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CBN To Release Old Naira Notes To Banks Over NLC Protest / How Much Did You Lose Trying To Return The Old Naira Notes To Banks? / New Notes Scarcity: CBN Issues Fresh Directive To Banks (2) (3) (4)

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CBN Yet To Release Old Notes To Banks by Islie: 7:33am On Mar 15, 2023
The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks…



The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks to commence their recirculation, findings by Daily Trust have revealed.

This is amid the struggle by commercial banks to meet the increasing demands of customers who besiege their branches across the states and the Federal Capital Territory (FCT).

Traders, artisans, PoS operators, and students, among others, who visited bank branches, said they were disappointed as they could not withdraw the amounts they wanted.

Those who spoke to our correspondents said they were only given between N5,000 and N10,000 while a few others managed to get N20,000.

The CBN said Monday in a statement by its spokesman, Isa AbdulMumin, that deposit money banks operating in the country have been directed to comply with the Supreme Court ruling of March 3 which said the old N1,000, N500 and N200 remain legal tender until December 31.

The CBN’s statement came a few hours after a statement from Aso Villa quoting President Muhammadu Buhari as saying he did not direct the CBN and the Attorney-General of the Federation not to comply with the Supreme Court judgement.


Same old problem

Checks by our reporters yesterday indicated that the CBN was not releasing the old notes it has already mopped out of circulation.

A senior management staff of Guarantee Trust Bank said: “We are not receiving any old cash from the CBN. I have a substantial stock of the old notes and that is what we are recirculating as of today.”

The source explained that most commercial banks had retained the old notes in the days leading up to the February 10 deadline, before the Supreme Court order truncated the initial timeline by the CBN.

“We had that cash with us, and when the CBN became overwhelmed with those rushing to beat the deadline, they also directed them to the commercial banks, so we have that stock too. That is the reserve that we have built up.”

Also, a management staff of Polaris Bank who spoke to our reporter on condition of anonymity said, “We have not received the old notes largely because we have not finished dispensing our old naira stock.

“The instruction we have is to dispense every note at our disposal. We will get a clear understanding of things when we exhaust what we have.”


Banks comply with directive to disburse old N1000, N500

In Kaduna, Abuja, and Kano, our correspondents report that some banks, including Sterling, GTB, First Bank, United Bank of Africa (UBA) and Access Bank were yesterday dispensing the old N500 notes to their customers following the directive by the CBN.

A customer at Sterling Bank who simply identified herself as Mrs Gabriel, said, “I collected N20,000 old N500 notes from my bank today. I am so happy because I have not seen this kind of money for weeks.”

The automated teller machines of most banks in Lagos were seen dispensing cash.

Although most of the banks were still rationing the available cash in order to meet the needs of their customers, there was a clear improvement from the chaos of previous weeks.

At Polaris Bank, Iju, customers were given N10, 000 each instead of the stipulated N20,000.

Our correspondents, who visited two branches of Unity Bank in Bwari and the Central Business District in Abuja, confirmed that they withdrew N5,000 and N10,000, respectively.

The Head of Corporate Communication at Unity Bank, Matthew Obiazikwor, confirmed that the bank had fully complied with the directive of the CBN.

“We are giving out cash to our customers. We have fully complied with the directive. Our ATMs are also loaded. However, there is still the limitation of daily withdrawal,” he said.


Nigerians decry rejection of old notes by traders, transporters

Some transporters and traders yesterday rejected the old N500 and N1,000 bank notes despite the directive from the CBN that the old notes remain legal tender till December 31 in accordance with the judgment of the Supreme Court.

In Kaduna, many traders were still sceptical of collecting the old notes. Most of them said they were studying the situation to see if the policy will be reversed.

“I cannot collect it until Buhari (President) tells us to start collecting it,” a yam seller, Muhammad Isah, said.

However, Daily Trust learned that market leaders in Lagos have started sensitizing their members to collect the old notes in line with the directives of the CBN. Leaders from major markets were at Alausa yesterday.

“I have informed my people, and I will repeat the same tomorrow. We have told them to accept the old notes from customers,” the Iyaloja of Asejere Market, Makoko, Alhaja Kasarat Adebayo, said.


State gov’t urges residents to accept old notes

The Delta State government yesterday called on residents of the state to comply with the CBN’s directive that the old N1,000, N500, and N200 notes remain legal tender until December 31.

The Commissioner for Information, Charles Aniagwu, made the call in a statement in Asaba, urging people in the state to accept the notes as legal tender in view of the Supreme Court ruling of March 3 and the central bank’s direction to continue recognition of the old bills as legal tender.

Similar calls have been made by Ogun, Kogi, Lagos, Kano and Jigawa, among others.


