New Naira notes: CBN intensifies sensitisation at major markets, stores across Nigeria - Newstrends
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New Naira notes: CBN intensifies sensitisation at major markets, stores across Nigeria

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New Naira Notes

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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State Police Reform: FG Invites Nigerians to Submit Policy Proposals as Draft Bill Nears September Deadline

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State Police Reform: FG Invites Nigerians to Submit Policy Proposals as Draft Bill Nears September Deadline
Femi Gbajabiamila, Chief of Staff to the President and Chairman of the Presidential Working Group on the National Policing Bill

State Police Reform: FG Invites Nigerians to Submit Policy Proposals as Draft Bill Nears September Deadline

The Presidential Working Group on State Policing has opened a two-week public submission window for memoranda and policy proposals, setting the stage for a landmark legal framework that could redefine security architecture across Nigeria.

The Federal Government has officially called on Nigerians at home and in the diaspora, civil society organisations, security agencies, academics, professional bodies, and sub-national governments to contribute to the drafting of the proposed National Policing Bill, which seeks to establish a legal and operational framework for state police in Nigeria. The call was made public on Monday by Femi Gbajabiamila, Chief of Staff to the President and Chairman of the Presidential Working Group on the National Policing Bill, following a high-level meeting at the State House, Abuja. The announcement was contained in a statement issued by the Presidential spokesperson, Bayo Onanuga, who confirmed that all submissions will be reviewed and integrated into the draft bill, which will then be subject to further national consultation before being finalised and sent to the National Assembly. The development comes weeks after the National Assembly passed the bill following its transmission by President Bola Tinubu, signalling strong political will to actualise one of the most debated governance reforms in Nigeria’s recent history.

This public consultation exercise is critical because the Working Group is currently reviewing the Police Act 2020, the Police Service Commission framework, police regulations, and other relevant laws to develop a modern, effective, and accountable policing system. The proposed framework is expected to set national minimum standards for policing across all states, define state readiness and certification requirements before any state can operate its own police service, and clarify jurisdictional responsibilities between federal and state police forces. Additionally, the bill will ensure independent oversight and safeguard human rights, guarantee sustainable funding and financial accountability, and prevent the use of state police as a tool for political persecution – a concern earlier raised by the Attorney-General of the Federation, Lateef Fagbemi, who stressed that the legislation is designed to protect citizens from potential abuses of power at the sub-national level.

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Nigerians have until August 13, 2026, to submit their memoranda and policy proposals through the dedicated portal at www.nationalpolicingbill.com, marking the close of a two-week submission window. The Presidential Working Group has adopted a seven-week, milestone-driven work programme running from July 27 to September 14, 2026, with the draft Executive Bill scheduled for presentation to President Bola Tinubu on September 3, 2026. Following this, national consultations will be held on the completed draft before it is finalised and transmitted to the National Assembly. All Nigerians, including professionals, academics, security experts, state and local governments, and civil society groups, are encouraged to participate in this historic policy-shaping process.

The new policing framework will impose strict operational readiness requirements on any state seeking to establish its own police service. According to Gbajabiamila, a proposed State Police Service must demonstrate credible arrangements in recruitment and vetting processes, training and capacity development, pay, pensions and welfare, equipment and logistics, custody and detention standards, complaints and discipline mechanisms, data management and reporting, firearms control and regulation, independent oversight bodies, and financial sustainability plans before it begins policing. These stringent criteria are designed to ensure that only states with the institutional capacity and financial resilience can operate their own police forces, thereby preventing a patchwork of poorly equipped or unaccountable state-level security services.

The Nigeria Governors’ Forum, represented by Ogun State Governor Dapo Abiodun, has described the state police initiative as one of the defining reforms of President Tinubu’s administration, expressing the forum’s commitment to ensuring the success of the policy. The Working Group is also considering recommending federal grants to assist states with limited financial capacity in establishing their police services, acknowledging the fiscal disparities among the 36 states. States that are not yet ready to establish their own service will continue to rely on the Nigeria Police Force until they meet the required standards, ensuring that no state is left without adequate security coverage during the transition period.

