Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,205,003 members, 7,990,764 topics. Date: Friday, 01 November 2024 at 12:03 AM

CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust (40557 Views)

Devaluation: ‘We Stand By Our Story’, Daily Trust Replies CBN / Banks, Businesses Comply With CBN Directive On Old Notes — But Shortage Persists / Godwin Emefiele: February 10 Deadline On Old Naira Notes Stands (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by iwaeda: 8:51pm On Feb 17, 2023
Following the directive of President Muhammadu Buhari that Nigerians should take old N500 and N1000 notes to the Central Bank of Nigeria (CBN), many thronged offices of the apex bank across the nation on Friday.

As early as 1am, people had lined up in front of the CBN office in Marina, Lagos, where there was an uncontrollable crowd.

Someone who got there at 6am said he was given tag number 406, meaning over 400 persons were in the queue earlier.

A Kaduna resident, Badamasi Aliyu, told Daily Trust that he was forced to relocate to a hotel close to the CBN office the night before so he could get there early enough.



However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.


When the exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time, people were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.


The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.

In a memo sighted by Daily Trust, the apex bank directed Branch/Operational Managers of banks to commence collection of old naira notes.

“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.

“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.

“Kindly comply accordingly. Thank you.”


To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.


Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.

Meanwhile, commercial banks had issued public noticed to customers to bring old notes, with effect from Saturday.

“Dear Valued Customer,

This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.

“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.

However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.

He not only reversed himself but accused the media of spreading falsehood.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.

While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.

A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”

A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.

Total Deposit B

#500,000.00

“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.

Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line was switched off

https://dailytrust.com/exposed-how-cbn-reversed-itself-on-old-notes-but-accused-media-of-fake-news/

24 Likes 4 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Malory: 8:52pm On Feb 17, 2023
The satanic APC orchestrated by Tinubu who also doubles as the national leader of the evil party has brought nothing but sorrow and hardship to Nigerians. We must reject them from top to bottom in this coming election if we wants our dear country to work again.

204 Likes 21 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by madridguy(m): 8:54pm On Feb 17, 2023
tongue

7 Likes 4 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Massiveglory: 8:55pm On Feb 17, 2023
Election is just a few days away.
There is no cause for alarm.
Do not let any desperate politician and their urchins push you to alarm. They are only after their selfish interest which is to get power by all means.

This new naira policy is one that will favor the nation at large.
There are little inconvenices here and there but I tell you the masses and our nation will stand to gain

96 Likes 6 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Emellda(f): 8:56pm On Feb 17, 2023
Fake news media are trying hard to turn this whole thing on its belly and push the country into chaos so that they can blame Buhari for it. Cant believe I'll ever defend Buhari in this life, but on this one, I'm fully behind him 💯

It is painful, but it will yield long-term gains.

76 Likes 5 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by kp3tech(m): 8:57pm On Feb 17, 2023
The CBN head of communication received call from above.

The cabal is playing politics with 250 million Nigerians.

94 Likes 6 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by sissoko89: 8:57pm On Feb 17, 2023
Emergency call from Addis Ababa,if u know u know

53 Likes 6 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by SmartPolician: 9:01pm On Feb 17, 2023
As far as I am concerned, Nigeria is the world's most confused country right now! 😂😂😂

120 Likes 4 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Rexxie234(m): 9:05pm On Feb 17, 2023
Ni undecided
Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Jking20(m): 9:10pm On Feb 17, 2023
This is highest of it, a confused state with insane and unreasonable workers. Shame no dey catch una?

11 Likes 1 Share

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by oladeebo: 9:13pm On Feb 17, 2023
iwaeda:
Following the directive of President Muhammadu Buhari that Nigerians should take old N500 and N1000 notes to the Central Bank of Nigeria (CBN), many thronged offices of the apex bank across the nation on Friday.

As early as 1am, people had lined up in front of the CBN office in Marina, Lagos, where there was an uncontrollable crowd.


Someone who got there at 6am said he was given tag number 406, meaning over 400 persons were in the queue earlier.

