₦airaland Forum

Some commercial banks and filling stations have stopped collecting the old naira notes from customers, contrary to the ruling of the Supreme Court restraining the Federal Government from enforcing the February 10 time limit earlier fixed by the apex bank for the currency swap.

Findings by The PUNCH on Monday indicated that the banks refused to accept the old N1,000, N500 and N200 notes from depositors and point-of-service agents who flooded the bank to lodge their cash.

Point of service operators and other bank customers whose old naira notes were rejected, panicked as bank officials, who said they were acting on the Central Bank of Nigeria’s directive, remained adamant.

Also, lawyers and litigants at high courts in Lagos State were unable to file their court processes using the old naira notes for payment.




As the naira crisis worsened, the CBN Governor, Godwin Emefiele, again met with the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa on Monday.

Emefiele, who had met with the President about six times since the naira crisis started, failed to address correspondents as he reportedly left the villa through a side entrance.

The governments of Kaduna, Kogi and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.


A seven-member panel of the apex court, led by Justice John Okoro directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.

But our correspondent who visited the Mobil filling station at First Gate bus stop along Lagos-Badagry Expressway observed that the attendants refused to accept the old naira notes on Monday.

Checks also showed that banks in the Ikeja area of Lagos State refused to collect the old notes from customers.

Some frustrated and desperate customers were seen making frantic calls to their friends and loved ones intimating them of the development.

Speaking to The PUNCH on condition of anonymity because he was not authorised to speak on the latest development, a staff member of First Bank Plc said that they were instructed not to collect the old naira notes.

Our correspondent noticed that only customers who had new naira notes were allowed into the banking hall.

Also in the Badagry area of Lagos, several bank customers and PoS agents who visited banks on Monday were shocked to learn that the banks were not accepting the old notes.


A resident, who identified himself simply as Mr Julius said the branches of Access Bank and UBA in the town refused to accept the old currencies from depositors.

Speaking to our correspondent on the phone, he said, “What is happening in his country? My wife visited UBA only to be informed that the bank was no longer accepting the old notes. Some PoS agents who visited Access Bank were also informed that the bank was no longer accepting the old notes based on a directive from the CBN. I thought the Supreme Court ruled that the notes are still legal tender.’’

Ogun banks

A Sterling Bank official said banks in the Magboro area of Ogun State had shut down as a result of the scarcity of cash.

Findings also indicate that some banks in Abuja, the capital city, have stopped accepting the old notes.

Officials who spoke to our correspondent said the policy was in line with a directive from the apex bank, noting that they did not know anything about the Supreme Court order.

At a Zenith bank branch located in the Central Business District, customers who had the old notes could not deposit them as officials blatantly refused to accept them.


A bank official stated, “We are not collecting old notes again, the deadline was on Friday. The memo I saw yesterday (Sunday) directed that we should not collect N1,000 and N500 old notes anymore.

“We even had to dispatch all our old currency on Friday to the Central Bank. We obey our regulators, not the Supreme Court.”

At the GtBank close to the Ministry of Transport, our correspondent got the same response.

“We are no longer receiving the old notes, we are working with the CBN and anything they say is what we do,’’ a female cashier declared.

When reminded about the seven-day grace period announced by the CBN governor, she noted, “We don’t know anything about it, the deadline has elapsed, and we are working with the CBN.”

However, a UBA branch at the CBD, Abuja, allowed some customers to deposit their old notes.

A customer confessed that he had to call a senior official before he was allowed to deposit his old naira notes.


But the GTB and First Bank branches in the Jabi district flatly refused to accept the old notes.

The same situation was observed in Ado Ekiti, the Ekiti State capital as many residents were frustrated by the banks and filling stations which refused to collect the old notes.

Ironically, some filling stations also rejected cash transfers even though they did not provide PoS as they insisted on the new notes.

A bank customer, Tope Adeitan, said, “It was a hell of a day for me today. I was at a bank along Bank Road to make withdrawals, but I was told I could only withdraw N5,000 across the counter, which I did because I had no option. I could not say whether the bank was collecting old notes or not, but I did not see a single note of the old N200, N500 and N1000 with anybody throughout my stay in the bank.

“And at a petrol station, I had thought I would use my ATM card or my bank app to pay for fuel only to be told I would have to pay with the new notes. So, I had to use the money I collected from the bank. The petrol dealers are just interested in selling the new naira notes to PoS operators for a quick profit. I am confused, will I have to cough out N150 or N200 on every N1,000 I collect through PoS?”

Another bank customer, who identified herself simply as Ayomide, said she had gone to a bank branch in the Okeyinmi area to make a withdrawal but was surprised by the sea of people at the ATM points and under the makeshift tents who wanted to carry out transactions in the bank, adding, “I had to return home empty-handed.

https://punchng.com/naira-deadline-banks-fuel-stations-reject-old-notes-ignore-scourt-order/

Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar has reacted to the issue of Naira scarcity which has led to controversy across the country.

The Sultan who appealed to President Muhammadu Buhari to address the problem to prevent an uprising, added that it has brought hunger and anger in the country.

Speaking at a two-day conference by the Kano State government on livestock reforms and mitigation of associated conflicts, the Monarch said;

“Let’s keep politics aside. The issues of development, especially for the common man, (should be prioritised).

“These people that God Almighty gave leadership over, one day, God forbid, will rise (against us).

“After all the English by professors (at the conference), how do we get these developments down to the common man who is a farmer, the common Fulani man who doesn’t know anything about development? He only cares about cattle.

