Just another News Updates
The Central Bank of Nigeria (CBN) has clarified that the old ₦200, ₦500, and ₦1,000 banknotes will remain legal tender indefinitely, countering reports that they would cease to be accepted by December 31, 2024. In a statement released on Thursday, the acting Director of Corporate Communications, Sidi Hakama, dismissed such claims as false and an […]
The House of Representatives has urged the Central Bank of Nigeria (CBN) to begin the phased withdrawal of old ₦200, ₦500, and ₦1,000 notes ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also called on the CBN to accelerate the distribution of new banknotes to ensure a smooth transition […]
President Bola Ahmed Tinubu is thinking of extending the validity of old naira notes. The Central Bank of Nigeria (CBN) had redesigned the naira last year and set a deadline that was extended after outcry. However, ruling in a suit filed by some aggrieved governors, the Supreme Court shifted the deadline to December 2023. But […]
The Central Bank of Nigeria (CBN) on Monday said old N200, N500, and N1,000 banknotes remain legal tender Till December 31, 2023. The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday. “In compliance with the established tradition of obedience to court orders and sustenance of the Rule […]
The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities. There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023. The apex court declared that “no reasonable notice was given as required by Section […]
1- GOVERNOR SOLUDO: SPECIAL PUBLIC ANNOUNCEMENT Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive same as deposits from customers. 2- Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company […]
Deposit Money Banks (DMBs) across the country yesterday began rejecting deposits of old naira notes (N1,000 and N500), after paying customers, forcing business owners, retailers to begin rejecting the old naira notes despite the Supreme Court’s extension of the validity of old notes to December 31, 2023. Findings across different banks revealed that despite the […]
The Central Bank of Nigeria said that both old and new notes are now legal tender. The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin disclosed this on Tuesday. He affirmed that commercial banks have started issuing both the old and new notes to their customers. But insisted that the apex bank is yet […]
The Supreme Court has ordered the circulation of the old naira notes alongside the new ones until December 31. In a unanimous judgment, a seven-member… In a unanimous judgment, a seven-member panel of justices presided by Justice Inyang Okoro on Friday held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria […]
The Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, had said that over N500 billion old naira notes stashed by politicians yet to return to the Central Bank of Nigeria (CBN). Abdulrasheed Bawa stated this during an interview on Channels TV’s Politics Today. The EFCC chairman added that the commission had a lot of […]