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Banks only authorised to dispense new banknotes via ATMs as CBN insists on January 31 deadline

Published

3 years ago

January 9, 2023

The Central Bank of Nigeria (CBN), yesterday, clarified that for now, banks were only authorised to dispense the new N200, N500 and N1, 000 banknotes through Automated Teller Machines (ATMs). The apex said it had intensified efforts to ramp up circulation of the new notes.
The bank, also yesterday, reiterated that there would be no extension of the January 31 deadline for the return of old N200, N500 and N1, 000 notes to the banks.

In addition, the central bank, in collaboration with the National Orientation Agency (NOA) and various market associations, would beginning from tomorrow commence aggressive enlightenment and public awareness campaign on the naira redesign project as well as the need to properly handle the naira notes.
A top official of the central bank, who pleaded to remain anonymous, disclosed these in a brief chat with THISDAY yesterday night.

Speaking on the distribution of the new naira notes, the official said, “Banks are barred from distributing the new notes over-the-counter. All new notes must go to the ATMs. The directive to the banks from the central bank is that as they must dispense through their ATMs nationwide and people can go to the ATMs to collect the money. They cannot dispense the new notes across the counter for now until the exhaust the new notes. And when that happen they can then upload the old notes. Until they get another supply of new notes.

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“That is the only way to ensure that the new notes are being circulated. Otherwise, what the banks were doing from our intelligence, was that they were holding the cash and giving it to high profile individuals and customers over-the-counter and not circulating it to ordinary customers. So, we decided they must only dispense it through ATM machines for now until it fully circulates in the financial system.”

The source warned that banks caught breaching this directive would face stiff sanctions.
Meanwhile, the central bank, in collaboration with the NOA and various market associations, in what has been tagged, “Market Storm,” would commence aggressive public enlightenment on the naira redesign project from tomorrow.

On Tuesday, the exercise would hold in various markets in Gombe, Minna and Asaba, in the first phase, and also hold in Kano, Ogun and Onitsha this Thursday. The exercise would be extended to other major cities across the country from next week.

“The essence is to continue to enlighten market people on why the naira redesign project was embarked upon, let Nigerians know that they should respect the naira and also encourage them to embrace alternative payment channels,” the source added.
CBN Governor, Mr. Godwin Emefiele, had on October 26, 2022, announced the central bank’s resolve to redesign, produce, and circulate new series of the N200, N500, and N1, 000 denominations.

Emefiele had said the move would help to manage money supply, tackle currency counterfeiting and terrorism, among others.
The circulation of the new banknotes commenced on December 15, 2022, while the new and existing currencies remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.

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Emefiele had insisted that the January 31 deadline remained sacrosanct, adding that the 100 days provided for people to deposit existing banknotes in commercial banks was adequate.
President Muhammadu Buhari, subsequently, on November 23, 2022, unveiled the redesigned banknotes during the weekly Federal Executive Council (FEC) meeting.

At the weekend, following criticism of the quality of the new banknotes, the Nigerian Security Printing and Minting Plc (NSPM) had assured Nigerians that the currencies were of the highest quality as the old notes, while warning the public against carrying out experiments on the new notes.
In a statement signed by its Managing Director/Chief Executive Ahmed A. Halilu, the NSPM had stressed that the new notes were of the same substrates and passed through the same printing processes and finishing procedures which it had been using since 2014.

Halilu explained, “The NSPM PIc has been meeting the currency needs of Nigeria with the support of the Central Bank of Nigeria since 2014. Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.

“It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces. It is, howe ver, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.”

Meanwhile, findings revealed an increase in the distribution of the new banknotes via ATMs by bank customers. THISDAY observed that more people were able to access the new notes over the weekend.

THISDAY visited some bank branches across Lagos to find out the level of compliance with the central bank’s directive that they should load their ATMs with the new currencies. Findings showed that a lot of the banks’ ATMs had started dispensing the new banknotes.

At the United Bank for Africa (UBA) and Fidelity Bank branches visited, their ATMs were paying new banknotes.
THISDAY also visited few supermarkets in Gbagada, Lagos and saw the new notes being accepted and exchanged at the cashiers.

Speaking to THISDAY, a lady simply identified as Miss Chiamaka D said she came in contact with the new note for the first time yesterday.
She said, “I hardly go into banking halls because I mostly do transfers and use ATMs for cash so this step to put the notes in ATMs is a good one. Now more people would be acquainted with it before the deadline.”

Related Topics:ATM CBN Featured January 31 new banknotes

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Singer Market Fire: Tinubu Sends Shettima, FG Delegation to Kano

Published

3 minutes ago

February 15, 2026

Trends Admin

Singer Market Fire: Tinubu Sends Shettima, FG Delegation to Kano

President Bola Ahmed Tinubu has directed Vice President Kashim Shettima to lead a high-powered Federal Government delegation to Kano State to express sympathy and provide support to victims of the devastating Singer Market fire disaster.

The directive was disclosed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the delegation is scheduled to depart Abuja on Monday and will formally convey President Tinubu’s condolences to traders who lost goods worth billions of naira in the weekend inferno, which engulfed the market — the second major fire incident at Singer Market in less than two weeks.

The delegation will also convey the Federal Government’s pledge of financial assistance to support affected traders and assist the Kano State Government in facilitating the swift reopening of the market, which serves as a major food distribution hub for northern Nigeria and beyond.

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Members of the delegation include the Speaker of the House of Representatives, Tajudeen Abbas; the Deputy Senate President, Barau Jibrin; Kawu Ismaila; and Abubakar Kabir Bichi, who chairs the House of Representatives Committee on Appropriation. Also on the team are the Minister of Humanitarian Affairs, Bernard M. Doro, and the Director-General of the National Emergency Management Agency, Zubaida Umar.

