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Naira Crisis: CBN Breaks Silence, Extends Validity Of Old Naira Notes Until Dec 31

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The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 banknotes will continue to be accepted as legal tender until December 31, 2023.

This was disclosed in a statement released on Monday and signed by Isa AbdulMumin, the Acting Director of Corporate Communications.

The statement reads; “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.”

This announcement comes just 10 days after the Supreme Court ruled that the old naira notes should be used alongside the new ones until 31st of December 2023.

Recall that Sixteen states had filed a lawsuit to challenge the legality of the policy, which prompted the Central Bank of Nigeria (CBN) to make the recent announcement.

The states, led by Kaduna, Kogi, and Zamfara, argued that the policy was causing hardships for ordinary citizens and asked the apex court to declare it null and void.

Following a February 8 order, the Supreme Court of Nigeria ruled that President Muhammadu Buhari’s disregard of the order was a demonstration of dictatorship as he also violated the country’s Constitution in his directives for the CBN to redesign the naira.

However, following the court’s March 3 ruling, both the Presidency and the CBN, as well as the Attorney General of the Federation, did not issue any statements, causing confusion among bank customers and the general public.

However, the presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.

The Presidency also said the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust”.

 

 

 

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International News

German President Calls Early Election After Dissolving Parliament

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German President, Frank-Walter Steinmeier on Friday officially dissolved the Bundestag and announced February 23, 2025, as the date for an early general election.

The move comes after Chancellor Olaf Scholz’s government collapsed last month amid internal disputes over economic policies.

The political crisis became compounded by last week’s deadly car-ramming attack at a Christmas market in Berlin, which has reignited national debates over security and immigration, setting the stage for a contentious campaign period.

READ MORE: Obi’s Inspiring Christmas Message Of Hope For Women’s Football

In a televised address, Steinmeier stressed the need for political stability, calling on parties and candidates to uphold democratic principles during the election campaign.

“Hatred and violence must have no place in this election campaign, nor denigration or intimidation… all this is poison for democracy,” he said.

The president also warned about the dangers of foreign interference, particularly on social media.

“The campaign must be conducted with fair and transparent means,” Steinmeier said, adding that “foreign influence… which is particularly intense on X,” the platform owned by billionaire Elon Musk, poses a significant threat.

Steinmeier emphasized the gravity of the challenges awaiting Germany’s next government, citing the “economically unstable situation,” ongoing conflicts in Ukraine and the Middle East, and divisive issues like immigration and climate change.

Scholz will remain in office as a caretaker chancellor until a new coalition is formed, a process that could take months depending on the outcome of the election.

The election campaign is expected to be highly charged, with security and economic recovery emerging as key battlegrounds.

 

 

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NEWS

53 Convicts Benefit From Adeleke’s Prerogative Of Mercy

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Four gang-killed two in Osun, destroy N8M properties

 

In line with the recommendations of the Osun State Advisory Council on Prerogative of Mercy, Governor Ademola Adeleke has extended mercy to 53 convicts serving various terms within the Nigerian Correctional Service (NCoS).

According to Spokesperson to the State Governor, Olawale Rasheed, this was contained in a letter of commutation dated December 24th, 2024 and which has since been received and acknowledged by the relevant prison authorities read as follows:

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

“WHEREAS: the inmates whose names are set out in the schedule to this order have been convicted to various terms of imprisonment to wit.

(i) Simple offences and have served substantial portions of the sentences,

(ii) Convicts sentenced to death” (having spent a minimum of 10 years in custody.)

“AND WHEREAS: following the recommendation made to me by the state advisory council on the prerogative of mercy that I should exercise my power in relation to the said inmates in order to mark the 2024 Christmas celebration.

“AND WHEREAS: in the case of the 30 (thirty) inmates convicted of simple offences, I have decided in accordance with the said recommendation to remit and forgive the remainder of the said sentences in whole.

“AND WHEREAS: I have decided in accordance with the said recommendation to grant outright pardon to 12 (Twelve) inmates convicted of simple offences.

“4 (Four) Convicts have their sentences commuted from death to outright pardon. AND WHEREAS: I have decided in accordance with the said recommendation to commute the sentences as follows;

“1 (One) convict has his sentence commuted from death to 15 (Fifteen) years imprisonment.

“6 (Six) Convicts have their sentences commuted from death to outright release.

“Now know ye therefore that, I Senator Ademola Jackson Adeleke, the Governor of Osun State of Nigeria, in exercise of the power conferred on me by paragraph (a), (c) and (d) of subsection (i) of section 212 of the constitution of the federal republic of Nigeria, 1999 (as Amended), I am pleased to extend my grace and mercy unto the said inmates.

