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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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Court Dismisses Sowore’s Suit Against DSS, Meta

Published

13 hours ago

April 2, 2026

Trends Admin

Omoyele Sowore, publisher of Sahara Reporters and political activist

Court Dismisses Sowore’s Suit Against DSS, Meta

The Federal High Court in Abuja on Thursday dismissed a fundamental rights enforcement suit filed by Omoyele Sowore, publisher of Sahara Reporters and political activist, against the Department of State Services (DSS), its Director‑General, and Meta Platforms Incorporated (formerly Facebook). The court held that the suit, which challenged the removal of a social media post and deactivation of Sowore’s Facebook account, lacked merit, and awarded a total of ₦1.5 million in costs against him.

Justice Mohammed Umar, who delivered the judgment, explained that the suit failed on all key legal issues, including claims relating to fair hearing, freedom of expression, and freedom of association under the Nigerian Constitution. Sowore had alleged that Meta, acting on instructions from the DSS and its Director-General, removed his post on August 26, 2025, in which he referred to President Bola Tinubu as a “criminal”, and subsequently deactivated his account.

Sowore’s legal team argued that the removal of the post and account action violated his constitutional rights to fair hearing, free expression, and association. He joined the DSS, its DG, Meta Platforms Inc., Meta Platforms Ltd., and Facebook Nigeria Operations Ltd. as respondents in the suit. The case, marked FHC/ABJ/CS/1887/2025, sought declaratory reliefs against the respondents for allegedly infringing these rights.

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In his ruling, Justice Umar stated that the right to fair hearing under Section 36(1) of the Constitution applies only to proceedings before courts or tribunals, not to complaints made by non-judicial bodies or private platforms. The judge emphasized that Sowore’s claim on fair hearing was therefore not justiciable under the fundamental rights enforcement procedure.

The court also found that Sowore’s freedom of expression and association were not violated, noting that constitutional rights are not absolute and may be restricted to protect the rights and reputation of others. The judge clarified that the DSS’s complaint to Meta and the platform’s action to remove the post were lawful steps under existing policies, and did not constitute a violation of Sowore’s rights.

Regarding the reliefs sought, Justice Umar held that Sowore failed to prove that his constitutional rights had been or were likely to be violated, and that the reliefs were therefore unwarranted. The suit was dismissed in its entirety.

Following applications for costs by counsel to the DSS and its DG, as well as Meta, the court awarded ₦500,000 each to the DSS, its DG, and Meta Platforms, totaling ₦1.5 million to be paid by Sowore.

The case highlights ongoing debates in Nigeria over online freedom of expression, state interventions, and the role of global tech platforms in moderating content following complaints by government agencies. Sowore, known for his activism and political engagement, has previously been involved in legal disputes and protests concerning government accountability and free speech.

Court Dismisses Sowore’s Suit Against DSS, Meta

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Kano APC Chieftain Dies in Abuja Hotel Elevator Accident

Published

14 hours ago

April 2, 2026

Trends Admin

Abdulsalami Ginsau, the Assistant Organising Secretary of the All Progressives Congress (APC) in Kano State

Kano APC Chieftain Abdulsalami Ginsau Dies in Abuja Hotel Elevator Accident

Tragic details have emerged surrounding the death of Abdulsalami Ginsau, the Assistant Organising Secretary of the All Progressives Congress (APC) in Kano State, who died after being trapped in a faulty elevator at Chida Hotels in Utako District, Abuja. The incident occurred on Friday, March 27, 2026, during the APC national convention.

Ginsau, a respected lawyer and party stalwart, had travelled to Abuja to coordinate accommodation for APC delegates from Kano State. After settling the delegates, he checked into Chida Hotels, unaware of the malfunctioning elevator in the facility. Sources reveal that although 150 rooms had been booked, over 1,000 delegates arrived, overwhelming the hotel’s capacity. The hotel reportedly raised concerns over elevator safety, but these warnings were reportedly ignored.