President Tinubu had earlier spoken by telephone with Abba Kabir Yusuf, expressing his condolences to traders and residents of Kano over the devastating fire outbreak. He described the incident as deeply distressing, particularly as it occurred shortly after a previous fire destroyed dozens of shops and large quantities of goods at the same market.

The fire reportedly started on Saturday evening and raged into Sunday morning, causing extensive damage at Singer Market, widely regarded as Nigeria’s largest food market and a critical centre for the distribution of grains and foodstuffs across the country.

Concerned by the recurring nature of market fires, President Tinubu has directed a comprehensive investigation into the causes of the repeated incidents, with a view to strengthening fire safety measures, emergency response capacity, and preventive mechanisms in major commercial centres nationwide.

The Federal Government reaffirmed its commitment to supporting affected traders, safeguarding livelihoods, and working closely with state governments to prevent future disasters.

Singer Market Fire: Tinubu Sends Shettima, FG Delegation to Kano

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Omokri Alleges Possible Hacking in Obi–Oyedepo Audio Leak, Mentions el-Rufai

Published

9 hours ago

February 15, 2026

Trends Admin

Omokri Alleges Possible Hacking in Obi–Oyedepo Audio Leak, Mentions el-Rufai

Political commentator, Reno Omokri, has alleged that the controversial leaked telephone conversation between the presidential candidate of the Labour Party in the 2023 election, Peter Obi, and founder of Living Faith Church Worldwide, Bishop David Oyedepo, may have been the result of a coordinated hacking operation.

Omokri, in a statement shared on his verified social media handle, suggested that associates of a former Governor of Kaduna State, Nasir el-Rufai, could have had both the capacity and motive to compromise Obi’s phone and leak the conversation to the public during the heat of the 2023 presidential campaign.

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The leaked audio, which surfaced weeks before the presidential election, generated widespread reactions across political and religious lines, with critics interpreting parts of the conversation as religiously charged. Obi had, at the time, denied any wrongdoing and maintained that his comments were taken out of context.

In his latest remarks, Omokri argued that political phone hacking was not impossible in Nigeria’s political environment, adding that if high-profile communications could allegedly be breached, then the phones of political actors might also be vulnerable. He, however, did not provide evidence to substantiate the allegation.

Efforts to reach el-Rufai’s media aides for comments were unsuccessful as of the time of filing this report. There was also no immediate response from Obi’s camp regarding the fresh claims.

No security agency has publicly linked any individual or group to the leaked audio, and there is no official confirmation that the conversation was obtained through hacking.

Analysts say the renewed allegations reflect lingering tensions from the 2023 general elections and underscore growing concerns over cybersecurity and political misinformation in the country.

Omokri Alleges Possible Hacking in Obi–Oyedepo Audio Leak, Mentions el-Rufai

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Troops Arrest Suspected Gunrunner, Recover Six Machine Guns in Taraba Operation

Published

11 hours ago

February 15, 2026

Trends Admin

Troops Arrest Suspected Gunrunner, Recover Six Machine Guns in Taraba Operation

Troops of the 6 Brigade, Nigerian Army, operating under **Sector 3 of Operation Whirl Stroke, have arrested a suspected gunrunner and recovered a cache of weapons and related items during an intelligence‑led operation in Ibi Local Government Area, Taraba State.

The operation, which took place on 12 February 2026, was launched after credible intelligence alerted soldiers deployed at the Forward Operating Base (FOB), Wukari, to the presence of a suspected arms trafficker in the area. Following swift mobilisation, the troops intercepted and apprehended the suspect identified as Mr. Abubakar Ibrahim, a 48‑year‑old native of Barkin Ladi Local Government Area in Plateau State.

A statement issued on Saturday by Lieutenant Umar Muhammad, Acting Assistant Director of Army Public Relations for 6 Brigade, confirmed the arrest and the recovery of several items during a thorough search conducted at the scene.

Recovered items included:

6 x PKT machine guns
2 x 7.62mm special ammunition
Cash sum of One Hundred and Seventy Thousand Naira (₦170,000)
1 x Peugeot 504 vehicle
1 x Q Seven mobile phone
7 x bottles and wraps of perfume
2 x small containers of Vaseline

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The suspect remains in custody and is currently undergoing further investigations by military intelligence and law enforcement personnel.

The Army emphasised that the interception denied criminal elements the opportunity to proliferate illegal weapons within the state, contributing to broader efforts to combat insecurity and enhance public safety across Taraba and neighbouring states. Illegal arms proliferation has been a major driver of violence, including kidnapping, banditry and communal clashes, particularly in Nigeria’s Middle Belt region.

The Commander of 6 Brigade Nigerian Army/Sector 3 OPWS, Brigadier General Chukwuemeka Michael Akaliro, commended the vigilance, professionalism and swift response of the troops involved. He urged soldiers to sustain the operational tempo to ensure that the Brigade achieves the mandate assigned by the Chief of Army Staff (COAS).

He also appreciated the cooperation of local residents, noting that timely and credible intelligence from community members played a significant role in the success of the operation.

Brigadier General Akaliro called on members of the public to remain security conscious and to continue assisting security agencies with actionable information, emphasising that such cooperation has proven invaluable in cracking down on criminal networks.

“The Brigade remains resolute in its mandate to protect lives and property and to restore lasting peace and stability across Taraba State,” he stated, reaffirming the Army’s commitment to safeguarding civilians and curbing the flow of illegal weapons in the region.