There is no deadline on the use of old note: CBN says use of old Naira notes will continue indefinitely

December deadline: CBN says use of old Naira notes will continue indefinitely

The Central Bank of Nigeria (CBN) has stated that the old naira N200, N500, and N1,000 notes are to remain legal tenders indefinitely.

In a statement, the bank’s Director, Corporate Communications Isa AbdulMumin, said the old and new naira notes will continue to coexist.

The new currency notes were introduced last year with the old ones set to cease as legal tenders this December but the apex bank on Tuesday, November 14, said “the legal tender status deadline of the old design of N200, N500 and N1,000 denominations, ad infinitum.”

It explained that the move is in line with international best practices and “to forestall a repeat of earlier experiences.''

“Thus, all banknotes issued by the Central Bank of Nigeria (CBN), in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum, even beyond the initial December 31, 2023, deadline. The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.”

He said the CBN branches will continue to issue and accept all denominations of the bank notes, old and redesigned, to and from deposit money banks (DMBs).

“The general public is enjoined to continue to accept all Naira banknotes (old or
redesigned) for day-to-day transactions and handle these banknotes with utmost
care, to safeguard and protect the lifecycle of the banknotes,” it added.

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.”

#CBN
#Nairanotes
#Emefiele

Comments

Post a Comment

Popular posts from this blog

Akwa Ibiom: Woman marries her physically challenged lover

Image
Akwa Ibiom: Woman marries her physically challenged lover  One Emem Effiong and her physically challenged lover, Innocent Ntia, have married in Uyo Local Government Area of Akwa Ibom State.  The bride who goes by the name Uyai Innocent on Facebook shared pictures of the wedding late Wednesday with the caption, "Thank God it ended in praise.  "Our deepest appreciation to Her Excellency, the wife of the Governor, Pastor Mrs Patience Umo Eno, that was ably represented by wives of five LGA transition committee chairmen. Mummy, Thank you for honouring us, God bless you."  According to the invite posted on her Facebook page, the wedding was held on Saturday, December 9, at Christ The King Cathedral in Uyo.  Reposting the pictures of the couple, one Cynthia Adinnu wrote, "Oh wow! Congratulations my dear brother Innocent Ntia.   "Happiness is understatement for me to describe how excited I'm celebrating these two love birds. My prayers are for unusual enlarge...
Read more

Diezani seeks divine intervention over fresh corruption allegation in London

Image
Diezani seeks divine intervention over fresh corruption allegation in London Former Minister of Petroleum Resources, Diezani Allison-Madueke is seeking prayers over a case of alleged multi-million pounds bribery and corruption instituted against her by the United Kingdom National Crime Agency (NCA). According to reports, Allison-Madueke, together with Doye Agame and Olatimbo Ayinde, appeared before a Southwark Crown Court judge on Monday. According to her lawyer, the former minister was “anxious for the case to be heard,” and then move on with her life. After the hearing on the fifth floor courtroom, a prominent member of the Nigerian community in the United Kingdom, who is an acquaintance of the former minister, spoke with TheGuardian after having a conversation with her. “I feel sorry for her. Here’s a powerful woman who will say come and you come. She told me ‘I need prayers’ and to ‘please pray for me,” he said. Meanwhile, a top lawyer who flew over from Nigeria to represent ...
Read more

APC youths stage protest in Lokoja, asks security agencies to arrest Kogi SDP guber candidate

Image
APC youths stage protest in Lokoja, asks security agencies to arrest Kogi SDP guber candidate Staunch supporters of the All Progressives Congress (APC) have vehemently condemned the Social Democratic Party (SDP) and its governorship candidate, Muritala Yakubu, for their alleged attempts to subvert the democratic process.  They have issued a stern warning to the Independent National Electoral Commission (INEC) and security agencies to remain vigilant and steadfast in their commitment to upholding the principles of fair and transparent elections, and to disregard any attempts by the SDP and its candidate to disrupt the electoral process. The youth groups, coming together in a peaceful protest at the INEC office in Lokoja, the state capital, voiced concerns about the SDP’s purported intimidation of INEC officials. Several speakers at the protest denounced the SDP’s threat to set fire to INEC as a perilous assault on democracy. Oluwakayode Emmanuel, from Kabba Bunu Local Government Are...
Read more