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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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South African President Cyril Ramaphosa Eases Travel Restrictions for Nigerians

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South Africa President, Cyril Ramaphosa announces Nigerian can now apply for Visa to the country without submitting a passport. This announcement was made on Tuesday during the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town. President Bola Tinubu was also in attendance and witnessed the announcement made.

President Cyril stated that this new process with make travelling easier for Nigerian business and tourists.

The President shared a speech during the announcement “Our efforts to create a favourable environment included simplifying the visa process for Nigerian business people travelling to South Africa. Qualifying Nigerian business people were granted a five-year multiple-entry visa.”


 

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VeryDarkBlackMan Speaks on Fate and Declares ‘Nobody Can Cancel Me’

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Popular social media personality, VeryDarkBlackMan, has shared an intriguing post online. In a tweet with the hashtag #MindYouNobodyFitCancelMe and mentions of Naira Marley and Zinoleesky, he reflected on an encounter with a group he called “innocent rough men.”

He revealed that he asked the men about their situation, and they responded, “Na God hand e dey,” meaning their fate rests in God’s hands. The phrase has resonated with fans, sparking discussions about faith and resilience.

In the same post, VeryDarkBlackMan boldly declared that no one has the power to cancel him, showcasing his confidence and determination to rise above challenges. The post has drawn reactions across social media, with many admiring his fearless attitude and thought-provoking words.


 

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Reps Call on Tinubu to Unfreeze NSIPA Accounts and Settle Outstanding N-Power Payments

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The House of Representatives has called on President Bola Tinubu to take immediate action by directing the unfreezing of the accounts belonging to the National Social Investment Programmes Agency (NSIPA) within 72 hours.

This decision was reached on Tuesday after a motion was presented by Deputy Speaker Ben Kalu and supported by 32 other lawmakers.

The suspension was a response to widespread allegations of corruption and mismanagement within the sector.

The lawmakers expressed concern that the continued freezing of NSIPA’s accounts is hindering critical programs aimed at reducing poverty and supporting vulnerable Nigerians.

The NSIPA is responsible for managing key social intervention schemes, including N-Power, which provides skills and employment opportunities for Nigerian youth; the Government Enterprise and Empowerment Programme (GEEP), which offers microloans to small business owners and artisans; the Conditional Cash Transfers (CCT), designed to provide direct financial support to poor households; and the National Home-Grown School Feeding Programme (NHGSFP), which delivers meals to schoolchildren across the country to improve enrollment and nutrition.

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During the plenary session, Ben Kalu emphasized the importance of restoring NSIPA’s financial operations, stating that doing so aligns with President Tinubu’s broader vision of eradicating poverty in Nigeria.

He stressed that unlocking the agency’s accounts would ensure that these social programs remain efficient, effective, and impactful, particularly during a time when millions of Nigerians are grappling with economic hardships.

The House urged the federal government to promptly release funds to NSIPA to enable the payment of outstanding stipends owed to 395,731 N-Power beneficiaries across the country.

The delayed stipends have caused significant hardship for many young Nigerians who depend on the program to sustain themselves and their families.

In addition to addressing the financial constraints of NSIPA, lawmakers called for a comprehensive review of the agency’s operations to prevent future mismanagement and ensure transparency in the use of public funds.

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They noted that resolving these issues swiftly is crucial for maintaining momentum in the administration’s poverty alleviation goals and rebuilding public trust in government-led social intervention programs.


 

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