Business
CBN excludes Abuja, Lagos PoS operators from cash swap programme
The Central Bank of Nigeria has excluded mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme.
The Punch reports the development ahead of the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes.
It reports a Frequently Asked Questions document released to selected agents obtained on Monday that the CBN provides some guidelines for the cash swap programme.
According to the document, the only five banks approved for the programme are Access Bank, Zenith Bank, United Bank for Africa, First Bank of Nigeria and First City Monument Bank.
It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”
On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos State and FCT, Abuja). Lagos and Abuja agents are excluded from this.”
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The PUNCH also learnt that the agents are restricted from using the new notes for their regular transactions, only for the programme.
On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”
It added, “you must go to the bank you have informed operator (super agent/MMO/bank) of. That is where your agent details will be submitted to for verification when you get there to collect the new notes.”
Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.
The document added that the bank would also verify the agent’s picture and finger print.
The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.
It was also noted that why there is no restriction on how much a customer can deposit, only N10,000 can be released per customer under the cash swap programme.
The CBN also urged the agents to open a bank account or wallet for customers with bank accounts.
The PUNCH also learnt that an agent can only get up to N500,000 new notes weekly for the programme.
Also, each agent is expected to record all transactions performed with the new notes and submit the record to the operator (super agent/MMO/bank).
CBN threatens sanction
Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”
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In a memo by Moniepoint to their agents, agents were asked to collect BVN, NIN, or voter’s card details from customers paid new notes.
The memo read in part, “The Swap should be in the form of PoS withdrawals only of not more than N10,000 per person. Any withdrawal more than N10,000 per person should not be paid with new notes.
“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.
“You are to collect BVN, NIN or votes card details from customers paid with new notes for weekly submissions to the CBN.
“The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
The National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, told our correspondent that a proposed meeting with the CBN did not hold.
He further noted that the agents were still actively involved in the process and a framework had been provided to guide the programme.
The CBN when announcing the cash swap programme which began on Monday, noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.
It said agents might, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer framework. This, according to the bank, will ensure that this category of the populace (unbanked citizens) is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.
The CBN also directed agents to sensitise customers to opening wallets/bank accounts and the various channels for conducting electronic transactions.
A PoS agent (name withheld), who reached out to the executive members of the AMMBAN, noted that PoS agents were risking their lives in Kebbi to circulate the new notes.
He said, “Here in Kebbi State, the new notes are only in circulation within the Birnin Kebbi the state capital, and agents are doing their best to mop up the old notes, taking the risk of traveling with huge cash from rural areas to the state capital as most of the banks in Kebbi State has only one branch in the state capital while the few banks exist in the selected local governments are over-crowded.”
The AMMBAN president had earlier told the PUNCH that the issue of insecurity would likely affect the operations of some PoS agents, noting that some measures were also in place to safeguard the agents and the cash.
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Auto
Seven Drivers Emerge for Todays Naija Driver Challenge Grand Finale in Lagos
Seven Drivers Emerge for Today’s Naija Driver Challenge Grand Finale in Lagos
The maiden Nigerian Drivers Challenge will reach its climax on Tuesday, November 10, with seven finalists set to compete for honours at the National Stadium, Surulere, Lagos, in a contest aimed at promoting responsible driving, professionalism and improved road safety in Nigeria.
The grand finale, scheduled to begin at 9am, follows a nationwide response that saw 160 drivers register for the hybrid competition from 23 states of the federation.
The seven finalists emerged after preliminary assessments, including a proctored online Computer-Based Test (CBT), with participants required to attain a minimum pass mark of 60 per cent.
The final stage will feature practical driving assessments designed by the Lagos State Drivers’ Institute (LASDRI) to evaluate participants’ driving skills, vehicle control, road-use awareness and compliance with safety principles.
The eventual winner will be determined through a combination of CBT performance and practical assessment scores.
Organised to raise driving standards and promote safer roads, the Nigerian Drivers Challenge seeks to draw attention to the critical role of competent, disciplined and professionally trained motorists in reducing preventable road crashes.
The event is expected to attract representatives of government agencies, road safety institutions, automotive industry stakeholders, sponsors, the media and members of the public.
Speaking on the vision behind the initiative, Project Director, Adrian Egonu, said the encouraging response to the maiden edition demonstrated the need for platforms that promote responsible motoring.
“The Nigerian Drivers Challenge was conceived out of a conviction that safer roads begin with responsible, competent and professional drivers,” Egonu said.
He added that the initiative was more than a driving competition, describing it as a platform for raising road safety consciousness, improving driving standards and celebrating excellence behind the wheel.
The Project’s Head of Administration, Modupeola A. Elegba, also expressed satisfaction with the feedback from participants, particularly those who completed the training and CBT stages.
