Business

Old, new naira notes remain legal tender – CBN

Published

3 years ago

November 9, 2023

Charles Flames

626 Views

Central Bank of Nigeria, CBN, Wednesday said that all banknotes (old, and new) remain legal tender.

The apex bank was reacting to news of insufficient funds, and rejection of old notes in some parts of the country.

The bank on its Twitter platform now X Platform, said: “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 remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” said CBN spokesman, Isa AbdulMumin.

“Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers.

“We wish to restate that all denominations of banknotes issued by the CBN remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.”

Related Topics:Featured Old and New Naira

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After Kenya, Dangote targets $10bn – $15bn refining, petrochemicals in Egypt

The final scale and structure of the proposed investment are still under discussion.

Published

9 minutes ago

November 3, 2026

OCHEFA

3 Views

Aliko Dangote is in talks with Egyptian authorities over an investment of between $10 billion and $15 billion in oil refining and petrochemicals.

The discussions gained momentum after Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited’s headquarters in Lagos, with senior government and industry officials.

Dangote described the meeting as an opportunity to strengthen industrial cooperation and economic ties between African countries.

The final scale and structure of the proposed investment are still under discussion.

Business

Naira Exchange Rates 3 November,2026

Published

20 minutes ago

November 3, 2026

OCHEFA

3 Views

BLACK/PARALLEL MARKET RATES

₦1382 DOLLAR (USD)

₦1830 POUND (GBP)

₦1510 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190YUAN (CNY)

₦100 GHANAIANCEDI

₦2300 CFA F.(XOF)

₦2200 CFA F.(XAF)

₦850 AUSTRALIAN AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1347.94

POUND (GBP)₦1809.34

EURO (EUR)₦1512.2

SWISS FRANC (CHF)₦1644.84

JAPANESE YEN (JPN)₦8.55

CFA FRANC (XOF)₦2.29

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03

CHINESE YUAN (CNY)₦202.73

SAUDI RIYAL (SAR)₦359.15

SOUTH AFRICAN RAND (ZAR)₦81.19

Business

Africa’s Top Five Strongest Currencies

Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Published

15 hours ago

November 2, 2026

OCHEFA

9 Views

According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.

5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD

The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD

The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.

2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD

Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges