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Old ₦200, ₦500, ₦1,000 notes valid beyond December – CBN

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The CBN said the rumoured expiration of the old ₦200, ₦500, and ₦1,000 notes is calculated to disrupt the nation’s payment system.
The Central Bank of Nigeria (CBN) has once again debunked the speculations that the old ₦200, ₦500, and ₦1,000 banknotes would cease to be legal tender by December 31, 2024.
The apex bank made the clarification in a statement by its acting Director of Corporate Communications, Sidi Hakamaon, on the night of Thursday, October 24, 2024.
The reaction followed renewed rumours making the rounds, claiming that the three series of naira would be withdrawn from circulation by December.
The CBN described such reports as a calculated falsehood intended to disrupt the nation’s payment system, insisting that the old notes would remain valid indefinitely.
“The attention of the Central Bank of Nigeria has been drawn to discussions at different fora suggesting that the old series of the ₦200, ₦500, and ₦1,000 banknotes shall cease to be legal tender on December 31, 2024. We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists,” the statement partly read.
CBN governor, Olayemi Cardoso.
CBN reassures Nigerians about old naira notes’ validity
The apex bank reaffirmed its commitment to ensuring that all Nigerian banknotes, including both the old and redesigned series, remain in circulation.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks remains in force,” the CBN statement noted.
It also reminded the public of the validity of a Supreme Court order, ordering the continued use of old naira notes simultaneously with the redesigned versions.
“Accordingly, all banknotes issued by the Central Bank of Nigeria will continue to remain legal tender indefinitely,” the statement added.
The CBN further urged Nigerians to take any suggestions that the old series of banknotes will lose their validity by the end of 2024 with a pinch of salt.
It also enjoined the citizens to continue using both the old and redesigned naira notes for transactions and advised them to handle the notes with care to preserve their quality and lifespan.
However, the apex bank encouraged the public to embrace alternative payment channels to ease demand for physical cash.
The development followed the House of Representatives resolution on Thursday, asking the CBN to begin the gradual withdrawal of old naira notes and ensure the availability of new notes in the ₦200, ₦500, and ₦1,000 denominations in circulation.
#notes #valid #December #CBN
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Binance bribe saga: Gambaryan’s allegations false, malicious, defamatory – Rep Onwusibe

Published
18 minutes agoon
February 16, 2025By
John
Chairman of the House of Representatives Committee on Financial Crimes, Rep. Ginger Onwusibe, has denied the allegations of bribery made against him by the Head of Financial Crime Compliance of Binance, Tigran Gambaryan.
Onwusibe, in a statement issued in Abuja on Saturday, described Gambaryan’s claims as false, malicious and defamatory.
The News Agency of Nigeria (NAN) reports that Gambaryan, who spent eight in a Nigerian detention facility over alleged corruption, had named three members of the house who allegedly demanded a $150 million bribe from him.
ALSO READ: Binance: House of Reps absolves self from bribery allegations
Gambaryan had, in his verified X account on Friday, named Philip Agbese, Obinna Onwusibe and Peter Akpanke as the lawmakers who demanded the bribe from him.
NAN reports that one of the lawmakers, Agbese, had since denied Gambaryan’s allegations, calling on him to support his claims with evidence or face the consequences of his actions.
Onwusibe, in the statement on Saturday, said that his committee began investigating Binance after receiving a petition from a civil society organisation, Empowerment for Unemployed Youth Initiative.
He said that the petition alleged that Binance had engaged in financial and economic crimes which posed a threat to the Nigerian economy.
RELATED: Nigerian govt dismisses Binance executive’s bribery claims against lawmakers
“In response, the committee invited Binance’s CEO, Richard Teng, to appear before a public hearing scheduled for Jan. 10, 2024.
“However, before that date, Binance requested a pre-hearing meeting to better understand the allegations against them,” he said.
Onwusibe stated that the committee agreed to the request and rescheduled the meeting for Jan. 8, 2024 at the National Assembly complex.
He said that because he would not be able to attend the meeting due to other official engagements, he delegated three members of the committee and a clerk to meet with the Binance six-member team, including a legal counsel.
