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Banks begin dispensing old N500, N1000 notes to customers, says ‘It has been approved by CBN’

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2 years ago

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Some commercial banks in Lagos have started issuing the old naira notes to customers at their various automated teller machines (ATMs) terminals and over the counter.

The development is in compliance with the new directive of the supreme court, extending the validity period of the old notes to the end of the year.

Following the controversy that trailed the naira redesign policy of the Central Bank of Nigeria (CBN) from October last year, several states sought the supreme court’s intervention in extending the validity of the old N200, N500, and N1, 000 notes.

On February 8, the court restrained the CBN from enforcing the February 10 deadline following an ex parte application brought by the states.

It later insisted that the old notes remained legal tender while adjourning the hearing of the case brought against the CBN on the policy on February 15.

Setting a new deadline in its final judgment on the matter last week, the apex court ruled that the old N200, N500, and N1,000 notes should continue as legal tender until December 31, 2023.

Checks by newsmen on Tuesday show that some commercial banks have stated to comply with the court order, despite silence from the CBN and President Muhammadu Buhari.

It was observed that a Zenith Bank branch in Festac Town paid out the old notes to customers over the counter.

“It has been approved by CBN for circulation till December 31 and that’s why we can dispense to our customers,” a bank official said.

Another bank official said the branch had “received orders to begin dispensing old notes to our customers”.

The ATMs at the branches of the United Bank for Africa (UBA) close to Agege-Pen Cinema Bridge, and Guaranty Trust Bank (GTB) in the Ikeja area Lagos, were also dispensing the old notes when TheCable reporters visited.

Isa Abdulmumin, CBN spokesperson, said both the old and new notes are legal tender and banks are currently issuing to customers.

However, he said the CBN was yet to issue an official statement on the matter.

“Banks are paying old notes as well as new notes. They are all legal tender,” he said.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin expressed concern on the continued rejection of the old notes by some traders and transporters.

He said the old notes should not be rejected as they are still a valid means of exchange.

“No. They can’t reject it. It’s all legal tender,” he said.

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Governor Abdulrazaq approves bonus for Kwara workers to ease economic burden

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14 hours ago

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November 4, 2024 4:25 pm

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Kwara State Governor Abdulrahman Abdulrazaq has approved a financial bonus that is equivalent to the monthly PAYE obligation for every civil servant in the state, including local government workers.

The emergency support measure will last for at least three months, according to a statement by the Commissioner for Finance Dr. Hauwa Nuru.

“This bonus has been approved as a buffer to bridge the gap that the correct PAYE deduction may have wrought on the newly implemented mininum wage. It is meant to serve as a soothing balm as workers adjust to the PAYE that was just correctly implemented in line with the Personal Income Tax Act,” she said.

“The payment of the bonus is effective from October and will run till December 2024. This is a significant step by His Excellency to support workers.”

The statement added that workers who have not registered with the Kwara State Residents’ Registration Agency (KWSRRA) should do so immediately because anyone without it will not get the bonus for November and December.

The statement said labour unions have also agreed to a refund of the special levy deducted from workers’ salary and suspension of deductions of same until further notice.

“Governor AbdulRazaq’s directive to deliver this relief speaks volumes about his humanity and his commitment to the welfare of Kwara workforce,” Dr. Nuru stated.

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Lagos state government to divert traffic on Mile 2 for 15 months over interchange construction

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14 hours ago

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November 4, 2024 4:01 pm

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The Lagos state government has announced the diversion of traffic in the Mile 2 area to allow for the construction of a transport interchange.

In a statement on Monday, Oluwaseun Osiyemi, the commissioner for transportation in Lagos, said the diversion will commence on November 11 and last for fifteen months.

The commissioner said the transport interchange terminal will integrate rail, bus, water and non–motorised transportation.

“The Lagos state government has announced that traffic will be diverted at Loop 1 on the Apapa bound lane and Loop 4 on the Badagry bound lane at Mile 2 for a duration of 15 months for the construction work of the Transport Interchange Terminal that will integrate Rail, Bus, Water and Non–Motorised Transportation,” the commissioner said.

“The commencement date for the construction is scheduled from Monday, 11th November, 2024, to Monday, 16th February 2026. Consequently, Motorists are hereby enjoined to use alternative routes as follows:

“Motorists heading to Oshodi from Apapa will have through traffic and vice versa.

“Motorists heading to Badagry from Apapa will continue their journey on the Apapa-Oshodi expressway and take a turn into Akinwande Road to link Coker and access the Lagos-Badagry Expressway to continue their journeys.

“Motorists heading to Lagos from Badagry will also have through traffic and vice versa.

“Motorists heading to Apapa will be diverted into Durban Road to link Amuwo Odofin Estate and connect Apapa-Oshodi Expressway to continue their journeys.”

Osiyemi assured motorists that officers of the Lagos State Traffic Management Authority (LASTMA) will oversee traffic flow.

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FG releases funds for NASU salaries, retirees’ benefits

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3 days ago

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November 2, 2024 10:45 am

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The Federal Government has released funds to settle outstanding salaries owed to members of the Non-Academic Staff Union of Federal Universities and pay benefits to retirees under the Nigerian Union of Pensioners Contributory Pension Scheme.

In a statement on Saturday by Bawa Mokwa, Director, Press and Public Relations, the Office of the Accountant-General of the Federation confirmed that payments to NASU members have commenced, with many already confirming receipt.

The statement read, “The Federal Government has released funds for payment of withheld salary of Non-Academic Staff Union of Federal Universities.

“According to the OAGF, the Federal Government has also released funds for payment of benefits to retirees under the Nigerian Union of Pensioners Contributory Pension Scheme Sector.

“The OAGF said payments to the Non-Academic Staff of Federal Universities had commenced and many have confirmed receipt.”

The OAGF reaffirmed the Federal Government’s commitment to the welfare of Nigerian workers and retirees.

On Monday, the Joint Action Committee of SSANU and NASU embarked on an indefinite strike over its four months of withheld salary.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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