NEWS
BREAKING: Old Naira Banknotes Remain Legal Tender – CBN
The Central Bank of Nigeria (CBN) has declared that the old banknotes that the apex bank sought to redesign under the former governor, Godwin Emefiele remain legal tender.
This was contained in statement issued on Thursday, available at the bank’s website and other social media handles, signed by its Director, Corporate Communications, Isa AbdulMumin.
The regulator was reacting to reported scarcity of banknotes across Nigeria, with Deposit Money Banks (DMB) facing cash dispensing challenges, which made it difficult for them to meet customers’ cash requests.
Consequently, the apex bank directed all its branches to support all legitimate cash requests of DMBs, and called on members of the public to accept both old and redesigned currencies issued by the CBN as legal tender.
Recall that the CBN had moved to redesign the N200, N500 and N1000 banknotes in the days leading to the 2023 general elections, which became complicated and saw the Supreme Court rule that both banknotes should circulate side-by-side till December 31, 2023.
The statement was issued under the subject, “All Banknotes Issued by the CBN Remain Legal Tender”.
It reads, “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country. There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.
“Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.
“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.
“Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment.”
NEWS
‘Oseni Rufai Helped Me, Not NiDCOM’ — Ekene Chukwuma on Return to Nigeria
Nigerian national Ekene Chukwuma has said he returned to Nigeria with assistance linked to Oseni Rufai rather than the Nigerians in Diaspora Commission (NiDCOM), while renewing allegations against the commission’s chairperson, Abike Dabiri-Erewa, over his travel documents.
Chukwuma made the remarks in an interview in which he explained how he returned to Nigeria after spending months at a deportation camp in India.
RELATED NEWS: Rufai Oseni Row: NiDCOM Breaks Silence on Nigerians Detained in India, Addresses Ekene’s Case
“My name is Kenneth Chukwu, from Enugu State,” he said, introducing himself before explaining how he returned to the country.
“I came back here with the assist of Osini Roufai, a good friend of him,” he said.
Chukwuma denied that NiDCOM facilitated his return, alleging that the commission had published false information about his case.
“NiDCOM made a lots of false, uh, news acquisition against me, which is still in Abike Dabiri handle in Twitter,” he said.
He also accused Dabiri-Erewa of sharing his expired international passport and a travel certificate he claimed was issued six months after he entered the detention camp.
“He also, she also posted my international passport that expired. He also, she also posted my TC that issued after 6 months,” he said.
His comments renew questions surrounding the handling of his case and the circumstances under which he obtained the documents needed to return to Nigeria.
Chukwuma’s detention in India previously sparked a public disagreement between ARISE News presenter Oseni Rufai and Dabiri-Erewa over NiDCOM’s response to reports of his situation.
Oseni raised concerns about Chukwuma’s detention and the commission’s handling of the case, while Dabiri-Erewa defended NiDCOM’s position and explained the process for submitting information to the commission.
NiDCOM subsequently issued its account of Chukwuma’s detention, stating that he had been arrested in India over a visa overstay and addressing the circumstances surrounding his travel documents.
The differing accounts prompted public debate about the commission’s response to Nigerians facing immigration difficulties abroad.
NEWS
‘Who Owns NNPC?’ Rufai Grills Olabode Sowunmi Over Fuel Subsidy
Rufai Oseni has challenged political analyst Olabode Sowunmi over the Federal Government’s 30-day petrol discount, questioning whether the intervention amounts to a return of fuel subsidy despite claims that the discount is being borne by the Nigerian National Petroleum Company Limited (NNPC).
The exchange occurred during an edition of The Morning Show on Arise News, where Oseni questioned Sowunmi about the financial implications of the petrol discount and other measures introduced to cushion the impact of fuel prices.
Oseni argued that several elements of the government’s intervention could be regarded as forms of subsidy, insisting that NNPC’s ownership structure must be considered when determining who ultimately bears the cost.
SEE MORE: ‘Another Speech to Tell Us, It Is Well’ — Oseni Rufai Reacts to Tinubu’s Address
“No matter how you try to explain it away, a subsidy is a subsidy,” Oseni said.
He challenged the argument that the discount should not be classified as a government subsidy simply because NNPC was responsible for providing it.
“We’re talking like NNPC is not owned by [the government] and heavily equity-based by the Ministry of Finance Incorporated,” he said.
Oseni identified the 30-day discount, forward sales of crude oil to domestic refineries, a proposed price ceiling, the removal of road levies and the consideration of an excess-profit tax among the measures he believed could amount to different forms of subsidy.
He argued that forward sales of crude oil to domestic refineries, with increased volumes as production grows, could help shield petrol pump prices from fluctuations in the international market.