The final submission to the President will go beyond a conventional bill and is expected to include schedules and explanatory memoranda, a legal audit of existing policing laws, a state readiness framework, a fiscal and implementation note, and a risk register with transition arrangements. This comprehensive approach is designed to ensure that the reform is defensible, auditable, and capable of implementation across Nigeria’s diverse states, addressing everything from constitutional alignment to practical logistics on the ground.

The government has emphasised that this is a people-driven process, and by inviting input from all segments of society – including ordinary citizens, diaspora communities, and professional bodies – the Working Group aims to build a policing system that reflects the aspirations and realities of all Nigerians. As a senior official close to the Working Group noted, this is not just a government bill but a national project in which every Nigerian has a stake in how they are policed. Interested individuals and organisations are encouraged to visit www.nationalpolicingbill.com before August 13, 2026, to submit their memoranda and policy proposals, with all submissions to be reviewed and incorporated into the draft bill ahead of further national consultations.

State Police Reform: FG Invites Nigerians to Submit Policy Proposals as Draft Bill Nears September Deadline

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Biafra Civil War: Gowon says Igbo bank depositors were fully paid, defends Awolowo over £20 policy

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Biafra Civil War: Gowon says Igbo bank depositors were fully paid, defends Awolowo over £20 policy
Yakubu Gowon and Chukwuemeka Odumegwu Ojukwu

Biafra Civil War: Gowon says Igbo bank depositors were fully paid, defends Awolowo over £20 policy

Former Nigerian Head of State, General Yakubu Gowon (retd.), has defended the late Chief Obafemi Awolowo against long-standing criticism over the controversial post-civil war £20 policy, saying the decision was taken collectively by the Federal Government and was not Awolowo’s personal policy.

Gowon also stated that people from the former Biafran territory who could provide evidence that they had money in Nigerian banks before or during the Nigerian Civil War received the full value of their deposits, including accrued interest.

The former Head of State made the clarification in his memoir, My Life of Duty and Allegiance, where he revisited the circumstances surrounding the currency policy introduced after the end of the civil war in January 1970.

The £20 policy has remained a subject of public debate for decades, with critics accusing Awolowo, who served as Federal Commissioner for Finance during the war, of restricting people from the former Biafran territory to a flat payment of £20, regardless of the amount they had held before the conflict.

However, Gowon said Awolowo had been unfairly blamed for a policy that was approved by the Federal Government after consultations and consideration of the economic challenges facing Nigeria at the end of the war.

According to Gowon, the Central Bank of Nigeria established a panel to examine the possible consequences of converting the Biafran pound into Nigerian currency.

He explained that the exercise was difficult because the Biafran currency was not recognised by the Federal Government as legal tender during the war.

Gowon said the large volume of Biafran currency in circulation also created concerns that exchanging all the notes at the same value as the Nigerian pound could have caused serious economic disruption.

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Economic advisers subsequently recommended that the Federal Government provide a uniform payment of about £20 to each adult from the former Biafran territory, regardless of the quantity of Biafran currency presented.

“We agreed to the proposal and made it our official policy,” Gowon wrote, adding that the government faced major difficulties in determining the volume of Biafran currency in circulation and establishing a practical basis for converting it.

He maintained that the decision was made by the Federal Government and should not be attributed solely to Awolowo.

Gowon further stated that people who had left Nigeria but could provide proof that they held funds in Nigerian banks received the full value of their deposits, including interest, in Nigerian currency.

“Everyone who left Nigeria but had proof that they had money in Nigerian banks got the full amount of their money plus the interest it earned, all in Nigerian currency,” he said.

The former military leader argued that adopting a different approach could have created significant economic and administrative challenges during Nigeria’s post-war recovery.

