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BREAKING: Old Naira Banknotes Remain Legal Tender – CBN

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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.”

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Kainji–Birnin Kebbi Power Line: TCN Begins Final Phase of Restoration

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The Transmission Company of Nigeria (TCN) has commenced the final phase of restoration works on the 330kV Kainji–Birnin Kebbi Transmission Line following the recent collapse of Tower T367 along the line corridor.

TCN, in an update issued on Wednesday, said significant progress had been recorded at the affected location in Yauri, where restoration activities are ongoing.

ALSO READ: TCN Restores 330kV Shiroro–Mando Line, Strengthens Power Supply to Kaduna

According to the company, the collapsed transmission tower has now been completely dismantled and decommissioned, while the conductors and skywire have been properly aligned and prepared for the next stage of the restoration process.

TCN also disclosed that an Emergency Restoration System (ERS) tower has been moved to the site and is ready for installation.

The company said the installation would be followed by cable stringing and other associated works towards the restoration of the affected transmission line.

“Our engineers and technical personnel remain actively engaged at the site and are working hard to ensure a quick completion and restoration of the line.”

TCN said it remained committed to restoring normal bulk transmission as soon as possible and appealed to electricity consumers and other stakeholders affected by the incident for patience and understanding.

“TCN appreciates the patience and understanding of electricity consumers and other stakeholders affected by the incident and assures the public that every effort is being made to restore the line and consequently, normal bulk transmission as soon as possible.”

 

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Tanker Drivers Suspend Strike after FG Intervention

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The National Union of Edible Oil Tanker Drivers of Nigeria (NUEOTDN) has suspended its planned nationwide strike scheduled to begin Wednesday following Federal Government intervention in its dispute with operators in the edible oil industry.

The last-minute suspension averted a potential disruption in the transportation and distribution of edible oil across the country, with the union directing members to maintain normal operations while negotiations continue.

READ ALSO: Tinubu Applauds $800m FID on Ima Gas Project

NUEOTDN President, Ilias Aperun, announced the decision in a statement dated September 22, saying interventions by President Bola Tinubu and the Department of State Services (DSS) had opened discussions towards resolving the issues that prompted the planned industrial action.

“The planned industrial action scheduled to commence today, 23rd September 2026, has been suspended.”

Aperun said the union decided to give the government intervention time to produce results in the interest of economic stability and protection of the edible oil supply chain.

“In the interest of peace, national economic stability and the protection of the edible oil supply chain, the Union has decided to suspend the planned action and give room for the ongoing government intervention,” he said.

The union consequently directed its members and other stakeholders to halt preparations for the strike and continue normal operations pending further directives.

Aperun said discussions aimed at resolving the dispute were already underway, adding that the union remained committed to protecting the welfare and legitimate interests of its members without jeopardising the supply of edible oil.

“The NUEOTDN remains committed to the protection of the public health of the masses, welfare and legitimate interests of its comrades, while also supporting a peaceful and sustainable resolution of the issues at stake,” he said.

He urged stakeholders in the industry to cooperate with the ongoing negotiations, saying constructive engagement remained necessary to resolve the issues raised by the tanker drivers.

The union expressed appreciation to the Federal Government for its intervention and urged members to remain calm while awaiting the outcome of the discussions.

Aperun said further developments would be communicated as negotiations progressed.

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Tinubu Welcomes $12m Abuja Entrepreneurship Centre to Boost MSMEs, Create Jobs

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President Bola Ahmed Tinubu has welcomed the construction of a $12 million Abuja Centre for Entrepreneurship, saying the facility will strengthen Nigeria’s Micro, Small and Medium Enterprises (MSME) ecosystem and create more opportunities for businesses to grow and generate jobs.

The President made this known in a statement issued on Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga.

The Abuja Centre for Entrepreneurship (ACE) is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, with funding from the Republic of Korea through the Korea International Cooperation Agency (KOICA).

SEE ALSO: Tinubu Applauds $800m FID on Ima Gas Project

The project is being implemented in partnership with the Federal Government through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP).

The centre will provide workspaces, digital facilities, training, incubation and enterprise support for aspiring entrepreneurs, start-ups and existing businesses.

According to the statement, the facility has an initial target of supporting 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.

About $5.9 million of the investment will be allocated to construction, while $6.1 million will fund equipment and programmes designed to support entrepreneurs and businesses.

Tinubu said the centre would help establish, strengthen and grow businesses.
“Small businesses are an important part of our economy. They employ people, support families and create activity in communities across the country.

“Many entrepreneurs already have the ideas and the determination to succeed. What they often need is better access to facilities, technology, training and the support that can help their businesses grow.

“This Centre will provide more of that support and strengthen the ecosystem around them,” he said.

The centre is expected to serve businesses in Abuja and surrounding cities, including Kaduna, Jos, Keffi, Lafia, Minna, Makurdi and Lokoja.

It is also expected to contribute to strengthening the wider entrepreneurship and MSME ecosystem across Northern Nigeria.

The President said the Federal Government would continue to expand the conditions that allow small businesses to grow and compete.

“We want more Nigerians to be able to start businesses, grow them and employ others.
“We also want existing small businesses to have better access to the tools and support they need to become stronger and more productive.

“That is important for jobs, incomes and the wider economy,” Tinubu said.
He added that the project complements the administration’s wider investments in digital skills, entrepreneurship, enterprise development and support for MSMEs.

The centre has also been designed to accommodate women and persons with disabilities. It will include accessible facilities and crèche services for women with young children.

While construction is ongoing, SMEDAN, KOICA and UNDP will work with universities, incubators, financial institutions, private-sector organisations and entrepreneur networks to build a wider support system around the centre.

The partners will also identify businesses that can benefit from the centre’s programmes.

Tinubu thanked the South Korean government for the $12 million investment and commended KOICA, UNDP and SMEDAN for advancing the project to the construction stage.

He said Nigeria would continue to welcome investments and partnerships that strengthen local businesses, deepen enterprise development and create more jobs.

“Our economy will be stronger when more Nigerian businesses can start, survive and grow.

“We must keep building the support around them and opening more opportunities for enterprise across the country,” the President said.

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