₦airaland Forum

"The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain, but it has significant longterm economic and social benefits. Even though there are improvements that can be made, I urge Nigerians to bear with the CBN and Federal Government with the hope that the general populace and Nigeria will harvest the gains that will come with the reforms."

How insensitive and callous of Obi to make such statement after seeing the pain and chaos going on over the mess that Buhari and Emefiele have caused. Nigerians supporting Obi may be making a big mistake if he wins, he may continue this Buhari's evil cashless policies..... He may be another "false messiah" just like Buhari in 2015.... I hope those supporting him are using their heads and are not into the cult of personality that have characterized Peter Obi's meteoric popularity after decamping from PDP and joining labour party.... I wonder how Obi can see economic benefit in punishing Nigerians.... This is a clear indication that he is in support of what is going on.... He is asking Nigerians to bear because it is not affecting him....

That 17th February deadline is illegal and a violation of the CBN act. There is no legal provision that states or gives a time limit on when CBN can stop accepting old currency notes.

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”.

Section 22 of the CBN Act which is the conditional clause and exception for the redemption of old notes states: “A person shall not be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin.

The CBN under section 20 (3) only has the power to give a specific day within which a new currency will become the official legal tender after giving us reasonable notice.

However, the CBN does not have the power to give a deadline on submission or the surrendering of the old currencies. For Emefiele to say that CBN will no longer accept the old currency after 17th February is not supported by law.... It is wrong and illegal....

Micval:
Let me explain this to you, after 10th of this month,old Naira note will cease to be a legal tender,you can't transact with it, but if you still have it in your custody, banks will still accept it till 17th

I can see that you're in support of CBN's cashless policies, you fail to understand that the issue here is not about cashless infrastructure but it is about listening to the people... Not all Nigerians want to transact or keep all their savings in the bank.... There are many people who prefer cash and need cash for their daily transactions... It is callous to assume otherwise, Emefiele was wrong to implement policies that favours his banker friends who will charge outrageous fees for electronic payments.... If he succeeds in destroying Nigeria's cash monetary system.... But his evil plans will fail....

You mentioned Starlink, unfortunately in my opinion that internet service will be used to exploit Nigerians.....

Baddosqqi:
The heart of men is desperately wicked! What has Emefiele gained with this policy that is prematurely implemented What?

Common sense connotes that the Network of the country should first be on starlink to ensure 100% network Coverage across the country!

Secondly share POS to all market women and traders and ensure that those who do not have bank account have account. Deduct the money of the POS machine over a period of 12 months from the income.

A supposed ex-ED of an APEX bank like Zenith Bank implementing this kind of a policy like a dumbwit!!!! Quite pathetic..

I agree but I doubt Buhari was misled by Emefiele...
It is glaring that these policies are part of his government agenda and he is fully behind it, haven't you noticed the body language of Osinbajo recently.... How enthusiastic he has become over anything fintech, electronic payments or CBN cashless policy, they know what they are doing.... And yes many Nigerians are still sleeping and don't know what is happening....

Injera:
THE cash on you at any given time is really the money you own. The cash in bank is not your own because you don't have full control over it as this times have shown.
We are gradually being enslaved and people cannot see it. Emefiele misled Buhari to implement his cashless policy by mopping the cash present in the economy and drastically reducing the notes in circulation. Our rights is gradually disappearing and like the proverbial frog we are gradually being cooked.

FarahAideed:
Every time people like us warned short sighted Nigerians , they insult us

Indeed, it is painful that what is happening now could've been avoided....

You said "Stop wasting your time on these people...." You know that in saner climes, Emefiele should've resigned before Buhari's second term.... Many Nigerians are always sentimental towards national issues, making it difficult for them to think straight or care about the truth but I think as long as we have such platform as this to engage, we have to continue to engage with those that may not agree with us or we don't agree with. I hope that Nigerians may one day put aside sentiment so that we can tackle the issues and move the country forward....

modernWays:
Stop wasting your time on these people. They are already being coursed by nature. Nothing good will ever come out of their lives and months. Sense is far away from them as long as Tinubu and APC is concerned.

While they hate him so much, they expect his tribe to vote their own, forgotten that you can't eat you cake and still have it. These people are very dangerous to be trusted with power.

They are members of the ruling party APC, I don't think they are affected.... In my opinion they are just playing to the gallery..... That's what many politicians do, they lie and deceive the people....

Upton:
No I won’t cry. These policies don’t affect me directly.

