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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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Tinubu Suspends Fubara and Declares State of Emergency Over Security Threats in Rivers — Presidency

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The Presidency has explained why President Bola Tinubu suspended Rivers State Governor Sim Fubara and declared a state of emergency, citing serious security threats.

Tinubu recently suspended Fubara, his deputy, and the State House of Assembly members for six months. He also appointed a sole administrator to oversee the state’s affairs during this period.

According to Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, intelligence reports revealed that militants were planning to sabotage oil pipelines, posing a major risk to national security and the economy.

Onanuga stated that Section 305 of the Constitution gives the President the authority to step in when law, order, or economic stability is threatened.

He suggested that the push to impeach Fubara might have triggered violent reactions from the governor’s supporters, while militants in the creeks were reportedly preparing to attack vital oil infrastructure. This could have dragged Nigeria’s oil production back to the low levels seen before 2023.

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Onanuga also alleged that militants had been instructed by Fubara to hold back until they got the signal to strike, which could have led to a significant drop in output and a ripple effect across the Niger Delta.


 

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US Imports Eggs From Turkey and South Korea to Ease Shortage and Lower Prices

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The US Secretary of Agriculture, Brooke Rollins, confirmed on Friday that the United States is importing eggs from Turkey and South Korea to address a shortage caused by avian flu, which has driven up prices nationwide.

Rollins stated that shipments from Turkey and South Korea have already started, adding that the White House is also negotiating with other countries to temporarily source more eggs.

“We’re talking about hundreds of millions of eggs in the short term,” Rollins said. The sharp rise in egg prices stems from several bird flu outbreaks that have forced American farmers to cull at least 30 million birds, tightening supply.

Egg prices became a hot topic during last year’s presidential campaign, with Donald Trump using the issue to highlight frustrations over the rising cost of essential goods under Joe Biden’s administration. After returning to the White House in January, Trump tasked Rollins with finding ways to boost the egg supply and bring down prices.

Since then, American interest in foreign eggs has increased. Poultry associations in Poland and Lithuania confirmed that US diplomats had reached out, exploring options for fresh egg imports. Katarzyna Gawronska, Director of Poland’s National Chamber of Poultry and Feed Producers, noted that egg shortages are affecting several countries.

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According to the US Department of Agriculture (USDA), wholesale egg prices have dropped by nearly 50% since late February, suggesting that consumer prices may soon follow. The USDA accredited its strategy for the positive trend. Rollins mentioned that egg imports will stop once US poultry farmers can stabilize production and meet demand.


 

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Trump Says Anyone Caught Sabotaging Tesla Cars Could Face Up to 20 Years in Prison

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Former U.S. President Donald Trump has warned that anyone caught sabotaging Tesla cars could face up to 20 years in prison.

Trump made this statement on Friday through a post on his Truth Social account. He said, “People that get caught sabotaging Tesla’s will stand a very good chance of going to jail for up to twenty years, and that includes the funders. We are looking for you!”

This comes shortly after U.S. Attorney General Pam Bondi announced that three people have been charged with setting Tesla properties on fire using Molotov cocktails. Bondi described the attacks as “domestic terrorism” and vowed that those responsible would face the full weight of the law.

Earlier this week, Tesla CEO Elon Musk had also blamed “terrorism” after multiple cars caught fire at a Tesla facility in Las Vegas.


 

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