NewStats: 3,261,219 , 8,173,415 topics. Date: Wednesday, 28 May 2025 at 03:20 PM 5t3i

The House of Representatives yesterday asked the Central Bank of Nigeria, CBN, to extend the deadline for use of the old naira notes by at least six months, since the new notes were not readily available.

It also insisted that chief executive officers of banks in the country must appear before the ad hoc committee set up by the House to investigate reasons for the scarcity of the new notes.

According to the lower legislative chamber, both the old and new notes can be in use till June, in line with the CBN Act.

Speaker of the House of Representatives, Femi Gbajabiamila, who made the call after a briefing by the ad hoc committee, led by the House leader, Ado Doguwa, to resolve issues around the new naira notes, said the extension had become necessary, in view of the scarcity of the new notes in commercial banks.

He said: “The House of Representatives recognizes the Central Bank of Nigeria’s, CBN, authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the President.

‘’The House is also aware that Section 20 (3) of the 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.

“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.

“Let me explain that again. The Central Bank Act under section 20 allows the Central Bank to change the legal tender. But it also says that after the expiration date, such naira note changed will no longer be legal tender.

‘’But it says that 2, 3 to 5 months after, even in June, any old notes presented to the banks shall be redeemed by the banks. That point needs to be made to the Central Bank and to the public. It has not been made. It’s a provision of law.”

CBN under Soludo listened to public outcry

Gbajabiamila recalled that in 2019, the then-governor of the CBN, Professor Charles Soludo, gave an extension in phasing out old naira notes when the polymer notes were introduced.

“Gentlemen, if you recollect, in 2009 and 2010, the then governor of Central Bank, Professor Charles Soludo, introduced polymer notes and wanted to phase out N5, N10, N20, and N50 notes.

‘’There was public outcry because of the timing. At the end of the day, it was halted and what did he do? He did what all known Central Banks do all over the world. He allowed for those N50 notes to continue in existence, whilst he introduced his new naira notes until everything was mopped up by the banks.

‘’So, they were operating side by side for the good of the people. This is exactly what happened. And that is all this House is asking, either an extension or part-parse.

“Section 20 (3) of the CBN Act is perhaps what is most important right now. After the deadline, whilst the old notes are no longer legal tender, I cannot go to a supermarket, buy goods in the supermarket and bring out my old notes, It’s no longer a legal tender.

‘’Now, if the superman attendant decides to take it, all well and good. If he decides to take that money (old notes) to the bank a month later, the bank is under statutory obligation to accept it and redeem it at face value and that is the provision of the law as ed by the National Assembly.”

Gbajabiamila told his colleagues he was in possession of a letter from the CBN that the CBN governor, Godwin Emefiele, was on a trip with President Muhammadu Buhari to Dakar, Republic of Senegal and would not be available for the meeting.

The speaker read the letter to his colleagues: “We refer to your letter referenced 25 January 2023, inviting the governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele to appear before the House of Representatives on Thursday, which is today (yesterday), January 26, 2023.

“The governor is part of President Muhammadu Buhari’s delegation to Dakar, Republic of Senegal for the Feed Africa Summit from 25th to 27th January 2023.

“Accordingly, he has requested that we respectfully acknowledge his inability to honour the invitation on the scheduled date.

“The governor regrets this and requests that the chairman and the of the committee be informed accordingly.

“Please, accept once again the governor’s highest consideration and warm regards. That was signed by the deputy governor, corporate services.”

The speaker insisted that the chief executive officers of banks in the country must appear before the ad hoc committee to explain why they were not disbursing the new notes to customers.

His insistence came against the backdrop of reports by the committee chairman and leader of the House, Ado Doguwa, that the bank chiefs had failed to appear before the committee.

He threatened to issue a warrant of arrest against them should they fail to appear before the ad hoc committee next Tuesday.


We ‘re bound by CBN’s guidelines – Banks

But defending their banks yesterday, representatives of banks told the House that they were bound by the guidelines of the Central Bank of Nigeria, CBN, as their regulator in the implementation of the cashless policy.

The banks said they dispensed to customers through the Automated Teller Machines, ATMs, and the new naira notes they received from the CBN.

They said that due to the cashless policy, they were not expected to collect as much money as deposited with the CBN, stressing that the public should first understand the import of the policy.

We are getting an allocation of new notes from CBN


They also revealed that the new naira notes could only be accessed through the ATM and not the counters.

”We collect the new notes and load them at the ATM as quickly as we get them. Unfortunately, we are not getting them quickly. We have got about 10 per cent of the total money. That is a challenge that we have. We are doing the best we can,” said a representative of one of the new generation banks.

