News
CBN Debunks Rumors: “Old Naira Notes to Stay in Circulation Indefinitely”
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.
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.
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.”
It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.
The incident was reported to have occurred on June 8 at about 11 p.m.
Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.
The rising cases of insecurity in the country remain quite alarming.
The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.
It has been reported that some parents have started withdrawing their children from schools in Abuja.
It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.
While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.
It has been rumored that bandits have made their way to Lagos, and allegedly they were spotted in Ibeju-Lekki, where some residents became suspicious of them and reported the matter.
A clip of the group of men went viral online, and many people became concerned. Whether true or not, fear has been sparked among Lagosians as they worry that bandits may already be in the state. Even if the reports remain unconfirmed, many believe it is still a possibility worth paying attention to.
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