A Kaduna resident, Badamasi Aliyu, told Daily Trust that he was forced to relocate to a hotel close to the CBN office the night before so he could get there early enough.


Confusion over CBN directive on N500, N1000 deposit

Crowd ‘takes over’ CBN Office in Lagos

However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.


When the exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time, people were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.


The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.

In a memo sighted by Daily Trust, the apex bank directed Branch/Operational Managers of banks to commence collection of old naira notes.

“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.

“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.

“Kindly comply accordingly. Thank you.”

To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.


Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.

Meanwhile, commercial banks had issued public noticed to customers to bring old notes, with effect from Saturday.

“Dear Valued Customer,

This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.

“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.

However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.

He not only reversed himself but accused the media of spreading falsehood.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.

While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.

A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”

A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.

Total Deposit B

#500,000.00

“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.

Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line was switched off.

https://dailytrust.com/exposed-how-cbn-reversed-itself-on-old-notes-but-accused-media-of-fake-news/
His line was switched off or cut off you mean.

1 Like

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Pandev(m): 9:34pm On Feb 17, 2023
Nobody can stop Asiwaju. It's written!

48 Likes 7 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Rikidony(m): 9:34pm On Feb 17, 2023
Anything to truncate Emilokans ambition is a welcome development.

I smile every morning staring at my PVC cool cool


Vote OBIDATTI...

LIKE FOR OBIDATTI 2023 cool

35 Likes 3 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Kingpele(m): 9:35pm On Feb 17, 2023
This country is full of lazy brains especially our leaders... this is the way people suffered in buharia first rule in early 80s as a military dictator that time .. which resulted to the coup that removed him and I could remember every adult then was very happy because his reign of terror overwhelmed the citizens... AIT ran a documentary around 2014 exposing the disaster we were about to vote in ,yet we refused to pay attention to them ...now after he underperformed in his first tenure ...to show the extent of our foolishness we rewarded him with a second term to finish the country patapata...unintelligent bigot was elected president of 200 million people...now the drug Lord that helped him to become president is running to be president with his two left legs .. tired legs for that matter and human beings are supporting him

35 Likes 3 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Whois(m): 9:35pm On Feb 17, 2023
I got an email from my bank this evening, the email made me realize it's true cbn has allowed us to deposit our 500 and 1000 naira note but we need to first fill a form on cbn website. I quickly submitted my form b4 server gets overloaded wink wink

10 Likes 2 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by treesun: 9:35pm On Feb 17, 2023
iwaeda:


https://dailytrust.com/exposed-how-cbn-reversed-itself-on-old-notes-but-accused-media-of-fake-news/

APC and confusion are out of this world, APC playing opposition to APC!

8 Likes

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Franchise21(m): 9:36pm On Feb 17, 2023
OK
Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Rebuke: 9:36pm On Feb 17, 2023
Smh. The level of confusion going on in this country is just too much.

What kind of leaders do we have like this?
Trust me, if this had happened under GEJ Nigeria would have been on fire by now.

For those who are still out their campaigning for APC to retain power, planning to replace evil with evil, posterity will not be kind to yhu.

They don't even know what to do again. They themselves are against each other.....maybe the confusion is even divine.

3 Likes

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Sonnobax15(m): 9:36pm On Feb 17, 2023
lipsrsealed
These bunch of mofos should stop confusing us for once undecided. Are we still depositing the old #500 and 1k notes into our commerical bank accounts,yes or no?

