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Naira Redesign: We’ve Collected N1.9trn Old Notes So Far, N500bn More To Go — Emefiele

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Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says N1.7 trillion worth of naira notes have been returned to banks so far — with N500 billion more to go.

He was silent on how much cash will be left outside the banking system with the naira redesign.

The bank on Sunday extended the deadline for the swap of the old notes for new ones at the commercial banks from January 31, 2023 to February 10.

Those who still have the old notes after February 10 will enjoy a seven-day “grace period” to deposit them directly with the CBN.

After February 17, the old notes will cease to be legal tender, the governor said.

In a press release on Sunday, Emefiele said: “Available data at the Central Bank of Nigeria has shown that in 2015, Currency in­ Circulation was only N1.4 trillion. As at October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking Industry and N2.7 trillion held permanently in people’s homes.

“Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.

“So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion.”

He said to achieve effective distribution of the new currency, the CBN has took a number of steps.

“We held several meetings with our Deposit Money Banks (DMBs) arid provided them with Guidance· Notes on processes they must adopt in the collection of old notes and distribution of the New Notes to all Nigerians. These includes specific directives to DMBs to load new notes into their ATMs nationwide to ensure an equitable/transparent mechanism for the distribution of the new notes to all Nigerians,” he said.

“We commenced a nationwide sensitization through the Print and electronic media to create an awareness on the redesigned notes to Nigerians including collaboration with the National Orientation agency to reach all Nigerians across multiple channels.

“We deployed 30,000 Super Agents nationwide to assist in our Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the Country to ensure that the weak and vulnerable ones amongst us can swap/ exchange their old notes.

“We deployed all our staff, particularly the Assistant Directors, Deputy Directors and Directors· in Abuja to proceed to all CBN branches Nationwide to join the mass mobilization campaign and monitoring programs, working with the Deposit Money Banks , agents and our Branch controllers across the 36 states of the Federation. This is meant to ensure compliance with all our guidelines already issued for smooth implementation of the program. Although we have received some reports of breaches by some bank branches, we have agreed with Executive Chairmen of the EFCC and ICPC to assist us, by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of these guidelines. The aim is to ensure compliance with the laid down guidelines.

“We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.

“Aside from those holding illicit/ stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.”

Emefiele thanked President Muhammadu Buhari, who he described as an “incorruptible leader”, for approving the naira redesign programme.

“I’ve just ended a meeting with Mr President. The purpose of the meeting is to provide Mr President with updates about the implementation status of the CBN currency redesign program currently going on across the Federation,” he said.

“First, I’d like to continue to thank Mr President for giving the CBN the approval to embark on this ambitious program because, like I had said in the past, the Central Bank of Nigeria hasn’t had the opportunity to embark on such currency redesign program in last 19 years and indeed, let me emphasize that only an incorruptible leader of the President’s stature can give such approval to the CBN.

“From the on-set (outset) of this currency redesign program, we made it clear that for 19 years, the CBN hasn’t been able to conduct this important aspect of its mandate, whereas this should normally have been be done within a 5-8 years window.

“Our aim is mainly to make our Monetary Policy Decisions more efficacious and like you can see; we’ve started to see inflation trending downwards and exchange rates relatively stable. Secondly, we aim to support the efforts of our Security agencies in combating Banditry and Ransom taking in Nigeria through this program and we can see that the Military are making good progress in this important task in Nigeria.”

BIG STORY

Lagos Ministry Demolishes Illegal Gatehouse After Attack On Workers [PHOTOS]

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The Lagos Ministry of Environment and Water Resources has commenced the demolition of an illegal gatehouse erected by the management of an estate on January 3, 2025.

The action follows repeated warnings from the ministry, which had earlier alerted the estate about the unlawful construction.

Sources revealed that the estate proceeded to build a soakaway system on the road immediately outside the entrance gate, despite several official warnings from the ministry.

This prompted the ministry’s task force to intervene on January 2, 2025, to dismantle the septic tank that was being constructed.

However, during the operation, workers from the ministry were reportedly attacked and locked up by the estate’s management.

In response to the harassment of its workers, the Lagos Ministry of Environment and Water Resources escalated its actions, directing the demolition of the illegal gatehouse on January 3, 2025.

The demolition is part of the ministry’s broader efforts to ensure that constructions adhere to legal and environmental standards.

Details later…

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BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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