The lawmaker said that the meeting was professional, transparent and ended on a cordial note, with no demands for any bribe.
“Despite agreeing to attend the public hearing, Binance’s CEO, Richard Teng, failed to appear on multiple occasions.
“Instead, the company sent legal representatives, a move the committee rejected. The hearing was postponed several times to accommodate Binance’s requests; neither Teng nor any other senior Binance executive attended,” he said.
Onwusibe said that Binance’s truancy raised serious concerns about its willingness to cooperate with Nigerian authorities.
“I was surprised to discover, through a May 7, 2024, blog post by Richard Teng, that Binance executives were also under investigation by Nigeria’s security agencies, including Department of State Services (DSS) and the Office of National Security Adviser (ONSA),” he said.
The lawmaker said that “Teng’s post, entitled: “Tigran Gambaryan is Innocent and Must Be Released”, contained defamatory claims against him.
“I instructed my lawyer, Nnamdi U. Nwokocha Ahaiwe, to demand an apology and damages. Binance, however, refused to retract the statements or offer any compensation,” he said.
Onwusibe said that he filed a suit against Binance and Tengat at the High Court of the Federal Capital Territory on Sept. 18, 2024, seeking an apology, a retraction and $3 billion in damages.
According to him, the case, which first came up for hearing on Jan. 22, is set to continue on Feb. 19.
The lawmaker, however, dismissed the latest allegations by Gambaryan, saying that they were desperate attempts by Binance to deflect attention from its own legal troubles.
He maintained that neither he nor his committee coordinated with Nigerian security agencies in their investigation of Binance.
The lawmaker also denied allegations that the DSS, ONSA, Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC) or Nigerian Financial Intelligence Unit (NFIU) were involved in the legislative probe.
He described Binance as a company with a troubling history of legal infractions in multiple countries.
The lawmaker particularly cited the case of Binance’s founder and former CEO, Changpeng Zhao, who, he said, was sentenced to four months in prison in the United States for financial crimes, including money laundering.
He also pointed to the company’s record fines in U.S.A., Canada, India and Uzbekistan for violating anti-money laundering and financial regulations.
Onwusibe lamented that many Nigerians were quick to believe Binance’s version of events without critically examining the facts.
He said the accusations had not only damaged his reputation but had also been used to mock his political party, Labour Party, and even his ethnic group.
Onwusibe, however, said that in spite of the attackes, he remained determined to clear his name.
While insisting on pursuing his lawsuit to its logical conclusion, the lawmaker said that he would also continue to defend the integrity of the Nigerian legislature.
He accused Binance and its executives of attempting to use media blackmail to escape accountability.
According to him, the company’s actions, including the alleged escape of one of its executives from Nigerian custody, have proved that it is acting in bad faith.
Onwusibe reiterated his interest in ensuring that Binance was held accountable for any financial misconduct.
He maintained that the committee’s investigation was conducted fairly and in line with its legislative duties.
The legislator advised Binance to go and face its case in court and stop blackmailing people.
RELATED: Binance saga: Fresh twist as lawmaker linked with $140m bribe allegation reacts
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Kwara-based Islamic cleric arrested for k!lling final year student he lured from Facebook

Published
9 hours agoon
February 15, 2025By
John
The Kwara State Police Command has arrested a self-proclaimed Islamic cleric, AbdulRahman Bello, for allegedly k!lling a final-year student, Lawal Hafsoh Yetunde, for ritual purposes. The tragic incident occurred on February 10, 2025, after Hafsoh mysteriously disappeared. Hafsoh, a student at the Kwara State College of Education, Ilorin, was last seen attending a naming ceremony on the day she went missing. Witnesses say she was eating when she received a phone call and left the event, never to be seen again. Her family reported her disappearance to the Oja Oba Police Station the following day, prompting an intense search. Investigators traced Hafsohs last call to Bello, who lived in Offa Garage, Ilorin, though his family home is in Isalekoto. Initially, Bello denied any knowledge of her whereabouts, but during a search of his residence, officers discovered a gruesome scene. Hafsohs dismembered body was found in a bowl, along with tools suspected to have been used in the crime. Bello claimed Hafsoh died from an asthma attack after visiting his home. However, forensic evidence, including a table stocked with dismembering tools, suggests otherwise. Police sources revealed that Bello is the son of a well-known Islamic cleric from Isalekoto, who recently passed away. Kwara State Police PRO, SP Adetoun Ejire-Adeyemi, confirmed the case, describing it as “gruesome” and assuring that a full investigation is underway. “On 11/02/2025 at about 18:00 hours, a case of a missing person was reported at C Division Oja-Oba by her father, Mr. Ibrahim A. Lawal. Immediately, police detectives swung into action, tracked her number, and arrested a suspect. The case was transferred yesterday (Friday) to the SCID for further investigations. More updates will follow.” The suspect remains in police custody as authorities investigate possible previous victims.The post Kwara-based Islamic cleric arrested for k!lling final year student he lured from Facebook appeared first on Linda Ikeji Blog.
