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.
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.”
@BDaketima, said, “This is a Cheering News. Thank you, the New CBN Team. I nearly died, during the Former CBN, APC, Buhari Governor Godwin Emefiele’s tenure when Nigerians were forced to buy naira with naira. God forbid.”
Voicing their concern, @enytin16 said, “Didn’t the Supreme Court rule that the old notes will cease to be a legal tender by 31st December 2023? Or do you people want to start disobeying court orders?”
According to the President of Bank Customers Association of Nigeria Dr Uju Ogubunka, the apex bank is acting on its mandate, and its recent clarification will douse every doubt in the economy.
He told The PUNCH, “I have read the statement. The CBN is acting on its mandate as the Issuer of Nigeria’s currency. It is a clarification it made given the information it said it was getting from some quarters. The clarification is well-noted and reassuring. Any doubt or rumors have been put where they belong.”
The National President, Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, however, noted that the discrepancy between the old and new notes are confusing.
He said, “The new decision of the Central Bank of Nigeria to retain both the old and new notes is a good and positive development, particularly coming out to clear the speculations before December that was initially set, at least to forestall the scarcity issue that happened earlier in the year.
“However, the reality we have now is very confusing for Nigerians especially those at the lower end cadre of the economy, many of these notes are confusing, for instance, the new N500 looks like the old N200 note, while the new N200 note looks like the old N100 note. So, some of these things are actually very confusing and Nigerians are beginning to ask if this is how we would continue.
“I hope that the CBN would adequately attend to the discrepancies in the notes and systematically correct what needs to be corrected, because as it is now, there needs to be a clear plan as regards what the CBN would be doing in regarding the currency, we as Point Of Sale agents deal with petty traders, small business owners, among others, and it has been a source of confusion, as a matter of fact there has even been a lingering matter of scarcity, many banks we go to tell us there are no cash available, particularly being able to access cash over the counter.”
Olojo added that there is need for the CBN to be resolute in its decision making process state whether it wants to retain both old and new denomination of the currency.
Politicians Frustrating Nigerians, Another Protest Worse Than Endsars Looms — Aisha Yesufu
Popular socio-political activist, Aisha Yesufu, has said corrupt politicians in Nigeria are frustrating the masses, which can lead to another nationwide protest.
Yesufu said the anger burning in the hearts of Nigerians may sponsor another protest hotter than the one experienced in 2020 tagged ‘EndSARS’.
In 2020, Nigerians staged demonstrations across the nation to call for the end of the police unit, the Special Anti-Robbery Squad, SARS, notorious for brutalising youths.
The protest, which started on Twitter (now X), resulted in mass demonstrations occurring in all major cities of the country and accompanied by violence.
It led to the death of many young Nigerians, especially after military personnel shot at peaceful protesters at Lekki Toll Gate, Lagos.
Yesufu, the co-convener of the BringBackOur Girls, who was one of the activists at the centre of the protest, said Nigerians might just be caught unaware in another demonstration.
She made this known via X account, writing: “Nobody saw the #EndSARS protest coming. Nobody will see the next uprising coming.
“Sadly, it might end up being violent. There is simmering anger fuelled by the impunity and brazenness of the corrupt politicians and rulers, who have rigged their way into power. Nobody will be spared.”
Decision Day In Imo, Bayelsa, Kogi: INEC Affirms Readiness, DHQ Uncovers Plot To Cause Mayhem
• There will be injurious consequences, DHQ warns unknown gunmen
• ICPC deploys operatives to prevent vote-buying
• Police read riot act, warn perpetrators of violence, sponsors
The Defence Headquarters (DHQ) has said there are intelligence reports of plans by desperate politicians to cause violence with hoodlums wearing military uniform.
Responding to questions from newsmen at the bi-weekly briefing in Abuja yesterday, Director, Defence Media Operations, Major General Edward Buba, issued a stern warning to gunmen planning to disguise in military wears to cause violence during Saturday’s off-cycle governorship elections in Kogi, Imo, and Bayelsa states.
He warned that there would be injurious consequences for their actions, adding that the Nigerian military will not fold its arms and watch its image dragged into the mud during Saturday’s election.