“The people are hungry ? is there money? People are angry and hungry. Let’s see how we can douse the tension.”

https://ravenewsonline.com/2023/02/14/naira-crisis-has-brought-hunger-and-anger-sultan-of-sokoto/

The Central Bank of Nigeria (CBN) may pump in today more new naira notes into circulation through the banks, The Nation learnt yesterday.
About N500 billion of the new notes have been injected into circulation since December 15, last year.






Today’s plan by the apex plan to pump more cash, close to N1 trillion will come into circulation, a CBN board member confirmed to The Nation yesterday.

The board member who pleaded for anonymity said: “The CBN will do the needful to ensure that innocent Nigerians’ pains are eliminated. To this end, more new naira notes will be allocated to the banks from Monday for disbursing to the public.”

He assured that “the mint has adequate capacity to print the required volume of new naira notes”.

Our source explained that “the volume printed must be related to what the CBN adjudges to be optimal for the economy.


“What this means is that the CBN is being careful not to flood the system with naira notes thus creating another currency control problems for it with attendant inflationary pressures”.

The CBN board member also confirmed that the apex bank will abide by the Supreme Court’s decision to pull the brake on enforcing a deadline on the deposit of old Naira notes until February 15 when the Supreme Court will make hear the suit instituted by three governors.

“Whe cannot really speculate on extension or no extension as the issue is before the highest court in the land,” the apex bank’s board member said.



Regarding the advice of the Council of State to the CBN to either make more new notes available or re-circulate the old banknotes alongside the existing new notes, he told The Nation that “the advice of the Council of States is well-meaning. The Council is rightly concerned about the current challenges of the naira redesign implementation caused by selfish and sadistic individuals/organisations.”


Another senior CBN management official also revealed some developments to The Nation relating to the ongoing currency crisis.

The official disclosed: “The CBN has discovered that some powerful individuals used their cronies to open new bank accounts in order to withdraw new notes.

“The Economic and Financial Crimes Commission (EFCC) will soon go after them to see if they followed the Know Your Customer (KYC) protocol.”

He added that most commercial banks where deliberately keeping the new notes for their priority customers.

He said: “The banks are loyal to their priority customers; that’s why they reserve some new notes for them. They do not want to lose their high net worth customers. The apex bank has increased the volume of cash it released to the banks.”

According to him, the commercial banks have “not been returning old notes back to the CBN as expected”.

The CBN, the official noted, has also discovered that citizens were holding on to the new notes.

“People, are not depositing new notes but holding on to them” he said.


https://thenationonlineng.net/cbn-likely-to-pump-more-cash-into-circulation-today/

May APC never smell leadership!

I just hope Lagos will be wise to see election as not a do or die affair!

Chiefwhip001:
Lol,and who would win?

Not Tinubu!

Chiefwhip001:
Peter obi will still trash emilokan in Lagos.
Emilokan does not have geinue and organic people that supports him unlike Peter obi.
It's obi o'clock.

Obi can't win!

Nlpfmod, Mynd44!

Yesterday, because of Obi and Labour Party rally at TBS, Lagos State government and APC ensured people wasted time and resources in the holdup. Vehicles and trucks were alleged to have spoilt at important locations along Jakande, Third Mainland Bridge, Adekunle, Adeniji and Sura. Just to create traffic bottlenecks. Apart from their area boys attacked Obients with cutlass and bottles, destroying properties and injuring in the process. This is shameful for APC in Lagos!

Pep Guardiola's challenge for Manchester City's upcoming meeting with Aston Villa is getting people talking about the Citizens' football once again.

A financial scandal, in which the allegations all stem from before Guardiola's time at the club, has rocked the Premier League but City cannot afford any distractions after they failed to take advantage of Arsenal's slip-up last week.


They face a tricky Villa side who tend to play better against the bigger teams, so here's how Guardiola could set up.

Man City vs Aston Villa - Premier League: TV channel, team news, lineups & prediction

Man City predicted lineup vs Aston Villa (4-3-3)
GK: Ederson - Having conceded 21 goals in 21 games this season, Ederson is on track for the poorest season of his City career.

RB: Rico Lewis - Young Lewis was used out on the left against Tottenham but will likely return to his favoured right side here.

CB: Manuel Akanji - The Swiss defender has only failed to start one Premier League game for which he was available this season, and he still came on at half-time in that one.


CB: Ruben Dias - With John Stones out injured, it's a bit of a guess who will line up alongside Akanji. We've gone for Dias but this could easily be Aymeric Laporte.

LB: Nathan Ake - Ake has been City's best defender this season and will likely start on the left, given Guardiola's system will have him playing central anyway.

DM: Rodri - The 4-4-2 didn't work against Tottenham so expect Rodri to return to the base of a midfield three.

CM: Kevin De Bruyne - A surprise omission from the Tottenham game, expect De Bruyne to waltz straight back into the starting lineup in his favoured position.

CM: Ilkay Gundogan - Gundogan's physicality should give him the edge against a tricky Villa side who won't be afraid to try and overpower City.

RW: Riyad Mahrez - Don't be surprised if Bernardo Silva gets this spot as a bit of a shake-up, but Mahrez appears to have done enough to make this spot his own under Guardiola.


ST: Erling Haaland - After failing to even touch the ball in Spurs' box last time out, Haaland is going to be angry and determined to take his frustrations out on Villa. Good luck stopping him.

LW: Jack Grealish - Phil Foden has been unwell and might not be ready to put up a real fight to reclaim his spot from Grealish.