The Central Bank of Nigeria (CBN) has assured Nigerians of sufficient naira notes in the country, and warned against panic withdrawals.
The apex bank, in a statement on Wednesday, reiterated that old and new naira notes remained legal tender.
“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” said CBN spokesman, Isa AbdulMumin.
“Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers.
“We wish to restate that all denominations of banknotes issued by the CBN remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.”
The apex bank “reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities”.
Last October, then CBN Governor, Godwin Emefiele, announced plans to redesign the three highest naira bills and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
The naira crunch caused economic turmoil as many Nigerians suffered hardship, leading to riots in some states and the burning of some banks and Automated Teller Machines (ATMs).
The apex bank subsequently said then President Muhammadu Buhari had approved an extension of the deadline for the naira swap.
Some then governors of the All Progressives Congress (APC) dragged the CBN and the Federal Government to the Supreme Court and the apex court ruled in March 2023 that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.
Nigeria lost N1.3trn due to waivers by Buhari’s administration – Customs
The comptroller general (CG) of the Nigeria Customs Service (NCS), Adewale Adeniyi,
says waivers and concessions granted to investors by the administration of Muhammadu Buhari, former president, cost the country N1.3 trillion.
Adeniyi said customs would have generated more income for Nigeria’s consolidated revenue fund in 2023 without the waivers and concessions arrangements.
The CG said this at the national assembly on Wednesday during a public hearing on the 2024–2026 medium-term expenditure framework and fiscal strategy by the senate joint committees.
Adeniyi, represented by Mba Musa, the deputy comptroller general, said “the NCS lost N1.3 trillion in 2023 due to waivers and concessions the President Muhammadu Buhari’s administration granted to investors”
The revelation led Sani Musa, the chairman of the joint committee, to request the senate to probe the waivers and concessions granted by the previous administration.
“By now we shouldn’t be talking about concession for cement manufacturers, we should not even be talking about sugar importation,” Sani Musa said.
“We should not deny ourselves the revenues that we should generate to make our economy vibrant. By now, we should be consolidating on waivers given to boost revenues.
“We would review the waivers and make our recommendations. By now, you (NCS) should be meeting up on your projected target if there are no waivers.”
The senate also quizzed the NCS on its modernisation project, known as e-customs.
During the hearing, the senators asked for the details of the agreement signed by the federal government on the modernisation of Nigerian customs.
In response, Adeniyi said the service does not have access to details of the $3.2 billion modernisation project agreement.
“We are not privy to details of modernisation agreement of the Nigeria Customs modernisation project,” he said.
In April, the federal executive council approved the customs’ modernisation project.
The approval was made despite a court order restraining the federal government from going on with the initiative.
Wale Tinubu, Dangote, Wale Edun, Obaigbena others attend Nigeria-Saudi Business Forum
Serial entrepreneur and Group Chief Executive, Oando Group, Jubril Adewale Tinubu was among top dignitaries present at the first Nigeria-Saudi Arabia Forum which was part of President Bola Ahmed Tinubu’s effort to boost and strengthen the economic and business ties between the two countries.
Others at the forum include top Nigeria’s business magnates, ministers and many government functionaries such as president of Dangote Group; Alhaji Dangote, Group Managing Director Nigerian National Petroleum Corporation (NNPC); Mele Kyari,
Minister of Finance and Coordinating Minister of the Economy of Nigeria; Mr. Wale Edun, Minister for Trade and Investment, (Dr) Doris Uzoka-Anita, Chairman THISDAY Media Group and ARISE News Channel, Nduka Obaigbena, among others.
Speaking during the forum President Tinubu assured potential investors that their investments are safe in Nigeria.
President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.
The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.
“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.
“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.
“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.
President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
BREAKING: Old naira notes will remain legal tender indefinitely, says CBN
The Central Bank of Nigeria (CBN) says the old naira notes will remain legal tender beyond December 31, 2023 — and no longer have a deadline.
CBN said this in a statement signed by Isa AbdulMumin, director, corporate communications, on Tuesday.
More to follow…
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