Nigerian new currency

2023 - 1 - 26

Post cover — Image courtesy of "Guardian"

Stampede as Nigerians tackle CBN deadline on cash swap (Guardian)

Nigerians, from all parts of the country, will enter this weekend agitated and confused over the currency redesign policy of the Central Bank of Nigeria ...

The action again undermined the fundamental rights of 200 million Nigerians, who were not given the opportunity to have input in such a critical and sensitive issue of currency change that have effects even on children that are in the womb.” The banks in a meeting with the adhoc committee of the House set up to interface with them on the withdrawal of old notes said they are getting allocation of the new notes from the CBN and dispensing same to their customers through the ATMs. He vowed to wreak havoc if any bank refuses to accept the old notes from him on Monday to beat the deadline. IN the meantime, scarcity of the new notes is creating hardship for Nigerians, both in rural and urban centres. If it is targeting the rich, the rich are the owners of the banks, the rich are already spending dollars and the rich are spending other currencies. This is why I am not open for business today,” she said.“I will go back to the bank tomorrow (Friday) to check if I will get new notes. Traders, PoS operators and residents complained bitterly about scarcity of the new notes, which they said is hampering businesses and socio-economic activities. “Where are we supposed to get the new notes if not from the bank? Alobo, who accused commercial banks of failing to make the new naira notes available to their customers, stated that as of January 25, he was still handed the old notes on the counter and through the Automatic Teller Machine (ATM). They also revealed that the new notes can only be accessed through the ATM and not at the counters. Alobo contended that the terminal date of January 31 for usage of the old notes “is discriminatory against the rural dwellers, poor and less privileged persons in the society. The Guardian gathered that not only are bank workers overstretched, the health implications of counting mutilated notes manually remain a concern.

Extend deadline for old Naira notes, COSEYL tells CBN – The Sun ... (Daily Sun)

Ibem said the new naira notes introduced by the CBN is a well calculated plot to scam and defraud Nigerians of their hard earned money noting that the ATMs ...

The banks ATMs don’t have any money at all in them because of the new directive by the CBN that only new naira notes will be in the ATM machines. He will be shocked to discover that the people have not seen the new notes since it was introduced by CBN.” Godwin Emefiele to extend the deadline for the use of old naira notes.

Old Naira Notes: Lawmakers Threaten to Arrest CBN Gov, Bank CEOs (THISDAY Newspapers)

... * Vow to invoke CBN Act to review deadline. Udora Orizu in Abuja. Members of the House of Representatives have threatened to invoke the relevant ...

Notwithstanding the deadline imposed by the Central Bank of Nigeria (CBN), this House will see to it that this provision of the law is honoured in full.” The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall. No official of the CBN appeared to respond to the summons by the House of Representatives. The Speaker said: “The House of Representatives, in response to a motion on a matter of urgent public importance, invited CBN and managing directors of banks in Nigeria to appear before the House of Representatives. This failure has real and dire consequences on the ability of Nigerians to conduct business across the country. Godwin Emefiele, and the chief executive officers (CEOs) of other banks should they refuse to appear before its ad hoc committee on the withdrawal of old naira notes.

Mega churches, schools bar old naira note payment, offering (The Punch)

Ahead of the January 31 deadline set by the Central Bank of Nigeria for the phasing out of the old N1,000, N500 and N200 notes, some mega-churches, ...

Also, a school, Gemstars Schools, in a notice to parents, said, “In compliance with CBN directives on the new naira note, the school wishes to inform our parents and guardians that we shall end the collection of the old naira note by 3:00 pm Thursday 26th January 2023. Abubakar Malami, SAN were cited as 1st to 3rd defendants in the suit marked: FHC/ABJ/CS/114/2023. He added, “People see the policy as a policy meant to punish the masses. However, the CBN was not represented at the hearing. And it is obvious that even in the city centres, they are still dispensing old notes. Cash payments to the school beyond this date should be done only with the new notes. The notice read in part, “Please be informed in compliance with the CBN directive, the school will on Thursday, January 26th stop the collection of the old N200, N500 and N1,000 notes. The notice read in part, “Deposit all your old notes at your bank or the POS near you before 31st January 2023. The internal memo, titled, ‘lodgement of old naira notes’ read, “Calvary’s greetings to you in the name of the Lord Jesus Christ. They should enable to take their old notes to the bank. To this end, any old notes (in the prescribed denominations) brought to the headquarters which was not lodged in the bank will be paid for by the Group. Also, no old notes in the specified denominations above should be paid as offerings as from 29th January 2023.

NANS Seeks Extension Of Deadline On Old Naira Notes (Leadership Newspaper)

National Association of Nigerian Students (NANS) has called on the Central Bank of Nigeria (CBN) to extend the deadline for the exchange of old naira notes.

“The CBN should extend the expiration deadline of the old naira notes from 31st of January 2023 to a later date in six months’ time for an efficacious circulation of the new naira notes. I join the Senate of the Federal Republic of Nigeria in demanding an extension of the expiration date of the old naira notes to have enough time for the circulation of the new naira notes. “At this period, we expect CBN to come up with better policies and plans that will curb inflation and have positive impacts on our economy.

COSEYL threatens to shut down CBN over extension of deadline for ... (NIGERIAN TRIBUNE)

The apex socio-political youth group in the South East geopolitical zone has threatened to shut down the headquarters of the CBN.

The banks’ ATMs don’t have any money at all in them because of the new directive by the CBN that only new naira notes will be in the ATM machines. He said: “about 90% of the Nigerian commercial banks don’t have the new naira notes in their Banks. He described the 31st January deadline when there are no new naira notes in circulation as wickedness and a well-calculated plot by APC to weaponise poverty as many Nigerians will be poorer.

In Battle against Independent Monetary Policy, Nigeria's House ... (Arise News)

There appears to be a raging battle against the independence of the Central Bank of Nigeria (CBN), with the House of Representatives threatening to arrest the ...

And on this note, I would want to say that this committee will out rightly inform the House. CBN guideline is more or less a rule to the commercial banks.” Daniel told the House ad hoc committee, “If you load a cartridge, which is about N8 million, in less than two hours that N8 million is finished. We collect the old notes and send to CBN. He vowed that notwithstanding the deadline imposed by CBN, the House would see to it that the provisions of the law were followed in full. The representative of Access Bank, Hadiza Ambuza, said, “We are collecting the money and loading them into the ATMs, as quickly as we get them. The banks, represented by their various staff, took turns to respond to the issues, saying the January 31 deadline of the CBN is still sacrosanct. It is also an insult to the authority and prerogatives of the people’s parliament. I may not have the details here because I don’t want to give wrong figures.” In Kaduna, N150 million, in Kano, we received N100 million to be shared amongst the branches in the metropolis. They are being fed in the ATMs only and not to be given to the customers across the counter. But apparently going against the provisions of the law and in clear pursuit of personal interest, Speaker of the House of Representatives, Hon.

Despite a shortage of new Naira notes, churches in Nigeria have ... (Business Insider Africa)

The Central Bank of Nigeria recently redesigned the Nigerian currency and directed the old notes be phased out before January 31st. As a result, a number of ...

Also, no old notes in the specified denominations above should be paid as offerings as from 29th January 2023. The internal memo, titled, ‘lodgement of old naira notes’ reads, “Calvary’s greetings to you in the name of the Lord Jesus Christ. Even ATM machines at this point still dispense old currencies in large quantities, leaving Nigerians unclear on where to get these new currency notes from.

Nigerian new currency

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