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CBN Debunks Rumors: “Old Naira Notes to Stay in Circulation Indefinitely”

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The Central Bank of Nigeria (CBN) has recently noticed discussions circulating in public spaces and media.

The claim is that the old series of Naira banknotes, specifically the N200, N500, and N1,000 notes, will no longer be considered legal tender by December 31, 2024.

However, the CBN firmly denies these claims, clarifying that they are incorrect and appear to be aimed at creating unnecessary confusion in the nation’s financial system.

To clarify, the Supreme Court of Nigeria, in its ruling on Wednesday, November 29, 2023, accepted the Attorney-General of the Federation and Minister of Justice’s plea to extend the validity of the old Naira notes indefinitely.

This decision reinforces the continued use of the older series of banknotes, which remain fully valid for transactions.

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Furthermore, the CBN has instructed all its branches nationwide to continue issuing and accepting all denominations of Naira banknotes.

This directive applies to every deposit money bank (DMB) operating in Nigeria, ensuring that the older notes remain in full circulation alongside the redesigned ones.

Consequently, all CBN-issued notes, including the N200, N500, and N1,000 denominations in both old and redesigned forms, remain legal tender indefinitely.

“We encourage Nigerians to disregard claims that suggest the old banknotes will lose their status as legal tender by any particular date.

The public should feel confident in using all Naira banknotes for everyday transactions.

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It’s also essential that everyone treats these banknotes with care to maintain their longevity and quality.” CBN releases.

“In addition to this, we urge Nigerians to consider adopting alternative, more modern methods of payment, such as electronic channels, to help ease the demand for physical cash transactions.”

Embracing these digital payment systems can offer greater convenience and reduce the need for handling physical money.

In short, Nigerians are encouraged to continue using and accepting all forms of Naira banknotes without concern for any impending deadline.

“CBN remains committed to ensuring the stability of the country’s payment system and facilitating smooth transactions across Nigeria.”

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Osun State House Of Assembly Discusses The Osun State Multi-Door Court Establishment Bill

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The Osun State House of Assembly has started discussions on the Osun State Multi-Door Court Establishment Bill, 2024 for better opportunities.

The bill was described as “a landmark move aimed at reforming the judicial system in the state” by Chief Press Secretary to the Speaker of the Assembly, Olamide Tiamiyu. During the process of the bill, the other assembly members emphasizes the opportunities that will come with the bill and states it as a good resolution method. Stakeholders are optimistic about the potential impact of establishing multi-door courts as part of this initiative.


 

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FRSC Collaborates with ECOWAS to Develop New Driver License System

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The Federal Road Safety Corps (FRSC) is collaborating with the Economic Community of West African States (ECOWAS) to create this new development that will be called Regional Vehicle Administration and Information System. Nigeria and Several Other West African Countries make move to introduce a common driver’s license and vehicle registration to develop the road safety and transportation.

This system will improve movement in between countries and increase safety with the public vehicles and well as road safety. This new system will also involve linking the driver’s license to bank accounts for necessary payments.


 

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Nigerian Culture: A Story Of Heritage, Challenges, and Hope

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Nigeria, known as the Giant of Africa, has a rich and diverse cultural heritage with over 250 ethnic groups and more than 500 indigenous languages.

With the heated Yoruba festivals and the historical art of the Benin Kingdom, Nigerian culture displays true traditions, beliefs, and practices.

However, this rich nation faces significant challenges.

This article explores the good and bad aspects of Nigerian culture, diving into its history, heritage, and contemporary issues.

Historical Overview Of Nigeria

1. The Pre-Colonial Era

Before British colonization in the late 19th century, Nigeria was home to powerful kingdoms and empires.

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The Nok culture, dating back to 1000 BC, is known for remarkable terracotta sculptures, marking one of Nigeria’s earliest civilizations.

The Benin Empire (circa 1180-1897) was renowned for its advanced political system, skilled artisans, and beautiful bronze sculptures.

The Yoruba, Igbo, and Hausa-Fulani ethnic groups formed distinct societies with their languages, traditions, and system of government.

This pre-colonial era laid the foundation for Nigeria’s rich cultural heritage, characterized by loud art, music, and oral traditions.

2. Colonial Influence

The arrival of British colonizers greatly impacted and affected Nigerian society. The imposition of foreign rule disrupted traditional systems and changed cultural practices.

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Western education and Christianity influenced the social status of the nation. While some aspects of Nigerian culture were preserved, others were altered or lost in the process of colonization.

Fun fact:

Nigeria is home to the largest market in West Africa, the Balogun Market in Lagos. It occupies several streets and offers a wide variety of goods, from textiles to electronics, which makes it a bustling centre for shopping.

Nigeria Cultural Benefits

1. Rich Artistic Heritage

Nigerian culture is globally known for its popular art forms, including traditional music (Afrobeats), dance, and visual arts.

