Either the Presidency or CBN should update Nigerians on old #500 and #1,000

[Gozie51]

This our country don dey become crush oo. The government and CBN never really let us know where we dey go with the naira especially 500 and 1k wey government been announced say don seize to be legal tender. Since 3rd of March wey supreme court don finally rule on the application of the states wey drag government enter court, say the 5h and 1k go still be legal tender until 31st December of this year, the status of those notes still dey cause problem among naija people because some dey refuse to collect them while others dey collect and with condition say you go either buy costly on their own price before them go collect the old 5h or 1k and some self go refuse to give you change. I understand say those states wey carry the matter go court dey use the old and new notes together without ish but some states no be like that and for such state say bank dey dispense old notes but dem no dey gree collect am. Na this confusion make me say either government or CBN need to update Nigerians on the status of the old 5h and 1k.

So how the matter of accepting the old 5h or 1k notes be for your end?

[Agbe]

Gud day comrade, u r an established member in di board in particular and also in the forum at large. We are trying to correct things which u have to join hand with us to clean the board, because newbies dey see di kind post day is why dem dey post di way dey understand. There are lot of Naira note threads which u can make a comment there then other will follow suit. Let us try our best..
This is one of the thread, u would have make comment https://bitcointalk.org/index.php?topic=5442023.0. Please one love

[Gozie51]

I don carry eye look at the thread wey @ Agbe dey talk about and I know really tink say na same thing wey I ask be the same matter for there, that one make me reopen this thread.

Obviously we all sabi say supreme court don give judgement regarding the use of old naira notes to 31st December this year but this thread na to know the hardship occasioned by the non acceptance of the old 500 and 1,000 wey be the bone of the matter as I hear say some banks go give you old 500 and 1,000 but if you want still deposit those denomination, the banks no go gree accept them and that informed my topic.
 

So how the matter of accepting the old 5h or 1k notes be for your end?

Na the simple question be that wey I like make we focus on and no be supreme court judgement.

[Wiwo]

So how the matter of accepting the old 5h or 1k notes be for your end?

Na the simple question be that wey I like make we focus on and no be supreme court judgement.

Baba, I greet you special, make I contribute my own opinion on this question!

-On Monday 06-03-2023 I visited access bank amino kano crescent Wuse II Abuja to make a withdrawal from my account, and the cashiers were distributing old ₦‎1,000 notes to customers and when it gets to my turn I was given ₦‎ 10k with and instruction that I can not deposit the same old note into my account through the bank unless through CBN, that spark my thought and as a smart guy, I know the bank was playing a game so I deny the withdrawal and walk away relying only on cashless means of payment as usual.

-The point I am trying to make is that of what use it is to collect money that I can't use for payment and the central bank has declared its usage illegal and seized to be a legal tender, I pity Nigerains that are waiting for the central bank or the president to make any announcement.

-When the president wanted the recirculating of the old ₦‎200 notes he addressed the nation on it and gave it a 60 days legal status, so I don't see why the bank should act otherwise based on what the Supreme court said.

[Cryptomultiplier]

I have been around and have heard of the old notes being collected in some places. I was in the bank some days back and truly, old notes are being giving over counter to those who come for withdrawals. I even bought icecream out of joke today from a local vendor using the old #500 naira note I had left.
As people are getting the hang of the cashless economy by doing transfer for transactions, most don't see the need to either accept the old notes or even use it for transaction. We go adapt. That is the way of a Nigerian.

[Frankolala]

In where I live,some traders are collecting the old naira note and some are saying Buhari hasn't given approval. Na Buhari go first tell you wetin,you go do for your business, who Buhari help? All these citizens just dey do like say them no wise, Buhari will never say anything. Ever since Buhari took over power has he ever spoken to address the people on critical issues going on in the country?

What I see in this Nigeria case, is that the court who is the hope of the common man has sols their right and power to politicians for money and can no longer perform their duties anymore. Court should place an order than whoever refuses to collect the old money be it individual, business firms,financial institutions should be arrested and send to jail for not obeying the supreme court judgement. In a community close to mine, last week Friday on their market day,the community came to police to arrest any trader that is denying the old naira as a legal tender. Na so e suppose be for everywhere.

[Gozie51]

Court should place an order than whoever refuses to collect the old money be it individual, business firms,financial institutions should be arrested and send to jail for not obeying the supreme court judgement.

My brother no be so oo. Masses no go be scape goat na when govement demselves be the culprit, dem go dey make people confuse. You see say even banks no dey collect money wey dem dish out to you and that na my earlier point as some don confirm am to be true say banks never gree accept old note. This country don dey enter anarchy small small.