She said the positive responses, including participants’ appreciation of the knowledge gained on safe road use and the competition’s seamless online platform, had encouraged the organisers to expand the initiative in subsequent editions.
The organisers acknowledged the support of institutional partners, including LASDRI, the Federal Road Safety Corps and the Automobile and Touring Club of Nigeria.
Sponsors include Skinetics Aesthetics Skin Care Clinic and Med Spa, BUA Cement, Sovereign Trust Insurance Plc and AXA Mansard Health Ltd, while supporting organisations include the Lagos State Signage and Advertisement Agency, Lagos State Safety Commission, Lagos State Traffic Management Authority and Work and Play.
The public, stakeholders and members of the media have been invited to attend the grand finale.
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Auto
Four-day Abuja International Motor Fair begins tomorrow Nov 10
Four-day Abuja International Motor Fair begins tomorrow Nov 10
Nigeria’s automotive industry is set for a major convergence of manufacturers, investors, policymakers and technology players as the 26th Abuja International Motor Fair opens on November 10, 2026, at Eagle Square, Abuja, with a renewed focus on accelerating local production, investment and industry transformation.
The four-day exhibition, organised by the National Automotive Design and Development Council (NADDC) in partnership with BKG Exhibitions Limited, will bring together stakeholders across the automotive value chain, including vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies and government agencies.
A major highlight will be a three-day industry conference themed, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.” The conference is expected to examine critical policy directions, investment opportunities, local manufacturing and emerging technologies shaping the future of Nigeria’s automotive sector.
In a statement, BKG Exhibitions said the conference would feature contributions from industry leaders and experts across relevant sectors.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said NADDC Director-General, Otunba Joseph Osanipin, would deliver the keynote address, alongside presentations by leading figures in the automotive and transport industries.
Agwu said the fair would offer participants opportunities to engage policymakers, investors and business executives while exploring new vehicles, technologies, products and investment prospects.
Other attractions include the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic car displays and the Automotive and Future Mobility Arena.
The annual exhibition has established itself as a major platform for automotive business networking, product promotion and policy engagement, with this year’s edition expected to further advance conversations around investment, innovation, local production and sustainable industry growth.
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Railway
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
The Kano-Katsina-Maradi railway project has also reached 70 per cent completion, according to the APC Presidential Campaign Council.

President Bola Ahmed Tinubu has intensified efforts to complete major railway projects in Northern Nigeria, with the Kaduna-Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.
The All Progressives Congress (APC) Presidential Campaign Council disclosed this in a statement issued on Sunday by its spokesperson, Dele Alake, stating that the 203-kilometre Kaduna-Zaria-Kano railway project had attained approximately 90 per cent completion.
The council also announced that the 400-kilometre Kano-Katsina-Maradi railway project, which extends towards the Niger Republic, had reached 70 per cent completion.
According to the statement, the Kano-Katsina-Maradi project was barely five per cent complete when Tinubu assumed office in 2023, while the Kaduna-Kano railway had achieved less than 30 per cent completion.
The projects, described as part of the administration’s major infrastructure initiatives, are expected to improve transportation, strengthen regional connectivity and facilitate the movement of passengers and goods across Northern Nigeria and neighbouring countries.

The Kaduna-Kano railway is an extension of the existing Abuja-Kaduna Standard Gauge Railway and is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, linking major commercial centres in the region.
The council said the projects were recently inspected on the directive of President Tinubu by a Federal Government delegation led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi.
The delegation reportedly expressed satisfaction with the quality of construction, particularly the railway alignment, drainage infrastructure, embankment protection, stone pitching and soil stabilisation.
As part of the inspection, officials undertook a test-run journey by train from Jaji in Kaduna State to Kano to assess the completed track infrastructure and passenger comfort.
The statement added that Tinubu had directed the immediate resolution of outstanding land acquisition and compensation issues within Kaduna metropolis to facilitate the completion of the remaining railway corridor linking Abuja and Kano.
It further disclosed that the 190-kilometre Jaji-Kano section of the Kaduna-Kano railway, alongside the 250-kilometre Dawanu-Kano-Kazaure-Daura-Katsina section of the Kano-Maradi project, was scheduled for inauguration on December 3, 2026.
When fully operational, the Kaduna-Kano railway is expected to provide an alternative to road transportation, improve passenger movement and boost commercial activities along one of Northern Nigeria’s busiest economic corridors.
Similarly, the Kano-Katsina-Maradi railway is expected to strengthen cross-border transportation and trade between Nigeria and the neighbouring Republic of Niger.
The APC Presidential Campaign Council said the projects reflected Tinubu’s commitment to ensuring that ongoing infrastructure developments across the country were completed as scheduled.
Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%
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