Good for you if you have no political affiliation and you are genuinely concerned but if you are writing this epistle and you are a BAT supporter “you will surely cry later”

I’m not trying to dismiss the fact that Nigerians are suffering but BAT and his camp are the ones that have been crying a lot publicly because this affects them. Look at FFK.

See more details of Emefiele's terrorism here https://www.premiumtimesng.com/news/579858-exclusive-inside-details-of-terrorism-charges-sss-filed-against-emefiele.html

How do you know I've been silent.... Also your attempt to silence me doesn't take away the problems we are facing.... If Emefiele has violated his mandate as the CBN governor is it not right that he is made to resign and submit himself for investigation.... It is unfortunate and shameful that you choose to support lawlessness and impunity of public officials over the suffering and injustice unleashed by your oppressors. You can continue to support your oppressors, when Nigeria's economy finally implodes you will face the consequences too.

ican2020:
Shut up op and stop displaying your stupidity

Nigerians crisis did not start this week, it has been there all this years only you kept quiet and pretended as if nothing was wrong

People eat grass, violence tripped, lives snapped everywhere, fuel crisis remains the norm today and you are here spinning rubbish

Shut up and hide your head in shame

You can laugh now but you will surely cry later over Buhari's government policies

Upton:
Lol.

Emefiele has done enough damage to Nigeria's economy already...he should resign and submit himself to DSS for investigation over terrorism financing.... CBN is now a lawless organization and has been weaponized to serve the interest of some politicians against the people. Emefiele should be ashamed of himself....

Tinubu is only deceiving himself, in midst of the crisis and pain Nigerians are going through, he is only concerned about Nigerians voting for him.... APC will lose the election

Nigerians are not asking for electronic payment or Fintech solutions but cash. Osinbajo is one of the great deceivers in Buhari's evil government. He always pretends to care about the masses but does nothing to help them and stays slient to Buhari's evil actions. If Buhari trully wants to resolve this crisis he should mandate CBN to reissue the old notes that was collected from Nigerians so as to reduce tension and then print more new notes so as to make transition to new notes hitch free and smooth process. I will maintain that naira swap deadline is illegal and violation of CBN act section 20 (3) see https://www.nairaland.com/7546457/why-cbn-naira-swap-deadline

Continue to play politics, you will face the consequences of this evil government eventually, it is only a matter of time. Seem you're not in this country to see what is going on, the pain and long queues at bank ATMs.... It's a shame that all you can think of is Tinubu who I suspect this crisis will favour in the upcoming election

Upton:
BATists seriously fighting back. Ya’ll are sounding like you care about the masses. You only care about yourselves.

The country is in crisis and many Nigerians are losing their mind.... The situation appears to be hopeless.... They are left to ponder and ask these pertinent questions...."Is there still hope? Can Nigeria be salvaged?

When Emefiele first issued the naira swap deadline, many Nigerians on this forum were jubilating and abusing those who warned them about the sinister plot behind the cashless policy, naira redesign and deadline... I had appealed to Nigerians to reject these policies knowing that the CBN governor Emefiele is evil just like Buhari, Osinbajo and all others who are members of his government. I had reiterated that these CBN policies are evil, a violation of our right to earn and spend, aimed at stifling opposition party funding for the election, destroying our economy, destroying our cash monetary system and advancing their evil CBDC (Central Bank Digital Currency) and evil cashless economy (To implement a digital control grid).

Since the announcement of the naira swap deadline, we have seen the devastating effect it has caused to the economy and also the increase in crime rate, today can anyone say that they are happy with what is going on? The answer is NO.

Those who saw Emefiele as a national hero, those who abused others on Nairaland, jubilating over the policy as a means to end vote buying, I wonder how many of them are queuing at ATM without any means of withdrawing cash, I wonder how many of them are cursing Emefiele now.... It is painful but then why are so many Nigerians selfish and myopic when it comes to national issues, many who were in favour of these policies supported it not because of national interest but personal interest, thinking that it will not affect them since they already use electronic payment.... It is indeed sad that we devote so much time in putting others down, fighting each other while our oppressors laugh at us and continue to plunder our national resources....

