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.”
The Federal Government has announced an extension of the NYSC programme. It can be noted that the NYSC camp orientation is usually for three weeks before the youths go out to gain experience, employment, and serve the country for one year.
However, the FG announced that the passing-out parade from camp will be cancelled, and corps members will now spend six weeks in camp instead of three weeks.
“The first two weeks speak to laying a foundation on civic responsibility. The next two weeks will look at career mapping, basic accounting literacy skills, business planning and access to finance. The final two weeks, we intend to have focused corps-stream-specific training aligned with the corps member’s designated stream based on his choice, academic background and skills profile.”
With the rainy season in Nigeria, many are wondering if the increase in flooding has now become the new normal. Lots of videos, clips, and complaints have literally flooded online, showing how badly roads, homes, and other places have been affected.
We were used to hearing about the rise of water on the Island since it is literally surrounded by water, but now floods are being spotted on the Mainland as well.
We may not know exactly why this is happening, but one thing is certain—we urgently need a lasting solution.
The federal government reacted to claims stating that the new tax rules will be imposed on telecommunications and petroleum products for Nigerians.
The FG released a statement to explain the process and stated that there is no intention to place taxes on telecom and petroleum products and services.
“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.”
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