“My will and pleasure thereof, is that you commute the death, life and years of imprisonment as indicated herewith in the schedule”

Those in the schedule are as follows:

CONVICTS RECOMMENDED FOR OUTRIGHT PARDON (SIMPLE OFFENCES)

  1. OLABOMIJI NURUDEEN
  2. MUSTAPHA ISAH
  3. OLALEKAN ABDULLAHI
  4. AYOMIDE OLOJEDE
  5. AKEEM RAPHAEL
  6. ADEYEMI ABIODUN
  7. OLADIPUPO SEGUN
  8. OMISAKIN SUNDAY
  9. ADEMOLA ADIO
  10. TUNDE OLAPADE
  11. LATE CHIEF WOLE OLA RUFUS OJO
  12. OMOLOYE OLAJIDE OLAYEMI

CONVICTS RECOMMENDED FOR OUTRIGHT RELEASE (SIMPLE OFFENCES)

  1. OLUBO SUNDAY
  2. ISAH UMAR BIODUN
  3. FAWAS KAREEM
  4. OMIRIN TEMITAYO
  5. OLARENWAJU AYOMIDE
  6. DARE SUNDAY
  7. OLADAPO TUNDE
  8. GANIYU SAHEED
  9. ADEWUMI SODIQ
  10. ADEBAYO ADEOYE KEHINDE
  11. LASIS KAZEEM
  12. DAUDA OJO (59 YEARS)
  13. ISMAILA RAJI
  14. OSENI MICHEAL
  15. AJAYI KOREDE
  16. ABIONA NURUDEEN
  17. OSHI SAMUEL
  18. SHEU YUSUF OLATUNJI
  19. OJO AANU
  20. MUSTAPHA KEHINDE
  21. LASIS ABEEB
  22. ALEXANDRA IORLAHA
  23. OJO TAIWO
  24. AZEEZ MUJEEB
  25. AKINYEMI DAVID
  26. ADEOSUN ADEKUNLE
  27. OLAOBAJU SAMUEL
  28. ADURA ADEFEMI
  29. PAUL BASIL
  30. KUNLE DAVID

CONVICT RECOMMENDED FOR OUTRIGHT PARDON FOR GOOD CONDUCT (CAPITAL OFFENCES) – 4 (FOUR)

  1. SUNDAY MORAKINYO
  2. SEGUN OLOWOOKERE
  3. TUNDE OLAPADE
  4. DEMOLA ODEYEMI

CONVICT RECOMMENDED FOR OUTRIGHT RELEASE ON HEALTH GROUND, (CAPITAL OFFENCES) –

1 OLUWAFEMI FAGBEMI

2 BEWAJI SUNDAY

  1. AMEHIN GEORGE
  2. AYOMIDE ARULOGUN
  3. TAIWO OLUWATOBI STEPHEN
  4. ABUBAKAR ABDULAZEEZ

CONVICT RECOMMENDED TO BE COMMUTED FROM DEATH TO 15 YEARS IMPRISONMENT HAVING SPENT AT LEAST 10 YEARS IN CUSTODY

  1. OJEKUNLE TIMOTHY
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International News

Ghana To Grant Visa-Free Entry To All African Nationals

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President Nana Addo Dankwa Akufo-Addo has approved a new policy allowing visa-free entry to Ghana for all African nationals, fulfilling a promise he made earlier this year.

The initiative is expected to be implemented before the end of his term on January 6, 2025.

With this move, Ghana will join Rwanda, Seychelles, The Gambia, and Benin as one of the few African nations offering unrestricted visa-free access to all African passport holders.

READ MORE: Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

The policy is seen as a significant step toward promoting free movement across the continent, enhancing trade, and deepening economic integration under the African Continental Free Trade Area (AfCFTA).

President Akufo-Addo announced the policy during his keynote address at the 2024 Africa Prosperity Dialogues (APD) held in Accra.

Speaking under the theme “Developing Prosperity in Africa: Produce, Add Value, and Trade,” he highlighted the challenges Africans face when traveling within the continent.

“Many of you had to acquire a visa to attend this event,” he said, emphasizing the barriers to intra-African mobility.

He described the visa-free policy as a solution to these challenges and a critical step toward achieving the goals of the AfCFTA.

“The free movement of people is essential for stimulating intra-African trade and fostering collaboration across borders,” Akufo-Addo added, noting that the policy aligns with Ghana’s broader vision of promoting economic growth through integration.

The visa-free initiative is expected to enhance Ghana’s standing in the region, making it easier for African nationals to travel, trade, and collaborate.

By eliminating visa requirements, Ghana aims to position itself as a leader in continental integration, creating opportunities for deeper economic ties with other African nations.

The policy also underscores Ghana’s commitment to the AfCFTA, which seeks to establish a unified market for goods and services across Africa.

Officials believe this move will attract businesses and encourage cross-border trade, ultimately boosting the continent’s economy.

The Ghanaian government has begun taking steps to implement the policy, with full rollout expected before the end of Akufo-Addo’s presidency.

Officials are updating immigration procedures to accommodate the new framework and ensure a smooth transition.

President Akufo-Addo reaffirmed his administration’s commitment to the initiative during his address.

“We are taking concrete steps to ensure that this policy becomes a reality this year,” he stated, signaling that the groundwork for implementation is already underway.

 

 

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