How can a suspected criminal and terrorism financier like Emefiele continue to head a sensitive office like CBN governor? A man who was exposed to be funding terrorism

(See -
https://saharareporters.com/2023/01/18/exclusive-how-investigation-secret-police-dss-linked-nigerian-central-bank-governor),

Desecrated his office by meddling in politics (See -
https://punchng.com/apc-chairman-confirms-emefieles-membership-says-cbn-gov-registered-feb-2021/) turning a sensitive organization like the CBN into a political theatre

A man who was accused of misappropriating over N80 trillion (See -
https://saharareporters.com/2022/12/14/how-nigerias-central-bank-governor-emefiele-diverted-n89trillion-stamp-duty-fund-private)

Also as CBN governor he violated CBN act and continues to do so (See https://www.nairaland.com/7546457/why-cbn-naira-swap-deadline)


How can this man still remain as CBN governor? Is it not madness to think that such a man is capable of implementing good monetary and financial policies...

We are crying now over an issue that would've been avoided if only we fought for the right thing to be done which is the immediate resignation and arrest of Emefiele before now.... It is foolish to keep criminals in positions of authority and expect the country to move forward.... We need to ask why Buhari has refused to fire Emefiele until now? Why national assembly has remained silent over these issues?....As the saying goes, you can't give what you don't have....

Nigeria can not move forward until we begin to purge ourselves of selfishness, if we must survive this evil that Buhari, Emefiele and APC have unleashed on Nigeria, we must put aside our personal gains and hold these evil men accountable. This is the only way we can all be saved.... There is no other way! I hope that we will understand this truth before it is too late, I hope we can salvage what is left before we let our tribal, religious and selfish tendencies destroy us....

https://www.youtube.com/watch?v=A9D96UWczAY



https://www.youtube.com/watch?v=iSKScdu2bJ4

Buhari, Emefiele and APC may the creator of heaven and earth deliver Nigerians from this evil government....

What you do expect he is an APC operative....

Iamgrey5:
Everyone can see what I said yesterday.


Urchins and Agbado are a code words for Yorubas not just Tinubu supporters. It has replaced Afonja another code word.

The lawyer being referenced is a Yoruba man but has nothing to do with Tinubu and he has every right to challenge the government based on his understanding of the law.

However, he is being called an Urchin here.

Your username "OfficialAPCNig" has exposed who you're working for so I won't take you seriously.... Emefiele is a card carry APC member, this illegal deadline is part of your evil party's agenda for the election..... It will fail as Nigerians will reject APC across the board...

OfficialAPCNig:
Urchins are illiterates

Why una no dey use the old N10, N20 and N50 notes since CBN doesn't have the right to reject old notes.

February 10th remains sacrosanct.

😂😂😂

The lawyer is stating the law and you say he is daft because of your sentimental attachment to lawlessness and corruption, its a shame....

NothingDoMe:
The lawyer is daft

The CBN naira swap deadline is illegal see https://www.nairaland.com/7546457/why-cbn-naira-swap-deadline

I see no reason why Emefiele should not be detained by DSS over the fact that he was fingered as a terror financier

theophorus:
Make Emiefiele Sha do make he comot from CBN.

His people send Adeosun away and the Economy started on a downturn.

Posterity will help us define and evaluate his time as CBN Gov.

This is not about politicians or election, ...it's about the politicization of CBN.... The way the CBN governor went about naira redesign and deadline is a clear violation of section 20 sub 3,4 and 5 of CBN act.

SadiqBabaSani:
The politicians will not rest untill Old notes are used for the election

The lawlessness of Buhari's government is appalling, can the national assembly curtail Emefiele's reckless actions and scrap this illegal naira swap deadline that has caused untold pain to Nigerians and hurting the economy....

Amid complaints over difficulties encountered with swapping old naira notes for new designs, the Central Bank of Nigeria (CBN) extended the January 31 deadline till February 10.

In a statement issued on Sunday, Godwin Emefiele, the CBN governor, said aside from the February 10 deadline, an additional seven days has been added as “grace period” for Nigerians to deposit their old notes directly with the CBN.

The CBN has the exclusive power to issue, reissue, print, and exchange currency notes and coins across Nigeria under sections 2b, 17, and 18 of the CBN Act.

While the CBN has the power to stop old notes from being used as legal tender or for transactional purposes, does the apex bank have the legal right to refuse to accept the old note in exchange for the new ones?

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”.

Section 22 of the CBN Act which is the conditional clause and exception for the redemption of old notes states: “A person shall not be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin.”

Speaking on the implication of the above-stated sections, Festus Ogun, a Lagos-based legal practitioner, said the CBN is under compulsion to accept old notes even after the deadline for validity.

“The Central Bank of Nigeria under section 20(3) only has the power to give a specific day within which a new currency will become the official legal tender after giving us reasonable notice,” he said.

