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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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NEWS

JUST IN: Ex-Delta Governor Emmanuel Uduaghan Is Dead

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Former Delta State Governor, Dr Emmanuel Uduaghan, has reportedly died, according to sources said to be close to his family.

The sources confirmed the development on Monday, October 19, 2026, although details surrounding the circumstances of his death remained unclear as of the time of filing this report.

“Uduaghan is no more; he is dead,” one of the sources reportedly said.

SEE ALSO: Document reveals Akpoti-Uduaghan demanded N10b damages from husband before marriage, firm reacts

The reported death comes months after claims that the former governor had died circulated on social media before being dismissed by his media aide, Henry Unini.

In June, reports of Uduaghan’s alleged death spread across Facebook and WhatsApp, prompting Unini to publicly debunk the claims and assure the public that the former governor was alive.

“I can tell you for a fact that Dr. Emmanuel Uduaghan is alive,” Unini said at the time.

“Frankly, I don’t know where the writer got his information from. The death of someone is not something you take and write about casually,” he added.

Unini acknowledged at the time that Uduaghan had been experiencing health challenges but maintained that he was receiving medical attention.

“It is now common knowledge that Dr. Emmanuel Uduaghan has been sick, but he is receiving proper medical care,” the media aide said.

He also stated that the former governor was recuperating, assuring the public that there was no immediate cause for concern.

“There is no cause for alarm whatsoever,” Unini said.

The media aide thanked friends, well-wishers and residents of Delta State who contacted the family to verify the former governor’s condition. He also urged the public to avoid spreading unverified information.

“The rumour was uncalled for,” he said while addressing the earlier reports.

As of the time of filing this report, further details about the circumstances surrounding Uduaghan’s reported death had yet to emerge.

 

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Delta Begins ₦5bn Empowerment Scheme for 100,000 Beneficiaries

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Economic Hardship: Delta Protest Aborted, Soldiers Arrest Journalist

The Delta State Government has commenced a ₦5 billion grassroots empowerment programme targeting 100,000 small-scale business owners and other beneficiaries across the state’s 500 wards.

The initiative, announced on Monday, will see each beneficiary receive ₦50,000 to support small businesses, strengthen household finances and stimulate economic activities across the state.

SEE ALSO: Two Arrested as Delta Police Uncover Cache of Illegal Weapons

The Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, disclosed this while speaking with journalists in Asaba.

Ifeajika explained that the programme was designed to complement the state government’s investments in critical infrastructure with direct financial assistance to residents.

According to him, Governor Sheriff Oborevwori directed local government councillors to facilitate the distribution of the funds, with each of the 500 wards expected to reach at least 200 beneficiaries.

He added that the initiative reflects the administration’s commitment to improving livelihoods and expanding economic opportunities for Deltans, in line with the people-centred objectives of the MORE Agenda.

 

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Alausa Hails Dangote Foundation’s Plan to Give Four Million Students IPO Shares

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The Minister of Education, Dr Maruf Tunji Alausa, has commended Alhaji Aliko Dangote and the Aliko Dangote Foundation for plans to acquire Initial Public Offering (IPO) shares of Dangote Refinery on behalf of eligible Nigerian tertiary institution students.

Alausa described the initiative as an innovative approach to promoting financial literacy, youth empowerment and wealth creation among young Nigerians.

According to a press release issued by the Federal Ministry of Education on Monday, October 19, 2026, the initiative is expected to benefit up to four million students aged 18 and above, with each eligible student expected to receive 10 IPO shares without requiring prior investment or share purchase.

The minister said the programme would expose students to capital markets, responsible investing and long-term financial planning, preparing them for greater economic participation and financial independence.

He noted that the initiative aligns with the Nigeria Education Sector Renewal Initiative (NESRI) and President Bola Ahmed Tinubu’s Renewed Hope Agenda by connecting education with enterprise, human capital development and inclusive economic growth.

According to Alausa, the initiative reflects the importance of partnerships between the education sector and private organisations in equipping young Nigerians with the knowledge and skills needed to participate in the economy.

He said the Federal Ministry of Education remained committed to strengthening private-sector partnerships to improve educational quality, relevance, equity and efficiency while preparing learners for a changing economy.

While appreciating the foundation’s contribution to youth development, the minister clarified that the ministry’s commendation was based on the initiative’s educational and developmental value.

He stressed that the ministry’s position “does not constitute an endorsement of any particular investment decision.”

Alausa also encouraged other corporate organisations to support similar initiatives that promote financial awareness, economic productivity and entrepreneurship among young Nigerians.

He urged businesses to support NESRI and the Renewed Hope Agenda in building a financially informed and economically productive generation.

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