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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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Obasanjo Holds Memorial Service for Late US President Jimmy Carter in Abeokuta

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Former Nigerian President Olusegun Obasanjo recently hosted a memorial service in Abeokuta, Ogun State, to honor his late friend and close ally, Jimmy Carter, the 39th President of the United States.

Carter, a remarkable statesman and humanitarian, passed away on December 29, 2024, at the age of 100, in his hometown of Plains, Georgia.

His death marked the end of a life filled with service and dedication to peace.

Obasanjo, who had a long-standing friendship with Carter, expressed his deep admiration for the former president through a statement issued by his media aide, Kehinde Akinyemi, announcing the service.

Carter’s legacy is profound, not just for his time in office but for his commitment to human rights, global peace, and public service.

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He was awarded the Nobel Peace Prize in 2002 for his efforts in promoting democracy, human rights, and combating disease in developing countries.

Before becoming president, Carter served as a Georgia state senator and governor, eventually defeating incumbent Gerald Ford in the 1976 presidential election.


 

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Peter Obi Urges the Government to Take Action on Nigeria’s Power Grid Failures

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Peter Obi, the former governor of Anambra State and presidential candidate, took to his X handle to express his frustration over the ongoing collapse of Nigeria’s national grid.

In a recent post, he mentioned the recurrence of grid failures, with the latest collapse occurring just 11 days into the new year.

Last year, Nigerians experienced similar setbacks as the national grid failed approximately 12 times, causing significant hardship for households and businesses.

Obi pointed out the cost of Nigeria’s power crisis, revealing that over $3.23 billion had been borrowed over the past four years to address the country’s electricity challenges.

Despite this, the nation struggles to produce more than 4,500 megawatts of power, falling far short of the energy needs of its growing population.

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The repeated grid failures are a stark reminder of the lack of progress in the power sector.

Obi questioned where the borrowed funds for the sector had been allocated, pointing to a lack of sincere commitment by Nigerian leaders to address the nation’s pressing issues.


 

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Dalung Claims Dangerous Cabal Is Influencing Tinubu’s Government Decisions

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Solomon Dalung, former Minister of Youths and Sports, has once again pointed out the presence of a dangerous cabal within President Bola Tinubu’s administration, suggesting they are shaping the decisions and actions of the current government.

Speaking on Arise TV’s The Morning Show on Friday, Dalung emphasized that this influential group was working against the country’s best interests.

Dalung went further to describe the cabal as “dangerous,” claiming their actions are driven by personal gain rather than the welfare of the people or the administration.

He stated, “If you look at the hardship in the country and the president’s reaction, it’s completely a disconnect from the reality we are dealing with.

The cabal’s infrastructure is still effective, influencing the government in ways that go against the president’s intentions.”

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He warned that the cabal’s actions, which seem at odds with the president’s plans, are undermining efforts that could have brought positive change to Nigerians.

Their self-serving interests, according to Dalung, are leading to decisions that hurt the nation rather than help it.

Despite revealing his views, Dalung chose not to name the individuals he believes make up the cabal, leaving that task to investigative journalists.

“It’s up to you to dig deeper and uncover the identities of those involved.

I have the right to reserve the names I think are part of the cabal,” he said.

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