Oseni also questioned the proposed negotiation of a price ceiling of ₦1,350 on landing and ex-country costs, arguing that government intervention to moderate prices contradicted the principle of allowing market forces to determine them.
“You are not supposed to come in to do this. Let me go back to your words: forces of market supply and demand should do this, but you have now come in to do this. That’s another form of subsidies,” he said.
He further cited the removal of road levies and cooperation with state governments under new tax laws as part of the measures requiring scrutiny.
After listing the interventions, Oseni demanded that Sowunmi explain their financial implications and identify who would ultimately pay for the petrol discount.
“But tie this with the most important question, actually, that you skipped: How much will this cost NNPC, and who pays for it? Don’t evade that question. Tell us the cost item and how much, who will pay for it,” Oseni said.
Sowunmi Defends His Position
In his response, Sowunmi argued that a government subsidy should be determined by whether the government bears the difference between the total cost of a product and its selling price.
He explained that a subsidy occurs when the government assumes the financial burden created by the gap between the cost of a product and the price at which it is sold.
“In the case of the discount that has been announced, it is borne by NNPC. So that cannot be…” Sowunmi said before Oseni interrupted.
Oseni challenged the distinction, insisting that NNPC’s ownership made it necessary to establish whether the cost could ultimately be linked to the government.
“Wait, not—who owns NNPC? Please answer. No, no, a straight question, and you can go ahead. Who owns NNPC?” Oseni asked.
Sowunmi responded that he had been invited to contribute to the discussion and should be allowed to complete his explanation.
“You asked, you asked NNPC because you believe—you asked me a question because you believe I have something to say. You cannot—you cannot tell me how to talk, so just be…” he said.
Oseni subsequently repeated his question about NNPC’s ownership, prompting Sowunmi to urge him to exercise patience.
“Basically, you need to be a bit patient and just…” Sowunmi responded.
The available transcript ends during the exchange, with no further explanation of the financial arrangements or conclusion to the discussion provided.
NEWS
JUST IN: Amnesty Volunteer Lawrence Zongo Regains Freedom After 10 Days In Custody
Human rights defender and Amnesty International volunteer, Lawrence Zongo, has been released from the custody of the Nigerian Army in Jos, Plateau State, after spending 10 days in detention.
His release comes after Amnesty International and the Take-It-Back (TIB) Movement demanded his immediate release, raising concerns over his alleged incommunicado detention at the Nigerian Army’s 3 Division headquarters in Jos.
ALSO READ: How Troops Forced Kidnappers to Abandon Abducted Army Lieutenant Colonel in Enugu
“Zongo is out,” a source privy to the information said on Thursday.
Zongo was arrested on October 5 while visiting relatives receiving treatment at a military hospital within Maxwell Khobe Cantonment, Rukuba Barracks, the headquarters of the Army’s 3 Division.
He had reportedly gone to the facility to assist family members who were attacked by gunmen in Meyango, Bassa Local Government Area of Plateau State, on Sunday night.
Sources familiar with the incident said one of Zongo’s first cousins died from injuries sustained in the attack before he arrived at the hospital late Monday morning.
Following his arrest, sources alleged that Zongo was held without charge and denied access to his lawyers and family members.
Sources also claimed that he was wearing Ray-Ban Meta smart glasses when he visited the military facility, suggesting that this might have contributed to the soldiers’ decision to detain him. However, the claim had not been independently verified.
On October 8, Amnesty International raised the alarm over what it described as the arbitrary and incommunicado detention of its member, demanding that the military either release him immediately or hand him over to the appropriate civilian authorities.
The organisation said efforts to gain access to Zongo had been unsuccessful and called on the Army to clarify the circumstances surrounding his arrest and detention.
On October 13, the Take-It-Back Movement’s Plateau State chapter also demanded his release, alleging that he remained in military custody without a clear explanation.
The movement said its members and executive committee representatives had discussed the matter during an appearance on JayFM Jos, insisting that the military should disclose the offence Zongo was suspected of committing and provide evidence justifying his continued detention.
The group also called for respect for Zongo’s fundamental rights and urged the Army to follow established legal procedures if there were allegations against him.
His release comes after days of pressure from rights advocates and activists over the circumstances surrounding his arrest and detention.
The Nigerian Army’s reasons for detaining Zongo and the circumstances surrounding his release were not immediately available.






661958 884660Nice read, I just passed this onto a colleague who was performing some research on that. And he in fact bought me lunch as I discovered it for him smile So let me rephrase that: Thank you for lunch! 878091
524712 885581Merely a smiling visitant here to share the adore (:, btw outstanding pattern . 428864
827918 392842Thanks for the blog loaded with so numerous information. Stopping by your blog helped me to get what I was seeking for. 461047
630322 853898I feel this web internet site has quite superb composed topic material articles . 498516