Top 5 Stories Of The Day | CBN Affirms Old Naira Notes Will Remain Legal Indefinitely

• CBN affirms old naira notes will remain legal indefinitely
• Canada is set to reduce immigration by 20% in 2025
• Tinubu reduces the number of cars in a convoy for Ministers
• NBS reports price of food items saw a significant rise in September 2024
• Pensioners threaten to strike as FG and states owe ₦193 billion

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

CBN affirms old naira notes will remain legal indefinitely 

The Central Bank of Nigeria (CBN) has announced that the old naira notes (₦200, ₦500, and ₦1,000) will remain in circulation contrary to the rumor that it will no longer be valid after December 31, 2024.

The Central Bank of Nigeria debunked the fake news which had aggravated Nigerians who feared that they would have to repeat the 2023 naira notes pandemic again.

“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 CBN statement reads.

Canada is set to reduce immigration by 20% in 2025

The Canadian government has announced its desire to reduce its permanent residence admissions in the country within the next three years as a way to combat the immigration surge.

Prime Minister Justin Trudeau stated that it was his prerogative to put the Canadian citizens first and to do so, the country would need to cut down its immigration count by 20% so its people can enjoy the economic opportunities.

The Prime Minister along with Marc Miller, The Minister of Immigration, Refugees and Citizenship, revealed a 2025-2027 blueprint that aims to cut down immigration levels in the country.

“These changes will make immigration work for our country so that everyone has access to the quality jobs, homes, and support they need to thrive. We have listened to Canadians, and we will continue to protect the integrity of our system and grow our population responsibly,” Miller affirmed.

Tinubu reduces the number of cars in a convoy for Ministers

President Bola Tinubu has ruled that no Minister is to have above three cars in their official convoy. This directive comes as part of the President’s way of cutting costs for the federation.

According to Bayo Onanuga, the Special Adviser to the President, Tinubu has been effectively reducing the costs of administration within the Nigerian government as earlier this year; he reduced the number of Ministers in his entourage on foreign trips from 50 to 20 and for local trips, he reduced to 25.

In his recent directive, the president also instructed that all ministers, ministers of state, and heads of agencies are required to have no more than five security personnel attached to them.

NBS reports price of food items saw a significant rise in September 2024

The National Bureau of Statistics (NBS) has reported that the price of food items (rice, beans, eggs, bread, and tomatoes) in Nigeria has increased significantly to the detriment of the people who have to adjust to the prices with no increment in wages.

The agency also reports in its “Selected Food Prices Watch” that food items have skyrocketed beyond expectations in the Northeast whereas it is the opposite in the Northwest.

Pensioners threaten to strike as FG and states owe ₦193 billion

Pensioners have warned that they will embark on a strike if the federal government and states continue to ignore them and owe them ₦193 billion.

According to reports, states like Benue, Kaduna, Kano, Nasarawa, and Zamfara have been clearing their backlogs, but the federal government has yet to clear over ₦88 billion in contributory pensions, and other states have not cleared their backlogs worth ₦105 billion.

Bunmi Ogunkolade, a spokesman for the National Union of Pensioners (NUP) said that the FG was yet to clear ₦88bn accumulated rights under the Contributory Pension Scheme from March 2023 to date.