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Old Banknote Remains Legal Tender, Says CBN
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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
Headlines
2027: G100 Top Shots for Abuja Monday Meeting
Key leaders of Nigeria’s opposition, including former Vice President Atiku Abubakar and former Governor of Anambra State, Peter Obi, are expected to attend the First Summit of Nigeria’s Opposition Political Parties, convened by the G100, on Monday, August 31, 2026, at the Yar’Adua Centre, Abuja.
The summit, under the theme, “A Framework for Opposition Cooperation and Coordination,” will bring together the leadership of six major opposition parties to begin structured negotiations on the terms, institutions and principles upon which they may cooperate ahead of the 2027 general election.
In a statement signed by G100 Convener, Salihu Moh. Lukman, the group said the meeting is not meant to decide presidential candidacy in one sitting, but to establish a formal architecture for transparent and collective negotiations.
“The first question before party leaders is not who leads the ticket. It is what we are, together, prepared to do for this country,” the statement said.
The summit follows the G100’s publication on 2 August 2026 of the Doctrine of a Necessary Democratic Opposition, and weeks of consultations with the African Democratic Congress (ADC), Allied Peoples Movement (APM), Nigeria Democratic Congress (NDC), Peoples Democratic Party (PDP), Peoples Redemption Party (PRP) and Social Democratic Party (SDP).
Those talks produced a shared briefing document that identified areas of convergence while acknowledging the parties’ distinct histories and interests.
“At the centre of the consultations was a common recognition of the need for a credible, organised and competitive democratic opposition, and a willingness to engage the difficult questions that meaningful cooperation ahead of 2027 will require,” Lukman stated.
Among the proposals before the summit is the creation of five specialised Working Groups.
If approved, the groups will have four weeks to develop the principal documents and agreements needed to give institutional form to opposition cooperation.
“Cooperation does not require any party to disappear into another. The first question before party leaders is not who leads the ticket. It is what we are, together, prepared to do for this country.
“The First Summit is not intended to determine, in a single sitting, questions of presidential candidacy or the final form that opposition cooperation may take. Its immediate purpose is more fundamental, to establish and authorise a formal architecture through which those questions can be negotiated collectively, transparently and in good faith.
“Each participating political party is expected to attend with a delegation of leaders and key stakeholders, drawn from its national leadership and other relevant constituencies within the party. These delegations will participate fully in the deliberations of the Summit, ensuring that the process extends beyond the principal party leaders and draws upon a broader representation of political experience, perspectives and interests.
“Among the proposals before the Summit will be the establishment of structures that will facilitate negotiations and cooperation and five specialised Working Groups. Subject to the decisions of the participating parties, these bodies will be mandated to develop, within four weeks, the principal documents and agreements required to give institutional form to opposition cooperation,” the statement added.
Each party is expected to attend with a delegation drawn from its National Working Committee (NWC) and other key constituencies.
Expected participants at the summit are national chairmen and NWC members of ADC, APM, NDC, PDP, PRP, SDP; presidential candidates and running mates of the participating parties; and G100 signatories and members of the Minority Caucus of the House of Representatives.
The G100 said it is convening the summit as a facilitator and observer, not as a substitute for the constitutional authority of the parties.
“The decisions arising from this process will remain the responsibility of the parties themselves,” the statement added.
Headlines
Reps Minority Caucus Urges Tinubu to Halt Bloodshed in the North, Release El-Rufai
The Minority Caucus of the House of Representatives has called on President Bola Ahmed Tinubu to take immediate and decisive action to end the escalating wave of terrorism and banditry across Northern Nigeria.
In a statement issued on Thursday amid growing attacks on communities, the caucus said the scale of killings, kidnappings and displacement had become intolerable, urging the President to deploy a sustained and coordinated security operation to reclaim territories controlled by terrorists and criminal gangs.
The lawmakers, in the statement signed by Hon. Fredrick Agbedi, leader minority caucus, and Hon. Afam Victor Ogene minority caucus spokesperson, cited recent attacks in several northern states, including Plateau, Niger, Sokoto, Kaduna and Katsina, where dozens of residents have reportedly been killed or abducted.
In Mangu Local Government Area of Plateau State, the caucus said more than 20 people were killed in recent attacks, including at least 23 victims in one incident. In Niger State, armed men reportedly attacked communities in Borgu Local Government Area and abducted more than 60 worshippers during Friday prayers.
The caucus also cited the killing of at least 40 people in Ungushi community, Kebbe Local Government Area of Sokoto State, including the Chief Imam, Imam Aliyu, as well as the death of at least 30 people in an attack on Naridon village in Kaura Local Government Area of Kaduna State.
According to the lawmakers, continued bandit attacks and reprisals in Katsina State have further deepened fear among residents.
The situation in Borno State was also highlighted, with the caucus expressing concern over schoolchildren who have remained missing months after their abduction.
“This is no longer a situation that can be addressed principally through statements of condemnation after every attack,” the caucus said, insisting that Nigeria needs an “intelligence-led” and sustained security response.
The lawmakers urged Tinubu to replicate on a larger scale the strategy that led to the rescue of schoolchildren and teachers abducted in Oriire Local Government Area of Oyo State.