The Talking Drums of the Yoruba and the Griot storytelling tradition of the Hausa expose the creativity and artistic expression common in the country.

Festivals like the Eyo in Lagos, the new yam festival and the Durbar in Kano celebrate these artistic traditions, bringing fun and celebrations in Nigeria.

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2. Culinary Diversity

Nigerian cuisine reflects its diverse cultures. Dishes like jollof rice, pounded yam, and egusi soup are enjoyed across the country.

Each ethnic group has unique flavours and cooking techniques, contributing to a culinary landscape that fosters community and togetherness.

In recent times and popular reviews, Nigerian dishes have often been seen as one of the best in Africa. The mixture of spices and salivating ingredients has made Nigerian cuisine popular in different parts of the world.

Foreigners are often seen on social media tasting Nigerian meals; and in all their honest remarks and reviews, there has been a form of appreciation for the Nigerian dishes.

3. Strong Community Values

Nigerians are known for their hospitality and a strong sense of community. Family ties are paramount, and traditional values emphasize respect for elders and communal support.

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This cultural ethos plays a crucial role in ensuring unity among family members and diverse ethnic groups.

The Challenges And Difficulties

Despite its rich cultural heritage, Nigeria faces significant challenges. Political instability, ethnic conflict, and widespread corruption have plagued the nation for decades.

These issues have led to economic disparity and insecurity, with high rates of poverty and unemployment affecting many citizens.

  • One of the most pressing issues is the reliance on oil exports, leaving the economy vulnerable to global market fluctuations.

Once marked as the wealthiest African nation due to oil production, Nigeria now struggles with economic hardships and dependence on foreign support and loans.

  •  Insurgencies and Violence is also affecting the country growth and civilization. The security situation in Nigeria has been dire, with insurgencies like Boko Haram emerging as a major threat.

Since its inception in 2002, Boko Haram has caused untold suffering, killing thousands and displacing millions.

The Chibok abduction in 2014, where 276 schoolgirls were kidnapped, remains a haunting reminder of the group’s brutal tactics.

The End SARS protest in 2020 highlighted the people’s struggle against police brutality and government oppression. Led predominantly by the youth, the protests aimed to amplify calls for accountability and justice.

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Tragically, the protests resulted in the lives of citizens being brutally wasted, further exposing the relationship between the government and its citizens.

The Path Of Hope During Struggles

Despite the challenges, there remains hope for a better future. Young Nigerians are increasingly embracing their cultural identity while advocating for change.

Through social media and grassroots movements, they raise awareness about pressing issues and celebrate their heritage. Activists are rising, amplifying the people’s voice and seeking justice for the people.

Education plays vital role in this cultural renaissance. By promoting local history, languages, and traditions in schools, the younger generation can appreciate their roots while shaping a brighter future.

Awareness campaigns can also encourage pride in Nigerian culture, countering the negative effects of globalization.

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Standout Fact About Nigeria

  • Nigeria is the most populous country in Africa and the seventh most populous in the world, with over 200 million people.
  • It has over 250 ethnic groups, with the three largest being Hausa, Yoruba, and Igbo.
  • Nigeria is rich in natural resources, particularly oil, and is one of the top oil producers in Africa.
  • Nigeria has a diverse culture, known for its pop music, art, literature, and festivals, making it a cultural powerhouse.
  • Nigerian cuisine is varied, with popular dishes like jollof rice, pounded yam, and egusi soup enjoyed both locally and internationally.
  • Nigeria is home to Nollywood, the second-largest film industry globally in terms of production volume, known for its strong storytelling.
  • Nigeria has a growing tech ecosystem, with cities like Lagos emerging as tech centers in Africa.
  • Nigeria’s economy is one of the largest in Africa, powered by oil, agriculture, and telecommunications.
  • Nigeria is known for its popular wildlife and national parks, such as Yankari National Park and Gashaka Gumti National Park.
  • Nigeria has a rich and powerful history, with ancient civilizations such as the Nok culture and the Kingdom of Benin contributing.
  • Nigerian literature gained global recognition when Wole Soyinka won the Nobel Prize in Literature in 1986, becoming the first African laureate.
  • Nigerian authors like Ben Okri and Bernardine Evaristo have won the Booker Prize, with Evaristo making history in 2019 as the first Black woman to win for her novel Girl, Woman, Other.

Wrapping up,

Nigeria holds a rich culture shaped with remarkable history, resilience, and creativity. While the country faces challenges such as ethnic conflicts, corruption, and cultural erosion, the spirit of popular culture, artistry, and heritage continues to fight for a better Nigeria.

Embracing both tradition and modernity, Nigerians tries to understand the complexities of their identity, ensuring that their cultural legacy thrives for generations to come.

As the world continues to evolve, Nigeria’s unique cultural heritage will remain a source of pride and inspiration, leading the country to a greater phase in global development.


 

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