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CBN Dismisses Claims Of Old Naira Notes Expiring By December 2024
Amid growing confusion over the legal status of old naira notes, the Central Bank of Nigeria (CBN) has dismissed claims that the old N200, N500, and N1,000 notes will cease to be legal tender by December 31, 2024.
In a statement issued Thursday via its official X account, Sidi Ali, acting director of corporate communications, clarified that the old banknotes will remain valid indefinitely, as directed by the Supreme Court.
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The clarification follows recent reports from the House of Representatives, which had suggested that the old naira notes would be phased out by the end of 2024.
However, the CBN stressed that both the old and redesigned banknotes will continue to be accepted and issued by its branches across the country, in accordance with the Supreme Court’s ruling on November 29, 2023.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024. We categorically state that these claims are false and intended to disrupt the payment system,” the statement read.
The Supreme Court had earlier granted the Attorney-General of the Federation’s request to extend the use of old naira notes indefinitely, maintaining their legal status.
The CBN reiterated that its directive to all branches to accept and circulate both old and redesigned banknotes remains in force.
In response to the conflicting information, the CBN urged Nigerians to ignore any false claims about a deadline for old notes, assuring the public that all naira denominations remain valid for transactions.
“We urge members of the public to disregard these misleading claims and continue to accept both old and redesigned naira notes for everyday transactions. Additionally, we advise Nigerians to handle the notes carefully to preserve their lifespan,” the CBN said.
The apex bank also encouraged Nigerians to adopt electronic payment methods, underscoring the need for alternative channels to reduce pressure on cash use amid the ongoing currency redesign.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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