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CBN Speaks On Naira Notes Redesign, Says ‘We Had Limited Time’

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The Central Bank of Nigeria (CBN) has explained the reason for the “simplicity” of the naira redesign.

Ahmed Umar, director for currency operations, CBN, spoke at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.

Umar was represented at the event by Amina Halidu-Giwa, head, the policy development division, and currency operation department of the apex bank.

Last week, President Muhammadu Buhari unveiled the redesigned naira notes.

However, many Nigerians expressed dissatisfaction over the new notes, saying that the naira was only repainted, not redesigned.

Fielding questions about the simplification, Umar said the apex bank had limited time to tackle the problem of counterfeiting currency hoarding, among others.

“We want to solve a problem and we have limited time to do that,” NAN quoted Umar as saying.

“Redesigning is about change of colour or size. The ink itself is a security feature.”

Umar said that the redesign of the notes were long overdue, adding that the N1000 notes had been in existence for 17 years, N500 for 21 years, and N200 for 22 years.

The CBN director said that contrary to rumors that the apex bank would print other denominations apart from the redesigned N1000, N500, and N200, no other denomination would be printed.

He said the naira redesign would encourage many unbanked Nigerians to be included in the financial system.

According to him, it will discourage excessive cash-carrying and encourage other electronic transactions.

He said that when the unbanked population is fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.

“Naira redesign will also help in reducing cash management expenditures, give visibility and control, and would help the bank to know the volume of money in circulation,” Umar said.

”It will also help in fighting counterfeiting and money laundering.”

BIG STORY

UBA Hosts Global Leaders At UNGA 2025, Launches Whitepaper On Unlocking Africa’s Potential

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Africa’s Global Bank, United Bank for Africa (UBA) Plc is set to make a bold statement on the global stage as it will be gathering world leaders, policymakers, and investors and other private sector players at the forthcoming 2025 United Nations General Assembly (UNGA).

This year’s gathering at the UNGA, which is the 80th Edition, will be held between September 15th and September 25th, and as always, UBA Group has mapped out series of engaging activities to spotlight Africa’s opportunities and foster high-level dialogue with global leaders towards boosting the continent’s potential.

A key part of the event, will be the UBA’s unveiling of a ground-breaking whitepaper that presents actionable strategies for unlocking Africa’s vast economic potential, as part of the bank’s mission to drive sustainable growth across the continent.

The whitepaper, a first-of-its-kind initiative by a leading African financial institution at UNGA, titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, will highlight opportunities in trade, infrastructure, digital innovation, climate finance, and inclusive growth.

By providing a roadmap for collaboration between Africa and the global community, UBA aims to position the continent not just as a beneficiary of investment, but as a critical driver of future global prosperity.

Apart from the Whitepaper launch, other activities of the group will include the Business Council for International Understanding (BCIU) Roundtable to be hosted by UBA America, as well as the annual UBA Reception.

The reception will convene world leaders, policymakers, and influential business executives who will be involved in critical dialogues on investment and development across the continent.

UBA’s Group Chairman, Tony Elumelu, emphasized the strategic importance of these dialogues, explained that over the past few years, UBA has become an active leader in conversations and activities that will drive tangible investments to the continent.

“These conversations are fundamentally different from previous discussions because they will be followed by feasible and actionable decisions. UBA will actively work to implement these outcomes for the benefit of the continent, as committed partners in Africa’s development and sustainability,” Elumelu noted.

Continuing, he said, “’The United Nations General Assembly is the largest and most official gathering of world leaders, and we cannot let such an opportunity pass without major African players like UBA taking centre stage to bring these leaders together and showcase Africa’s potential.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who remarked on the upcoming event, especially the whitepaper’s significance, emphasized the need for more private organizations and players to demonstrate their commitment to the continent’s development through concrete action and proven capabilities.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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BIG STORY

Iyan Olodo: The City Pulse Lounge Revives Authentic Yoruba Dining In Ikeja

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The City Pulse Lounge, a branch of The City Pulse, has introduced its flagship dish Iyan Olodo in Ikeja—a freshly pounded yam served in the traditional manner with pure palm wine in calabash style.

The experience is designed as more than just food; it’s a return to cultural roots. At the lounge, guests can hear yam being pounded live (unless it’s a pre-order), and the atmosphere is steeped in Yoruba tradition. On weekends, the venue hosts live performances featuring Juju, Fuji, Gospel, and other cultural arts, turning dining into a celebration.

“Ayoyemi Mojoyinola, popularly known as Ayo Mojoyin, founder of The City Pulse Lounge, said he created Iyan Olodo ‘to bring back the memories of our forefathers in the villages’.” He explained that, as a journalist-turned-hospitality entrepreneur, he wanted to preserve Yoruba culture by replicating how elders used to eat yam with fresh palm wine.

The new dish has already drawn several A-list personalities. Patrons include Chief Bestman Nze (President of Team Nigeria), celebrity journalist Otunba Femi Davies (founder of Metronews Nigeria), realtor Otunba Olayinka Ogundipe (‘Ultra’), and broadcaster Adebisi Adewusi (DebisiKonga). Videos featuring these influencers enjoying Iyan Olodo are being shared, fuelling its cultural buzz.

Menu prices include Iyan with Fish / Bokoto / Ogufe at ₦4,000; Iyan with Assorted & Ponmo Ijebu at ₦5,500; Iyan with Fresh Fish is priced at ₦10,000. Pure, natural palm wine (not mixed) costs ₦2,000 per bottle. Eat-in only; takeaway or delivery incurs extra packaging/dispatch fees.

Iyan Olodo is served daily from 1:30pm to 8:00pm, with pre-orders allowed for earlier or later service. The lounge is located at The City Pulse Lounge, inside Lagos Television, Plot 1 Lateef Jakande, Agidingbi, Alausa, Ikeja.

The City Pulse Lounge plans to expand Iyan Olodo soon to Ogun State and the Federal Capital Territory, with those plans already underway.

For Nigeria’s Independence Day, a special Iyan Olodo promotion will run from October 1-5, 2025. Official details are expected to be announced on September 25.

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BREAKING : DSS Files Charge Against Sowore, Facebook, X Over False Claim Against Tinubu

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The Department of State Services (DSS) has filed a five-count charge against Omoyele Sowore, politician and activist, at the Federal High Court in Abuja over his online remarks directed at President Bola Ahmed Tinubu.

Sowore, who disclosed the development on Tuesday through his social media handles, said the charges arose from posts where he described the President as a “criminal.” The DSS reportedly cited this label, alongside other content shared on the social media platform X (formerly Twitter), as evidence for what the activist described as “novel” and politically driven offences.

“I have somehow committed a set of ‘novel’ offences they invented and spread across five counts,” Sowore wrote, adding that the charges also implicated the platforms X and Facebook. The activist noted, however, that the legal consequences for the companies remain uncertain.

Observers and critics have condemned the move, describing it as a further clampdown on free expression and political opposition in Nigeria. Sowore, who was the presidential candidate of the African Action Congress (AAC) in the 2015 general election and convener of the #RevolutionNow movement, insisted that he would appear in court whenever the case is assigned for hearing.

“It’s hard to believe there’s anyone sensible left in these offices that should be making Nigeria work,” he added.

As of the time of filing this report, the DSS has not issued any official statement on the matter. Legal experts and civil society organisations are expected to follow the proceedings closely, given the potential implications of the case for political speech and digital rights in Nigeria.

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