He issued the warning while briefing journalists on military operations to counter threats of terrorists, bandits/kidnappers, oil theft perpetrators and other forms of insecurity across the country.
“For the off-season elections in Bayelsa, Imo and Kogi states this weekend, here is a message for you. The military is deployed in strength for the election to create a safe environment for voters to peacefully come out and cast their votes.
“However, we are aware of plans of some people to disguise themselves in military gear to orchestrate havoc and disrupt elections in some areas. Our message to such a group is that there will be injurious consequences for such an action,” he said.
The Independent National Electoral Commission (INEC) on Thursday, distributed electoral materials to all 27 Local Council Areas of Imo State ahead of tomorrow’s governorship election. The distribution took place at the Central Bank of Nigeria (CBN) branch in Owerri. The electoral materials distributed were Bimodal Voter Accreditation System (BVAS) machines, ballot papers and result sheets for the polls.
Speaking to newsmen on the movement of the electoral materials, the Southeast National Commissioner, Kenneth Ukeagu, said INEC was ready for the election, adding that the election would go freely as INEC officials have been trained properly to do the needful. He also urged the electorate to come out en masse and participate in the election.
According to him, “we are ready for the election. We are distributing sensitive materials to all the LGAs in the state because elections will take place in all the LGAs in the states. We have received assurance from the security agents for providing adequate security during and after the election. On our part, we are ready and on top of our plans. The people of the state have to come out on Saturday and elect a governor of their choice.”
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), yesterday announced that it had deployed its operatives to monitor Saturday’s election in Bayelsa, Imo, and Kogi.
Spokesperson of the commission, Mrs Azuka Ogugua, stated that ICPC operatives had been deployed in the 56 local government areas and 649 wards in the three states to monitor and prevent vote-buying and other electoral malpractices at the various polling units during the electoral exercise.
The monitoring exercise, according to her, was a response to the invitation by the INEC Chairman, Prof. Mahmood Yakubu, for ICPC to participate in ensuring that the electoral processes in these states are free and fair.
Ogugua charged operatives to strictly adhere to the ICPC guidelines for monitoring elections, adding that they should always act with discipline and imbibe the spirit of integrity while on the field, while adding that the operatives stay close to each other and work as a team to achieve the desired goal.
There are fears that distribution of materials by INEC, threats and counter threats by Biafra agitators may challenge tomorrow’s governorship election in Imo. Aside from fears of availability of commercial drivers to convey sensitive and non-sensitive materials to the flash spots, factions of the Biafra agitators are speaking differently about the exercise.
Already certain spots, including Ohaji/Egbema, Oguta, Orsu, Ihitte Uboma, Isiala Mbano, Okigwe local councils of the state have been identified as dark spots.
A faction of the agitators, led by Simeon Ekpa, asked residents to stay away from the election, while the Nnamdi Kanu-led Indigenous People of Biafra (IPOB) urged residents to go and vote, threatening to deal with any INEC official caught conniving with politicians to rig the election.
“All those employed and drafted to various polling units to help rig this election will be doing so to their own and family risks; their families must call them to order or they all will sorely regret having participated in this election. Anyone that enthroned evil on the people deserves no mercy. IPOB eyes are at every corner in the state monitoring the activities of political jobbers and criminals”, IPOB said in a statement by its spokesperson, Emma Powerful.
The Inspector General of Police (IGP), Kayode Egbetokun, has deployed the Deputy Inspector General (DIG), in charge of Training and Development, Frank Mba, to oversee the election with assurance of protection of lives and property.
Mba has arrived in the state. No fewer than 2,300 soldiers and other security personnel, and other para-military officials are to guard the exercise at various parts of the state.
On Thursday, the Commissioner of Police in Enugu State, Kanayo Uzoegbu said the command was moving 1,500 men to Imo state. He stated that the idea was to boost security and ensure free and fair exercise at the end of the day.
INEC has assured of enough ad-hoc staff to carry out election duties in the prone dark spots. The Commission has deployed nine Resident Electoral Commissioners (RECs), to assist the Imo REC, Prof. Sylvia Agu, in ensuring transparent elections.