They called for affected areas to be placed under intensive security operations, with security forces directed to dominate the territory and conduct sustained operations against terrorist and bandit hideouts, forests and criminal enclaves.
The caucus stressed that such measures should target the operational space of criminal groups rather than innocent civilians.
“We are calling on the President to lock down the affected theatres of operation, dominate the territory and sweep the forests, hideouts and criminal enclaves where terrorists and bandits operate. Such an operation must be intelligence-led, professionally executed and sustained until the criminal elements are neutralised and the abducted citizens rescued.
“We are not asking the President to lock down innocent Nigerians. We are asking the Commander-in-Chief to lock down the operational space of terrorists and bandits, deny them freedom of movement, cut off their supply lines and communications and deploy overwhelming force against those who have turned parts of the North into killing fields and centres of mass abduction,” the lawmakers said.
They also urged the President to visit Zamfara State and travel to Illela to engage directly with communities affected by insecurity, arguing that Nigerians need to see their President physically present in areas suffering from attacks and abductions.
The Minority Caucus further called for extraordinary funding for the security campaign, proposing that the Federal Government consider drawing $5 billion from the nation’s external reserves if necessary.
“If funding is an issue, the government should draw $5 billion from the nation’s external reserves for an extraordinary national security intervention. The primary purpose of government is the welfare and security of the people and no expenditure can be more fundamental than protecting the lives and livelihoods of Nigerian citizens,” the caucus said.
The lawmakers welcomed the recent increase in the salaries of members of the Armed Forces, describing it as an important step towards improving the welfare and morale of soldiers. However, they urged the President to immediately forward the necessary amendment to the 2026 Appropriation Act and a Supplementary Appropriation Bill to the National Assembly.
They said the National Assembly should be prepared to reconvene, if necessary, to ensure that the salary increase is implemented without bureaucratic delays.
The statement also addressed the detention of former Kaduna State Governor, Nasir El-Rufai, which it said “has increasingly assumed the character of a political persecution.”
The caucus demanded his immediate release, arguing “our concern is not merely about one individual. It is about the credibility and consistency of the Federal Government’s anti-corruption campaign. The composition of the APC Presidential Campaign Council and the prominent roles occupied within that political structure by individuals who have themselves been the subject of serious corruption allegations and public controversy, has made a mockery of the government’s claim to be pursuing a principled and even-handed war against corruption.
“It is difficult for the government to demand public confidence in its anti-corruption campaign when the political architecture through which the President seeks the mandate of Nigerians included individuals whose records and allegations have raised serious questions about the integrity of that campaign.”
The Minority Caucus said Nigerians needed action rather than condolences and called on President Tinubu to use his constitutional authority and the country’s security resources to protect citizens.
“The bloodshed in Northern Nigeria must stop. The abducted must be rescued. The terrorists and bandits must be defeated,” the caucus said.
Headlines
Atiku Dares Tinubu over $16bn Power Sector Fund Probe
Former Vice President Atiku Abubakar has dared the President Bola Tinubu administration to investigate him (Atiku) over allegations of wrongdoing in the $16 billion power sector fund, saying recycled accusations should not be used to avoid accountability for subsidy savings.
Reacting on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the sudden revival of old allegations on power, privatisation and public assets as a ploy to divert attention from pressing questions about the management of public resources.
“The National Assembly investigated the power projects. I was never invited to answer any allegation of wrongdoing,” Atiku said.
“Yes, I chaired the National Council on Privatisation as Vice President. But on the power project, I disagreed with its concept and did not preside over its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter.”
The presidential candidate of the African Democratic Congress (ADC) said he had consistently called for investigation into any claim against him since leaving office in 2007.
“I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court?
“It is still not too late. Investigate me. Invite me. Produce the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence,” he said.
Atiku argued that the attacks intensified because he has been demanding transparency on the funds saved from fuel subsidy removal.
“They removed subsidy from the poor and promised that the sacrifice would free resources for development. Nigerians accepted extraordinary pain on that promise.
“Today, petrol is more expensive, transportation is more expensive, food is more expensive and the purchasing power of the Nigerian worker has been devastated.
“Meanwhile, government revenues have increased, while fiscal incentives, waivers, tax credits and concessions continue to be available to powerful economic interests.
“So our question remains brutally simple: Where is the people’s money?” he asked.
According to him, government cannot withdraw relief from ordinary Nigerians while granting concessions to the wealthy and then claim that intervention for the poor is “economically irresponsible.”
“You cannot take relief away from the poor, celebrate the resulting revenue and then tell the same impoverished citizens that government intervention on their behalf is economically irresponsible while interventions benefiting powerful interests are called incentives. That hypocrisy is precisely what we are challenging,” Atiku stated.
He said no amount of “sponsored social-media mudslinging” would silence him from demanding accountability.
“The people who removed subsidy from the poor cannot frighten us into silence by resurrecting allegations that governments with all the investigative machinery of the Nigerian state have had nearly two decades to establish.
“If you have evidence against Atiku, bring it. If you have a case, prosecute it.
“But if you have neither, stop manufacturing distractions and answer Nigerians: You removed the subsidy. You collected the savings. Where is the money?”