Inject old notes to ease cash scarcity, Experts tell CBN

Experts have urged the CBN to make available the old notes, particularly the N500 and N1000, to ease the current cash crunch.

Daily Trust reports that before the enforcement of the cashless policy, the CBN said N3.2 trillion was in circulation, but during the last briefing by Emefiele, he said N2.3 trillion had been mopped up.

Speaking to Daily Trust, a financial analyst, Prof. Uche Uwaleke, said the directive by the Supreme Court will be futile if the old notes are not injected into the system.

“My concern is that except a substantial quantity of already withdrawn notes is re-injected and the cash withdrawal limit eased, the cash scarcity is most likely to persist,” he said.

He added that, “It is one thing for the CBN to obey the Supreme Court order by recognizing the old notes as legal order and another for it to make the cash available for transactions.”

Also speaking, a development expert, Joseph Momoh, said: “Although some banks have complied with the directive by the CBN following the Supreme Court judgment, the amount they are dispensing is quite small.

“The CBN should make available the old notes that it earlier mopped up so that the hardship that micro, small and medium enterprises are currently undergoing can gradually ease off.”

On his part, a chartered accountant, Umar Mohammed, who consults for some banks said it will require political will to solve the problem of the cash crunch.

“Nobody is saying the whole N2.3 trillion mopped up must be brought back. What is clear is that Nigeria is not fully ready for the cashless policy.

“We have learnt many lessons that the banks do not have the requisite infrastructure. There are millions of Nigerians that are unbanked. And the citizens also need more sensitization.

“Therefore, I want to appeal that the president and the CBN swallow their pride and appreciate these facts. Of course, some people have already keyed into the cashless policy which is to their credit.


https://dailytrust.com/cbn-yet-to-release-old-notes-to-banks/

Nlfpmod

2 Likes 2 Shares

Re: CBN Yet To Release Old Notes To Banks by omowolewa: 7:40am On Mar 15, 2023
They will comply las las

8 Likes

Re: CBN Yet To Release Old Notes To Banks by kokoA(m): 7:44am On Mar 15, 2023
Emefailure's wickedness is second to none but we know his days are numbered in CBN already..

56 Likes 3 Shares

Re: CBN Yet To Release Old Notes To Banks by Penguin2: 7:45am On Mar 15, 2023
Lol!

The earlier you people accept the current situation as the new reality, the better for all of you.

Old notes aren’t coming back.

Bad news for governors that are already planning to use the old notes they warehoused in their septic tanks to buy votes on Saturday.

Ndi ala!

25 Likes 1 Share

Re: CBN Yet To Release Old Notes To Banks by Ceenachi: 7:45am On Mar 15, 2023
Is quite unfortunate that I'm a Nigeria citizen by mistake, shock,force, or forgotten in hospital.
Because I can't imagine being a citizen of this horrible country by birth 🥺🥺

Buhari and Emefiele will not die well😡...

41 Likes 4 Shares

Re: CBN Yet To Release Old Notes To Banks by b0rn2fuck(m): 7:45am On Mar 15, 2023
Why can't they print out more new notes, why did some people derive pleasure in seeing other goes through pains, even if Buhari are the one pushing him around, can't him resign or would he have kill his entire family if Buhari order him to take a gun, go his family house and shoot them all. This Emiefele man is true definition of Evil, and the man nearly pick up presidential form. God is not sleeping, his days are number, not until we go to street and demand his head..

51 Likes 8 Shares

Re: CBN Yet To Release Old Notes To Banks by FalseProphet1(m): 7:45am On Mar 15, 2023
Nigeria needs help.

This I have seen

1 Like

Re: CBN Yet To Release Old Notes To Banks by Ekundayo7574(m): 7:45am On Mar 15, 2023
Lol Tinubu will send that useless igbo fool to jail

30 Likes 1 Share

Re: CBN Yet To Release Old Notes To Banks by SMJay: 7:45am On Mar 15, 2023
grin
Re: CBN Yet To Release Old Notes To Banks by Analyst7: 7:46am On Mar 15, 2023
We’re always a joke to this people

2 Likes

Re: CBN Yet To Release Old Notes To Banks by inoki247: 7:46am On Mar 15, 2023
Lol he don show now say this people love how the masses are suffering we are not asking the Govt for free money na our hard earned money.....


Even the NLC wey suppose Fight for the masses are compromised nd sleeping....

13 Likes 5 Shares

Re: CBN Yet To Release Old Notes To Banks by Boyooosa(m): 7:46am On Mar 15, 2023
Better!
Make Dem dey give us small small till Monday, when they will finally push *sufficient* (not excess again o) ones into circulation

1 Like

Re: CBN Yet To Release Old Notes To Banks by everythinggirly(f): 7:46am On Mar 15, 2023
Very confused country!
This coming election, INEC should warn Inec! angry

2 Likes

Re: CBN Yet To Release Old Notes To Banks by ipobarecriminals: 7:46am On Mar 15, 2023
angry Emefiele will kill his own family not Nigerians

6 Likes

Re: CBN Yet To Release Old Notes To Banks by Nobody: 7:46am On Mar 15, 2023
Am still on cashless for now.

