Wednesday, February 21, 2024
Home Business CBN EXTENDS DEADLINE FOR THE OLD DESIGN OF THE NAIRA AD INFINITUM.

CBN EXTENDS DEADLINE FOR THE OLD DESIGN OF THE NAIRA AD INFINITUM.

Central Bank of Nigeria ( CBN) has affirmed plans to extend deadline of the legal tender status for the old design of two hundred naira, five hundred naira , and one thousand naira denominations ,and infinitum.

This is contained in a Press release on Tuesday signed by the CBN Director of Corporate Communications Department Doctor Isa AbdulMumin, saying this is in line with international best practices.

The statement acknowledged that all Bank notes issued by the CBN in accordance with section twenty, subsection five of the CBN Act 2007 will continue to remain legal tender and infinitum even beyond the initial deadline of thirty-first December 2023.

While noting that the Bank is working with relevant authorities to vacate the subsisting Court ruling on the same subject, the Apex Bank disclosed that all it’s branches will to issue and accept all denominations of Nigerian banknotes old and redesigned to and from Deposit money Banks ( DMBs).

It further urged the general public to continue to accept all naira banknotes for day to day transaction, safeguard and protect the lifecycle of all banknotes,and use alternative modes of payment like the electronic channels.

RELATED ARTICLES

CUSTOMS COLLABORATES WITH DIA  TO ENHANCE BORDER SECURITY

Nigeria Customs service says it's collaborating with the Defence intelligence Agency  to maintain and deepen the existing relationships between NCS and the DIA. Comptroller General...

FOOD CRISIS:  NCS  TO DISTRIBUTE SEIZED RICE, OTHERS

The Nigeria Customs Service ( (NCS) has announced its intention to distribute seized rice and other food items in a bid to reduce food security challenges...

SON MSC DEPARTMENT EARNS PRESTIGIOUS INTERNATIONAL ACCREDITATION FROM IAS

In a testament to its dedication to quality and best practices, the Standards Organisation of Nigeria's (SON) Management Systems Certification (MSC) department has been...

Most Popular

DSS ENJOINS ORGANISED LABOUR TO SHUN PROTEST IN THE INTEREST OF PEACE

The Department of State Services (DSS) has called on the Nigeria Labour Congress to shun planed nation wide protest which suppose to hold  between 27th...

MELE KYARI HIGHLIGHTS ENERGY SECURITY’S ROLE IN WEALTH CREATION

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd),  Mele Kyari, says no public wealth creation endeavour can achieve...

CUSTOMS COLLABORATES WITH DIA  TO ENHANCE BORDER SECURITY

Nigeria Customs service says it's collaborating with the Defence intelligence Agency  to maintain and deepen the existing relationships between NCS and the DIA. Comptroller General...

FOOD CRISIS:  NCS  TO DISTRIBUTE SEIZED RICE, OTHERS

The Nigeria Customs Service ( (NCS) has announced its intention to distribute seized rice and other food items in a bid to reduce food security challenges...

Recent Comments