CBN deadline for old naira notes

Most banks customers were confused on Monday as commercial banks rejected the old Naira notes they wanted to deposit. This is despite a Supreme Court ruling ...

This is despite a Supreme Court ruling stopping the Central Bank of Nigeria (CBN) from implementing the February 10, 2023 deadline for swapping of old Naira notes for the newly redesigned Naira notes. The applicants also sought mandatory order, compelling the Federal Government to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria. They also prayed a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic wellbeing of over 20 million of its citizens. In a Suit Number: SC/CS/200/2023, the states asked the apex court to declare that the President of Nigeria, cannot unilaterally direct the Central Bank of Nigeria to recall the new N200, N500 and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.

Fidelis David in Akure. Despite the Supreme Court's interim order restraining the Central Bank of Nigeria (CBN) from going ahead with the enforcement of its ...

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Many Nigerians across the country are confused over the prevailing situation with the redesigned higher denominations of the naira banknotes. Following a ...

Governors Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi and Matawalle of Zamfara had dragged the federal government and the central bank to Supreme Court to stop enforcement of the February deadline for the currency swap policy if the apex bank. Although the Supreme Court ruling on old notes has not been quashed, some banks, supermarkets and commercial vehicle drivers and motorcycle riders are no longer collecting the old notes, raising the question of which policy direction Nigerians are now following. Following a Supreme Court order that restrained the federal government and the Central Bank of Nigeria from enforcing the February 10 deadline for circulation and acceptability of the old naira notes last week and silence of the CBN over the issue, Nigerians have been left to their choice on which to respect or not.

State governors and security agencies have issued a fresh directive to go after those outlets, business organisations, traders rejecting the old naira ...

In December 2022, the Central Bank of Nigeria Governor, Godwin Emefiele, stated that the banks have enough of the old naira notes, saying that the new notes will go around. [forced some banks to readjust their operating hours](https://www.legit.ng/business-economy/economy/1518864-cash-scarcity-banks-flout-cbn-directives-close-early-set-withdrawal-approved-limit/) and the approved withdrawal limits set by the Central Bank of Nigeria (CBN). The search for the new naira notes continues in major states across the country and the rejection of the old notes persists. - This development has, however, sparked reactions in the polity following the rejection of the old notes in some quarters, but some states are intensely moving against those rejecting old notes - Interestingly, Nigerians are rejecting the old notes even as they are unable to access their funds at banks due to the scarcity of new naira notes - But in a recent move, the CBN Governor, Godwin Emefiele, disclosed that they don't have the resources to print sufficient new notes, even as the notes are said to be available

•Court rejects old banknotes for filing cases. •Vested interests resisting currency redesign, says CBN MPC member. •Maintains commercial banks mismanaging ...

They lamented that the youths had repeatedly been denied opportunities to explore their youthful potential for their own advancement and to the overall benefit of the society. “Initially, the central bank allowed over the counter withdrawals of the new naira notes and that was very strongly abused. The Youth Awake Now (YAN) and the National Youth Council of Nigeria (NYCN) have urged President Muhammadu Buhari to prevail on the CBN governor, Mr. The bottled-up anger and the threat of violence being unleashed over the frustrations being experienced, the youths cannot continue with this hardship in our region. He stated, “The central bank knows the quantity of new notes that it expects to be in circulation in line with its set of objectives. “But you will find that most of the new naira notes are not in circulation,” Obadan said. He said, “the central bank is not an enemy of the Nigerian people. And then the bank changed gear to Automated Teller Machines (ATMs) and the findings now show that even the commercial banks have not been helpful in implementing the policy of withdrawal through the ATMs. There are vested interests that right from day one did not want the policy to be implemented because they perceived that implementation of the policy would hurt their own private interests. But the new notes appeared to be swallowed by snakes, or something else that tend to make the notes generally unavailable.” This is not because I am connected in a way to the Central Bank of Nigeria. He advised lawyers who did not have new naira notes to take advantage of e-Filing, which he said could be done from the comfort of their chambers, homes or anywhere.

Residents of Osogbo, Osun State capital are groaning in despair as some commercial banks in the states no longer accept old naira notes...

We get disappointed by the day with the happenings of the country. “With the Supreme Court ruling, why should any bank reject the old notes? How do they want us to survive,” one of the bank’s customers, who spoke with BusinessDay said.

•Hospitals, IBEDC reject currency in Osun. By Chinwendu Obienyi, and Lateef Dada, Osogbo. Residents of Lagos and Ogun states were left stunned yesterday as ...

There is no official communication to collect the old note from customers,” the source added. Findings revealed that residents are still struggling to get the new notes as Automated Teller Machines (ATMs) in some banks were not dispensing money. The CBN also has been silent on this matter and this has led to the present confusion across the country. “Maybe they (CBN) need to go back to their strategy table and come up with another solution because I doubt this judgement by the Supreme Court. Balkis Azeez, a bank customer who spoke to Daily Sun, said she could not deposit her N50,000 because her bank rejected the old notes. I do not even know what to do at this point”, she said.