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New Naira notes: CBN intensifies sensitisation at major markets, stores across Nigeria
To guarantee the success of the cashless policy and usage of the new naira notes, the Central Bank of Nigeria (CBN) has deepened sensitisation at all major markets across the country.
In Abuja, the apex bank officials visited Wuse and Garki markets, the two major ones in Abuja. Speaking at the Garki market, CBN Director and Managing Director of NIRSAL Micro-Finance Bank, Abubakar Abdullahi Kure, told the traders and other stakeholders to ensure they empty the old notes in their possession at the banks, while using other banking channels for their transactions.
He added that the new policy would help control inflation, as it would bring the hoarded currency into the banking system, thereby making monetary policy more effective.
“It will also help with better design and implementation of monetary policy as we will have much more accurate data on money supply and monetary aggregates.
“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy,” he said.
He assured that the banks would be closely monitored, adding that those found culpable of hoarding and diverting the new notes will be sanctioned.
He said: “We’re taking stock to know those getting new notes and what they are disbursing or why they’re not disbursing. We’re monitoring to know whether the banks are hoarding, diverting or not even picking the new money.
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“Appropriate penalties will be meted out where infractions are determined,” he said.
On possible extension of the deadline, Kure said: “At this point, I can’t say yes or no.”
He added that there has been massive deployment of CBN directors across the country to deepen sensitisation on new naira notes and cash restriction.
He further revealed that the apex bank was consulting with religious leaders and traditional rulers to secure their buy-in and ultimately make the initiative a success.
Stakeholders in the market appealed to the apex bank to ensure availability of the new notes as their livelihood depended on it.
In line with its policy direction, the CBN has stated that banks that dispense old naira notes with their automated teller machines in Cross River would be sanctioned.
The Branch Controller, CBN Calabar, Glory Iniunam, who stated this during a sensitisation drive across major markets in Calabar at the weekend, expressed worry that banks were still issuing old notes over the counter. Iniunam enjoined those with the old notes to take them back to the bank before the 31st of this month.
“What we are here for is to sensitize the people on the acceptance and the deadline for the new redesigned naira to let them know that as at 31January 2023 the old note will cease to be a legal tender and February 2, 2023 the new note will come to into being completely and we are not going to use the old notes anymore.
“Anyone that has the old notes should take them to the bank before 31st January 2023 and get the new notes. If you are going over the counter we are still giving the old notes the reason being that it is the ordinary people that use the ATMs and we want the money to get into circulation.
“You can still collect the old note from over the counter and use but before January 31, take it back to the bank and they must have received enough so they can give to you.
“If there is anybody dispensing old notes we are doing spot checks and are going to do another one today, tomorrow and by the weekend. Any ATM dispensing old notes we will make report and there are sanctions for them,” she said.
She explained that those in remote villages and communities without financial institutions across the state should come together and write to the bank so that POS agents will be mobilised to such areas.
According to her, the essence of the sensitization is to keep people informed on the new naira notes as well as the deadline for the use of the old notes.
In Bayelsa State, CBN took its sensitization campaign on the new currency notes to the Swali Ultra Modern Market, Yenagoa, with a declaration that the January 31 deadline for the old notes is sacrosanct.
The Branch Controller, CBN, Yenagoa, Mr Francis Ene Asuquo, who commended the traders at the Swali market for coming out to attend the sensitization campaign said the choice of Swali market was very important to raise the awareness level of the traders on the need to take the old notes they collect from customers to the bank for the deadline.
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Asuquo who noted that the cashless policy had come to stay in Bayelsa explained that the redesign of the naira note is part of the implementation of the cashless policy.
“The change in our currency design is well timed as it seeks to discourage counterfeiting, money laundering, tackle inflation, and then enable the control of currency in circulation. Associated with this policy is the need to move from cash-based to cashless forms of payment channels, which are available, accessible and easy to use. So let us open bank accounts, have our BVN, and at the same time identify the features and benefits of our new redesigned currency notes.