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Where to Sell Gift Cards for Naira in Nigeria – GCBUYING

Published
12 hours agoon
February 15, 2025By
John
Selling gift cards for Naira has become one of the fastest ways to get instant cash in Nigeria. Whether you have an Amazon, iTunes, Google Play, Steam, Walmart, or Visa gift card, finding a secure and high-paying platform is essential. Many platforms claim to offer the best rates, but few provide instant payments, transparency, and reliability.
If you’re looking for where to sell gift cards in Nigeria for instant cash, this guide will show you how to get the best rates and secure transactions. We will also touch on how to sell crypto for Naira easily, giving you multiple ways to liquidate your digital assets fast.
Best Place to Sell Gift Cards for Naira in Nigeria
When selling gift cards, the most important factors to consider are exchange rates, payment speed, and platform security. The best platform that checks all these boxes is GCBUYING, which offers:
Best Exchange Rates – Get the highest value for your gift cards.
Instant Payment – Receive your money within minutes after transaction approval.
Secure Transactions – 100% fraud-proof with verified trading.
24/7 Customer Support – Reliable support for smooth transactions.
With GCBUYING, you can sell your gift cards for cash at top market rates with zero hidden fees.
How to Sell Gift Cards for Naira Instantly
Trading your gift cards for cash in Naira is simple with GCBUYING. Follow these steps:
Visit GCBUYING and create an account.
Select the type of gift card you want to trade.
Enter the denomination and details of your card.
Get an instant rate offer and confirm your trade.
Receive instant payment via bank transfer, crypto or mobile money.
This process ensures that you get paid instantly without delays.
Latest Exchange Rates for Gift Cards in Nigeria
Gift card rates fluctuate based on market demand, so checking live rates before selling is crucial.
Below are some of the latest rates on GCBUYING:
$100 Amazon Gift Card – ₦94,000
$100 iTunes Gift Card – ₦110,500
$100 Google Play Gift Card – ₦113,200
$100 Steam Gift Card – ₦81,500
$100 Visa Prepaid Gift Card – ₦109,000
$100 Walmart Gift Card – ₦79,000
$100 eBay Gift Card – ₦110,000
These rates may change, so always check GCBUYING’s live rates page before making a trade.
Can I Sell Crypto for Naira Instantly?
Yes. If you are looking for a fast and secure way to convert crypto to cash, platforms like GCBUYING & QuickChain allow you to sell Bitcoin and other crypto for instant Naira payments. Just like gift cards, crypto trading requires a safe and transparent platform, and QuickChain provides real-time transactions and competitive rates.
With GCBUYING & QuickChain, you can sell Bitcoin for naira, Ethereum, and stablecoins for Naira, receive instant payments directly to your bank account, and enjoy a smooth, secure, and transparent trading process.
Whether it’s gift cards or crypto, the key is choosing a trusted exchange that guarantees the best rates and instant payments.
Why Nigerians Trust GCBUYING for Gift Card Exchange
FAQs About Selling Gift Cards for Naira
For those looking to sell Bitcoin or crypto for instant cash, GCBUYING & QuickChain provides a seamless and secure way to convert digital assets to Naira.
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