The corporate news 360

26/01/2025

ICAN Applauds NDIC on Integrity, Transparency and Professionalism in Promoting Financial System Stability

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chizuoke S. Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency which is critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system.

This formed part of the ICAN President’s remarks during a courtesy visit of the ICAN Governing Council to the NDIC Management in Abuja.
Chief Alaribe said, the NDIC has been recognised as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls. He added that the Corporation’s commitment has been recognized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

While underscoring the relationship between his Institute and NDIC, Chief Alaribe disclosed that ICAN has also established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.

In his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan congratulated Chief Alaribe on his appointment as the 60th President of ICAN. Hassan, himself a Fellow of the Institute, described ICAN as a strategic stakeholder of the Corporation.

He therefore reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their work as external auditors in their risk-based supervision of banks.

Reflecting on his earlier call for stronger collaboration with ICAN, the NDIC Boss stressed the need for the introduction of Deposit Insurance module in the curriculum of ICAN examinations. He emphasised that this initiative is essential to enhance understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.

Hassan restated the Management’s commitment towards strengthening the partnership between ICAN and the Corporation in contributing to the stability of the banking sector and the nation’s financial system as a whole.

24/01/2025

ASAM Forecasts 39% ASI Growth on Bank Recapitalization, New Listings

The Nigerian stock market is poised for significant growth in 2025, with Arthur Steven Asset Management Limited (ASAM) projecting a 39% return on the All-Share Index (ASI).

According to Olatunde Amolegbe, Managing Director of ASAM and former President of the Chartered Institute of Stockbrokers (CIS), in his presentation at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2024 market review and 2025 projection tagged "In-Depth Evaluation of the capital market in 2024 and prognosis for 2025" held on Thursday in Lagos, this forecast is underpinned by ongoing bank recapitalization efforts, new equity listings, and anticipated monetary policy easing by the Central Bank of Nigeria (CBN).

Amolegbe highlighted Nigeria’s relative market attractiveness as a key factor in attracting increased foreign portfolio inflows (FPI), provided stable policies are maintained. He noted that the bank recapitalization process is set to boost investor confidence, while high-profile listings such as Dangote Refinery are expected to enhance market liquidity and broaden investment opportunities.

The projected bullish trend in 2025 comes as investors position themselves ahead of 2024 fiscal year results and dividend declarations, particularly in the banking sector. However, Amolegbe cautioned that the market’s performance will depend on critical factors such as the country’s economic growth trajectory, monetary policy direction, and corporate earnings results.

ASAM anticipates a shift toward equities as fixed-income yields decline, driven by the CBN’s likely adoption of a more accommodative monetary stance. Despite lingering concerns over exchange rate volatility and inflation, conservative sectors such as banking, consumer goods, and industrials are expected to perform well, offering steady returns for investors.

In the palm oil industry, robust growth is forecast for key players such as Okomu Oil Palm Company (OKOMUOIL) and Presco Plc. Sustained global demand for palm oil, coupled with rising prices and improved production volumes, are projected to drive growth in the sector, with expected returns ranging between 18% and 25%. Presco’s recent bond issuance to fund its acquisition of Ghana Oil Palm Development Company Limited is seen as a strategic move that further solidifies its growth prospects.

The consumer goods sector is also set for a rebound, recovering from the inflationary challenges of 2024. ASAM’s positive outlook for the sector is based on expectations of lower inflation, a more stable foreign exchange environment, and supportive government policies. Proposed tax modifications in the Economic Stabilization Bill, along with access to trade credit facilities, are expected to foster a favorable business climate. Additionally, ongoing efforts by the CBN to narrow the gap between official and parallel exchange rates are likely to improve access to foreign exchange, benefiting companies in the consumer goods sector.

Overall, the 2025 outlook for the Nigerian stock market remains optimistic, bolstered by strategic reforms, policy adjustments, and improving investor confidence. While challenges such as exchange rate instability and inflation persist, key sectors are positioned to drive market performance and deliver strong returns for investors.

