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Old Banknote Remains Legal Tender, Says CBN
Every banknote remains legal tender and should not be rejected by anyone, the Central Bank of Nigeria has disclosed.
This is as the apex bank directed all its branches across the country to continue to issue different denominations of the old and redesigned banknotes in adequate quantities to deposit money banks.
The apex bank stressed that every banknote that it has issued remains legal tender and should not be rejected by anyone. This disclosure was contained in a public statement issued by the Director of Corporate Communications of the CBN, Isah Abdulmumin, on Wednesday, in Abuja.
It was titled, ‘All Banknotes Issued by the CBN Remain Legal Tender.’ Isa said the directive follows reports of scarcity of cash across some major cities in the country despite initial assurances by the CBN of sufficient cash stocks in all locations across the country.
The statement read, “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country. There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
“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.
“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 Central Bank of Nigeria 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.
“Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.”
Isa further advised members of the public to reduce the pressure on the use of physical cash and embrace alternative modes of payment.
Recently, the apex bank issued a directory to the public that it had sufficient stock of currency notes following alleged reports of scarcity of cash in banks, automated teller machines, Points of Sale, and Bureaux de Change in some major cities across the country.
The bank noted that the cash scarcity in some locations was due to high volume withdrawals from CBN branches by Deposit Money Banks and panic withdrawals by customers from the ATMs.
It said, “While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country. The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.”
The apex bank has had to clarify the situation of the naira because of a December 2023 deadline looming on the legitimacy of old naira notes.
CBN Cashless Policy
In October 2022, the former Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed the apex bank’s plan to redesign some naira denominations (N200, N500, and N1000 notes) and reduce currency circulation in a bid to boost cashless transactions in the economy.
At the time, Emefiele, stated this move was targeted at controlling currency in circulation as well as curbing counterfeit currency and ransom payments to kidnappers and terrorists. He highlighted that the existing notes would retain their legal tender status until January 31, 2023.
He said, “Indeed, the integrity of a local legal tender, the efficiency of its supply, and its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
He also said the move would curb inflation in the economy. However, this move was kicked against by organised private sector, labour unions, and almost everyone in the economy. According to the International Monetary Fund and the World Bank, the short timeframe for the implementation of the policy caused hardships in the country.
The aftermath of the cash scarcity that followed the implementation caused Nigeria’s Gross Domestic Product growth to fall to 2.31 per cent in the first quarter of 2023. After numerous interventions, the Supreme Court, in 2023, mandated the apex bank to retain the legality of old N1,000, N500, and N200 notes alongside their redesigned counterparts until December 31, 2023.
Some reports estimated that the economy lost about N20tn to the CBN’s move.
Nigerians rejoice
Following the recent announcement that old naira notes will remain legal tender, Nigerians took to X, formerly Twitter, in support of the apex’s directive. A lot of Nigerians voiced their relief while expressing the frustrations they faced during the cashless policy implementation.
@theonly1acre tweeted, “God bless the day I stood against this worthless retrogressive policy initiated by Godwin Emefiele. It was quite unpopular at that time, especially as it seemed to have favoured the opposition, but I knew it was crap. All naira notes remain legal tenders.”
@theemmanuelashe tweeted, “Upon the whole brouhaha of naira redesign. Nov ‘22 – Feb ‘23 was a nightmare for Nigerians.”
@AzeezAd43157165, said, “All Banknotes issued by CBN remain legal tender.” @shineskybaba, said, “Way to go. Prompt response to quell scarcity and economic sabotage.”
@PreciousOnukogu, tweeted, “In simple terms — Old and New Naira Notes are still valid. Why beat around the bush? We too like to dey make things difficult for ourselves and for others in this country.”
The Punch
Candidate of Labour Party in the last Presidential election, Mr. Peter Obi, has confirmed that he is on his way out of the African Democratic Congress (ADC).
In a personally signed statement released on Sunday, Obi said he arrived at the decision after deep reflection, describing the move as necessary despite “every constraint.”
“I woke up this morning after my church service with a deeply reflective heart… and felt compelled to share these thoughts,” he wrote, adding that many people do not understand the “silent pains” and private struggles faced by those trying to serve in Nigeria’s political space.
Obi painted a grim picture of the current political climate, describing it as increasingly hostile and discouraging.
“We now live in an environment that has become increasingly toxic, where the very system that should protect and create opportunities… often works against the people,” he said, pointing to intimidation, insecurity, and persistent scrutiny as defining features of the system.
The former Anambra State governor also expressed disappointment over what he described as a lack of solidarity, even among close associates.
“Some who publicly identify with you privately distance themselves or join in unfair criticism,” he noted, lamenting that humility is often misinterpreted as weakness, while compassion is seen as foolishness.
Obi, however, clarified that his decision was not driven by personal grievances against key leaders within the party. He specifically exonerated ADC National Chairman, David Mark, and former Vice President, Atiku Abubakar, saying neither treated him unfairly.
“Let me state clearly: my decision to leave the ADC is not because our highly respected Chairman… treated me badly, nor because… Atiku Abubakar, or any other respected leaders did anything personally wrong to me,” he said.