“We must be cashless in line with international best practices. We want to encourage the use of electronic transactions of business by ATM, Internet transfer or through the POS.
“Part of the policy why the naira was redesigned is to discourage money laundering and kidnapping for ransom. CBN is changing the narrative by changing some of the monetary policy of the bank and making sure that people comply with it in order, to make sure the issue of fake notes is eliminated.”
He also noted that part of the policy is to make sure the money outside the banking system is brought back.
“We want to stop the abuse of our naira note either by spraying it during ceremonies or squeezing it or any other abuses. Anybody found spraying money in any ceremony will pay a fine of N50,000 or get six months imprisonment or both. It is also to stop the habit of selling money.
In her goodwill message, the officer in charge of Swali Ultra Modern Market in the Ministry of Trade and Investment, Mrs Mildred Francis Egele, said the sensitization was very timely as it would enlighten the traders on how to differentiate a fake note from the real one.
“With this sensitization, everybody is aware that come 31st January 2023, the old note will no longer be in circulation.”
In Benue, the CBN introduced a cash swap programme to ensure rural access to the newly redesigned naira notes. The bank also stated that it has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks, (DMBs), and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.
“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their old naira notes, the bank is launching a cash swap programme in partnership with Super Agents & DMBs.”
The Director, Financial Markets Department, Angela Sere-Ejembi disclosed this while speaking to newsmen in Makurdi yesterday.
She said the programme would enable citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes, adding that the initiative would take effect from tomorrow.
She explained “The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations; N100, N50 and N20, among others which remain legal tender.
“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.”
She stated that the service would also be make available to anybody without a bank account saying agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered KYC Framework.
“This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
“Agents shall sensitize customers on opening wallets/bank accounts and the various channels for conducting electronic transactions. Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy.
“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.”
While urging stakeholders in Benue State to take advantage of the programme, Sere-Ejembi said cash swap agents will be readily identifiable in all local governments, particularly those in the rural areas while the CBN will continue to monitor implementation.
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Dogo Gide Throws Spanner in Islamic State’s Expansion Plans, Forces Terrorists to Retreat in North-West Nigeria
Dogo Gide Throws Spanner in Islamic State’s Expansion Plans, Forces Terrorists to Retreat in North-West Nigeria
A notorious Nigerian bandit kingpin, Dogo Gide, has reportedly emerged as a major obstacle to the expansion of the Islamic State Sahel Province (ISSP) in north-western Nigeria, after confronting the terror group over attempts to establish control in territories dominated by armed bandit groups.
The development represents another significant dimension of the increasingly complicated security situation in northern Nigeria, where criminal bandit groups and internationally affiliated terrorist organisations are competing for territorial influence, recruits and control of local communities.
According to a report published by Daily Post on Wednesday, November 4, 2026, security analyst Brant Philip disclosed that Dogo Gide had frustrated the Islamic State’s expansion efforts following a confrontation with its fighters around the middle of 2026.
Philip, in an analysis shared on X, reportedly explained that ISSP had spent the past two years attempting to establish stronger relationships with armed groups operating across Sokoto, Zamfara and Niger states.
The organisation reportedly approached several bandit groups, seeking to persuade their members to abandon their existing criminal networks, embrace its extremist ideology and become part of its wider terrorist campaign.
While some groups in Zamfara and Sokoto reportedly accepted the overtures and joined the Islamic State’s network, others resisted the attempts to bring them under its control.
Philip further disclosed that ISSP fighters had defeated several bandit groups in northern Zamfara, subsequently taking over their camps, weapons and vehicles.
However, the group’s expansion reportedly encountered a formidable challenge when its fighters came into confrontation with Dogo Gide, one of the most influential bandit warlords operating in north-western Nigeria.
According to the analyst, Gide’s resistance presented one of the most significant obstacles to the Islamic State’s efforts to extend its influence into the region.