Meanwhile, Head of Mission, International Organisation for Sustainable Development (IOSD), Dr. Timothy Ihemadu, told The Guardian, on Thursday, that they were concerned about heightened tension in six local government areas of the state, which are volatile.
“If citizens are not confident of their right to vote, the right to be voted for and free and fair atmosphere, in terms of security, it limits their confidence and fundamental right to vote.
“We want security deployed to protect the people and not to intimidate them. The security personnel should be professional and must understand the importance of human rights policing that seeks to protect the people first to avoid voter apathy.
“The NLC order as it concerns Imo and the blackout and air travel is anticipated to affect smooth conduct of the election as the importance of electricity to power election gadgets cannot be over emphasized, as well as arrival of critical personnel who may be challenged to arrive at their duty post”, he stated.
Amid the heightened tension created by alleged stockpiling of arms in Bayelsa and invasion of thugs from neighbouring states, the police, yesterday vowed to arrest and prosecute perpetrators of violence and their sponsors in Bayelsa.
The palpable tension, which is already causing apprehension in the state, was further heightened by the two major contenders and political stakeholders who continue to trade accusations over alleged plans to perpetrate violence.
Addressing a stakeholders’ meeting yesterday at the Police Officers Mess, Yenagoa, the DIG in charge of Saturday’s election, Sokari-Pedro, while assuring that the IGP, Egbetokun, is totally committed to the free, fair, safe and unhindered democratic atmosphere during the election, warned that no electoral offender will be spare.
He stated that though Bayelsa is a peaceful state, the three Senatorial zones are all volatile when it comes to election, while some local governments have already been identified as flashpoints.
“Officers have been directed to carry out a show of force, all the perpetrators of violence be put out of circulation and their sponsors, any civilian that is armed at any polling centre shall be arrested and failure to do that by the police, the police themselves or the sister agent who is responsible for such a lapse will be arrested.
“Any orderly or guard that escorts his principal to the polling centre shall be arrested and thereafter tried in the orderly room, in this case, if care is not taken, may lead to his dismissal.”
In Kogi, INEC reiterated that it is fully ready for the election. Speaking during a critical stakeholders’ meeting preparatory to the election, the INEC chairman, Yakubu said the commission is fully ready for the election. National Commissioner in charge Kogi, Kwara and Niger states, Prof. Sani Mohammed Adam, who spoke on behalf of the chairman, noted that sensitive and non-sensitive materials are on ground.
Given the volatile nature of election conduct in the state, the IGP, Egbetokun warned trouble makers to relocate from Kogi before Saturday. He also warned politicians and the electorate to allow security agents deployed to the state to do their jobs without being subjected to blackmail.
Already, 40,000 policemen and 3,000 men of the civil defence corps have been deployed to the state for the election, in addition to the heavy deployment of military that will complement the efforts of other security agencies.
Meanwhile, the Kogi State governor, Yahaya Bello has urged the operatives of the Nigerian Police and other sister agencies to ensure adherence to professional conduct during the Saturday polls. He noted that his party, APC in Kogi State, holds a track record of peaceful electioneering. The governor was speaking when he received the Inspector General of Police, on Wednesday.
The Inter Party Advisory Council (IPAC) on Thursday, called on INEC to work diligently to reaffirm citizens’ confidence. IPAC also called on citizens in the three states to come out en-masse to exercise their rights to vote.
National Chairman of IPAC, Yabagi Sani, said IPAC has introduced an innovative intervention through Election Results Management System (ERMS), which was recently brought to the attention of INEC Chairman, all 19 National Chairmen and political party candidates.
Sani said: “Choosing leaders based on merit, vision, and their potential impact on the community is vital. Citizens should prioritize candidates who genuinely represent their interests and are committed to the welfare and development of their respective States. By doing so, they can ensure that their votes lead to the election of leaders, who will work towards the betterment of their lives and communities
“Citizens should be proactive in shaping the future of the nation. Grassroots involvement is fundamental to the success of any democracy. By disregarding the negative tactics of political actors and focusing on making informed choices, citizens can contribute to the establishment of a robust and accountable democratic system in Bayelsa, Imo, and Kogi by their conduct in the forthcoming election.
