Old 500 and 1000 Naira notes are now legal tender

GistReel

The acting Director of Corporate Communications, Dr. Isa Abdulmumin of CBN disclosed that both old and new Naira notes are now legal tender.

Isa Albudlmumin

It will be recalled that last week, the Supreme Court gave its verdict on the Naira redesign, directing the federal government to allow the validity of N200, N500, and N1000 notes till 31 December. According to the report, Isa affirmed that commercial banks have started issuing both old and new notes to their customers, although the apex bank is yet to issue an official statement. He said: “Banks are paying old notes as well as new notes. They are all legal tender. Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians. No. They can’t reject it. It’s all legal tender,”  

Supreme Court orders all old naira notes to remain in circulation

GistReel

The Supreme Court has on Friday nullified the ban imposed on old N200, N500, and N1000 notes.

Supreme Court new naira notes

The FG’s policy to redesign the naira was also overturned by the Supreme Court in a decision issued today, March 3. The court deemed it to be a violation of the 1999 Constitution of the country. The seven-judge panel of the supreme court unanimously declared that the old banknotes should continue to be accepted as legal tender until December 31, 2023.

It was declared that the old Naira notes should coexist along with the new currencies. The apex court faulted President Muhammadu Buhari for implementing the demonization strategy without consulting the Federal Executive Council, the Council of States, the Civil Society, and other important stakeholders

EFCC arrests 2 men for buying votes with new naira notes, wrappers in Zamfara State

GistReel

The Economic and Financial Crimes Commission (EFCC) has arrested 2 men for buying votes with new naira notes and wrappers.

EFCC

According to EFCC, the commander led by Aliyu Yusuf on the 25th of February arrested two alleged vote buyers in Gusau Zamfara State with the sum of N107,000 in their possession only in one thousand notes denomination wrappers. The statement read: Officers of the Economic and Financial Crimes Commission, EFCC, led by Commander of the EFCC, Aliyu Yusuf, on 25th February 2023 arrested two alleged vote buyers in Gusau, Zamfara State. While Mustapha Abubakar was arrested with the sum of N107,000 (One Hundred and Seven Thousand Naira) only in one thousand naira denomination and tickets specially designed for voters as evidence for voting for his party before collection of the money, Isa Abdullahi was arrested for buying votes with wrappers concealed in the boot and back seat of a Peugeot 406 saloon. The suspects and the recovered items are in the custody of the Commission as the investigation continues.

Over N500bn old Naira notes yet to be returned to CBN — EFCC points at politicians

Abdulrasheed Bawa Chairman EFCC

Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), reveals that politicians have over N500 billion hoarded in old naira notes that are yet to be returned to the Central Bank of Nigeria (CBN).

Abdulrasheed Bawa Chairman EFCC

The commission’s chairman made this known in an interview on Channels TV’s Politics Today, on 23rd February 2023. According to Bawa, the EFCC had obtained significant intelligence on the methods that politicians were using to purchase votes during elections. In his words, “The only option politicians have now is to buy votes, as BVAS will do a lot of wonders. They want to maximize the numbers they have. That is the intelligence we have and I am happy that all the security agencies are working to make sure the election is successful. Over N500bn old Naira notes yet to be returned to CBN — EFCC points at politicians “Some people stashed money for the purpose of the election. Even as of today we still have over N500 billion old naira notes that are yet to be returned to the CBN. And the CBN has printed N500 billion new naira notes which is in circulation. “We have our own way of getting such Intel and God willing we are going to use it maximally this time around.”

Even as governor, I don’t have new Naira notes

GistReel

The Governor of Osun State, Ademola Adeleke, has bemoaned the unavailability of new naira notes in the state. Ademola Adeleke Adeleke expressed displeasure over the situation, adding that as the number 1 man in the State, he does not possess the redesigned naira notes. The governor then urged the Central Bank of Nigeria to sanction commercial banks that were hoarding money. Adeleke spoke in his office while receiving officials of the CBN, Osogbo branch in his office on Monday, decried the increasing shortage of the new notes. The governor also disclosed that he had been making efforts to ensure the safety of banks and the CBN state office. A statement by the spokesperson for the governor, Olawale Rasheed, quoting Adeleke obtained in Osogbo on Monday, reads: “The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves. My people are patient but we should not take their patience for granted. That is why I called for this meeting. Why are the new notes not available? Is the supply small or inadequate? The new notes are not available. Even as a State Governor, I don’t have the new notes. You can see how hard it is for our people to access the new currency if their governor is not getting them. We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people.”