Dogo Gide’s confrontation with ISSP is particularly significant given his previous associations with jihadist groups operating in Nigeria.
A January 2026 research publication by the Combating Terrorism Center (CTC) at the United States Military Academy, West Point, examined the complicated relationship between powerful bandit leaders and jihadist organisations seeking to expand their influence in Nigeria.
The study, titled Kachallas and Kinship: Understanding Jihadi Expansion and Diffusion in Nigeria, identified Dogo Gide as an influential warlord whose relationship with extremist groups had historically been opportunistic rather than based on firm ideological commitment.
Researchers explained that Gide had previously maintained relationships with jihadist factions, including Ansaru and the faction led by Sadiku, while using such associations to strengthen his influence among fellow bandits and in his dealings with local communities.
However, the relationship eventually deteriorated as the jihadist groups attempted to extend their authority over territories controlled by his fighters.
The research documented confrontations between Gide’s group and Ansaru in 2024, as well as clashes with Sadiku’s faction in early 2025.
According to accounts cited by the researchers, the jihadists wanted Gide to embrace their ideology and surrender control of his territory, but he rejected the demands, insisting that outsiders could not take over areas controlled by local armed groups.
The study further explained that Gide had become increasingly determined to protect his territorial influence against jihadist encroachment.
The Islamic State Sahel Province is an affiliate of the global Islamic State terrorist organisation, with its traditional operational strongholds across parts of Mali, Niger and Burkina Faso.
However, the group has increasingly sought to extend its activities into north-western Nigeria, exploiting insecurity, weak border controls and existing networks of armed groups.
Security assessments by the Centre for Strategic and International Studies (CSIS) have also identified the growing activities of ISSP in Nigeria, particularly through its connections with militant networks operating around the Niger-Nigeria border.
The group’s activities have raised concerns about the possible convergence of Sahel-based terrorist organisations and Nigeria’s longstanding banditry crisis.
Research by the Combating Terrorism Center has similarly highlighted how jihadist organisations attempt to establish relationships with local armed groups to gain access to territory, recruits, resources and logistical support.
However, the researchers cautioned that powerful bandit leaders are not necessarily willing to surrender their independence or territorial authority to foreign or externally based extremist organisations.
The reported confrontation involving Dogo Gide illustrates the complex relationship between banditry and terrorism in Nigeria’s north-west.
Although both criminal bandits and jihadist organisations engage in armed violence, kidnapping and attacks on communities, their objectives and interests are not necessarily identical.
For powerful warlords such as Gide, maintaining territorial control and influence over local armed networks remains a major consideration.
Consequently, attempts by jihadist organisations to impose ideological authority or absorb independent bandit groups can trigger violent resistance.
Nevertheless, resistance from powerful bandit leaders does not automatically eliminate the threat posed by jihadist organisations.
The January 2026 West Point study specifically cautioned that although Dogo Gide has the capacity to complicate jihadist expansion in core bandit territories, extremist networks could continue establishing themselves in other parts of western Nigeria.
For Nigeria’s security agencies, the emerging situation presents another challenge in the fight against insecurity: confronting criminal banditry while preventing internationally affiliated terrorist organisations from exploiting existing armed networks to establish deeper roots in the country.
The reported confrontation between Dogo Gide and ISSP therefore underscores an important reality: the battle for influence in north-western Nigeria is no longer simply between security forces and bandits, but increasingly involves competing armed organisations seeking control of the region.
Dogo Gide Throws Spanner in Islamic State’s Expansion Plans, Forces Terrorists to Retreat in North-West Nigeria
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₦50,000 Relief Fund: FG Reveals Criteria for Selecting Beneficiaries
₦50,000 Relief Fund: FG Reveals Criteria for Selecting Beneficiaries
The Federal Government has explained how beneficiaries will be selected for its ₦50,000 cash relief programme, clarifying that the intervention is targeted at poor and vulnerable households identified through verified national identity records and the National Social Register (NSR).