21/12/2024

CISLAC Decries Worsening Hunger Crisis in Nigeria Following Series of Stampedes

The Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Musa Rafsanjani, has condemned the alarming state of hunger and desperation in Nigeria, emphasizing the devastating impact of poor governance and an inadequate response to rising poverty levels.

Reacting to the tragic stampedes that claimed dozens of lives across the country during food distribution events, Rafsanjani described the incidents as heartbreaking reflections of the severe hardship Nigerians are enduring.

“This is a clear indication that Nigerians are facing very difficult times under this administration,” he said. “Unfortunately, the government appears detached from the realities on the ground and has failed to take the necessary steps to address a situation they helped to escalate. While these tragic incidents have been reported, many more may be occurring unnoticed as people are desperately hungry.”

In Abuja, a stampede during a food distribution exercise at Holy Trinity Catholic Church in Maitama claimed ten lives, including four children, while leaving several others injured. The event, intended to provide relief to vulnerable individuals, turned tragic early Saturday morning as a crowd of over a thousand overwhelmed the venue.

A similar incident occurred in Okija, Anambra State, where a rice distribution exercise organized by philanthropist Chief Ernest Obiejesi resulted in the death of at least 12 people and left over 30 others injured. Witnesses reported that an uncontrolled crowd caused a stampede before the event could commence, underscoring the desperation among citizens.

In Ibadan, Oyo State, a children’s funfair hosted by Women in Need of Governance and Support (WINGS), an initiative of Queen Naomi Silekunola, turned fatal when an overcrowded entrance led to a stampede. Many children tragically lost their lives, while several others sustained injuries as they struggled to gain access to the event.

“These incidents are avoidable but highlight the depth of hunger and deprivation in our society,” Rafsanjani added. “The government must urgently adopt measures to address food insecurity, create jobs, and alleviate the suffering of the people.”

He further stated that the escalating insecurity in the country has exacerbated this crisis. Many farmers are unable to cultivate crops due to persistent banditry and violence, leading to reduced agricultural production. The Tinubu administration must prioritize securing the nation and revitalizing the agricultural sector. State and local governments must also play an active role in encouraging agricultural activities to curb rural-urban migration and reduce unemployment.

CISLAC urged federal and state governments to prioritize policies that tackle poverty and inequality while ensuring the safety and dignity of citizens during public aid and relief programs. The organization also called for improved planning and coordination during such events to prevent further loss of life.

Rafsanjani noted that the tragic incidents serve as a stark reminder of the growing desperation among Nigerians and the urgent need for effective and compassionate governance to address the challenges facing the nation.Signed by Auwal Musa Rafsanjani Executive Director Civil Society Legislative Advocacy Centre (CISLAC)& Head of Transparency International-Nigeria

04/12/2024

Senate Passes Investment and Securities Bill ISB 2024

In a major boost to the operations of the Securities and Exchange Commission and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024.

The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, was passed on the floor of the Senate Wednesday.

During the consideration of the report on the Bill from the committee on Capital Market, Senate Chief Whip, Tahir Monguno stated that it will protect investors and eliminate fraudulent dealings in the capital market.

Speaking on the bill, Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso said the bill sought to repeal the Investments and Securities Act, of 2007 and enact the Investments and Securities Act, 2024 stating that the ISB is capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.

Izunaso said: “The Bill seeks to repeal the existing Investments and Securities Act 2007, and to establish a new market infrastructure and wide-ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.

He said, “It was meant to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian Capital Market. It will be a regulation of the Market to ensure capital formation, the protection of investors, maintenance of fair, efficient and transparent market, and reduction of systemic risk.”

Izunaso further said the main objective of the bill was to enact legislation that aligned with global dynamics as they relate to the regulation of capital market through the provision of an innovative regulatory framework.
“It will protect the integrity of the security market against all forms of market abuse and insider dealing. It will prevent unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments.”

He said that the overriding purpose of the proposed legislation was to strengthen the capacity of the Commission for the effective performance of its statutory mandate as well as reposition that vital sector of the economy for national economic transformation.

