he has stolen from the treasury.

Oh please! Tinubu doesn't give a shyt about ordinary Nigerians, no be him did everything he could to help Buhari get into power TWICE!!, isn't he part of APC same as Buhari?,

Nothing go happen, Emefiele would retire peacefully, Buhari would go back to his Daura too... Agbado himself has too many skeletons, he won't dare to touch any corrupt cabal as they would wrangle his a## 😂

2 Likes

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Beansman: 5:13pm On Mar 07, 2023
I was paid 19k old 500 naira note today at Sterling bank Benin city,market men and women refused to collect from me. Am thinking of returning it back to d bank tomorrow.

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by iammolise(m): 5:14pm On Mar 07, 2023
MyVILLAGEpeople:


This policy has nothing to do with cashless policy or redesigning whatever. It was all a game plan in connivance with the supreme court. It was all about retaining power for the APC and the goal has been achieved!
my idea about the whole thing exactly.

1 Like 1 Share

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Trustme2(m): 5:14pm On Mar 07, 2023
DeepSight:


The SC also said the withdrawal limit is illegal.
So one can take more than 20k per day in the banking hall now ?
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by iammolise(m): 5:15pm On Mar 07, 2023
Beansman:
I was paid 19k old 500 naira note today at Sterling bank Benin city,market men and women refused to collect from me. Am thinking of returning it back to d bank tomorrow.
my broda market women no send u o... And can you blame them, they sell how they bought undecided

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Pacesetter123(m): 5:16pm On Mar 07, 2023
Now,my question is, can those same commercial banks issuing the old notes to customers accept deposit of this old notes?
Or will we withdraw from commercial banks but deposit at CBN?
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by MrFourSHIRTS: 5:16pm On Mar 07, 2023
Cajal:
What else
The purpose has been defeated

Bola TINUBU has emerged as president elect against all odds

Mugu
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by HellVictorinho7: 5:19pm On Mar 07, 2023
dalass:


The sudden naira [i]swap[/i] confiscation and it's subsequent wahala has the only merit that we no longer hear of wanton kidnapping every day.

I hope they don't flood the streets with too much money. Money induced crimes have gone down a lot. Though it has been very stressful without cash. God help us
RUBBISH

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by ceasare: 5:20pm On Mar 07, 2023
Pacesetter123:
Now,my question is, can those same commercial banks issuing the old notes to customers accept deposit of this old notes?
Or will we withdraw from commercial banks but deposit at CBN?

Nigeria is a confuse country and we d citizen are the most terrible of its lot.if d banks are reissuing it out why are we not accepting it amongst ourselves for exchange of goods n services ? Ohhh until one bald headed hawk from CBN says so? Quite pathetic
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Pacesetter123(m): 5:20pm On Mar 07, 2023
Beansman:
I was paid 19k old 500 naira note today at Sterling bank Benin city,market men and women refused to collect from me. Am thinking of returning it back to d bank tomorrow.
grin grin
The same bank will ask you to take it to CBN for deposit.
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Shaev7(m): 5:20pm On Mar 07, 2023
jumper524:
if banks are issuing it, why should traders reject it?
This country sef too like wahala and suffering.
Seun please push to better audience.
The government is playing with the masses. Nonsense, if Nigeria speaks one voice, by now we should reject it. We are already adjusting to the system. No need.

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Pacesetter123(m): 5:22pm On Mar 07, 2023
Trustme2:

So one can take more than 20k per day in the banking hall now ?
Nope, even the bank paying the old money do not pay more than 20k per day.
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by baralatie(m): 5:22pm On Mar 07, 2023
Ok
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by soliufiljannah(m): 5:23pm On Mar 07, 2023
It has to come from cbn else we ain't collecting oldies
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Pacesetter123(m): 5:24pm On Mar 07, 2023
ceasare:


Nigeria is a confuse country and we d citizen are the most terrible of its lot.if d banks are reissuing it out why are we not accepting it amongst ourselves for exchange of goods n services ? Ohhh until one bald headed hawk from CBN says so? Quite pathetic
grin grin
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by yahoodetector: 5:26pm On Mar 07, 2023
Cajal:
What else
The purpose has been defeated

Bola TINUBU has emerged rigged his way as president elect against all odds

Fixed!
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Ebuka78: 5:26pm On Mar 07, 2023
I wanted to withdraw 5k from POS today since the bank is crowded with people. The POS operator outside the bank told me she charges 1,500 for 5k.

I was like, wow!
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Ken4Christ: 5:26pm On Mar 07, 2023
Fahdiga:
Traders are still rejecting it. CBN should issue a statement about this.

Pride will not let them do it. The fact that some of the commercial banks have started dispensing the old notes shows that it's been approved. The banks won't do that without approval from CBN. They don't just want to make it public.

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Ken4Christ: 5:28pm On Mar 07, 2023
jumper524:
if banks are issuing it, why should traders reject it?
This country sef too like wahala and suffering.
Seun please push to better audience.

Some traders are rejecting it because we have a lot of mumu people in Nigeria. This I have found out.

1 Like

Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by faithfull18(f): 5:28pm On Mar 07, 2023
Lol
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Cajal(m): 5:32pm On Mar 07, 2023
MrFourSHIRTS:


Mugu
Miscreant
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Lightorder: 5:37pm On Mar 07, 2023
What will it take CBN to just give a 3 minutes broadcast or does it mean that they don’t have a camera phone or microphone ? Go to the bank and collect old note and fight with the conductors in the street
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Bluffly: 5:38pm On Mar 07, 2023
Governors forming as if they care about the people but it is just for their loot. They should fircely attend to the problems staring at them in their states the way they faced the FG. Let any LG even try such with the states the governor's will start war immediately
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Bluffly: 5:38pm On Mar 07, 2023
Ken4Christ:


Some traders are rejecting it because we have a lot of mumu people in Nigeria. This I have found out.
They do not want to get entangled in politicking
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by grandstar(m): 5:39pm On Mar 07, 2023
It is Buhari's directive the people are waiting for. All the Supreme Court is all grammar.

Hopefully, next week, after the elections, the nation would hear from PMB about the matter.

Anyway, PMB support for the policy was not only to clip the wings of politicians during these 2023 elections, but also to fight corruption.

The use of the old notes until December 31st, 2023 has frustrated his plans to use it as a means to fight corruption.

There are far more effective ways to fight corruption rather than this which amounts to nothing more than "throwing the baby out with the bathwater"
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by Obiebanks007(m): 5:44pm On Mar 07, 2023
Cajal:
What else
The purpose has been defeated

Bola TINUBU has emerged as president elect against all odds


Are you it was defeated? Or it made the rigging clear.

If cash was available, automatically people would have voted Apc and we won't be having doubts of vote issues, but since their was no cash to bribe the masses our Oga them at the top had to go extra miles.....miles way come cast . undecided
Re: It’s Been Approved By CBN’ — Banks Begin Dispensing Old ₦‎500, ₦‎1000 by sparko1(m): 5:45pm On Mar 07, 2023
Elsueno:
Until a categorical statement by CBN is issued on d acceptance of the old notes, Pls do not accept it.... Banks never loose money, they can reject same old notes they give U today d next day if CBN refuse to collect from them.


As for me, I don't remember d supreme court having d power to decide on legal tender...So either new notes or transfer, otherwise no business 😤

Send me your business address, I will screenshot this when eventually they release statement and everyone begin using both old and new ones.

How can you remember when Supreme Court have power over everything in a country, when they say go to school, you went there to join gang. Smh!

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