Following the compliance of the Central Bank of Nigeria (CBN) with the Supreme Court’s ruling validating the old Naira notes, Zamfara State Governor, Bello Matawalle has said that citizens can now heave a sigh of relief as more cash is expected in circulation. On Monday, the apex bank asked money deposit banks to dispense and accept old Naira notes until …

Ten days after the Supreme Court ruled that old Naira notes should co-exist with new ones till the end of the year, the Central Bank of Nigeria (CBN) has now complied with the order. On Monday evening, the CBN issued a statement that the old N200, N500, N1,000 banknotes remain legal tender till 31 December 2023 in compliance with the …

The fate of the old Naira notes – N200, N500 and N1,000 – hangs in the balance as the Presidency said on Monday that President Muhammadu Buhari did not direct either the Attorney General of the Federation or the Governor of the Central Bank of Nigeria (CBN) to disobey any court orders. And this is as the CBN itself said …

The Nigerian Bar Association (NBA) has asked President Muhammadu Buhari to immediately direct compliance with the terms of the orders made by the Supreme Court in its judgment delivered on 3 March in respect of the Naira redesign policy. The Supreme Court ordered that the old N200, N500, N1,000 notes remain in circulation till 31 December, this year. The apex court also …

In the face of the citizens’ agony, Lagos State Governor, Mr Babajide Sanwo-Olu has urged called on business owners, especially retailers, to accept the old N500 and N1,000 notes. This, he said, is in line with the Supreme Court judgment that the currency remains legal tender until 31 December. On 3 March, the Supreme Court ordered that the old N200, N500, …

The Central Bank of Nigeria (CBN) has debunked a purported press release shared on the Instagram page of the First Lady, Aisha Buhari. In the release shared on Aisha’s page on Tuesday, it was alleged that the old N500 and N1,000 notes remain legal tender for the next 70 days. In a nationwide broadcast last Thursday, President Muhammadu Buhari had …

It is gratifying to note that the Independent National Electoral Commission (INEC) has assured Nigerians that the general elections will go ahead as scheduled despite the cash crunch and nationwide protests. Initially, INEC Chairman, Prof. Mahmood Yakubu expressed doubts due to the avoidable pains inflicted on Nigerians by unconscionable government officials days leading to the election. The general election to …

The Central Bank of Nigeria (CBN) has directed banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN ordered the banks to …

A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa has said that President Muhammadu Buhari’s broadcast on Thursday’s morning in which he said the old N500 and N1,000 notes have ceased to be legal tender from last Friday amounted to a contempt of court. According to the lawyer-cum-activist, the President cannot overrule the Supreme Court of Nigeria. On Wednesday, 8 February, the Supreme …