The Supreme Court on Wednesday ruled that both old and new naira notes will remain legal tenders.
The court ordered that the old N200, N500, and N1000 notes continue to co-exist till further notice.
The apex court ruled that the old and new notes remain in use until the Federal Government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders.
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In other news, Dele Alake, the Minister of Solid Minerals Development, said Nigeria has 44 distinct minerals, urging investors to embrace the huge investment opportunities.
The minister made this statement at the Mines and Money Conference held in London on Tuesday, according to a statement signed by his special adviser, Kehinde Bamigbetan.
Alake, addressing global stakeholders in the mining industry, pitched for more investment in Nigeria, listing unique advantages such as lower production costs due to surface mining and billions of dollars in untapped minerals.
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He said, “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations. Recently, recognizing the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.”
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He noted that foreign investment in Nigeria would create job opportunities, contributing to the nation’s gross domestic product.
“Nigeria is currently emphasizing Solid Minerals Beneficiation and Value-Addition as a panacea for quick and sustainable growth of the Mining Industry…By adding value to our raw materials, we create higher value products, generate employment opportunities for our teeming youth, and increase the sector’s overall profitability and contribution to the nation’s GDP”, he said.
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