CBN extends validity of old naira indefinitely

 The Central Bank of Nigeria (CBN) has announced its intention to extend the validity of the old N200, N500, and N1,000 noted indefinitely.

This is as the apex bank declared its desire to extend the validity of old naira notes beyond any expiry date.

According to the apex bank, it is working with the relevant authorities to vacate the subsisting court ruling on the same subject. The bank disclosed this in a statement signed by the Director, Corporate Communications, Isa AbdulMumin, on Tuesday.

The statement titled, ‘CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum,’ said the decision is line with international best practices and to forestall a repeat of earlier experiences. 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.

NNPCL to inaugurate $2.8bn AKK gas pipeline December – The Nigerian National Petroleum Company Limited has said the $2.8bn Ajaokuta–Kaduna–Kano gas pipeline project being constructed by Oilserve Limited will be inaugurated next month. Executive Vice President, Upstream, NNPC Limited, Oritsemiyiwa Eyesan revealed this at the ongoing 41st Nigeria Association of Petroleum Explorationists 2023 expo in Lagos on Tuesday. In her address at the Management Session themed ‘Energy Infrastructure Development, Financing & Monetisation Strategies in Nigeria: Reducing the Risks of Entry’, Eyesan said the commitment to delivering the project in December was a testament to the company’s commitment to Nigeria’s Gas Master Plan. “In the coming months, you are going to be seeing a great difference in the way we operate because NNPC is poised to drive in more investments into the oil and gas sector. One of such huge investments is the AKK gas pipeline that will be commissioned this December,” she said. The development comes on the heels of the promise by the Minister of State, Gas, Ekperikpe Ekpo, at the Pai River crossing session in Kwali Area Council of the Federal Capital Territory, Abuja in October. He said that the 614km project would be delivered by July next year.

Collective investment funds hit N2.1tn – SEC – The Director General of the Securities and Exchange Commission, Lamido Yuguda, has said the amount of Collective Investment Scheme funds held in custody has hit N2.1tn as of the end of October 2023 from N1.1tn at the beginning of 2020. Yuguda said this on Tuesday at the opening of the two-day Journalist Academy organised by the Nigerian Capital Market Institute. The SEC boss, who was represented by the Executive Commissioner (Operations), Dayo Obisan, said that in a bid to manage risk and entrench trust in collective investment schemes, “The Commission mandated that all CIS funds be held in custody. This has helped the growth of these funds from about N1.1 trillion at the beginning of 2020 to about N2.1 trillion at the end of October 2023. “We continue to encourage investors, especially those on the retail end, to approach the market through these CIS funds, as they provide investors with the opportunity to have their investments managed by knowledgeable investment professionals.” Yuguda stated that to help solve the perennial problem of unclaimed dividends, which currently stands at N190bn, the Capital Markets Committee, had embarked on the creation of a new e-dividend portal, which is expected to become operational at the end of November.

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