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Breaking: CBN Makes Official Statement on Old Naira Notes

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NAIJA NEWS: Breaking: CBN Makes Official Statement on Old Naira Notes [New Naija News] » Naijacrawl
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After several criticism from different quarters, the Central Bank of Nigeria (CBN) on Monday Night said old N200, N500, and N1,000 banknotes remain legal tender Till December 31, 2023.



The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.

“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.”

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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Naija News

CBN orders banks to start collecting old 500 & 1000 Notes

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NAIJA NEWS: CBN orders banks to start collecting old 500 & 1000 Notes [New Naija News] » Naijacrawl
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Sequel to the long queue being experienced at the Central Bank of Nigeria branches nationwide, the CBN has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.It however pegged the maximum amount the banks can collect at N500,000.The CBN maintained that the old currencies were still no more legal tender.A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office foll...
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Naija News

Reps ask CBN to extend deadline for old notes by 6 months, summon bank MDs

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NAIJA NEWS: Reps ask CBN to extend deadline for old notes by 6 months, summon bank MDs [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has been asked by the House of Representatives to extend the window for accepting old naira notes by six months.Additionally, the House decided to invite the CBN, a few managing directors from various banks, and others to inform the leadership of the House about the availability of the notes.The choice was made in response to a motion of urgent public importance made by Katsina State lawmaker Sada Soli.He claimed that because traders have...
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Naija News

Breaking: CBN Extends Old Naira Use Deadline Till February 10

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NAIJA NEWS: Breaking: CBN Extends Old Naira Use Deadline Till February 10 [New Naija News] » Naijacrawl
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CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.He explained that the apex bank has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigeri...
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