Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024.

In an official statement issued on October 24, 2024, and signed by Sidi Ali Hakama, acting director of Corporate Communications, the CBN clarified that these claims are false and aimed at disrupting the country’s payment system.

The CBN’s clarification comes amidst widespread discussions regarding the status of old Naira banknotes, following the bank’s recent redesign initiative.

The statement reaffirmed that the Supreme Court’s ruling on November 29, 2023, extending the validity of the old Naira notes indefinitely remains in effect.

The Supreme Court granted the prayer of the Attorney-General of the Federation and Minister of Justice to allow the continued use of the old banknotes alongside the redesigned ones.

The CBN reiterated that its directive to all branches to continue accepting and issuing both old and redesigned Naira notes remains unchanged.

“All banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely,” the statement emphasised.

Nigerians were urged to disregard any suggestion that the old series of Naira banknotes will cease to be valid by the end of 2024.

The CBN also encouraged the public to handle all banknotes with care to protect their lifecycle and to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.

Ealier on Thursday, the House of Representatives tasked CBN with the need to sensitise Nigerians about the non-legal tender status of the old naira notes from the 1st of January, 2025.

Hon. Victor Ogene, leader of the Labour Party Caucus, in his lead debate said “The House is aware that, going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.

Central Bank of Nigeria (CBN) has said that a bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora.

Olayemi Cardoso, governor, CBN, stated this during a parley with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States.

He said the BVN platform will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.

The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.

BVN is required to own and operate a bank account in Nigeria.

According to Cardoso, the platform would enable Nigerians in the diaspora to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.

The CBN governor added that the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy.

“As far as we are concerned it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing your business in your original country,” he said.

“I want to tell you that starting in December 2024 Nigerians in the diaspora will no longer face the hurdle of travelling long distances for physical biometric verifications to access financial services.

“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.

“This initiative in collaboration with our banks marks a significant step toward greater financial inclusion and accessibility as we continue to roll out innovative solutions.”

On February 14, 2014, BVN was introduced by the CBN to strengthen the banking system, safeguard bank customers, and mitigate fraud.

As of April 2, 2024, over 61.47 million have enrolled for BVN, according to NIBSS.

As environmental, social, and governance (ESG) principles continue to gain traction globally, Nigerian businesses are increasingly recognizing the importance of integrating sustainable practices into their operations.

ESG has evolved from a trend to a strategic necessity for companies aiming to manage risks, meet regulatory requirements, and align with the expectations of investors and stakeholders.

In response to this growing significance, Sterling One Foundation, in partnership with PwC, NGX, UNIDO Investment and Technology Promotion Office (ITPO) Nigeria, LBS Sustainability Centre, Lagos Chamber of Commerce & Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), and Sterling Bank, is proud to host ESG Series 4.0 on October 25, 2024.

The event will provide a platform for thought leaders to share insights on advancing sustainable development and driving meaningful change.

This marks the fourth installment of the ESG Series in 2024, underscoring the ongoing commitment to deepening the ESG conversation in Nigeria and across Africa. Each edition has offered practical solutions and sparked essential discussions on embedding ESG into corporate strategies.

To maintain this momentum, ESG Series 4.0 will offer two key tracks focused on equipping participants with the tools and strategies needed to implement robust ESG frameworks that drive growth and resilience.

The session will convene ESG leaders, corporate executives, development experts, and sustainability advocates who are dedicated to elevating sustainable business practices.

The agenda will provide valuable insights on ESG reporting, risk management, and aligning sustainability goals with organizational strategies.

These discussions will benefit organizations aiming to stay ahead of evolving ESG standards and implement best practices that enhance resilience and create long-term value.

Participants will hear from leaders in the ESG and social impact space, including Olapeju Ibekwe, CEO of Sterling One Foundation, who will play host for the 4th ESG Series.

As a development advocate with a strong background in driving social change and promoting sustainable practices, Olapeju will share valuable perspectives on integrating impact-driven strategies into business operations.

Commenting on the importance of sustainability in today’s business landscape, Olapeju Ibekwe, CEO of Sterling One Foundation, said, “As businesses continue to embrace the principles of sustainability, we must move beyond discussions and focus on actionable strategies that drive real change.

“ESG Series 4.0 aims to equip organizations with the knowledge and tools needed to implement impactful ESG strategies that drive growth and resilience.”

The lineup also includes Bolanle Adekoya, Partner and PwC West Africa Platform Leader for ESG & Sustainability, who will provide practical strategies for navigating ESG challenges, drawing from her extensive experience in helping organizations meet regulatory standards and achieve sustainable growth.

Additionally, Nana Maidugu, Head of Sustainability and ESG at NSIA, will offer insights on streamlining ESG reporting processes, providing essential guidance for businesses looking to enhance their frameworks and ensure compliance with evolving standards.

Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), will deliver a goodwill message during the session, setting the tone for a thought-provoking and impactful discussion.

To register for the webinar session, please visit www.onefoundation.ng/ESGSeriesIV.