The Nigerian Civil War, also known as the Biafra War, began in 1967 and ended in January 1970 following the surrender of Biafran forces.

After the war, Gowon declared a policy of “no victor, no vanquished” and introduced the Reconciliation, Reconstruction and Rehabilitation programme, widely known as the 3Rs.

The programme was designed to promote national unity, rebuild war-affected communities and support the reintegration of the former Eastern Region into Nigeria.

Despite the government’s post-war reconciliation agenda, the £20 policy remains one of the most debated aspects of Nigeria’s post-civil war history.

Critics have argued that the policy caused financial hardship for many people in the former Biafran territory, particularly those who lost access to savings, could not provide documentation for their bank deposits or were unable to recover the value of assets affected by the war.

Some historians and commentators have also questioned whether the post-war reconstruction and rehabilitation programmes adequately addressed the economic losses and long-term effects experienced by communities affected by the conflict.

Gowon’s account has renewed public discussion about the Biafra Civil War, the post-war currency policy and Awolowo’s role in the Federal Military Government.

While Gowon maintains that verified Nigerian bank deposits were fully repaid with interest and that Awolowo should not be held personally responsible for the £20 policy, the issue continues to generate debate over post-war justice, economic recovery, historical memory and national reconciliation.

Biafra Civil War: Gowon says Igbo bank depositors were fully paid, defends Awolowo over £20 policy

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How 15-year-old allegedly staged his own kidnapping to extort N200,000 from father

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How 15-year-old allegedly staged his own kidnapping to extort N200,000 from father

How 15-year-old allegedly staged his own kidnapping to extort N200,000 from father

The Niger State Police Command has arrested a 15-year-old boy who allegedly staged his own kidnapping in an attempt to extort N200,000 from his father in Suleja.

The teenager was arrested alongside a 17-year-old alleged accomplice after police traced him to a hotel in Suleja, days after his family reported him missing.

The spokesperson for the Niger State Police Command, SP Wasiu Abiodun, disclosed the development in a statement issued on Monday.

According to the police, the 15-year-old left home after attending church on July 20, 2026, but failed to return, prompting concern among his family members.

The following day, the family reportedly received a telephone call from someone who claimed that the teenager had been kidnapped and demanded a ransom of N200,000 for his release.

The matter was subsequently reported at the B Division of the Nigeria Police Force in Suleja, leading to the launch of an investigation.

Police detectives reportedly acted on credible intelligence and traced the teenager to a hotel in Suleja on July 25, where he was found with the 17-year-old.

“On receipt of the information, police operatives of the division commenced an investigation and, acting on credible intelligence, the said Kelvin was found at a hotel in Suleja on July 25, 2026, with his accomplice,” the police spokesperson said.

According to the command, the two teenagers allegedly confessed during questioning that they planned the incident to obtain N200,000 from the boy’s father.

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The police said the money was to be shared between them after the ransom had been paid.

“The suspects confessed that they planned to extort the sum of N200,000 from Kelvin’s father, after which they would share the proceeds of the crime,” Abiodun said.

The police said the alleged plan was uncovered before the family paid the requested ransom.

Both teenagers are currently in the custody of the State Criminal Investigation Department, SCID, in Minna, where further investigations are ongoing.

The command said the suspects would be taken through the appropriate legal process after the investigation had been concluded.

The incident has renewed concerns over staged kidnapping, particularly the emotional and financial impact such incidents can have on families.

Security experts have repeatedly warned that fake kidnapping claims can cause panic, place families under severe emotional pressure and divert police resources from genuine cases involving missing or abducted persons.

The case also highlights the importance of reporting suspected kidnappings promptly to security agencies and allowing investigators to handle ransom demands and related threats.

Residents have been encouraged to provide timely and credible information that could help security agencies prevent crime and respond quickly to reports involving missing persons.

The Niger State Police Command said investigations into the alleged self-kidnapping plot were continuing.

How 15-year-old allegedly staged his own kidnapping to extort N200,000 from father

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