While announcing the passage of the Bill, President of the Senate, Godswill Akpabio said a lot of people would be happy to infuse funds into the capital market when they know a lot of the risk has been minimised.

He thereafter declared the bill passed.

Speaking recently, Director General of the SEC Dr. Emomotimi Agama said the Bill is pushing for harsher penalties on Ponzi scheme operators through the proposed Investments and Securities Bill (ISB) 2024, which mandates a minimum fine of N20 million or up to 10 years in prison, or both.

Agama explained that the bill explicitly prohibits Ponzi and pyramid schemes, fortifying protections for investors against illegal fund managers adding that it aims to shield Nigerian investors from fraudulent schemes and enhance the capital market’s global competitiveness.

A notable amendment in the Bill would allow the Investor Protection Fund (IPF), established by securities exchanges, to cover investor losses linked to the deregistration of brokerage firms, extending beyond the current coverage of bankruptcy or negligence cases.
Agama also noted the need for updates to the existing ISB 2007 to reduce ambiguities and align Nigeria’s capital market regulations with international standards.

“This bill’s passage would be pivotal in setting Nigeria on the path to a world-class capital market,” he stated, underscoring the role of a robust capital market in economic diversification.

�The ISB 2024 also introduces regulatory frameworks for Commodity Exchanges and Warehouse Receipts, essential steps for developing Nigeria’s commodities sector.

27/07/2024

Breaking News : Senator Ifeanyi Ubah is dead

The Senator Representing Anambra South Senator Ifeanyi Ubah is dead .

The Anambra Senator was said to have passed on in London.

Senator ubah who died of cardiac arrest in London at the age of 52 had traveled to London to attend his son's graduation ceremony.

According to Senate Spokesperson Yemi Adaramodu, who confirmed the news via telephone, the senator was in good health and in communication until late last night. His passing has sent shockwaves through the Senate and beyond.

Until his death, Senator Ifeanyi ubah served as the Chairman of the Senate Committee on Petroleum Downstream and was a two-term senator.

Ubah, who joined the All Progressives Congress, APC, a few months ago, was billed to seek the party’s ticket ahead of the Anambra State governorship election.

03/06/2024

CBN revokes Heritage bank operating licence

The Central Bank of Nigeria (CBN), has revoked the operating banking licence of Heritage bank plc with immediate effect due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

The apex bank in a statement signed by the Acting Director, Corporate Communications Hakama Sidi Ali stated that The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

It added that following a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

According to CBN, decision was taken to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

The apex bank has appointed The Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

CBN assured the public that the Nigerian financial system remains on a solid footing noting that it is commitment to take all necessary steps to ensure the safety and soundness of the financial system.

06/04/2024

ABCON Asks CBN to Adjust Applicable Exchange Rate Downward as BDCs Post Losses Over Expensive Dollar Allocations

The Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body of all Central Bank of Nigeria (CBN)-Licensed Bureaux De Change (BDCs) in Nigeria has appealed to the Apex Bank to adjust and lower its applicable Exchange Rate downward below the N1,251/$ its pegged for the BDCs.

The request is coming in the midst of the epoch history making achieved by the apex bank for the first time in the last 15 years for the unofficial market rates at N1,235/$ to be lower than the official BDCs applicable buying exchange rate of N1,251/$ (plus 1.5 per cent margin) set for the BDCs by the CBN in its latest tranche of intervention.

The group insisted that naira's speedy recovery, which was faster than expected had made CBN's selling rate to BDCs very expensive and difficult to offload to retail end buyers that are trooping to the undocumented forex operators for cheaper rates and avoiding the BDCs services

In a letter to CBN Director, Trade & Exchange Department, ABCON, signed by its National President, Alhaji (Dr.) Aminu Gwadabe, ABCON further expressed concerns that many BDCs who funded their accounts for dollar allocations are yet to receive their allocation of dollars to meet up the legitimate critical demand of their clients due to scrutinization of the BDCs documents for collections at the various designated Centers which invariably made the BDCs vulnerable to exchange rate risk and significant loses.