My advice...let us wait for one to two months before rushing for new notes or old notes. Let's see how things go.

Assuming Tinubu was serious when he brought his alternative proposal last month, we may have to wait till December for things to be calm...assuming he decides to continue, or scraps the whole system

All in all, while I am not a fan of Emefiele, this exercise has really forced people to 1) take up new tech eg POS 2.)AT least people will now learn that keeping money in strongbox instead of account is bad habit.

3 Likes

Re: CBN Yet To Release Old Notes To Banks by nolywe(m): 7:46am On Mar 15, 2023
I think they want to create revenue for cyber cafe owners just like they did for pos agents...Believe me or not...
Re: CBN Yet To Release Old Notes To Banks by Blackazuma99(m): 7:47am On Mar 15, 2023
In Port Harcourt, Rivers State Nigeria, banks and other traders are not collecting the old money.

I don't even know where to withdraw money 😕

2 Likes

Re: CBN Yet To Release Old Notes To Banks by marlow1962(m): 7:47am On Mar 15, 2023
Let’s move on, old notes are not coming back.
This is the nonsense we are trying to avoid ,but urchins said no.
If you’re waiting for old notes to be reused, pls get a bigger comb cus u go grow better beards.
I no dy stress myself again when e reach cash mata, I do tf for everything, if you don’t take tf, it’s ur loss cus I will (not only me) move onto the next seller

2 Likes

Re: CBN Yet To Release Old Notes To Banks by TrumpDonald2: 7:47am On Mar 15, 2023
The CBN does not intend to release old currencies again since it's fading out. It's now the responsibility of the governors to release the ones they stashed. Let's be patient, they will be in circulation from next week.

9 Likes

Re: CBN Yet To Release Old Notes To Banks by Chibuzoc(m): 7:47am On Mar 15, 2023
angry Nigeria jagajaga
Both old and new money de scarces

3 Likes

Re: CBN Yet To Release Old Notes To Banks by Zico5(m): 7:48am On Mar 15, 2023
I thought Obidients were praising this man then. They thought it will favour them to the detriment of the masses. But God is not a man, his plan is totally different from ours. If Emefiele like, let him hold the cash till eternity. Tinubu will change everything soon. He will surely end up in jail

14 Likes 1 Share

Re: CBN Yet To Release Old Notes To Banks by Dobbes(m): 7:48am On Mar 15, 2023
Old notes destroyed

2 Likes

Re: CBN Yet To Release Old Notes To Banks by Miles300: 7:48am On Mar 15, 2023
Is it until there is total anarchy before this bustards will come to there senses ?

5 Likes

Re: CBN Yet To Release Old Notes To Banks by AntiChristian: 7:48am On Mar 15, 2023
Hmmm! They will use style delay till after Elections!

4 Likes

Re: CBN Yet To Release Old Notes To Banks by TermuxDarkWeb(m): 7:48am On Mar 15, 2023
grin
Re: CBN Yet To Release Old Notes To Banks by sunkieisland(m): 7:48am On Mar 15, 2023
They should inject old and new notes pari-passu and use the opportunity to gradually begin the infusion of the new notes until it circulates. But wait, they won't do that

4 Likes

Re: CBN Yet To Release Old Notes To Banks by SmallDick99(m): 7:48am On Mar 15, 2023
Money wey Dem don use clean BUBU yansh finish grin
Re: CBN Yet To Release Old Notes To Banks by Ameoba300: 7:49am On Mar 15, 2023
Penguin2:
Lol!

The earlier you people accept the current situation as the new reality, the better for all of you.

Old notes aren’t coming back.

Bad news for governors that are already planning to use the old notes they warehoused in their septic tanks to buy votes on Saturday.

Ndi ala!

Shut up.

15 Likes 2 Shares

Re: CBN Yet To Release Old Notes To Banks by id4sho(m): 7:49am On Mar 15, 2023
tongue
Re: CBN Yet To Release Old Notes To Banks by SmartPolician: 7:49am On Mar 15, 2023
I don't think CBN will release the old notes.

They have destroyed a large number of it.

Many banks still have large quantities of the old notes in their vaults, including First Bank. They have started paying them out.

7 Likes

Re: CBN Yet To Release Old Notes To Banks by olaboy33(m): 7:50am On Mar 15, 2023
E
Re: CBN Yet To Release Old Notes To Banks by BOLATINUBU01: 7:50am On Mar 15, 2023
I don't even know why emefiele is not in jail now

5 Likes

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