Man shocked as he finds old naira notes stashed under bed by wife

GistReel

Young man stunned by the number of old naira notes stashed under the bed by his wife following Nigeria’s currency redesign.

Man shocked as he finds old naira notes stashed under bed by wife

It would be recalled that the Central Bank of Nigeria (CBN) redesigned the N200, N500, and N1000 notes and placed an ultimatum on when the old notes expire. In a video making the rounds on social media, a man ranted about the amount of old N1000 and N500 notes kept under his bed by his wife. He revealed that the discovery was not intended, rather his charger fell under the bed, hence, the shock of seeing that much money under his bed. He pressed on to lament how his wife always insisted on being broke whenever monetary issues are raised in the house. Watch the video below …

CBN denies ordering banks to accept N500, N1000 notes

GistReel

The Director of Corporate Communication at the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi, debunks reports claiming that the CBN instructed banks to collect old N500 and N1,000 notes.

CBN debunks report on ordering banks to accept N500, N1000 notes

In a Tweet via the micro-blogging platform, Twitter, Mr Osita released a statement affirming that the report about deposit money banks accepting old notes is false. He insisted on President Buhari’s order to only roll out old N200 notes. The statement reads; “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages, quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes.   “For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, the CBN has been directed to ONLY re-issue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10.   “Members of the public should, therefore, disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.   “Media practitioners are advised to PLEASE verify any information from the correct sources before publication.”

CBN debunks report on ordering banks to accept N500, N1000 notes

CBN instructs banks to collect old N500, N1,000 notes

GistReel

Banks have been instructed by the Central Bank of Nigeria (CBN) to accept the old N500 and N1,000 notes from their customers who have obtained a reference code generated from the CBN website.

CBN instructs banks to collect old N500, N1,000 notes

According to sources from multiple banks, their branches were recently instructed by the head office to comply with this directive. A top CBN official confirmed the directive: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.” It is recalled that President Muhammadu Buhari directed that the old N500 and N1,000 notes are no longer considered legal tender, and individuals in possession of these notes should take them to the CBN. In response, the CBN established a portal for individuals to register how much they wish to deposit and receive a reference code to confirm their registration. This reference code can then be used to deposit the old notes at any CBN office throughout the country. However, investigations suggest that due to the high number of people visiting CBN offices to deposit their old N500 and N1,000 notes, the CBN have authorized banks to collect these notes from their customers. A bank official and branch head informed Vanguard that their branch did not open to customers today due to safety concerns, but they plan to begin collecting old notes from customers tomorrow (Saturday).

Nigerian man storms CBN’s office with N50m old naira notes

GistReel

An Hausa man has caused an uproar after walking into one of the Central Bank of Nigeria (CBN) branches in Kano with N50 million old naira notes. In the video, he was spotted carrying the money in different sacks. He had one on his head and also employed the services of people who helped him to carry the rest of the cash.

Reacting to the video, some netizens wondered why he waited so long to deposit his old naira notes. The man however maintained that the money belonged to him and he is a trader in Kano state.

“I am a trader and sell flour. I have 50 million naira cash, It is my money.”

Watch the video below: https://m.facebook.com/story.php?story_fbid=6188555701196282&id=100001257412875&mibextid=Nif5oz

President Buhari extends N200 notes validity by 60 days

GistReel

On Thursday, February 16, 2023, the President of Nigeria, Muhammadu Buhari, declared in a national address that the old N200 notes would remain valid for an additional 60 days. buhari This comes amidst the scarcity of Naira notes both the old and new notes that have rendered the economy in chaos. In the address to the nation, President Muhammadu Buhari stated that the N200 notes will be released and allowed to remain a legal tender for 60 days to ease scarcity.

President Buhari extends N200 notes validity by 60 days

In his words, “To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.”