Business
CBN Extends Deadline For Old Naira Notes Beyond December 31
The Central Bank of Nigeria (CBN) has in a recent announcement clarified that the old 200, 500, and 1000 naira notes…
The Central Bank of Nigeria (CBN) has in a recent announcement clarified that the old 200, 500, and 1000 naira notes will continue to be legal tender even after December 31, 2023.
VerseNews reports that this decision comes after the CBN’s earlier announcement in March, stating that, following a Supreme Court verdict, these specific banknotes would no longer be in circulation after the end of this year.
In October 2022, the former CBN governor Godwin Emefiele announced plans to redesign the N200, N500, and N1,00 notes urging Nigerians to deposit their old notes before January 31, 2023, as they would lose their status as legal tender beyond that date.
However, this directive led to a cash shortage in February, causing hardships for citizens and prompting protests and bank attacks in some parts of the country.
In response to concerns about the scarcity of these banknotes and the approaching year-end deadline, a senior official from the CBN reassured the public that both old and new banknotes would still be considered legal tender.
“They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline,” the official stated.
Furthermore, the CBN official emphasised that the phasing out of the old notes would be a gradual process to avoid causing additional hardships for the people.
“We won’t want Nigerians to undergo similar pain as they experienced earlier this year. The phasing out of the old notes will be gradual. It won’t be rushed,” the official assured.
Ambrose Alli University Lecturer Dies in Hotel Room After Sexual Encounter With 21-Year-Old Woman
A senior lecturer at Ambrose Alli University, Ekpoma, Dr Matthew Uwuigbe, has died in a hotel room in Edo State...
Omotosho’s First Jurisdictional Failure — The Court Lacked Authority to Try Kanu
The Mazi Nnamdi Kanu Global Legal Consortium has alleged that the Federal High Court lacked jurisdiction to try Kanu on...
‘No Government Without a Country’: IPOB Rejects Self-Appointed Biafra Government Officers
Mazi Chris Nwaọgụ has reiterated IPOB’s demand for Nnamdi Kanu’s freedom and Biafra’s restoration, while calling for Kanu’s appeal to...
Sokoto Declaration: Emma Powerful Dismantles False Claims, Reaffirms Onyendu Mazi Nnamdi Okwu Kanu’s Referendum Position
Kanu’s camp has rejected claims that he did not approve or co-sign the Sokoto Declaration, while stressing that he does...
Kanu’s Unlawful Conviction, the Law That Was Already Dead, and the Shame That Is Waiting for Nigeria’s Judiciary
Christopher Chidera, Esq., has challenged the legal basis of Nnamdi Kanu’s conviction, arguing that the trial court relied on a...
Elochukwu Ohagi Describes Nnamdi Kanu as ‘Anointed Builder’ in Biafran Cenotaph Tribute
Elochukwu Ohagi has described Nnamdi Kanu as an “anointed builder” and “divine instrument” in the struggle for Biafran restoration, highlighting...
Delta Commissioner, Three Others Arrested Over Deputy Director’s Death
Five suspects are now in custody, while police have declared two others wanted as investigations into the ministry official’s death...
Kanu Family Fires Back: ‘No Statutory Transition Means No Valid Sentence’
The Okwu-Kanu Family has called for the immediate hearing of Nnamdi Kanu’s appeal, questioning the written law underpinning his conviction...
IPOB Accuses Nigerian Judiciary of ‘Judicial Banditry’ Over Nnamdi Kanu Conviction
IPOB has accused the Nigerian judiciary of violating constitutional provisions in Nnamdi Kanu’s conviction, questioning the legal basis of the...
IPOB: Nnamdi Kanu Must Be Released Unconditionally, Appeal Must Be Listed — Chris Nwaọgụ
IPOB has renewed its demand for the immediate and unconditional release of Nnamdi Kanu, while calling for his pending appeal...
You must be logged in to post a comment Login