Barely 27 days to the deadline for people to exchange their old naira notes with the newly redesigned N200, N500 and N1,000 notes, banks are still dispensing old notes to their customers.
The situation currently causing some apprehension among bank customers in Nigeria is coming 20 days after the release of the just redesigned notes to the banks by the Central Bank of Nigeria.
Many Automated Teller Machines (ATMs) across the country are still dispensing the old notes.
Daily Sun also reported that the situation was not any different at the banking halls where old notes are being given out.
Indeed, its investigation revealed that bank customers across parts of Lagos (Ajah and Oshodi) are agitated that the new notes have remained out of reach.
They have therefore called on the Federal Government and the CBN to extend the deadline to allow adequate circulation of the notes.
The CBN Governor, Godwin Emefiele, had said the new notes would be circulated across the country by December 15, 2022.
The apex bank also set a deadline of January 31, 2023 for all the old N200, N500 and N1,000 notes to be withdrawn from the financial system and would cease to be legal tender.
Emefiele stated that the new notes had already been dispensed to the banks who would in turn dispense to their customers.
He also advised Nigerians to deposit the denominations to be redesigned to their various banks, saying that banks would be opened for operations from Monday to Saturday weekly.
New Naira Notes
READ ALSO:
A countdown clock which is visible on the CBN’s website, shows January 31, 2023, as the deadline for the affected notes to cease as legal tender.
However, bank customers who used the ATMs in parts of Lagos, Abuja and other states of the federation during the holidays up until yesterday, after the Yuletide holidays complained that the ATMs were still dispensing only old notes and sceptical about the January 31, deadline, urging the apex bank to extend its date.
Mr Uchenna Madabuchi, a spare parts dealer at Oshodi, said, “When the CBN came out with the redesigned notes announcement, I knew there would be flaws as I told my friends, the notes would not circulate properly due to the ‘Nigerian factor’.
“I came to the ATM hoping to get new notes but it is still dispensing old notes. I hope the CBN is looking into this and I suggest they extend the deadline so that Nigerians, especially bank customers would have access to these notes.”
When Daily Sun visited one of the new generation banks at Ajah, it was discovered that the ATM was still dispensing old notes as well.
On inquiry as to why the situation had remained the same, an official of the bank noted that the ATMs might start dispensing the new notes at the end of January 2023, the deadline for the withdrawal of the old notes.
(Sun with minimal editing and new headline)
Bandits Kill Businessman, Daughter Despite ₦12 Million Ransom Payment
A harrowing case of kidnapping and bandit violence has claimed the lives of Abuja businessman Muhammad Shuaibu and his 19‑year‑old daughter, Fatima Muhammad, even after the family paid a ₦12 million ransom, highlighting the deepening insecurity facing Nigerians. On October 3, 2025, armed bandits stormed the family home in Zhidu community, Tafa Local Government Area, Niger State, invading the compound and abducting Shuaibu along with his two daughters. Fatima, then a student of the University of Abuja, and her sister were taken by the attackers into nearby bushes. A family member said the kidnappers originally rounded up all members of the household before separating the captives and issuing ransom demands.
The kidnappers requested ransom in multiple tranches, which the family paid in hopes of securing their loved ones’ release. The first payment was ₦6 million, followed by ₦4 million, and a final payment of ₦2 million, bringing the total to ₦12 million. The family had to raise funds by selling Shuaibu’s Dei‑Dei Modern Market shop, his private car, and a sachet water production machine, while attempts to sell their house were unsuccessful.
READ ALSO:
Tragically, Fatima was killed three months into captivity, with the kidnappers accusing her of being “stubborn,” even as negotiations continued. After the final payment, the ransom bearer was instructed to return home, being told that Shuaibu had died in captivity after falling seriously ill. The family’s ordeal — from abduction, ransom payments, loss of property, to the heartbreaking deaths of father and daughter — illustrates the desperation and human toll of Nigeria’s banditry problem.
Efforts to obtain an official response from the Niger State Police Command were unsuccessful, as the police spokesperson SP Wasiu Abiodun did not respond to multiple messages sent by reporters by the time of filing this report.
Security analysts warn that this case reflects a worsening kidnapping crisis in Nigeria, particularly in the north, central, and border regions, where armed groups abduct residents, demand ransoms, and sometimes kill captives regardless of payments. Recent incidents in states such as Kaduna, Sokoto, and Niger have fuelled fear among travellers, traders, and rural communities. The killings have sparked renewed calls from civil society organisations and residents for more effective anti‑kidnapping operations, enhanced intelligence sharing, and proactive military and police engagement to protect civilians and curb rising banditry.
Sowore Criticises Church‑Owned Universities Over High Fees
Human rights activist and politician Omoyele Sowore has stirred a national debate after calling out church-owned universities in Nigeria over high tuition fees and limited access for average worshippers.
Sowore made the remarks during a recent interview on The Honest Bunch podcast, where he challenged prominent pastors and religious leaders about the affordability and accessibility of their universities. He argued that while these institutions often have large congregations, many ordinary members who contribute tithes and offerings cannot afford the high cost of education.
“You build Covenant University, and then ask poor people to come to church… you’ll go and drive them from Ajegunle with your Holy Ghost buses, but their children cannot go to Covenant University,” Sowore said, highlighting what he described as a contradiction between the outreach of megachurches and the actual social impact of their educational investments.
READ ALSO:
Sowore’s comments have sparked a heated conversation about economic inequality and education access in Nigeria. Private church-owned universities such as Covenant University, Babcock University, Redeemer’s University, and Bowen University charge tuition fees that often exceed the annual income of many families, effectively excluding a significant portion of the population.
Supporters of Sowore’s position argue that his critique sheds light on the need for religious institutions to align their social responsibility with their educational initiatives. Critics, however, claim that operating universities requires significant resources and that high tuition fees are reflective of broader challenges in private higher education, not just church ownership.
The debate comes amid Nigeria’s ongoing struggle with education affordability, where limited capacity in federal universities and rising costs in private institutions leave many families unable to access higher education. Sowore’s remarks have renewed calls for religious institutions, policymakers, and civil society groups to explore innovative ways to make education more accessible to the country’s lower- and middle-income families.
Sowore Criticises Church‑Owned Universities Over High Fees
World Bank: Nigeria’s Economy Growing Despite Persistent Inflation
Nigeria’s economic outlook is improving, with growth expected to stay positive, even as the country grapples with persistent high inflation and some of the weakest early childhood development outcomes globally, the World Bank has said.
The assessment was presented on Tuesday in Abuja by Matthew Verghis, World Bank Country Director for Nigeria, at the launch of the bank’s April edition of the Nigeria Development Update (NDU) titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development.”
Verghis said the report highlights early childhood development (ECD) as a critical but neglected foundation for long‑term national prosperity. According to the World Bank, brain development from pregnancy to age five is the most rapid and most responsive to nutrition, health stimulation, early learning, and safety. Investing in this period delivers strong economic returns — estimated at 7–13% annually — through better educational outcomes, higher lifetime earnings, lower healthcare costs, and stronger social cohesion.
However, Nigeria’s early childhood indicators remain weak and uneven, particularly compared with other developing countries and global benchmarks. On average, 110 out of every 1,000 children die before age five, about 40% of children are stunted, and an estimated 52% are not developmentally on track before entering school. Verghis said these figures reflect a genuine crisis given Nigeria’s aspirations for prosperity.
READ ALSO:
These poor outcomes stem from gaps in access to basic services, including maternal healthcare, nutrition, clean water, safe sanitation, and early learning opportunities — especially pronounced among poorer households and in the northern parts of the country.
Verghis acknowledged ongoing government efforts, supported by the World Bank and partners such as the Bill & Melinda Gates Foundation, to strengthen primary healthcare systems, improve nutrition, and expand early learning programmes. He emphasised the need for a coordinated, child‑centred national strategy that supports families from pregnancy through age five, improves service delivery, and scales effective interventions nationwide. Talks are underway with the National Economic Council and state governments to design a comprehensive national programme on early childhood development.
On broader macroeconomic issues, Fiseha Haile, the World Bank’s Lead Economist for Nigeria, said the economy’s growth prospects remain cautiously optimistic. The country is projected to grow by about 4.2% between 2026 and 2028, underpinned by continued macroeconomic stabilisation, structural reforms, and increased investment. Nigeria’s external position has strengthened, and ongoing reforms are delivering gradual results despite external shocks.
However, Haile warned that rising global uncertainty, particularly stemming from ongoing geopolitical tensions in the Middle East, continues to pose risks to Nigeria’s economic trajectory. Inflation — though eased somewhat from its peaks — remains elevated and persistent, eroding household purchasing power and dampening real income gains.
To sustain and broaden the benefits of economic recovery, the World Bank urged Nigeria to adopt structural policy measures that promote inclusive growth and protect the most vulnerable. These include:
Haile also called on the government to treat any oil windfalls as temporary and save rather than spend them, using targeted interventions to cushion vulnerable populations from rising prices and economic shocks.
The World Bank reaffirmed its commitment to supporting Nigeria in strengthening early childhood development, deepening economic reforms, and enhancing social protection measures to ensure that growth translates into tangible improvements in people’s lives.
FG Deports US Missionary Alex Barbir Over Alleged Role in Nigeria Insecurity
Veteran Nollywood Actor Davis Ofor ‘Clarus’ of New Masquerade Dies at 85
MURIC Backs Egba Imams’ Call for Inclusive Leadership in Ogun 2027 Governorship Race
Lagos Announces Partial Road Closures for Project Commissioning
Netanyahu Condemns ‘Christian Persecution’ in Nigeria in Easter Message
Hajiya Hadiza Attahiru Jega, Wife of Former INEC Chairman, Dies in Abuja
2027: Atiku Signs $1.2m US Lobbying Deal to Engage Trump
Iran Lists Tough Conditions for Peace Talks with US
