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All Naira Notes Remain Legal Tender, No Plans To Withdraw The Old — CBN

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The Central Bank of Nigeria (CBN) has said it is not withdrawing any of the banknotes it has issued thus all banknotes remain legal tender.

This has put to rest speculations in certain quarters that the apex bank is planning to withdraw some banknotes from circulation. Thus, both the old notes and the new notes are still legal tender.

A statement by Dr. Ilsa AbdulMumin, the Director, Corporate Communications indicated that CBN is not withdrawing the old notes from circulation.

It was gathered that some traders have been hoarding the new notes following speculations the old notes will be withdrawn.

The CBN statement read: “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country. There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.”

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007” the statement said.

Accordingly, the statement indicated all “branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.”

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities” the CBN assured.

“Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment” the statement concluded.

BIG STORY

Lagos Lawmakers Call For Financial Autonomy For Local Government Legislative Arm

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Members of the Lagos State Assembly have called for financial autonomy for the legislative arms of the Local Governments (LGs) and Local Council Development Areas (LCDAs) throughout the state.

The call was made at Plenary session on Tuesday, September 16, presided over by the Speaker, Rt Hon Mudashiru Obasa.

The motion, titled “Call for Financial Independence for the Legislative Arms of Local Government Areas and LCDAs in Lagos,” was introduced by Hon. Sanni Babatunde, the Chairman of the Committee on Local Government Administration, Chieftaincy Affairs, and Rural Development.

Hon. Babatunde underscored that the legislative arm at the local level plays a crucial role in Nigeria’s democratic framework, bearing constitutional responsibilities for law-making, oversight, and constituency representation.

Contributing to the discussion, Hon. Obafemi Saheed highlighted that the 1999 Constitution emphasizes the separation of powers, asserting that granting autonomy at the local level would enhance representation, oversight, and independence, aligning it with practices at the state and federal levels. He argued that such measures would foster good governance at the grassroots.

Hon. Temitope Adewale, OON, who supported the motion, stressed that councilors perform functions comparable to those of state legislators. He expressed concern that many council leaders often face undue influence from local government chairpersons due to their financial reliance. He proposed that training for local government legislative leaders should involve cooperation between the Ministry of Local Government and the Lagos State House of Assembly.

Further insights were shared by Hon. Bonu Solomon, who commended President Bola Ahmed Tinubu for providing financial autonomy to local governments through direct allocations from the federation account, which has reportedly improved their operational efficiency. He insisted that similar financial independence should also be granted to local legislative bodies.

Hon. Aro Moshood added that empowering local government legislatures is essential for effective governance, suggesting that lawmakers should actively observe local legislative sessions to understand the issues faced by councilors without autonomy.

The lawmakers decided to urge Governor Babajide Sanwo-Olu to instruct the Ministry of Local Government, Chieftaincy Affairs, and Rural Development to formulate a strategy for the independent financing of Legislative Councils within Lagos State.

Speaker Obasa echoed the importance of financial independence for councilors to effectively perform their oversight roles. He noted the increased allocations to local governments and emphasized the need to empower grassroots legislatures to maintain proper checks and balances for the benefit of the citizens.

The House resolved to instruct the Commissioner of the Ministry of Local Government, Chieftaincy Affairs, and Rural Development to prioritize ongoing training and capacity-building programs for councilors in financial management, budgeting, and legislative practices. They also urged the Ministry to pursue the enactment of a self-accounting law that would secure financial autonomy for the legislative arms in all local governments and LCDAs.

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Customs Automates Clearance Of Overtime Cargoes, Extends Window To 120 Days

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The Nigeria Customs Service (NCS) has introduced an automated clearance system for overtime cargoes and extended the clearance window to 120 days in a bid to enhance trade facilitation across the country.

Bashir Adeniyi, comptroller-general of customs, announced the development on Monday at a sensitisation programme held in Lagos for stakeholders on the new system. The stakeholders included consignees, brokers, terminal operators, and customs officials from Zone ‘A’.

According to Adeniyi, the initiative is designed to tackle delays associated with abandoned consignments and reduce the number of extension requests, which currently make up nearly half of daily correspondence to his office.

