Topic: CBN DON SET ANOTHER DEADLINE FOR THE DEPOSIT OF OLD NOTE (Read 110 times)

After the suspension of the Judiciary Court ruling, which led to the Mr. President announcing the old 200 note to be legal and generally accepted for the next 60 days, most banks have stopped accepting the old notes for deposit, which has caused major scarcity more than what we were facing before. Yesterday, the CBN governor announced that banks should accept the old notes for deposit only and make the new and old 200 notes available for withdrawal, which was effective immediately. I withdrew 200 from Zenith Bank yesterday, although I was only allowed to withdraw 1,000, which is 5 pieces of it. Today I saw online that any deposit above 500,000 Naira won't be accepted by any bank unless the individual sends the money directly to any CBN branch near them.
What do you guys think is the fault or cause of this?

Due to so many destructions of properties and some death caused the CBN end of Naira note swap,Buhari came on air yesterday money to tell the public that only the 200 naira note is still a legal tender. The date to end the swap of old 200 naira to new redesigned one is in 90 days time counting from yesterday. The country has being facing so much difficulties since this swap thing. Businesses are not moving fine and this is adding more problem to our economy. The old 500 and 1000 naria note is no longer a legal tender and I know that so many Nigerians are now unhappy or frustrated because of the huge sum of old naira notes in their custody that is a waste.

Mate thank you for this response and comment, a's this clarification have helped me to have a recheck at least for the second time, and I discovered both threads differ in content and meaning, though there are already established discussions, this topic is similar to the one already discussed.
-First CBN monetary policy will take effect and takes varieties or other related topics and solution, and this thread is one of such threads and thanks for the correction.

That's a very good suggestion by you Sir "Wiwo", and no doubt this issue of new naira policy is one thing that is affecting everybody currently in this country, both the rich or poor, Christian or Muslims, and as such is the most talk about issue in the country.
And secondly, I tried examine the two thread and I couldn't find anything common, because they both gives a different information all together, because just as this thread by O.P talks about New update by CBN and how to go about depositing your old naira notes at the different CBN branches, the other which you gave is talking about the newly established new National domestic card,  that will replace other cards such as master cards, visa card and all other credits/debits cards in the country, which are quite two different update.

But, I stand with your other point, as we should all try to post quality contents and add value to our local board

Boss with all due respect this thread may be seen as a duplicate thread because there is an already discussion thread concerning this topic, and you can follow this link:
https://bitcointalksearch.org/topic/m.61595892
-Please let on try to stay off this issue as it has been raised many time as against the good of this board, we can as well make a search to see if the topic we want to create have been discussed before and if the last update on the topic is not later than 120 days, you can add you contribution there and be sure to receive the right attention and contributions.
-Back to the topic of discussion, CBN have the statuary right to act according to their own enactment law and the Constitution that established the central outline the rights of the apex bank and what there stands are in this kid of situation,  and the CBN Governor have the sole right to direct the monetary policy of the federation as accepted within their rule of engagement and have the right to override any law or declaration from the three arms of government who are.
1: Legilatures
2: Judiciary
3: executive
-So one arms have no right to discredit the law of the CBN unless with the approval of the other two arms of government, any constitutional legal leaned colleague can correct me if am wrong on this.

I don already see this news yesterday, the thing just they add to the confusion wey Naija people they face so because we no know whether the supreme court go overturn wetin CBN don already talk, the supreme court don already tell CBN say make them halt their decision to make 200, 500 and 1000 naira old notes illegal tender, but the CBN they disobey that order as them still stand by their earlier decision.

Having said that, na over 10 states so they charge CBN and the federal government to court over the hardship wey this policy they cause, the last time them go court, them adjourn am till today, as them reconvene today, them don adjourn am again till Feb 22, but even as them they adjourn am so, Supreme court don talk say make CBN pause the matter until a verdict is reached, so tell me how country go they disobey their apex court, Naija matter tire me so. As we they talk better riot they happen for Delta state and people they die, wetin e go cost the government of Nigeria to do the right thing for once.

The Central Bank of Nigeria, CBN, has informed citizens that there will be no cash swap for old notes in any financial institution.


The CBN already declared the old N200, N500 and N1000 are no longer recognized as legal tender, despite a Supreme Court ruling.

The apex bank on Tuesday released the guidelines for deposit of old notes at any of its branches across the country from February 15 and 17.


CBN explained that in exchange for the old notes, the bank account provided by the depositor will be credited after scrutiny.

“You will not be issued new notes; instead your bank account will be credited after your account is validated by law enforcement,” it said.

Noting that the process may take up to four weeks, the guideline said the deposited notes will be withheld if validation of the owner’s account turns out negative.


Also, deposits by a third party are not allowed; the account information provided must be that of the depositor.

Account owners are required to complete an online application form and generate a reference number before heading to the CBN.

In a case where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the branch.


Requirements are the reference code generated from the CBN portal, an active bank account, Bank Verification Number, BVN, and a valid government identity card.

The advice added that the Cash Deposit Window is open to the public from today until Friday between 9am to 2pm daily.


Source:
Link: https://dailypost.ng/2023/02/15/feb-17-deadline-for-old-notes-cbn-releases-guidelines