[RockBell]

People don't accept it here, and we're still waiting on confirmation from the federal government and the CBN to make it legal tender once more. Even banks aren't taking it, and I don't understand the point of bringing the notes back, it appears that the cashless policies have failed if they start accepting it again because most market women are now working with pos specialists so you can pay with your card. The only time I use cash right now is to pay for transportation, otherwise, I use my card for everything else. I no longer experience it as strongly.

[sokani]

People don't accept it here, and we're still waiting on confirmation from the federal government and the CBN to make it legal tender once more. Even banks aren't taking it, and I don't understand the point of bringing the notes back, it appears that the cashless policies have failed if they start accepting it again because most market women are now working with pos specialists so you can pay with your card. The only time I use cash right now is to pay for transportation, otherwise, I use my card for everything else. I no longer experience it as strongly.

I use card and bank transfer in most of my transactions but I heard they don't accept the old naira N500 and N1000 notes in my area, that they are waiting for CBN or the president to make an official announcement concerning the old notes before they can start accepting it. I hope something is done soonest because it's affecting a lot of businesses and causing a lot of suffering.

[Gozie51]

Okay so as we now know say CBN don finally make the broadcast say make people dey use 200, 500 and 1k to 31st of December as supreme court. At least this information go ease the stress small and hoping say CBN go add more new currency in the system.

[Wiwo]

Okay so as we now know say CBN don finally make the broadcast say make people dey use 200, 500 and 1k to 31st of December as supreme court. At least this information go ease the stress small and hope say CBN go add more new currency to the system.

Baba let me tell you one thing, Both the CBN and the federal vs the supreme court are all playing a game, and don't get it twisted everything that is happening right now is part of the game plans so they're just acting out the script.

-Yes the re-supplying of the old note in the economy will help eas the suffering of Nigerians, but the fact is we will not still see the cash in circulation this is because all the old note deposited into depositing banks have been moved to CBN and CBN governor stated earlier that the old notes have been destroyed, so my question now is were is the resupply of the old note going to come from the answers is simple.

-1: the old note in circulation will come from individuals who failed to meet the CBN currency swap deadline of 15th February 2023.

-2: the pocket few old notes left in the commercial bank volt.

- this leads us to another question of will the available old note in existence be able to serve Nigerians' need for cash.

-what is it percentage acceptability and supply strength?

-This and many more will explain why we may not see much impact of the resupplying of the old naira notes.

[Alphakilo]

My people i greet una o. This Naira mata don tire me. I just weak because e be like say our leaders dey use us play gamble. After the government don give order say make nobody use or accept the old 5h and 1k we come obey. After election, dey come talk say make we still dey use am till December 31st, some people no come gree collect am, and CBN come talk say them no dey aware of the court order. I go bank last week make i withdraw money, na only 3k them give me for bank. Omoo, i weak. Them tell me for bank say the old money never dey circulate. I come ask the banker say shebi government say make una dey give us both old and new note? Him come tell me say na lie. I just confuse wheather na government dey lie abi na court dey lie. Abeg make them just tell us the truth becsuse we dey suffer.

[CryptSafe]

As the case maybe, the CBN issued a directive to all the commercial banks in Nigeria to start accepting and giving the old naira note which I think would calm the already tensed society (https://punchng.com/breaking-cbn-directs-banks-to-receive-dispense-old-naira-notes/) but on the other hand, does it sends any good signal to Nigerians?   Will Nigerians see CBN and federal government as serious for the digital cash policy they have already implement? After all these hurdles of naira swap buying and selling of naira notes and people spending heavily just to get cash and the untold hardship Nigerians have gone through the latter was still the end result of it. Where is the conscience of our leaders in this country, why making the masses go through this untold hardship just for their selfish interest,....

May God help us in this country.

[CryptopreneurBrainboss]

This our country don dey become crush oo. The government and CBN never really let us know where we dey go with the naira especially 500 and 1k wey government been announced say don seize to be legal tender. Since 3rd of March wey supreme court don finally rule on the application of the states wey drag government enter court, say the 5h and 1k go still be legal tender until 31st December of this year,

Wetin you expect the government and CBN to talk? Dem pass law wey go help the country currency recover, some APC governors drag them to court come get their own ruling. Wetin you want them to talk then, make una use the old note na since una no see the importance of the policy wey the government dun Introduced. E get wetin I know about leadership, dem say leaders go give policy wey go benefit their people in future even though them no understand am now, but tomorrow dem go happy say their leader take this kind steps to lead them in the right direction.