“However, the CBN does not have the power to give a deadline on submission or the surrendering of the old currencies and saying this not because it is not desirable that the old notes should be deposited in the bank, but to say that they will no longer accept the old currency after a particular deadline, it is not supported by law.

“Section 20(3) is clear. It says that the CBN has a mandatory duty to redeem the old notes when presented to them or presented to the bank.”

He also said the notice issued by the CBN is not a “reasonable time”, adding that the least period should be a notice of six months.

“Let’s even assume that the notice given was reasonable, the law states that the notice is only in respect of when the new currency would become the official legal tender,” Ogun said.


“It does not necessarily imply that the old currency can no longer be accepted by the bank even after the expiration of the deadline. The banks can accept it and present it to CBN because CBN has a duty to accept it from them.

“A lot of people, especially in the rural areas, do not have access even to banks and do not have access to this new legal tender. So, why should you render useless the money with them because of a particular deadline?

The CBN is under compulsion to accept the old currency from our people."

Source: https://www.thecable.ng/matters-arising-is-it-legal-for-cbn-to-reject-old-naira-notes-after-deadline/amp

Yes but breaking the law doesn't make the country better.... This is not the first time Nigeria is redesigning it's currency so why is Emefiele violating the CBN act.....? Why has Emefiele refused to honor the house oversight invitation?

Johnthejohn:
Anything that will make Nigeria to become a better country is all we want

Do you know the damage Emefiele has done to CBN? No matter the political merit you think the naira shortage is achieving. CBN still remains a monetary regulator by law and not a political tool to fight corruption or insecurity. It is a shame that we have educated people in this country who support the lawlessness and impunity perpetrated by this government....

Iolo:
Now the truth is coming out. Before it was about the poor masses. Now the CBN has extended by 10 days and it is about protecting the state governors and security agencies who don’t want to go electronic as monies otherwise untraceable will now have to pass through a auditable system. The CBN is smartly not producing enough cash in a bid to force people to go electronic and the reps know it.

Why can’t the security agencies transfer these allowances to their employees? What’s so hard in doing that? This is how we continue to maintain mediocrity because no one wants to change whatever it is they are currently doing.

"We as a legislative committee with a constitutional mandate of the House, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more....."


The house is right on this matter, section 20 sub 3,4 and 5 of the CBN act is clear on what should be done regarding naira redesign.....

Johnthejohn:
Enemies of Nigeria everywhere

What house of reps is pushing is inline with best practices as regarding CBN naira redesign policy. They are simply following the law as stated in the post.

ubest1:
Useless Rep, vote buyers BAT messengers I only blame CBN gov for the 10 days extension, if me alone let the old note end 31st let heaven fall, hope they are aware Emefule is from Niger Delta

I pity those jubilating and praising the evil CBN governor for the untold hardship unleashed on Nigerians over the naira redesign and cashless policy, it is only a matter of time you all will face the consequences when all is said and done.... In saner climes, public officials like Emefiele who was exposed to be funding terrorism (See -
https://saharareporters.com/2023/01/18/exclusive-how-investigation-secret-police-dss-linked-nigerian-central-bank-governor), desecrated his office by meddling in politics (See -
https://punchng.com/apc-chairman-confirms-emefieles-membership-says-cbn-gov-registered-feb-2021/) turning a sensitive institution like the CBN into a political theatre will be jailed and made to vomit the funds he embezzled (See -
https://saharareporters.com/2022/12/14/how-nigerias-central-bank-governor-emefiele-diverted-n89trillion-stamp-duty-fund-private)

If Buhari is serious about fighting terrorism, why is Emefiele still the CBN governor?

It is time for the legislative arm to curtail Emefiele's reckless actions to avoid a total collapse of our economy.

If Buhari's main reason for this policy is to fight terrorism and vote buying then we can say that CBN is no longer a monetary regulator but now a political tool deployed to serve APC agenda for the election......it is not CBN's job to tackle vote buying or insecurity......

How can Buhari who allegedly rigged 2019 election be concerned about vote buying in 2023 election?


Nigerians, especially the youths need to wake up to Buhari and Emefiele's deception and understand that the naira redesign drama and cashless policy is aimed at stifling opposition parties funding, destroying our economy and cash monetary system to further their digital payments tyrannical agenda.....note that this policy will not affect Tinubu....

They say.... Fool me once shame on you, fool me twice shame on me..... Nigerians be wise!