Representative of another new generation bank, Mohammed Abdul, said: ” On the issue, we have been receiving the new notes and returning the old notes. However, in the last few weeks, it’s been very insufficient what we are receiving. We received an average of N40 million weekly for our bank in Abuja”.

Another bank’s representative, Orlando Umoren, said: “Looking at the issue on the ground, CBN presents allocations to banks, whether or not this allocation is sufficient is a different ballgame.

”As I speak with you, all our ATMs are dispensing. Allocations are shared. What we received fluctuates. We received a minimum of N150 million to be shared. In Kaduna, N150 million, in Kano, we received N100 million to be shared among the branches in the metropolis.


”They are being fed in the ATM only and not to be given to the customers across the counter. In Abuja here, what we are given is about 80 per cent. In Kano, it is less than 10. What we get in return is nothing comparable…

”The reason the new naira note is not coming is in furtherance of the cashless policy. The banks are still under pressure to ensure that they meet the deadline.”

Similarly, another bank staff, said: “We collect old notes and distribute new notes. We have been doing that. In of numbers, I can’t give you one. We collected more than 60 per cent of what we sent.

”Across the country, we collected about 60 per cent about two days ago of what we sent. We won’t collect as much as we deposited because of the cashless policy. We have collected more than 60 per cent of the new notes but it varies from town to town.”

The response of the bank’s representative obviously did not meet the expectations of the lawmakers who expressed disappointment that there were no straight figures of the new naira notes to quote, an observation the chairman, Doguwa, said was very discouraging.

Lawmakers defer adjournment

Consequently, Gbajabiamila announced that the House would no longer adjourn yesterday as planned, to enable the bank chiefs to appear.

He said the House would now hold a session next Tuesday to ensure that the issue was finally resolved.

Appealing to of the House to bear with the leadership of the lower chamber, the speaker said: “Gentlemen, please, it is a sacrifice, the Senate has gone on break, we are supposed to close the House so that everybody can go an prepare for an election in four weeks but we may need to make a day or couple of days sacrifice.

“Instead of adjourning this House till February 28 today, just to make sure we resolve this issue, we might need to come back next Tuesday morning.’’

https://www.vanguardngr.com/2023/01/lets-use-old-new-notes-for-6-months-reps/amp/

The truth is Femi is acting to the script of who made it possible for him to sit as a speaker. None of the front runner presidential candidates has said pem about the naira EXCEPT TINUBU. it goes to show you where the pain of the House is coming from.

From all indications Buhari has one last VETO to shock politicians in nigeria. Immediately he vetos it..


Four plots is up for sale.. follow me buy or bring buyer come.. Shuoo.!! Huh.!

Location: Udu, Delta State.
..

See link : https://nairaland.unblockandhide.com/7540735/urgent-sale-four-4-plots

Nah lie, we no want

Thunder fire all you criminals. New naira note deadline remains. Go hug transformers

You want to share 5k to buy our future and see us suffer for nothing. Later you will be hearing budget padding here and there. God will punish all the people that have enslaved Nigerian masses. You buy their future and see your people JAPA from their father land just because of your greed.

How can a man be sharing 5k per electorate and still perform after election? Impossible!!!
The day I fell in love with Peter Obi is the day he dropped out of PDP primaries because he refused to share monies to delegates. A billionaire for that matter ooo. He later said he would rather prefer to lose doing the right thing than win doing the wrong thing. Legend!!!

How can Atiku be contesting president for the past 4 dispensations? Where is the man getting his money from?. Barawo. And some mad people are still campaigning for him and Tinubu. Just because of tribalism. As if fuel and food is sold in the market based on tribes.

Enough is enough, we either build our nation or we continue to be slaves living an unprogressive nation. I no get una time sef.

2 months ago, Emefiele should not change Naira
A month ago, Emefiele is a terrorist
Last week, Emefiele to be arrested on sight
Today, we will issues Emefiele's warrant of arrest.

No going back on January 31, 2023 deadline. If NASS want they can impeach Buhari. Nobody is buying votes on February 25 (QED)
Meanwhile, e dey pain dem as e wey sweet us

No way, No going back

Never allow them

CBN has told us why the new notes need to go, selfish good for nothing Lawmakers want to kill the country. This is when we should be going to NASS to ask all of them to resign they dont care about this country. Naira is on a huge downslide and they see no problem with that and people are not talking. CBN has pointed out serious points that make sense.

Only Tinubu and his criminally minded urchins wants the continuous use of the old currency 💲

Emefiele on the beat... Bala blu is already quaking.