“The involvement of security agencies in the electoral process must be based on professionalism, neutrality, and a commitment to the defense of our democracy, rather than partisan interests. The citizens must feel secure in their participation in the electoral process, knowing that their safety and security are assured.”
113 Terrorists Eliminated, 300 Others Arrested In One Week – DHQ
The Defence Headquarters says the troops of the armed forces have eliminated 113 terrorists and apprehended 300 others in different operations in various theatres across the country in the last one week.
The Director, Defence Media Operations, Maj.-Gen. Edward Buba, said this while briefing journalists on the operations of the armed forces on Thursday in Abuja.
Mr Buba said the troops also apprehended 25 perpetrators of oil theft, rescued 91 kidnapped hostages and recovered 129 assorted weapons and 717 assorted ammunition within the period.
In the North East, he said the troops of Operation Hadin Kai, while conducting fighting patrols, arrested BH/ISWAP logistics suppliers in Kukawa, Damboa, Monguno and Konduga Local Government Areas of Borno.
The defence spokesman said the troops eliminated 17 Boko Haram/ISWAP terrorists, arrested 16 and rescued six kidnapped hostages, as well as recovered different calibres of arms and ammunition during the period.
He added that the air component of Operation Hadin Kai had, on Nov. 2, engaged terrorists hibernating in the Degbewa area, where several of them were neutralised and had their logistics destroyed.
In the North Central, Mr Buba said the troops of Operation Safe Haven conducted cordon and search operations in parts of Kaduna and Plateau States, killing five terrorists, arresting 14 and rescuing 15 kidnapped hostages.
He added that troops of Operation Operation Whirl Stroke conducted a raid operation at suspected criminal hideouts in parts of Nasarawa, Benue and Plateau States, neutralising two terrorists, arresting 10 and rescuing three kidnapped hostages.
In the North-West, Mr Buba said the troops of Operation Hadarin Daji neutralised 30 terrorists, arrested seven others and rescued 31 kidnapped hostages in Katsina, Kebbi and Zamfara States during the period.
He said the troops also recovered 15 AK47 rifles, one RPG Tube, five RPG bombs, six hand grenades, five pairs of desert camouflages, 10 pairs of magazine purges, IED-making material, unconfirmed no of ammo and the sum of $16,200.
He added that the air component had, on Nov. 2, acquired and conducted an interdiction at a terrorist leader’s residence in Kankara Local Government Area of Katsina State.
According to him, the terrorist leader known as Badaru had several terrorists hibernating at the residence who were neutralised in the air strikes.
“Troops of Operation Whirl Punch conducted an offensive operation against terrorists in Birnin Gwari and Chikun Local Government Areas of Kaduna State, neutralising 23 terrorists, arresting 83 suspects and rescuing four kidnapped hostages.
“Troops recovered 12 AK47 rifles, two pistols, one unserviceable AK47 rifle, 141 rounds of 7.62mm special ammo, one magazine, one motorcycle and three mobile phones,” he said.
In the Niger Delta region, Buba said the troops of Operation Delta Safe denied oil thieves an estimated sum of N571.7 million during the week.
He said the troops discovered and destroyed 76 dugout pits, 35 boats, 95 storage tanks, 10 vehicles, 129 cooking ovens, five pumping machines, 13 speedboats, six outboard engines, one vessel, three motorcycles and 49 illegal refining sites.
“Troops recovered 514,640 litres of stolen crude oil, 339,315 litres of illegally refined AGO and 775 litres of DPK,” he said.
In the South-East, Mr Buba said the troops of Operation UDO KA apprehended 10 suspected IPOB/ESN criminals and recovered one GT3 rifle, one locally fabricated pistol, two pump action guns, two dane guns, 30 live cartridges, two motorcycles and one cutlass amongst other items.
“All recovered items, arrested suspects, and rescued hostages were handed over to the relevant authorities for further action,” he added.