₦airaland Forum

The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.

It however pegged the maximum amount the banks can collect at N500,000.

The CBN maintained that the old currencies were still no more legal tender.

A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to the bank.


A CBN official said, “Go to your bank but fill the form before you go. Go with your reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.

Earlier, the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.

On Thursday, the CBN Governor, Godwin Emefiele, ordered the banks to make the old N200 notes available to Nigerians.

This was after the President, Major General Muhammadu Buhari (retd.), said the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

However, protests which had been rocking different states over the scarcity of the new naira notes made the CBN order banks to collect higher denominations after meeting with Banks’s leaders.

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

This kind of policy summersault is what happens when you try to implement an illegal decision despite the order of the Supreme Court and the very obvious hardship that citizens are facing. Kudos to the courageous governors who have ordered their residents to continue to accept the old notes as means of exchange. They are the heroes this period. Big shame on all those who are supporting the suffering that Buhari and Emefiele are inflicting on Nigerians simply because of politics. After the election, Asiwaju Bola Tinubu will reverse the inhuman policy.

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

This kind of policy summersault is what happens when you try to implement an illegal decision despite the order of the Supreme Court and the very obvious hardship that citizens are facing. Kudos to the courageous governors who have ordered their residents to continue to accept the old notes as means of exchange. They are the heroes this period. Big shame on all those who are supporting the suffering that Buhari and Emefiele are inflicting on Nigerians simply because of politics. After the election, Asiwaju Bola Tinubu will reverse the inhuman policy.

press9jatv:
Cbn only make the pronouncement to ease the stress in the public. You will still passed through the stress but not much by generating the code online. Also the #500 and #1000 is no more a legal tender in the public. Cbn operatives want to ease the stress of Nigerians here. Kudos to them. More collections of the old naira notes.

kosovo:
It's a cumbersome process and I doubt it will continue till Feb 25...

You have to fill a from and all that gilberish...

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

This kind of policy summersault is what happens when you try to implement an illegal decision despite the order of the Supreme Court and the very obvious hardship that citizens are facing. Kudos to the courageous governors who have ordered their residents to continue to accept the old notes as means of exchange. They are the heroes this period. Big shame on all those who are supporting the suffering that Buhari and Emefiele are inflicting on Nigerians simply because of politics. After the election, Asiwaju Bola Tinubu will reverse the inhuman policy.

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

This kind of policy summersault is what happens when you try to implement an illegal decision despite the order of the Supreme Court and the very obvious hardship that citizens are facing. Kudos to the courageous governors who have ordered their residents to continue to accept the old notes as means of exchange. They are the heroes this period. Big shame on all those who are supporting the suffering that Buhari and Emefiele are inflicting on Nigerians simply because of politics. After the election, Asiwaju Bola Tinubu will reverse the inhuman policy.

pansophist:
Of course, I know. I have always said earlier that what Africans considered independence was a transition of the old method of exploitation (colonialism), to a new, self-sustaining, sophisticated method of permanent subjugation (imperialism). They replace the white colonial faces with black faces, whom they promise all the support and will ignore all their crimes if they continue sustaining all their exploitative structures that were built in the colonial era. So as countries were getting their so-called independence, they were ushered into western imperialistic ecosystems. So they became a member of the UN, and ICC, must use the dollar, imposed educational systems, their corporations coming in to control their resources, (eg Shell and Nigeria oil), and so on. In simple terms, think of how a butcher moves the cows from the farm to the slaughterhouse. In the cow's mind, he is free from the enclosed farm, but the slaughterhouse though modern and shiny with machines is worse than where they were coming from. You see the way the US froze billions of dollars of Afghanistan's foreign reserves, and as they did with Russia as well, that's exactly the fate that awaits any country that tries to pull off their imperialistic eco-system. While we are busy fighting each other like idiots, they are up there designing sophisticated systems to keep others down, and themselves on top. And this world order must go, or else, the global south will never develop. China refused to be part of that system, now look at them. Iran refused and was sanctioned to death, but they still thrive and built their own planes and so forth. Until we leave western dependence and walk our own part, no magic Peter Obi will perform. It's like putting a pilot in a ship, it can't do anything with it. How can the world be democratic when less than 15% of the world population (the west) controls everything? if this is not authoritarianism, then what is authoritarianism? But I always take responsibility, so I won't blame them much, I blame our ancestors for letting this degrade this badly, and makes it harder for current and future generation to solve. The rot is too much.

