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New Naira Notes Still Valid – CBN
The Central Bank of Nigeria (CBN) has stated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely.
This puts to rest rumours of a 31 December deadline for the phasing out of the old notes.
CBN, Friday, in a statement by its Acting Director of Corporate Communications, Hakama Ali, cited a Supreme Court ruling delivered on 29 November 2023, which permits the concurrent circulation of all versions of the affected denominations without any deadline.
The statement said the clarification follows widespread misinformation regarding the validity of the old notes.
It said: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on 29 November 2023 permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines”.
The CBN urged the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
Instead, it advised Nigerians to continue accepting all naira notes, whether redesigned or otherwise, for daily transactions.
The bank also encouraged the adoption of alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
This reassurance comes amidst lingering uncertainty surrounding the currency redesign programme introduced in late 2022, which disrupted economic activities and resulted in a legal battle at the Supreme Court.
Earlier in the year, the House of Representatives said 31 December was the deadline for old naira notes to cease being legal tender.
But the CBN in a swift response directed all its branches to continue to issue and accept all banknotes.
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The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.
The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.
Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.
“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.
“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.
He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.
In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.
He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.
Stories by Nkpemenyie Mcdominic, Lagos
Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.
According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.
In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.
He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.
He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.
“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.
The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.
It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.
The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.
In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.
He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.
Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.
“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.
“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.
“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.
The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.
The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.
This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.
According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.
Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.
Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.
Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.
He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.
“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.
“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.
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