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No one should refuse to accept old naira | All banknotes remain legal tender, says CBN

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The Central Bank of Nigeria (CBN) says that all banknotes remain legal tender after reports of anxiety among some members of the public over the legality of old naira banknotes.

In a statement on Wednesday, Isa AbdulMumin, director, corporate communications, said the old naira notes should not be rejected, as they will be issued alongside redesigned banknotes in adequate quantities to banks for the benefit of their customers.

CBN said: “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.”

“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.”

CBN said its branches have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to banks for onward circulation to bank customers.

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender,” the apex bank said.

“In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

“We reaffirm that there is sufficient stock of curency notes to facilitate normal economic activities.”

CBN advised members of the public should continue to embrace alternative modes of payment to reduce the pressure on the use of physical cash.

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5 tips to celebrate a low-budget Christmas

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December is here again, but things are three times more expensive than they used to be, if you squander your money in December, January is going to be a long month for you.

There are ways to have fun and still not overspend and here are some ways to make that effective;

One of the easiest ways to avoid overspending during the holiday season is to eat before heading out. Going out on an empty stomach can lead to impulse spending on food and drinks.

By ensuring you’re well-fed before leaving home, you can focus on enjoying the company of friends and family without succumbing to the temptation of unnecessary expenses.

Sharing the holiday spirit is not only joyful but can also be cost-effective. Going out in groups allows you to split bills and transportation costs.

Coordinate with friends or family members to plan group outings, ensuring everyone contributes something. This way, the financial burden is distributed, making it a win-win situation for everyone involved.

Transportation expenses can quickly add up during the holiday season. Instead of venturing too far from home for entertainment, explore local options within your neighborhood.

Whether it’s a community event, a local park, or a neighbor’s holiday gathering, staying close to home can save you money on transportation and make December a month that doesn’t empty your savings.

The allure of Christmas giveaways and promotions can be tempting, but it’s essential to separate wants from needs.

Before making a purchase, ask yourself if the item is genuinely necessary. If it’s something you won’t use or need in January and beyond, resist the urge to buy, even if it’s on sale. A discount is not a justification for unnecessary spending.

The holiday season often comes with invitations to various events and shows. While it’s natural to want to participate in everything, it’s crucial to prioritize your budget.

If you don’t have the financial means to attend certain shows or events, learn to say no.

Be unapologetic about setting boundaries that align with your budgetary constraints. Your financial well-being in January will thank you for it.

Celebrating Christmas on a budget doesn’t mean sacrificing joy and merriment. By adopting these practical tips, you can navigate the holiday season without overspending, ensuring that January doesn’t become a financially challenging month.

Embrace the true spirit of the season by focusing on meaningful experiences and cherished moments with loved ones.

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NNPC signs two gas deals at COP28

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NNPC Limited says it has signed two gas deals at COP28. The deal covers a floating liquefied natural gas deal and a small-scale LNG deal at the ongoing COP28 in Dubai.

According to the company, the deal is both for Domestic, and International Markets.

There is an Agreement on 421 Tonnes Per Day Small-Scale LNG Project in Ajaokuta and MoU on Floating LNG.

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Nigeria and Kuwait sign agreement for commencement of direct flights

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Festus Keyamo, minister of aviation and aerospace development, says the country has signed a bilateral air services agreement (BASA) with Kuwait.

BASA is an air transport agreement between two countries that allows designated airlines to operate commercial flights, covering transportation of passengers and cargoes.

The minister, in a post on Tuesday on ‘X’, said the agreement was signed at the ongoing international civil aviation negotiation (ICAN) event organised by the International Civil Aviation Organisation (ICAO), in Riyadh, Saudi Arabia.

He said the agreement would facilitate the commencement of direct flights (passengers and cargo) between both countries.

“Earlier today, at the ongoing International Civil Aviation Negotiation (ICAN) event of the International Civil Aviation Organization (ICAO) holding in Riyadh, Saudi Arabia, I signed the legal Instrument of Bilateral Air Services Agreement (BASA) on behalf of Nigeria with the State of Kuwait, for the commencement of direct flights (passengers and cargo) between both countries,” he said.

“This will boost trade, tourism and economic relations between both countries.

“My team and I will continue the negotiations of different routes with different countries that are present here for this annual event of ICAO till later in the week.”

On September 7, 2023, the federal executive council (FEC) approved the signing of the agreement between both countries.

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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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