Latest news on new naira notes

In spite of the Supreme Court order extending the deadline for the old naira notes till Wednesday this week, banks yesterday stopped accepting the notes ...

The way the situation of cash is in this country, people will end up begging for survival despite having money in the bank.” She told Vanguard that when she asked the security men in police uniform whether they would open, they told her to visit another branch of her bank because some branches have been shut down till further notice. I have tried sourcing for cash from most of my suppliers who give me cash in exchange for a low service fee, all to no avail. A tier-1 bank official who spoke to Vanguard on condition of anonymity said: “We are not accepting the old notes in our branches. This is a personal opinion please, not representing the views of the bank(s).” Vanguard investigation revealed that banks yesterday did not accept the old naira notes from customers.

Traders and transporters in Lagos were still accepting the old naira notes on Monday despite expiration of the Feb 10 deadline set CBN.

“We are in constant communication with all the Banks and are assured that they are all doing whatever is within their control to normalise this difficult situation. BusinessDay gathered that there was a circular from the CBN to banks, insisting on compliance to the February 10 deadline. “I will continue to collect the old naira notes until the Supreme Court says otherwise.” “The old designs of N200, N500, and N1,000 will no longer be accepted as legal tender after today 10 February 2023. Nigerian banks are sticking to the February 10, 2023 deadline for the phasing out of high-value naira notes. It cost N700 to withdraw N5,000 (old notes).

The CBN has declared that the old Naira Notes have ceased to be legal tender in Nigeria since the 10th of February, 2023.

Once there is an election that Nigerians participate in and candidates participate and one candidate wins from any region, as long as the election is free and fair, the winner will take over as president. The country is meant to operate on the basis of the zones… But there is nowhere in the constitution of any law in Nigeria which says there are geopolitical zones. There is nowhere in the constitution where the geopolitical zones are recognised as the basis of federating units. It is the system that they should be talking to and working with. The people who buy votes are politicians and it has so happened that it is the politicians that are in control of the CBN and the commercial banks. But as long as it is one man, one vote, the leadership of the country can come from anywhere. If you want to change things, you have to change the system first to say that it is no longer one man, one vote and it is something else that will determine whether the leadership will come from. It is the system that should allow them. There are 18 of them from 18 political parties and all of them are going to be on the ballot. They campaign on the basis of issues and the best candidate wins on the basis of one man, one vote. In most cases, what they told us is not what they are telling the voters.