Reports that the former series of N200, N500, and N1,000 banknotes will no longer be accepted as legal tender by December 31, 2024, have been refuted by the Central Bank of Nigeria.
The CBN stated in a statement issued Thursday by Sidi Hakama, acting director of corporate communications, that the Supreme Court of Nigeria’s ruling on Wednesday, November 29, 2023, to continue using old naira banknotes remains in effect indefinitely.
Alongside the new notes, the Supreme Court ruled that the previous series of N200, N500, and N1,000 banknotes would remain legal tender.
The CBN stated that all of its banknotes will therefore always be accepted as lawful money.
TimesNow.com.ng reported that the UK is working with the Central Bank of Nigeria (CBN) and the Nigeria Financial Intelligence Unit (NFIU) to keep an eye on illicit inflows, said UK Ambassador Dr. Richard Montgomery.
During yesterday’s policy discussion on the state of anti-corruption policy and practice in Nigeria by Agora Policy in Abuja, the ambassador asserted that beneficial ownership registers have been helpful in tracking down illicit inflows.
According to Montgomery, the UK is not exempt from responsibility for the movement of illegal inflows.
Source: TimesNow.com.ng
