Currencies

Abuja, March 3, 2023 – The Supreme Court on Friday ordered the federal Government to allow the old N1000, N200 and N500 notes to circulate until Dec. 31, 2023. It directed that the old should be allowed to circulate along with the new notes till then. In a judgment on the naira redesign policy suit filed by some states against Federal Government, the apex court held that the federal government’s decision on the circulation of the old currencies was a gross violation of human rights of Nigerians. It said it …

Lagos, Feb. 21, 2023 -The First Lady, Aisha Buhari, has denied posting the purported Central Bank of Nigeria press release, shared on her Instagram page on Tuesday, saying that it was the handiwork of hackers. In the release shared on Aisha’s page on Tuesday, it was alleged that the old N500 and N1000 notes should remain legal tender till May 1, 2023. But the First Lady has offered a disclaimer stating that the post wasn’t from her. Denying the post, the First Lady wrote: “DISCLAIMER! DISCLAIMER!! It has come to …

Lagos, Feb. 21, 2023 – The Central Bank of Nigeria (CBN) says the Federal Government has not renege on its policy decision that only N200 of the old naira notes is still legal tender and allowed to circulate until April 10. It said that the old N500 and N1000 naira notes had seized to be Nigeria’s legal tender since Feb. 10. The apex bank said that it became necessary to emphasise this in view of existence of fake news circulating that the apex bank had now allowed the old N500 …

Lagos, Feb. 21, 2023 – The Central Bank of Nigeria (CBN) says the Federal Government has not renege on its policy decision that only N200 old naira note is legal tender and allowed to circulate until April 10. It said it had not changed its decision that the old N500 and N1000 naira notes had seized to be legal tender since Feb. 10. The apex bank said that it became necessary to emphasise this in view of existence of fake news circulating that the apex bank had now allowed the …

Abuja, Feb. 20, 2023 – The National Orientation Agency (NOA) says government should have created more awareness on the naira redesign policy of the Central Bank of Nigeria (CBN) before its implementation. It said many Nigerians had wrong notion of the naira redesign policy. Dr Garba Abari, the Director-General of NOA, told journalists on Monday in Abuja said this was the feedback the agency received from its field officers who related with citizens nationwide. He said some Nigerians were of the opinion that the time allocated for the change of …

Abuja, Feb. 15, 2023 – The Supreme Court says the old naira notes are still valid as Nigeria’s legal tender until the final adjudication of the case in dispute. It said this followed its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 notes. The court made the clarification on Wednesday following a complaint by Abdulhakeem Mustapha, a lawyer to Kaduna, Kogi and Zamfara states, that the Fed Govt and its agencies had failed …