To bribe electorates with money they stack for years.

JAPA NOW. CHECK MY SIGNATURE

No ways . Tinubu speaker can not deceive us

No way! 31st January deadline or two weeks extension. These old notes must not be a legal tender on 25th February.

We want to see Nigerians vote their conscience, not someone buy their conscience because they have wickedly kept them poor to buy their votes with 10k later.

To be candid to ourselves, CBN shouldn't be an agency of government that is supposed to tackle vote buying, if govt of the day wants to curtail vote buying, agencies like EFCC, IC,DSS, POLICE even INEC itself are the one who have jurisdictions and definitely not CBN.

Go to banks, up till now, banks are still given out old currencies "over the counters", yet the money would expire next 4 days, Saturday & Sunday inclusive.

Why must citizens suffer because CBN wants to block votes buying?


Meanwhile, is CBN gov really fighting vote buying out of patriotism or mere fighting political vendetta?

Is CBN gov supposed to be political in nature ?

The secret would soon open to everyone ooo.

This is the right way to go, how can banks still b paying out old notes today on the counter n expect us to spend new notes next week?

Go to different atm machines they aren’t working n even if some are working u can only withdraw 20k per day

It’s annoying, the best would have been that u enter the bank, deposit your old notes n if u want new notes they should pay u

But how can u be paying out old note till this moment n expect us to use new notes next week


It’s annoying how some fools believe it will affect tinubu that can order bullion vans but it won’t affect everyday business people

SpecialAdviser:
Thunder fire all you criminals. New naira note deadline remains. Go hug transformers

You want to share 5k to buy our future and see us suffer for nothing. Later you will be hearing budget padding here and there. God will punish all the people that have enslaved Nigerian masses. You buy there future and see your people JAPA from their father land just because of your greed.

How can a man be sharing 5k per electorate and still perform after election? Impossible!!!
The day I fell in love with Peter Obi is the day he dropped out of PDP primaries because he refused to share monies to delegates. A billionaire for that matter ooo. He later said he would rather prefer to lose doing the right thing than win doing the wrong thing. Legend!!!

How can Atiku be contesting president for the past 4 dispensations? Where is the man getting his money from. Barawo. And some mad people are still campaigning for him and Tinubu. Just because of tribalism. As if fuel and food is sold in the market based on tribes.

Enough is enough, we either build our nation or we continue to be slaves living an unprogressive nation. I no get una time sef.

You are the most mumu person on this nairaland... If you go bank and street, u will see how people are crying bitterly.

I hope CBN stand on their plan, u will be the first to complain when u see alot suicide.

, politicians will always find their way.

Defeats the purpose of the Jan 31 deadline as set by the CBN

Think dem go gree? People who are pursuing private and selfish ends! This currency change is about the FIFTH I'll be witnessing, starting with the currency change of 1968 during the heat of the civil war. None was introduced this way, and the thought of the present hardships is poignant when you consider the fact that those earlier change of currencies ought to serve as imitable templates for this current one. Again, somebody tell me if you can: have you ever witnessed a fuel scarcity issue that's more than 3 weeks before? The current one is fast approaching the third month. They may think we're blind, but we can see clearly even without us adorning a magnifying glass.

At the end of the day , this is not only the fight of Apc or election rigging or anything it is ....
It will only fall back on us citizens .

Those mfs are out there holding the new notes while traders suffer from not getting enough.

It shall never be well with all of you that keeps tormenting the poor ....
From fuel scarcity ...to new money ....to power outage.

Even the old #100 was still in circulation last year ...and new notes have been made since 2014 .

You gave stu.pid 100 days for 3 currencies to exist ......yet #100 only used 8 years .

Personally, I don't want the extension


But if there should be an extension, it shouldn't be more than 2 weeks.

It won't work.

The target is this election...

No bullion van allowed since APc Tinubu has weaponized poverty

Old note Kee them there.
I visited the ATM few hours ago nd I was paid in new notes. No going back on new notes.

K

Says someone that have stacked billions of old note at home and is afraid to bring it to the bank..

This one no do economis for SS1

The date of submitting old notes would be extended by not more than 2 weeks. If it exceeds election, then the purpose of printing it becomes useless. And greedy politicians who were planning to buy votes would succeed in doing so.

This I have seen.

Hahahaha..... Una don jam pillars....

No going back according to the CBN governor

Eat all your stacked money in peace and let those una impoverished have peace of mind too

It's no

Only Tinubu wants old Naira use to be extended

They can ban the 1000 first, days after 500 and 200 can follow.

Na lie, we will not accept that unless after election