The programme, known as the National Emergency Relief and Stabilisation Intervention (NERSI), is being implemented by the Federal Ministry of Humanitarian Affairs and Poverty Reduction to provide financial support to households struggling with rising living costs.
Under the initiative, selected beneficiaries will receive a one-off grant of ₦50,000 directly into mobile wallets operated by approved payment providers.
According to the government, the selection process involves screening information from verified national identity records and the National Social Register to identify households that meet the programme’s vulnerability requirements.
The National Social Register is a database of poor and vulnerable households across the country, while national identity records are used to verify the identities of prospective beneficiaries.
The government said the exercise is based on need and is designed to cover Nigerians across the six geopolitical zones, irrespective of their religion, ethnicity or political affiliation.
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However, it stressed that inclusion in the relevant databases does not automatically mean that everyone will receive the payment in the first phase, as disbursement will be carried out in batches.
The government also clarified that there is no public application process for the ₦50,000 grant. Individuals cannot independently register or pay to be included in the beneficiary list, and no official or intermediary is authorised to sell access to the programme.
How selected beneficiaries will receive the ₦50,000
The Federal Government outlined a four-step process through which selected Nigerians will access the financial support.
First, beneficiaries will receive an SMS notification from one of the five approved payment providers: ALAT by Wema Bank, MoMo PSB, NairaGram, OPay or Moniepoint.
Recipients will then be required to confirm their willingness to participate by following the instructions in the message. The government said payment will not be made without the beneficiary’s consent.
After confirmation, a mobile wallet will be opened and linked to the beneficiary’s phone number and National Identification Number (NIN).
The sum of ₦50,000 will subsequently be credited to the wallet, after which the recipient can withdraw the money through a Point of Sale (POS) agent, access it at a bank where applicable, or spend it directly from the wallet.
The government said beneficiaries do not need a smartphone or internet connection to access the funds, as the approved providers have USSD options that work on basic mobile phones.
The designated codes include 94523# for ALAT, 6710# for MoMo PSB, 72600# for NairaGram, 95520# for OPay and 557327# for Moniepoint.
Beneficiaries are expected to follow the instructions sent by their respective providers.
FG warns Nigerians against fraud
The government has warned Nigerians to be wary of fraudsters seeking to exploit the relief programme by demanding money or sensitive personal information.
It emphasised that participation in the programme, acceptance of the grant and receipt of the ₦50,000 payment are free.
According to the official guidelines, genuine notifications will come from the approved payment providers and will not ask recipients to pay a fee, disclose their Personal Identification Number (PIN), share a One-Time Password (OTP), or click suspicious links.
The government urged Nigerians never to disclose their PINs, OTPs or passwords to anyone, including payment agents or individuals claiming to be programme officials.
It also warned that anyone offering to add a person to the beneficiary list, speed up payment or release the grant in exchange for money is attempting to defraud them.
Beneficiaries who are unsure about the authenticity of a message have been advised to contact the programme’s official helpline on 0700-022-2222.
Why some Nigerians may not have received the money
The government explained that the payments are being made in phases, meaning selected beneficiaries will not necessarily receive their notifications at the same time.
It also clarified that the programme is supporting a limited number of households in each phase, so not everyone will be selected immediately.
Those who have not received an SMS should therefore not automatically conclude that they have been excluded from every future phase.
The Federal Government said the full ₦50,000 grant would be credited to selected beneficiaries without deductions. The money is a grant, not a loan, and recipients are not required to repay it.
The intervention is part of the government’s efforts to provide direct financial assistance to vulnerable households amid continuing economic pressures.
₦50,000 Relief Fund: FG Reveals Criteria for Selecting Beneficiaries
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Bandits Demand Over ₦100m Ransom for 15 Abducted Islamiya Students in Niger
Bandits Demand Over ₦100m Ransom for 15 Abducted Islamiya Students in Niger
Suspected bandits who abducted 15 students of an Islamiya school in Niger State have reportedly demanded more than ₦100 million for their release, heightening fears over the safety of the children and prompting fresh calls for urgent government intervention.
