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Old Naira Notes Remain Legal Tender Indefinitely, Says CBN
The Central Bank of Nigeria (CBN) has decided to indefinitely extend the legal tender status of the old N200, N500, and N1,000 notes. Despite introducing new currency notes last year and initially setting a deadline for the old notes to cease as legal tender by December 31, 2023, the CBN has now extended this deadline indefinitely.
The decision is said to be in line with international best practices, and the CBN aims to prevent a repeat of previous challenges. The bank emphasized that all banknotes issued by the CBN will continue to remain legal tender, and it is working with relevant authorities to address any existing court rulings on the matter.
The public is encouraged to accept both old and redesigned Naira banknotes for day-to-day transactions. The CBN will continue to issue and accept all denominations of banknotes from deposit money banks.
This development follows a series of events, including the introduction of new currency notes, a cash crunch before an election, a Supreme Court order restraining the implementation of deadlines for phasing out old banknotes, and subsequent extensions of the validity of the old notes.
News
Nigerian Press Urges FG, NASS to Act Swiftly Against ‘Big Tech Threat’
Major Nigerian media and journalism organizations have issued a strong call to the Federal Government (FG) and the National Assembly (NASS) to take immediate legislative and regulatory action against what they describe as an existential threat posed by Big Tech companies to the country’s information sovereignty and media industry.
In a joint statement released recently, leading press bodies—including key associations representing publishers, editors, and journalists—warned that unchecked dominance by global technology giants such as Google, Meta, and others is eroding Nigeria’s control over its digital information ecosystem.
They highlighted how these platforms dominate digital advertising revenue, divert traffic from traditional news sources, and increasingly use Nigerian-generated content to train artificial intelligence models without fair compensation or permission.
The groups emphasized that the situation risks surrendering Nigeria’s information sovereignty to foreign entities, potentially undermining national security, cultural values, and the economic viability of local media houses.
They pointed to declining revenues for publishers, with some facing up to 90% drops in traffic due to AI-generated summaries and algorithmic changes on search and social platforms.
The press bodies urged lawmakers to enact robust regulations, including frameworks for content remuneration, data usage restrictions, algorithmic transparency, and mechanisms to ensure fair competition in the digital space.
They called for urgent collaboration between the executive and legislature to address these challenges before irreversible damage occurs to Nigeria’s media landscape and democratic discourse.
This appeal comes amid broader global debates on Big Tech accountability and follows Nigeria’s ongoing efforts to strengthen its digital economy governance, including recent pushes toward comprehensive AI and data regulations.
Stakeholders view the statement as a pivotal moment for protecting indigenous media in an era of rapid technological disruption.
The Federal Government and National Assembly have yet to issue an official response, but the call aligns with growing concerns over digital monopolies and their impact on developing economies.
Media experts anticipate intensified discussions in the coming weeks as Nigeria navigates its position in the global tech landscape.
News
US sends troops to Nigeria
The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.
The general in charge of the U.S. command for Africa (AFRICOM), General Dagvin Anderson, confirmed that United States has sent troops to Nigeria.
The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.
He emphasised that the decision to send troops to Nigeria was after both countries agreed that more needed to be done to combat the terrorist threat in West Africa.
“That has led to increased collaboration between our nations to include a small US team that brings some unique capabilities from the United States,” General Anderson said.
According to Reuters, Nigeria’s Defense Minister, Christopher Musa, confirmed that a team was working in Nigeria but did not provide further details.
The development is the first acknowledgment of U.S. forces on the ground since US airstrikes targeting terrorists in Nigeria’s North-West on Christmas Day, 2025.
President Donald Trump, who announced that he ordered the airstrikes on what he described as Islamic State targets, had said there could be more U.S. military action in Nigeria.
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