3 Likes

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Raxxye(m): 9:36pm On Feb 17, 2023
Lol.
I am ashamed for Buhari and the APC. We have got to the lowest as a nation. Never in our checkered history as an entity have we had it this bad!
Buhari was never for one day ready to be president, but he was out contesting every election year, with the resultant carnage created by his zombie Almajiri followers each time he lost.
2011 post-election violence quickly comes to mind. Goodluck Jonathan clearly won that election, but Buhari refused to accept the result. Instead he unleashed his blood-thirsty followers on innocent Youth Corps members and had them killed in their numbers. He even threatened more violence if he lost the 2015 elections when he said that "baboons and monkeys would be soaked in blood". That was the language of an aspiring leader!
Now, he had what he wanted, but what have Nigerians got? Untold suffering, increased insecurity and attendant killings, divisions along ethnic and religious lines because of his utterings and actions, two back-to-back recessions, increased corruption, hopelessness and more!
Fellow Nigerians, let us all vent our anger and frustration at the polls next week Saturday by coming out enmasse to vote. Let us make sure that APC has less than 5% of total vote cast. We cannot repeat the Buhari mistake in Tinubu or Atiku. We must vote wisely this time. We should vote a credible alternative. We should give Peter Obi a chance.
We must send a message to those who feel they own Nigeria that power belongs to the people!
A new Nigeria is POssible!

21 Likes 2 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Throwback: 9:36pm On Feb 17, 2023
We now see how the useless Emefiele destroyed the Naira since 2014.

15 Likes 3 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by aestake: 9:36pm On Feb 17, 2023
Pandev:
Nobody can stop Asiwaju. It's written!
Nobody can stop your hunger.

12 Likes 1 Share

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by JackDaAlienz(m): 9:36pm On Feb 17, 2023
Ok
Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Manna4Gurls: 9:36pm On Feb 17, 2023
They is always a truth in every rumor
The media didn't pick the topic from the thin air without from a close source

10 Likes

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by tunapawizzy: 9:36pm On Feb 17, 2023
Ok we have heard you Daily Trust, no distract us, the most important is that CBN is still the institution receiving old bills apart from 200
Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by Ekpekus(m): 9:36pm On Feb 17, 2023
iwaeda:


https://dailytrust.com/exposed-how-cbn-reversed-itself-on-old-notes-but-accused-media-of-fake-news/
All these repetition of news is adding more fuel to the already tensed situation.
Just look at the FP, so many conflicting and contradicting news.
Mods pls calm down first, let's verify the news before we add more tension to the already tensed country.

3 Likes

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by manutdrichie(m): 9:37pm On Feb 17, 2023
R
Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by AmotekunSW: 9:37pm On Feb 17, 2023
Malory:
The satanic APC orchestrated by Tinubu who also doubles as the national leader of the evil party have brought nothing but sorrow and hardship to Nigerians. We must reject them from top to bottom in this coming election if we wants our dear country to work again.

Look at this ipob bastard pretending to want the best for Nigeria.
Malory:
Tell me any other Nigerian since inception of mankind that is greater than Kanu?
Malory:
The fear of Nnamdi Kanu is the beginning of wisdom

After chanting Biafra or death, you suddenly want to rescue Nigeria.
Left Kanu to die in jail, jumping after the Anambra thief.
Na why Ekpa dey behead Una papa be this.

24 Likes 3 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by b0rn2fuck(m): 9:37pm On Feb 17, 2023
See as they turn a whole Nigerians to Ludo game.

3 Likes 2 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by IpobAntidote: 9:37pm On Feb 17, 2023
This incompetent CBN Governor is even worse than anyone can imagine. This mumu too will be claiming t =o be well educated.
I have often aid it previously that we simply attach too much importance to educational qualification in Nigeria. This guy is a perfect example of books without any ounce of basic common sense, smartness and logical/ irrational reasoning ability.

6 Likes 3 Shares

Re: CBN Reversed Itself On Old Notes But Accused Media Of Fake News - Daily Trust by OLamylove: 9:37pm On Feb 17, 2023
Welcome to A Confused Country where you Withdraw A thousand Naira With 500 naira, That is no longer Withdrawal but SHARING

3 Likes 1 Share

(1) (2) (3) (4) (5) (Reply)

Lady Blocks Her Helper After He Mistakenly Sent N30k To Her Instead Of N3k (pix) / What Is The Best Answer For "How Did You Get My Number?" / Naira Is "World's Best Performing Currency" In April - Bloomberg

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 48
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.