GOV. SANWO-OLU INSPECTS VANDALISED BRIDGE POLE ALONG LAGOS-BADAGRY EXPRESSWAY. (PHOTO). #PRESS RELEASE

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 SANWO-OLU INSPECTS VANDALISED BRIDGE POLE ALONG LAGOS-BADAGRY EXPRESSWAY •Governor reassures residents about bridge safety   The Governor of Lagos State, Mr. Babajide Sanwo-Olu, on Saturday, carried out an on-the-spot assessment of a vandalised bridge pole at Vin-Niger, along the Lagos-Badagry Expressway in Amuwo-Odofin Local Government Area. He assured Lagos residents that the structural integrity of the bridge had not been compromised, emphasising that the bridge and the work carried out on it remained safe. The Governor, however, disclosed that some fittings used to secure the bridge had been excavated and taken away by vandals. Governor Sanwo-Olu warned that the Lagos State Government would hunt down those responsible for the act, including those involved in buying and selling stolen public infrastructure materials. He also cautioned that the government would not relent in bringing perpetrators to justice, regardless of their status or background. The Governor further des...
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OLD NAIRA NOTES REMAIN LEGAL TENDER INDEFINITELY- CBN.(PHOTO).

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Old naira notes remain legal tender indefinitely – CBN

Central Bank of Nigeria, on Tuesday, extended the validity of the old N200, N500 and N1,000 notes indefinitely.

CBN Director, Corporate Communications, Isa AbdulMumin in a statement titled, “CBN To Allow Old Design Naira Banknotes As Legal Tender, Ad Infinitum”, said the decision is in line with international best practices and to forestall a repeat of earlier experiences implementing the policy.

The apex bank introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.

According to the statement, “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.

“The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject.

“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks.

“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes.

“Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions.”

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