The group insisted that with naira appreciating across markets, many BDCs who bought dollar at N1,251/$ will lose significant income and capital if they sale at the current open market rate of N1,235/$ and therefore the need for the call for a further review downward of the applicable exchange rate for the period and subsequently to continue to enhance naira sovereignty.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5% are yet to receive their disbursement. This is happening in the face of prevailing open market rate of N1,235/$ which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the statement said.

Despite this development, ABCON lauded the CBN leadership for the recall of BDCs into the official FX window and steps taken by the apex bank to strengthen the naira against the dollar and other global currencies.

ABCON said the positive fallout of the CBN’s efforts to restore naira’s glory came faster than expected, reiterating its commitment to working with the apex bank to realise the objectives of government towards exchange rate stability and economic growth.

ABCON states that their forecasts in the ongoing market development indicates a willingness of the market to correct itself with a realistic price discovery as naira is forecast to continue to appreciate further across market with the increasing sources of foreign exchange inflows aided by the CBN policies

“It is in view of the above market developments that we write to appeal to your good selves for a readjustments and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect current market rate discovery. This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions,” the statement said.

ABCON also requested that process of payments at the various disbursements centers be reviewed in the immediate time to a medium time automation to achieve enhanced timely payments while also observing the spot nature of our transactions.

The group further requested that based on the offer and acceptance rule, the approval of refunds to those that are yet to collect disbursement having funded their accounts as it is the market that determines the rate presently be considered going forward.

ABCON also requested that the apex bank introduce cut-off time for payments and collection of bids, adding that the current open ended system for payments and collection of bids does not make for effective administration and control of the process.

“Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery,” the group said.

ABCON insisted that the disturbing exchange rate disparity can be addressed by quick and decisive response of the apex bank, which will go a long way in bolstering BDC operators confidence in the ongoing intervention by the Central Bank of Nigeria as well as enhance their participation in the bidding process.

06/04/2024

NONSO OKPALA JOINS CSCS BOARD

Central Securities Clearing System Plc (CSCS), Nigeria's premier Financial Market Infrastructure company, has appointed Nonso Okpala, Group Managing Director/CEO of VFD Group, into its Board.

Nonso Okpala, who currently serves as the Group Managing Director and Chief Executive Director of VFD Group, a proprietary investment company with diversified portfolio - a company he co-founded with a group of astute professionals 15 years ago, began his career as a Senior Auditor at KPMG Professional Services (Nigeria), and later served as the Director of Finance/CFO at Heirs Holdings Ltd.

Last year, shareholders of the Nigerian Exchange Group Plc approved Mr. Okpala’s appointment as a Non-Executive Director as part of NGX’s efforts toward its board’s reconstitution. Nonso’s appointment to the board of CSCS and the NGX is critical to the development and enhancement of the market infrastructure and exchange business in Nigeria, which VFD Group, a company with significant holding in the NGX has recently been advocating.

Nonso's business turn around capabilities has been evident in the evolution of VFD Group from initial capital of 2.5 million Naira to a company with current asset value at over 200 billion Naira and investment in over 40 business across diverse sector of the Nigerian economy. He led the eight capital raises, setting and exceeding targets, building a reputable brand that transitioned from listing on the National Association of Security Dealers (NASD) to the Nigeria Exchange Limited (NGX) in just four years, a nontraditional feat further clinching the “Equity Listing of the Year Award” at the Made of Africa Awards in December 2023.

Mr. Okpala is a Non-Executive Director of Abbey Mortgage Bank, the oldest Mortgage bank in Nigeria currently now valued at over 60 billion Naira from 6 billion prior to VFD Group’s investment and institution of strong corporate governance practices.

It is believed that his presence on the CSCS Board will enhance the company's governance structure, instilling confidence among investors and stakeholders in CSCS Plc's commitment to upholding the highest standards of corporate governance and accountability.

01/04/2024

19-year-old suspect killed his friend, dump co**se in a septic tank in Niger State.

The Niger State Police Command has arrested a 19-year-old Yakubu Tanko of the Tudun-Fulani Area of Minna, for suspected culpable homicide of his 14-year-old friend, Sikiru Tajudeen of the same area and dumped the co**se in a septic tank.