pansophist:
Josep Borell is a racist piece of shit. Sadly, this scum is a top EU politician, and calling the non-western countries jungle is a reincarnation of the mindset that led to colonialism and slavery pro-max. He still sees the world from a colonial lens, but his arrogance is needed since that's how he can cope in a changing world that is increasingly becoming multi-polar and catching up. From 1991 to 2022, something that has never happened before in the history of the world happened, that thing is called unipolarism. After the collapse of the soviet union in 1991, China was dirt poor, imperial Japan has been defeated and occupied, the same with nazi Germany, India still recovering from British colonialism, Iran was in deep soup, and Africa was too backward to even be noticed. The west, especially the US was the largest economy, and the strongest military power holds the world's reserved currency and enjoys an unparalleled political, economical, military, and soft power globally. The US was so strong that when it coughs, the world shivered. And then they showed themselves. Then the global bombing tour started, from Iraq to Syria, Venezuela to Yugoslavia, and Libya to Iran, to name a few. Meanwhile, the Chinese who have suffered what they called a ''century of humiliation'' was in the background bidding their time, getting stronger, and building themselves up. The Chinese who lost territories the size of Nigeria x4, an empire nation that was torn apart by foreign powers, and saw what awaits you when you are weak, said to themselves, NEVER AGAIN. Putin was then a KGB agent in Germany, young and smart, but silent and working his way up into the Kremlin. He witnessed how countries that used to be part of Russia have now become sworn enemies of Russia, and he dreamt of a stronger, independent, and sovereign Russia that occupies its rightful place on the international stage. And February, 24th of 2022 will be remembered as the date when the world becomes clearly multipolar, after thirty years of failed unipolarism. The world has clearly understood the kind of monster the west is, and how they dream of a world where everyone is down, and only them up. Now, the way the international stage is set up, other stronger countries are now a deterrent, and they will never allow themselves to be weak again. NEVER. It will not happen very fast, but the complete breakdown of western hegemony will happen faster than the time it took to build it. Destruction is faster than building, and destroying evil is even faster, especially when the destroyers are the victims of the very evil. I know the Russia-China alliances are cooking something, I suspect that they have set traps that will render all western imperialistic ecosystems useless. From my calculations, the more the west throws out a country from its imperialistic systems, an alternative will be invented that will make that system useless. So for example, they threw Russia out of swift, but Russia created SPFS which they used to carry financial transactions between themselves and other countries. If they threw China out of the UN for example, then a new UN that is fair will be invented, rendering the western controlled system useless. If you refuse to sell your tech, buy our oil, or ban us from visiting your countries (as they did with Russians), you will kill your industry and other regions will benefit financially from your market loss. One thing that kills a monopoly is competition, especially competent competition. We live in very interesting times. Brace up, shit might get really bad before it gets better. Sha have proper wealth, not fiat money only, which can collapse. Have farmland, a water well, and livestock/poultry, these will keep you alive, not chains, iPhones, and paper money. Your survival is in your hands, not the government. Be vigilant, and use the internet to learn real stuff and how the world works, not just for social media and entertainment.

seunmsg:
CBN is simply trying to be clever by half since they know the governors are already ahead of them. If Banks are still collecting the old notes, then business can still collect them as legitimate means of exchange and then proceed to deposit same in banks.

This kind of policy summersault is what happens when you try to implement an illegal decision despite the order of the Supreme Court and the very obvious hardship that citizens are facing. Kudos to the courageous governors who have ordered their residents to continue to accept the old notes as means of exchange. They are the heroes this period. Big shame on all those who are supporting the suffering that Buhari and Emefiele are inflicting on Nigerians simply because of politics. After the election, Asiwaju Bola Tinubu will reverse the inhuman policy.

Thewrath: