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Banks customers lament limited access to new Naira in Kebbi



New Naira notes

Banks’ customers in Birnin Kebbi, who thronged commercial banks to either deposit or withdraw money, were held up in long queues as many from different towns and villages to beat up deadline set by Central Bank of Nigeria (CBN) experienced difficulties.

Daily investigation  in Birnin Kebbi, the state capital show that customers in their large numbers were sighted at different banks trying to gain access into the banking halls or to the Automated Teller Machines (ATMs) to withdraw new notes.

Speaking to newsmen, at one of the commercial bank in Birnin Kebbi, Malam Musa Gero from Kukaru, Gulma in Argungu Local Government Area of the state said he had been on queue since 6:00a.m. but yet without access to the bank.

“I have been here for over five hours waiting in the queue to deposit my money. As I am talking to you I am number 260 because the bank officials have written our names and issued numbers to all of us, so, we are still waiting,” he said.

He appealed to the Federal Government to consider the plights of Nigerians and extend the time to accommodate all, failing which many people would be counting losses even before the deadline. Gero recalled that he was a die-hard Buharist before his emergence as president, “but that his policies seem to be contrary to the needs of the masses. 


Also in an interview at First Bank premises, Malam Muktar Sambo from Zogirma village, Bunza Local Government Area, lamented that in the whole of the area they didn’t have a single bank to be able to do any transaction.

He said: “We travel all the way from Bunza to come here and deposit our money since we do not have anywhere to keep our money. “The timing is so short because they said 31st of this month, we came here to withdraw N100,000 but they said a person can only withdraw N40,000 at the ATM machines.

“What kind of wickedness is this, somebody with his own money cannot withdraw N100,000 as stipulated by the apex bank. We are appealing to government to rescind its decision by extending the period to enable Nigerians enjoy their hard earned wealth.” 

For his part, Malam Ibrahim Hassan, from Birnin Kebbi local government area, said he had been on the queue of Guaranty Trust Bank (GTB) since 7:00a.m. to deposit his money in order to beat the Jan. 31 deadline. 

“I am one of those who came first to the bank to deposit money, I have been here before 7:00a.m. but I still have more than 100 people in my front on the queue,” he said. 

Hassan decried the non-availability of the new Naira notes in circulation in the state and called on the government to review its policy or extend the deadline. 

“Even in the bank now if you want to withdraw money they still give you old Naira notes. This is to tell you that even the banks are in short supply of the new Naira notes. 


“I am appealing to CBN to review its policy or extend the deadline by some months for people to have their money changed or deposited in banks. 

“Failure to heed to the aforesaid plea may lead to stampede and even deaths but I am not praying for that to happen” he said. 

Meanwhile, Akwa Ibom State governor, Mr Udom Emmanuel,  has asked the the Central Bank of Nigeria (CBN) to give adequate sensitisation on the currency rebranding  to checkmate negative impacts on its end users especially traders in the rural and riverine  communities .

Governor Emmanuel , who made the advocacy while addressing worshippers at the January 2023 edition of Government House Prayer Summit held at Latter House Chapel , Governor’s Lodge –  Uyo, at the weekend

applauded the currency rebranding, even as he said it was “hasty and inconsiderate” of many people particularly given the infrastructure gap and peculiarities of the vast rural and riverine population. 

He warned against stifling the grassroots economy in trying to implement a seemingly welcome development.

Mr Emmanuel observed that the old currency notes were already becoming scarce while the new notes were yet to be adequately circulated,  expressingworries over inadequate sensitisation to ensure that traders at the rural and riverine communities are carried along and not get stranded in the market with the old notes. Sun


Kaduna, Kogi, Zamfara govts drag FG to Supreme Court over naira scarcity



Worried by the effects the Central Bank of Nigeria (CBN)’s naira redesign policy is having on the residents of their states, the governments of Kaduna, Kogi and Zamfara have dragged the Federal government before the Supreme Court, seeking a restraining order to stop the full implementation of the policy.

In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the three northern states are urging the apex court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

The Plaintiffs in the suit are the three Attorneys-General and Commissioners of Justice of the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is the sole Respondent.

The Plaintiffs said that since the announcement of the new naira note policy, there has been an acute shortage in the supply of the new naira notes in Kaduna, Kogi and Zamfara States and that citizens who have dutifully deposited their old naira notes have increasingly found it difficult and sometimes next to impossible to access new naira notes to go about their daily activities.


They also cited the inadequacy of the notice coupled with the haphazard manner in which the exercise is being carried out and the attendant hardship same is wrecking on Nigerians, which has been well acknowledged even by the Federal Government of Nigeria itself.

The Plaintiffs further maintained that the ten-day extension by the Federal Government is still insufficient to address the challenges bedeviling the policy.

Recall that over the weekend, the CBN Governor at a press conference held in Lagos insisted that that the apex bank will not extend the deadline for swapping old naira notes with the newly redesigned ones.

In the suit filed at the apex court, the Plaintiffs have also filed a motion on notice to abridge the time within which the Respondent may file and serve his Counter-Affidavit to this Suit and an order for an accelerated hearing of this matter.

The states are seeking a declaration that the Demonetization Policy of the Federation being currently carried out by the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They are also asking the court to make a declaration that the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old Banknotes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that Reasonable Notice must be given before such a policy.

The Plaintiffs are also urging the court for a declaration that given the express provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, through the Central Bank of Nigeria, has no powers to issue a timeline for the acceptance and redeeming of banknotes issued by the Bank, except as limited by Section 22(1) of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes.

The Plaintiffs further want the court to direct the immediate suspension of the demonetisation of the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria until it complies with the relevant provisions of the law.


In an affidavit filed in support of the suit and sworn to by the Attorney General and Commissioner for Justice, Kaduna State, Aisha Dikko, she averred that although the naira redesign policy was introduced to encourage the cashless policy of the Federal government, it is not all transactions that can be conveniently carried out through electronic means.

She maintained that several transactions still require cash in exchange for goods and services hence the need for the Federal Government to have sufficient money available in circulation for the smooth running of the economy.

Dikko also pointed out that the Federal Government has embarked on the policy within a narrow and unworkable time frame, and this has adversely affected Nigerian citizens within Kaduna, Kogi and Zamfara States as well as their Governments, especially as the newly redesigned naira notes are not available for use by the people as well as the State Governments.

“That the majority of the indigenes of the Plaintiffs’ states who reside in the rural areas have been unable to exchange or deposit their old naira notes as there are no banks in the rural areas where the majority of the population of the states reside.

“Most people in rural areas of the Plaintiffs’ states do not have bank accounts and have so far been unable to deposit their life savings which are still in the old naira notes.

“There is restiveness amongst the people in the various states because of the hardship being suffered by the people, and the situation will sooner than later degenerate into the breakdown of law and order.

“The Plaintiff State Governments cannot stand by as they are duty-bound to protect citizens in their states and prevent the breakdown of law and order.

“I know that if the Federal Government of Nigeria had given sufficient and reasonable time for the naira redesign policy, all the current hardship and loss being experienced by the Plaintiffs’ State Governments as well as people in the various states would have been avoided.

“I know that the 10-day extension by the Federal Government is still insufficient to address the challenges bedevilling the policy. I also understand that the Federal Government cannot bar Nigerians from redeeming their old naira notes at any time, even though the senior notes are no longer legal tender.

“Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy,” she stated.

No date has been fixed for the hearing of the suit.


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New Naira Notes: Why we didn’t dispense N6m in our vault — Sterling Bank



Sterling Bank PLC has offered reasons why it did not disburse the N6 million in N200 denomination found in its vault in its Ado-Ekiti, Ekiti State branch.

The Bank offered the explanation on Sunday night after a viral video showed that it had the money in its vault.

The discovery followed the visit of an official of the Central Bank of Nigeria to the vault of the bank.

The official, who identified himself simply as Owoeye, a Deputy Director, made the discovery public, ordering that the branch must commence the dispensing of the money the following morning at the latest.

Reacting in the statement on Sunday, Sterling Bank PLC said at the time the fund was discovered, it was yet to configure its Automated Teller Machine for the dispensing of N200 notes.

It said the new N1,000 and N500 notes in its possession at the time had been disbursed.

The statement, titled: “New Notes Distribution At Ado-Ekiti Branch,” said: “We would like to formally state the facts surrounding our branch in Ado Ekiti.


“The Naira notes referenced were received prior to the re-configuration of the branch’s Automated Teller Machines (ATMs) to dispense the 200 Naira denomination.

“On January 23, 2023, a regulatory official visited our branch in Ado-Ekiti and the vault contained N 6,000,000 in N200 denominations.

“During the visit, the official observed that we had ran out of N1,000 and N500 notes on that day and were unable to load the N200 as the ATMs had not yet been configured to dispense N200 notes.

“At the time of the visit, the subsisting instruction was that the newly designed notes were not to be dispensed over the counter.

“All our ATMs have been dispensing the available quantities of the N1000 and N500 denominations of the newly designed currency as received since the commencement of the policy. We have also successfully reconfigured our ATMs nationwide to dispense N200 notes.

“All denominations can now be withdrawn from our ATMs and over the counter in line with regulatory pronouncement on February 2, 2023.

“We hereby confidently assure the public that the branch was not hoarding any funds and that Sterling remains at the forefront of ensuring that this exercise is a resounding success.


“Together, we will all overcome this inconvenience and come out stronger.”

As reported earlier by The Eagle Online:
A video showing several bundles of new Naira notes hidden in a room at Sterling Bank PLC, Ado Ekiti, Ekiti State has been trending on social media.

The bank was said to have refused to dispense it through its five Automated Teller Machines for about two weeks.

A background voice, who identified himself simply as Owoeye, a Deputy Director with the Central Bank of Nigeria, stated that the bank officials claimed the ATMs were yet to be configured.

Owoeye said: “They have N6 million, which they collected from Central Bank of Nigeria for about two weeks but never disbursed any.

“They said they are yet to configure the ATM.

“I don’t know why that is so.

“I brought their attention to the penalty clause of N1 million per day because they have five ATMs

“So, they don’t have any reason for keeping this money.

“The Zonal Service Manager, Kunle Onipede, promised that latest 10am tomorrow, because I promised them that I will be here by 10am and I want to see the machine dispensing this money.

“This is Olumide Owolabi, Service Manager, Ado, and Motunrayo Babayemi.

“My name is Owoeye, I am a Deputy Director from CBN.”

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One injured as hoodlums attack Adamawa gov’s wife’s convoy



Lami Ahmadu Fintiri

Hoodlums on Saturday attacked the convoy of the wife of Adamawa State governor, Lami Ahmadu Fintiri.

The police spokesman in Adamawa, Sulaiman Nguroje, confirmed the attack in a press release made available to journalists in Yola on Sunday.

He said her motorcade came under attack in Muchala town in Mubi Area as a group of thugs stoned the passing vehicles as they entered the village to attend a gathering of Catholic women.

The thugs armed with stones and sticks reportedly smashed the 18-seater bus conveying the press crew and injured one person identified as Dauda, a sound system operator at the Adamawa Government House.


A member of the entourage who did not want his name mentioned because he was not authorized to speak on the matter told Daily Trust that Mrs Fintiri was unhurt and had since returned to Yola while Dauda who sustained injuries in his head was in stable condition.

The statement from the police warned that troublemakers would not go unpunished as the command was determined to ensure peace in the state, adding that operatives had been dispatched to arrest the attackers.

Nguroje said the state Commissioner of Police, SK Akande, had deployed operatives of the command drawn from the Special Rapid Response Team (SRRT) and other tactical squads in the area. “Those deployed are to checkmate and arrest the culprits, to coordinate timely response to distress calls and to prevent political gangsterism in the state.

“The CP has equally directed the Deputy Commissioner of police in charge of Operations to lead all divisional police officers, operational commanders and area commanders to ensure total domination of the public space and arrest troublemakers,” the statement read.

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