“We have created a help desk at the headquarters to prioritise clearance of project cargoes belonging to government agencies,” he said. “Importation is critical to Nigeria’s economic development, and our goal is not just to generate revenue but to ensure goods reach their owners quickly and efficiently.”

‘Automation ready for deployment’

The customs chief disclosed that less than one percent of cargoes arriving at Nigerian ports in 2024 were classified as overtime. He expressed confidence that the new system would cut that figure to zero.

He also pledged continued sensitisation to ensure a seamless transition, while urging shipping companies, clearing agents, and terminal operators to provide feedback to further improve the system.

Adeniyi explained that while some consignments were deliberately abandoned, others faced delays due to network challenges. “The overtime cargo automation programme is fully developed and ready for deployment,” he said.

Assistant comptroller-general of customs, Isah Umar, said the e-clearance platform would simplify procedures, improve transparency, minimise human interference, and strengthen data integrity for both imports and exports.

He added that the system would automatically document cargo disposals and harmonise records through the Single Goods Declaration (SGD) platform.

Aliyu Abdulkadir, chief superintendent of customs, pointed out that under the Nigeria Customs Service Act 2023, overtime cargoes can be disposed of after 120 days. Perishable and inflammable goods, however, may be auctioned immediately through e-auctions or other approved means to avoid accidents.

Also speaking, Ibrahim Muhammed, assistant comptroller of customs, clarified that cargoes are classified as overtime after 30 days. If unresolved, clearance requests are escalated from the area controller to the zonal level and, ultimately, to customs headquarters. He described the new framework as transparent, efficient, and accountable.

Similarly, Muhammed Babadede, zonal coordinator of Zone ‘A,’ hailed the NCS as the most digitalised customs administration in West and Central Africa. He commended Adeniyi for pushing reforms through automation and said the innovation would further modernise port operations.

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BIG STORY

Adron Homes Launches Lemon Friday Plus Promo 2025 With Discounts, Flexible Payments, And December Rewards

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Adron Homes and Properties has announced the official launch of its Lemon Friday Plus Promo 2025, an exciting opportunity for Nigerians to own land at discounted rates while enjoying mouth-watering rewards this festive season.

This year’s edition allows customers to begin their homeownership journey with an initial deposit as low as ₦50,000 and spread payments over multiple instalments. Subscribers also enjoy a 30% discount on land purchases with the option to clear the balance conveniently over 24 months.

Adron Homes’ estates are carefully designed to provide residents with the best of modern living, featuring adequate power supply, good road networks, functional drainage systems, CCTV, 24-hour security, recreational centers, shopping malls, and green spaces that promote healthier lifestyles.

The promo covers estates across Lagos, Ogun, Oyo, Ekiti, Abuja (FCT), Nasarawa, Plateau, Osun, and Niger States, giving prospective homeowners multiple location options in rapidly developing communities.

Promo Rewards by Category:

• BRONZE (₦300,000 deposit): 25kg bag of Rice + 2 Chickens + Vegetable Oil OR Home Theatre.
• SILVER (₦500,000 deposit): A Goat OR 50kg Bag of Rice + 3 Chickens + Vegetable Oil OR Rechargeable Fan.
• GOLD (₦1,000,000 deposit): A Goat + 50kg Bag of Rice + Palm Oil + Garri Ijebu OR 2 Bags of 50kg Rice + 4 Chickens + Palm Oil + Garri OR Washing Machine.
• DIAMOND (₦3.5M deposit on estates above ₦20M before discount): A Cow OR Double-Door Fridge.

Adron Homes has consistently bridged the home ownership gap in Nigeria by introducing flexible and convenient payment plans that allow more families to become homeowners. With initiatives like Lemon Friday Plus, the company is breaking down financial barriers and creating sustainable pathways for Nigerians to secure their future through real estate.

Promo Duration

• Instalment payments for initial deposits run from 7th July to 31st November 2025.
• The promo officially ends 6th January 2026.

“The Lemon Friday Plus Promo is our way of making December unforgettable for our customers,” said Adron Homes’ management. “We are not only offering affordable land ownership, but also giving families gifts that make the festive season brighter.”

Adron Homes invites all aspiring homeowners, investors, and families to take advantage of this limited-time opportunity to own property with flexible payment plans and rewarding bonuses.

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