The Central Bank of Nigeria (CBN) has clarified that there is no deadline on the circulation of old N200, N500, and N1000 banknotes, countering widespread rumors of a December 31, 2024 deadline for these notes to cease as legal tender. In a statement released on Thursday, CBN spokesperson Sidi Ali Hakama addressed concerns sparked by ongoing speculations. According to Hakama, these claims are entirely untrue and are intended to cause confusion in the nation’s payment system. "The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different forums suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024," the statement read. "We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system." CBN emphasized that the Supreme Court’s ruling on November 29, 2023, which allows the use of old Naira banknotes indefinitely, remains in effect. This ruling, granted in response to a petition by the Attorney-General of the Federation, upholds the validity of old banknotes alongside the redesigned versions. CBN also reiterated its directive to all branches and deposit money banks (DMBs) to continue accepting and issuing both old and redesigned banknotes. "We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle," CBN stated, advising the public to disregard any statements that imply a December 31, 2024 cutoff. In light of this, the CBN encouraged Nigerians to adopt alternative payment methods, such as electronic channels, to reduce reliance on physical cash and ease pressure on the cash system. This move aims to ensure a seamless, stable transaction environment across the nation. Tragedy struck in Nsukka, Enugu State, as two persons were reportedly killed today, Tuesday, 24th of September 2024, in Nsukka Town in separate incidents involving the notorious Oriokpa masquerades, whose violent activities have continued to instill fear in the local communities. Video 1; loading... Video 2; loading... Video 3; loading... The first casualty, an unidentified middle-aged woman, met her untimely death at Aku Road, Obechara area, Nsukka, after being chased by one of the Oriokpa masquerades. In an attempt to escape, she ran into a moving truck and was killed instantly, causing widespread panic and horror among onlookers. In another incident at Nru Junction, a young male, later identified as a student of the University of Nigeria, Nsukka (UNN), also lost his life. Although details surrounding his death remain unclear, sources suggest that he may have been trying to evade the masquerades when he was caught in the chaos that ensued. These tragic incidents have once again hig For the disruption innovations, reforms and digitalisation of Enugu State tax policies, implementations and practices, which had helped in improving the state internal generated revenue and plugging leakages, Enugu State Board of Internal Generated Revenue Service, under the leadership of Mr. Ekene Nnamani bagged double award at Nigeria Bureau of Public Service Reform Conference 2024 held at NICON LUXURY hotel Abuja recently. Speaking during the awards presentation, Director General of BPSR Mr Dasuki Arabi , said that the Bureau of Public Service Reforms is the lead Agency and ‘Engine Room’ for integrated reform initiative, implementation, coordination and harmonization established in 2004. According to him, Bureau introduced the institutional Self-Assessment Tool (SAT) as a practical approach to support government at all level in its vision to transform the Nigerian Public Service into a virile, well performing, professional and customer-oriented institution.

The Central Bank of Nigeria (CBN) has clarified that there is no deadline on the circulation of old N200, N500, and N1000 banknotes, countering widespread rumors of a December 31, 2024 deadline for these notes to cease as legal tender.

In a statement released on Thursday, CBN spokesperson Sidi Ali Hakama addressed concerns sparked by ongoing speculations. According to Hakama, these claims are entirely untrue and are intended to cause confusion in the nation’s payment system.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different forums suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024,” the statement read. “We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.” Continue Reading…

CBN emphasized that the Supreme Court’s ruling on November 29, 2023, which allows the use of old Naira banknotes indefinitely, remains in effect. This ruling, granted in response to a petition by the Attorney-General of the Federation, upholds the validity of old banknotes alongside the redesigned versions.

CBN also reiterated its directive to all branches and deposit money banks (DMBs) to continue accepting and issuing both old and redesigned banknotes.

“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle,” CBN stated, advising the public to disregard any statements that imply a December 31, 2024 cutoff.

In light of this, the CBN encouraged Nigerians to adopt alternative payment methods, such as electronic channels, to reduce reliance on physical cash and ease pressure on the cash system. Continue Reading…

This move aims to ensure a seamless, stable transaction environment across the nation.