Instead, Obi attributed his exit to what he described as a recurrence of the same challenges that plagued his time in the Labour Party, including internal divisions, legal battles, and external interference.
“The same Nigerian state and its agents that created unnecessary crises… now appear to be finding their way into the ADC, with endless court cases, internal battles, suspicion, and division,” he stated.
He further lamented that sincere contributions are often undervalued, with individuals becoming scapegoats for broader systemic failures.
“Even within spaces where one labours sincerely, one is sometimes treated like an outsider… as though honest contribution has become a favour being tolerated rather than appreciated,” Obi added.
Despite stepping away, the former governor said he continues to face criticism and attacks on his character, even as he seeks to pursue national development with sincerity.
Reflecting on Nigeria’s broader challenges, Obi questioned societal values that, according to him, often misinterpret integrity and prudent management of resources.
“Why is doing the right thing often misconstrued as wrongdoing in our country? Why is integrity not valued?” he asked.
Obi reiterated that his ambition is not driven by a quest for political office but by a desire to see a better Nigeria.
“I am not desperate to be President… I am desperate to see a society that can console a mother whose child has been kidnapped or killed,” he said, highlighting issues of insecurity, poverty, and displacement.
He concluded on a hopeful note, affirming his belief in Nigeria’s potential for transformation.
“Yet, despite everything, I remain resolute. I firmly believe that Nigeria can still become a country with competent leadership based on justice, compassion, and equal opportunity for all,” he said.
“A new Nigeria is possible.”
Source: Daily Trust
Headlines
US Threatens to Withhold 50% of Aid to Nigeria over Lapses in Security, Civilian Protection and Accountability
The United States is considering to withhold 50 per cent of its aid to Nigeria under a new legislative proposal that ties continued support to measurable progress on security, civilian protection, and accountability.
The U.S. House Appropriations Committee approved the measure as part of the Fiscal Year 2027 National Security, Department of State, and Related Programmes appropriations bill, reflecting growing concern in Washington over persistent violence in Africa’s most populous nation.
The broader bill allocates about $47.32 billion for foreign aid and diplomacy, a reduction of roughly six per cent from the previous year.
If enacted, the proposal would require the Secretary of State to certify that Nigeria is taking “effective steps” to address insecurity, protect civilians, and prosecute perpetrators before half of the allocated aid can be released.
Lawmakers linked the conditions to continued attacks by militant groups and violence affecting vulnerable communities.
The legislation also directs Nigerian authorities to prioritise support for victims, particularly internally displaced persons, and to facilitate the safe return and reconstruction of affected communities.
It calls for investigations and prosecutions tied to armed groups.
In addition, Nigeria would be required to match U.S. funding for supported programmes, effectively introducing a dollar-for-dollar framework that could increase pressure on government finances.
A committee statement said the bill aims to “hold foreign governments accountable for persecuting people of faith”, adding that assistance to Nigeria would remain restricted until “measurable actions are taken” to protect vulnerable populations.
The proposal also places Nigeria under heightened congressional scrutiny, requiring the U.S. administration to notify Congress at least 15 days before any funds are disbursed.
The bill, however, is yet to become law and must still pass both chambers of Congress and be signed by the U.S. president.
Nigeria has previously rejected claims that violence in the country is driven by religious persecution, arguing instead that insecurity reflects a complex mix of terrorism, banditry, and communal conflicts.
Nonetheless, the proposed measure signals a shift toward stricter U.S. oversight of foreign assistance and could reshape bilateral relations if approved.
Headlines
Peter Obi Weeps for Nigerian Workers, Says Minimum Wage Can no Longer Guarantee Modest Living
A frontline presidential aspirant on the platform of the opposition African Democratic Congress (ADC), Peter Obi, has regretted that the minimum wage can no longer guarantee a most modest standard of living in Nigeria.
In a post on his X handle on Friday to mark Workers’ Day, the former Governor of Anambra State said this has happened as inflation, rising food prices, transportation costs, and economic hardship continue to erode the value of honest work.
He said no nation can truly develop beyond the strength, productivity, and wellbeing of its workforce, stressing that the progress of any society rests on the quality of its human capital, the skill of its people, and the commitment of its workers.
‘When workers suffer, the nation suffers. When workers are empowered, the nation prospers,” he noted.
The presidential candidate of the Labour Party (LP) in the 2023 general elections said a productive nation must be built on justice, fairness, and respect for labour, adding that “it is the Nigeria we must work together to achieve.”
Obi said through democratic participation, the Nigerian workers have the power to shape governance and determine the future direction of the nation.
He, therefore, urged Nigerian workers to recognise the strength they hold collectively.
“But beyond their labour, workers also possess another powerful tool, their voice and their vote.
“They owe it to themselves, their children, and future generations to support and demand leadership built on competence, character, capacity, credibility, and compassion. By refusing to reward failure, corruption, ethnic division, and bad governance, they can help build a nation where hard work is respected and rewarded with dignity.
“With the support and participation of Nigerian workers, a new Nigeria is possible,” said Obi.
He saluted workers across the world, especially Nigerian workers whose daily sacrifices continue to sustain our families, communities, institutions, and national economy in the face of severe hardship and uncertainty.