The victims were reportedly kidnapped while assisting their teacher, Malam Aminu Bako, in harvesting maize on his farm in Tungan-Bako village, Rafi Local Government Area of Niger State, during the weekend.
The teacher disclosed that the armed men had contacted community leaders to communicate their ransom demand, leaving parents and residents increasingly worried about the fate of the abducted children.
According to reports, the kidnappers initially believed the victims were students of government-owned schools. However, a parent, identified as Malam Adamu, said community representatives informed the abductors that the children attended an Islamiya school.
Adamu explained that the bandits had demanded more than ₦100 million before being informed about the actual identity of the school.
The teacher, who confirmed the ransom demand, also appealed to the Federal Government and Niger State Government to urgently intervene and ensure the safe return of the students.
Bako expressed concern that the children might be facing harsh conditions in captivity, revealing that information gathered through local vigilantes suggested they were still being held somewhere within Niger State.
According to him, the students were reportedly locked inside an isolated building guarded by heavily armed men.
“We heard that they were still within Niger State, locked in a building, probably without food. We are worried; we want the authorities to come to our aid to rescue them,” he said.
The teacher maintained that the situation required urgent intervention by the military and other security agencies, warning that community vigilantes might not have the capacity to confront the heavily armed kidnappers.
He also expressed dissatisfaction with what he described as the limited government presence since the incident, saying the affected families and school management had largely been left to depend on local vigilantes for information and assistance.
Bako disclosed that the acting chairman of Rafi Local Government Area and the Divisional Police Officer were the only government officials who had visited the community following the abduction.
He said the absence of further engagement from the state government had increased anxiety among parents, who had continued to approach him for updates on their children’s whereabouts and safety.
“We are also worried that nobody has visited us from the state government, at least to give us hope that something is being done to ensure their release,” he added.
The teacher consequently appealed to the authorities to demonstrate greater commitment towards securing the students’ freedom, stressing that the community needed more than assurances.
Meanwhile, the Niger State Police Command has confirmed the abduction, although its preliminary account differed slightly from the number of victims identified by the teacher.
The Police Public Relations Officer, SP Wasiu Abiodun, said suspected bandits invaded Tungan-Bako village and abducted some people working on a farm.
According to him, preliminary police information indicated that about 14 of the victims were Islamiya school students who had accompanied their instructor to harvest maize.
Abiodun, however, assured that joint security operations were ongoing to rescue the abducted persons.
The police assurance came amid concerns from residents, who maintained that local vigilantes were the only security personnel visibly involved in efforts to trace the abductors.
The Commissioner for Homeland Security in Niger State, Justin Maurice Magaji, was reportedly unavailable for comments when contacted, as he was attending a State Executive Council meeting.
The teacher subsequently released the names of the 15 students reportedly taken away by the bandits.
They are Hassana Isah, Aliya Ahmad, Hajara Musa, Hauwa’u Abubakar, Halima Yahaya, Asma’u Jamilu, Radiya Salisu, Aminatu Salisu, Aisha Bello, Rahinatu Sani, Aminatu Alhassan, Nafisa Ayuba, Bilkisu Adamu, Salaha Abdullahi and Hajara Salisu.
The reported discrepancy between the 15 names released by the teacher and the 14 Islamiya students mentioned in the police account has also raised questions about the exact number of victims.
The latest development has renewed concerns over the persistent activities of armed bandits in parts of Niger State, particularly attacks targeting rural communities and vulnerable residents.
For the families of the abducted students, however, the immediate priority remains the safe return of their children.
They are calling on the Federal Government, Niger State Government and security agencies to intensify rescue operations and ensure that the children are reunited with their families without further delay.
Bandits Demand Over ₦100m Ransom for 15 Abducted Islamiya Students in Niger
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