Tag: NEW NAIRA NOTES

H’Reps tasks CBN on new N1,000, N500, N200 notes, as old ones will no more be legal tender after Dec. 31

Aminu Imam
H'Reps tasks CBN on Naira

The 10th House of Representatives has asked the Central Bank of Nigeria(CBN) to make available more new notes of N200, N500 and N1,000 as well as begin a gradual withdrawal of the old notes from circulation. This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court. Recall that the CBN had in 2022, preceding the general elections changed the N200, N500 and N1000 notes based on the approval of former President Mohammadu…

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Nigerians shun Supreme Court order, reject old Naira notes   

Aminu Imam

Many business operators in the Federal Capital Territory (FCT), have started rejecting the old Naira notes in spite of the Supreme Court order temporarily halting the ban on their use. Recall that following the redesigning of N200, N500 and N1,000 notes by the Central Bank of Nigeria, (CBN), Jan. 31 was announced as the deadline for use of the old notes. The Jan. 31 deadline was, however, met with outrage from Nigerians, forcing the apex bank to extend the deadline to Feb. 10, after which the notes would seize to…

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CBN Cash Swap Policy: El-Rufa’i calls for civil disobedience, tells Nigerians keep spending old Naira

Aminu Imam

Kaduna State Governor, Nasir el-Rufa’i, has called on Nigerians to keep spending the old naira notes, a directive that is in defiance of the Federal Government’s currency swap policy. The Governor made the assertion while speaking with a political audience in the State, urging them to stop thronging banks to swap their old notes or obtain new ones. The Godwin Emefiele-led CBN had said old denominations of the N200, N500 and N1,000 notes would cease to be Nigerian legal tender from February 10 as a major plank of its new…

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“Politicians condemning CBN cashless policy should be jailed” – Labour Party

Aminu Imam

The Presidential Campaign Council of the Labour Party (LP) has criticised the flagbearer of the ruling All Progressives Congress (APC), Bola Tinubu, for opposing the redesign of the naira by the Central Bank of Nigeria, (CBN). Recall that Tinubu and his campaign council had said the scarcity of naira notes due to the implementation of the policy and the scarcity of fuel endanger the general elections. But, a special adviser to Peter Obi on Public Affairs, Katch Ononuju, said the policy has nothing to do with politics. Ononuju, who spoke on…

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“Supreme Court order on Naira irrelevant, non-binding” – Legal Opinion

Aminu Imam

The Supreme Court’s ruling restraining the Federal Government from implementing the February 10, 2023 deadline phase out of the old N1,000, N500, and N200 notes is irrelevant, non-binding and a distraction, according to a published legal opinion on the matter. “Neither the CBN nor deposit money banks were parties to the suit filed by three state governments (Kaduna, Kogi and Zamfara).  “The State governments simply took advantage of the fact that in matters purely between state and the FG, the Supreme Court can serve as the court of first and…

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Naira Scarcity: “Nigerians suffering; don’t be dogmatic with deadline”, Tinubu tells CBN Gov.

Aminu Imam

Presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu, has counseled the Central Bank of Nigeria, (CBN) to be pragmatic, rather than being dogmatic in its deadline for the swap of old currency notes for new ones, saying the sufferings of Nigerians must not be overlooked. This was as he again appealed to Nigerians to remain calm as the government and relevant agencies continue to work out solutions to both Naira and fuel scarcity. Director, of Media and Publicity at the APC Presidential Campaign Council PCC, Bayo…

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‘New naira, fuel scarcity may influence election uncertainty’ – World Bank

Aminu Imam

The World Bank Country Office in Nigeria has disclosed that the persistent fuel scarcity and the inability of Nigerians to access the new naira notes may influence uncertainty ahead of the February 25 and March 10 elections in the country. According to the bank, the deadline for old notes will socially and economically affect vulnerable people in the country. Earlier, the Central Bank of Nigeria, (CBN), announced February 10 as the deadline for the exchange of old notes. The bank projected that Nigeria would not be able to attain a…

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Cashless Policy: 3 Northern Govs. take Buhari to Supreme Court over Naira scarcity

Aminu Imam

The governments of Kaduna, Kogi and Zamfara States have filed a lawsuit against the Federal Government before the Supreme Court, seeking a restraining order to halt the full implementation of the Central Bank of Nigeria (CBN)’s naira redesign policy. This comes amid the hardship that Nigerians go through in efforts to meet the deadline for the new naira notes exchange. In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the Northern States urged the Supreme Court to give them an interim injunction stopping the Nigerian Government…

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“Opponents of Naira swap plan to cause mayhem” – Political Parties Chairmen raise alarm

Aminu Imam

No fewer than 14 out of the 18 registered political parties have raised the alarm that opponents of the Naira swap policy will allegedly unleash mayhem in the country from Thursday this week in order to compel the postponement of the 2023 elections. The political parties also threatened to withdraw all participation from the 2023 general election if the Federal Government and the Central Bank of Nigeria (CBN) succumb to pressure and cancel or suspend the cash withdrawal limit and Naira redesign policies. This position was made known yesterday, at…

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Cashless Policy: ‘Naira scarcity affecting military operations in N’East’ – Ndume cries out

Aminu Imam

The scarcity of naira notes resulting from the Central Bank of Nigeria’s currency redesign policy is affecting the military’s counter-insurgency operations in the country’s volatile north-east states, Chairman, Senate Committee on Army, Senator Ali Ndume has said. Ndume, who represents Borno-South in the Senate, told newsmen in Maiduguri, Borno’s capital yesterday, said that he decided to cry out because he was worried at the negative impact of the scarcity of naira notes on troops’ operation against terror groups – Boko Haram and Islamic State in West Africa Province (ISWAP). According…

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