Wetin we for they urge the government to do na to assist the banks to see how dem go  upgrade their network. Make them assist anyhow they can so we no go dey get challenges with the banks networks and also Internet speed. If all this things dey in order no wahala for the come out. We Nigerians sabi adopt so we for adopt to this one as well but the banks network no they help matter. Me I for prefer something to be done to the network then this bringing back old currency wahala as that one come mean say we dey confused as a nation.

[Cryptomiles1]

Una dey here dey ague wetin happened and wetin no happened and make una mark my words very soon say this our Naira redesign na game dem play oo and as the game click enter for them na so dem free we Naira for us say we go use am till 31 December, yet them know all these nonsense why dem no free her citizens to continue use the old note and them come seized all total notes come released only small new notes wey no fit go round or circulates the country very well.

[Mpamaegbu]

~

Wetin you want them to talk then, make una use the old note na since una no see the importance of the policy wey the government dun Introduced.

This man sef 😂 The way wey you take talk dis thing e com be like sey na those of us wey dey here make d naira redesign nor work. Even join sef, nor be because dem drag the matta go court make Buhari backslide for d matta. Not at all. Na today wey court don dey give the Buhari man instructions to do things wey im nor dey do? Why Buhari nor use vex too obey court ruling to release Nnamdi Kalu too? Abegi, make we leave everything wey bite for night make e be sey na mosquitoes. Buhari knows what he's doing and whatever he's doing nor be for the masses.

[Gozie51]

Wetin you expect the government and CBN to talk? Dem pass law wey go help the country currency recover,

My broda no mind these people oo because dem no do the naira redesign to favour me and you on to say make the currency recover, all na lie but na just political stunt wey dem try and whether e work or no work na dem sabi. If we dey even talk say the redesign na for say make the naira recover, I go still talk say na lie. No be redesign of currency alone be the reason wey go make currency get weight, at least the economy for dey thrive before whatever policy on top currency go make sense. The countries wey dey do redesign already get better economy but Nigeria wey me and you dey no get economy to talk about. No basic amenities wey we know like electricity, road etc and no economic growth because na only consume we dey consume, even agriculture wey we suppose dey do well, boko haram and cattle no gree farmers breath, which one we go talk? The economy engineering of the society is in shabble, na the matter be that. So if dem like make dem go cashless, redesign the naira etc that na to just punish the people more because the economic indices wey go allow the economic policies grow dey use leg waka enter sambisa  and no body fit waka go find them come out as peter obi try say make him help dem no still gree. Which wey Nigeria wey sonny okosun still dey ring for my head

[HajiBagi]

Some of the state that are collecting the old naira note no too plenty up to now and I we can't blame those who are not collecting it again, because if it is me, I won't also collect it, because the way they suffer people about the old naira note is too much, I can't suffer and at the end of the day they said I should collect the money back again, for example, what if I collect and later they now still said they won't collect again, is it not suffering? and you una know Nigeria as he take be now any time things dey change.

[Wiwo]

Some of the states that is collecting the old naira note no too plenty up to now and we can't blame those who are not collecting it again, because if it is me, I won't also collect it, because of the way they suffer people about the old naira note is too much, I can't suffer and at the end of the day, they said I should collect the money back again, for example, what if I collect and later they now still said they won't collect again, is it not suffering? and you una know Nigeria as he takes to be now any time things dey change.

E make sense that way not collecting the old note for the fear that it will be rejected you is fair enough, but the ultimate question is.

1: Are the old naira note still available to recyclate?
2: what game is the CBN vs FG and Supreme Court
    playing Nigerians?

- this and many more are the questions in the head of most Nigerians now that we are left in the dark and in the jungle of financial kiosks that we find ourselves in today.

[Mr.right85]

E make sense that way not collecting the old note for the fear that it will be rejected you is fair enough, but the ultimate question is.

1: Are the old naira note still available to recyclate?
2: what game is the CBN vs FG and Supreme Court
    playing Nigerians?

D gudnews nw b say, pple no dey fear to collect d old notes again. Watin bin dey mak pple fear don commot nd dat na d plenty deadline way FG bin dey giv pple. Nigerians no dey used 2 or lik wen pple dey force dem to do somtin n d wayqll dis tins carri dey play out, nobodi bin wan dey at d end way go mak pple dey tell am sori.

Still on still, na d banks na em benefit r all dis tins shah. Banks way don dey gine way 2 use hold pple moni mak dem 4 dey use trade 4 fx nd giv som kind loan. Wth dis redesign, dem gt d best excuse.
D whole propaganda don end shah bt, e go tak plenty time 4 tins 2 normal bt, notin reali normal 4 d countri again after all dis election. E b lik, we go soon start use dollar 4 dis we countri.