According to a statement by the police spokesman, Superintendent Wasi'u Abiodun, the deceased was reported missing at Bosso Division on March 19 at about 9:30 p.m.

The deceased was not seen at home, but his school uniform trousers, a stick, and a stone were found with suspected blood stains in his room.

Later, around 6:30 p.m. on March 20, information received from the community indicated that a strange odour was being perceived from a septic tank within the community, and after a check with the police, a tied sack was found in the tank, which was discovered as the lifeless body of Sikiru Tajudeen.

Further findings from the community pointed to Yakubu Tanko, who was immediately arrested.

During interrogation, the suspect confessed to the homicide, saying that he killed Sikiru in his sleep.

The suspect claimed that he had no reason for his action.

Police spokesman, Abiodun, said that the suspect has been transferred to the State Criminal Investigation Department for further investigation.

28/03/2024

Breaking News

CBN Unveils New Minimum Capital Requirements For Banks

…Gives Banks 24 months To Recapitalise

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pe***ng the minimum capital base for commercial banks with international authorisation at N500 Billion.

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.

Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks' resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.

26/03/2024

Ondo APC Governorship Aspirant, Akintelure Dies

Governorship aspirant of the All Progressives Congress (APC) in Ondo state, Paul Akintelure is dead .

Akintelure was a medical doctor and hailed from Igbotako, Okitipupa Local Government Area of Ondo state died in early hours of today, March 26, 2024.

Before his untimely demise, Akintelure had raised concerns about both direct and indirect threats to his life.

Akintelure in a statement released by his spokesperson, Oladapo Akintelure, on Thursday, March 21, 2023, said, “Initially, I hope these incidents would dissipate over time, yet regrettably, they have escalated to pose a serious threat to my life”

The threats against me only strengthen my resolve to stand up for what is right and just. I will not allow fear to dictate our path forward.
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Akintelure served as the running mate to the late Governor Rotimi Akeredolu during the 2012 election under the defunct Action Congress of Nigeria (ACN).

15/11/2023

SEC, Capital Market Community Holds Q3 CMC Meeting

The Securities and Exchange Commission (SEC) is set to hold the third quarter Capital Market Committee (CMC) meeting in 2023.
The meeting is scheduled to be held on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos, while the usual SEC Management interaction with the Press is planned for Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo Street, Victoria Island, Lagos.

Top on the agenda of the 3rd quarter meeting include, deliberations on the trend of de-listing, Identifying key challenges in the current listing processes and collaboratively working to implement procedural changes that enhance efficiency and reduce costs for companies seeking to list, Enhance Capital Market Operators understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations and the role they need to play in efforts being made to exit the FATF grey list, and many more burning issues about the capital market.

In addition, there will be updates on major achievements from the various technical Committees such as Commodities Ecosystem Implementation Committee, E-Dividend and DCS, Financial Literacy and Non interest capital Market FLTC

CMC is an industry-wide committee comprising the SEC, representatives of capital market operators and trade groups, and other stakeholders. The committee is a forum where stakeholders come together to engage in insightful discussions concerning the critical factors that impact the growth and organised functioning of the capital market, address the foremost concerns influencing the capital market and work together to shape its future.
It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

According to the SEC, “Attendance to both events is strictly by invitation. Participants are expected to be seated by 9:45 a.m.
Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

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14/11/2023

Old Naira Note Remains Legal Tender Indefinitely.

The Central Bank of Nigeria has extended the validity of the old N200, N500 and N1,000 notes indefinitely .

The apex bank’s Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum” on Tuesday, said the decision is line with international best practices and to forestall a repeat of earlier experiences implementing the policy.

The statement read, “Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of N200, N500 and N1,000 denominations; ad infinitum.

“This is in line with international best practices and to forestall a repeat of earlier experiences.

“Thus, all banknotes issued by the Central Bank of Nigeria, in accordance with Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum. even beyond the initial December 31, 2023, deadline.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

The CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.