In the early hours of Friday, Ginsau reportedly entered the malfunctioning elevator on the third floor. The lift shaft was empty, and he tragically fell, going unnoticed until the following day, when staff detected a strong odor, prompting a search that led to the discovery of his remains.

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The Utako Police Division confirmed the incident, stating that the hotel management reported the accident on Saturday, March 28, 2026. An autopsy and police investigation are ongoing to determine the circumstances surrounding his death.

The Kano State APC has called for a thorough investigation, alleging potential negligence by the hotel. Party leaders noted that Ginsau was in good health before the trip. A committee has been set up to work with security agencies to uncover the facts. The Kano State Government has also reached out to the family to ensure accountability and transparency.

Speaking for the family, Hamza Haladu described the death as “a complete shock,” highlighting Ginsau’s good health before the trip. The APC stalwart, known for his expertise in corporate, commercial, and property law, is survived by two wives and two children. His funeral is scheduled to take place in Kano on Thursday, April 3, 2026, in accordance with Islamic rites.

Ginsau held several leadership roles in the legal profession, including CEO of Ginsau & Sons and litigation work with Ginsau & Co. Advocates, specialising in labour, corporate, estate, and family law. Within the APC, he was a key strategist, playing a central role in party organisation in Kano State.

Kano APC Chieftain Abdulsalami Ginsau Dies in Abuja Hotel Elevator Accident

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VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

Published

14 hours ago

April 2, 2026

Trends Admin

VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

Controversial social media activist VeryDarkMan has fired back at politician and activist Omoyele Sowore following his criticism of the incarceration of cryptocurrency entrepreneur Blord. The case has ignited widespread discussion about identity theft, impersonation laws, and online accountability in Nigeria.

Blord, whose real name is Linus Williams Ifejirika, was remanded at the Kuje Correctional Centre on April 1, 2026, after being charged with criminal conspiracy, impersonation, and unauthorized use of VeryDarkMan’s identity for commercial purposes. Court proceedings have been scheduled to continue with Blord in custody until April 27, 2026.

The legal action arose after Blord allegedly used VeryDarkMan’s image without consent, including on promotional materials and advertisements, falsely presenting himself as a partner or endorser of certain businesses. VeryDarkMan claimed Blord even went as far as forging flight tickets in his name to promote events.

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In response to Sowore’s public condemnation of the case, VeryDarkMan took to Instagram to express disappointment that Sowore opted to speak publicly instead of contacting him privately. He warned Sowore against unauthorized use of his identity and threatened legal action if similar actions occurred.

“Dear Omoyele Sowore… because of the respect I have for you, if you had asked me to let it go, I might have,” VeryDarkMan wrote. “But instead, you chose to test your strength… On God, if you cross this path and use my face or name to promote any business without my approval, I, Martins Vincent Otse, will send you to prison… you might end up begging to discontinue the case.”

VeryDarkMan emphasized that the case highlights how wealth and influence do not place anyone above the law, pointing out that Blord—despite being perceived as well-connected—was remanded. This, he asserts, sends a strong message about the consequences of identity theft and impersonation in Nigeria.

Sowore, for his part, condemned the “celebration” of Blord’s incarceration, warning that the law should not be weaponized to target individuals. He pledged to work toward having the case dropped and Blord released, asserting that justice must be fair and impartial.

The dispute has sparked heated debates on social media, with some supporting VeryDarkMan’s strict stance on protecting personal identity, while others echo Sowore’s concerns about legal overreach and fairness. Observers note that the case has also raised questions about digital rights, online reputation management, and enforcement of impersonation laws in Nigeria’s fast-growing tech ecosystem.

As the case continues, it remains a flashpoint for discussions on law, online influence, and accountability, highlighting the challenges that arise when social media personalities, politicians, and entrepreneurs collide in Nigeria’s legal and digital spheres.