Breaking: Old naira notes legal tender till December 31 – Supreme Court
The Supreme Court on Friday ordered that the old naira notes must remain in circulation until December 31 this year.
The apex court ordered the Central Bank of Nigeria (CBN) to allow both the old and new naira notes to circulate side by side till the end of the year.
All directives issued by President Muhammadu Buhari in respect of the naira's redesign and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.
The apex court took a swipe at President Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation.
Justice Emmanuel Akomaye Agim held that the President exhibited and took the disobedience to the highest peak with his February 16 broadcast, in which he allowed only N200 notes alone.
Naira Crisis: CBN releases old notes to commercial banks
The Central Bank of Nigeria (CBN, is set to release all N1,000, N500, and N200 notes in its custody to deposit money banks.A source at the CBN disclosed this to the Naijacrawl on Wednesday.According to him, the apex bank has concluded plans to disburse old notes to Deposit Money Banks across the country starting from Thursday (today).He added that the development would end the two-month-long Naira scarcity in Nigeria.This comes on the heels of the Nigeria Labour Con...
Mixed reactions trail CBN’s directive on old naira notes in Kwara
Residents of Ilorin, the capital of Kwara State, reacted variously on Tuesday to the Monday directive of the Central Bank of Nigeria (CBN) asking commercial banks to receive and dispense the old N200, 500, and 1,000 notes.While the majority of the residents described the directive as a good development, others said it will only impact positively if effective and vigorous sensitization and public enlightenment campaigns are carried out by the CBN to restore the confi...
CBN clears air on acceptance of old Naira notes
The Central Bank of Nigeria has cleared the air by directing commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis.Dr. Isa Abdulmumin, Acting Director of Corporate Communication at the CBN, in an exclusive chat with The Daily Post on Monday, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.Abdulmumin was reacting to a st...
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