COVER
Buhari Launches New Currency
President Muhammadu Buhari has unveiled the new naira notes of N1000, N500, and N200 at the Council Chamber of the Presidential Villa, Abuja.
The unveiling of the new redesigned notes took place yesterday shortly before the weekly Federal Executive Council (FEC), meeting presided over by President Buhari.
Speaking to State House correspondents after the brief ceremony, the governor of Central Bank of Nigeria (CBN), Godwin Emefiele said that in line with the global practice, the naira was supposed to be redesigned and re-issued between five and eight years.
He regretted that in Nigeria, the naira has not been redesigned for about 19 years now because of lack of political will from the previous leaders.
According to him, “In the past, I have to confess that attempts by the CBN to redesign and reissue the naira notes have been resisted. It is only President Muhammadu Buhari that has the courage to do so.”
Emefiele said it was the mandate of the CBN, to redesign and reissue the notes, assuring that henceforth, the exercise would take place after five to eight years.
“After today, the CBN will begin to redesign and reissue the naira for every five to eight years,” he said.
The CBN governor said that Nigeria has gone cashless and that security agencies would monitor people making withdrawal at the counter to know how much withdrawn and also monitor the usage of the money.
He said there was no need to insinuate that the policy was targeted at anyone.
Emefiele said that the CBN was determined in ensuring that the provision of the law on volume of money one should carry is followed.
“The world has moved to cashless economy and the CBN has moved to cashless economy. We will restrain the volume of cash someone will withdraw over the counter. We will follow up with the person’s data to know the reason for such withdrawal,” he said.
For those calling for extension of time for the usage of the old notes, the CBN boss said, “we will not go with people that want extension of time. From today, this currency that was re-issued will become a legal tender.”
He said there is no local government area in the country where there is no bank agent, adding that there is over one million point across the country that people should go and deposit the old notes.
He also assured that they new notes cannot be counterfeited because of the features in them.
The Governor of the CBN the practice worldwide is that currencies should be redesigned or replaced or reissued every five to eight years. But for Nigeria, we have not had the opportunity of redesigning and reissuing currency in the last almost 19 years.
The Central Bank of Nigeria by law has a mandate to reissue and redesign currency for the country and for Nigerian people, every five to eight years and he hoped that after the event of today, the Central Bank of Nigeria can just take it as part of its programmes to see to it that every within five to eight years, the currencies are designed or reissued.
“It is because mainly the central bank should be able to have control full of the size of currency in circulation, that is the sole mandate of the Central Bank of Nigeria, because it has implications for monetary policy management in the country,” Emefiele said.
According to him, there is no need for anybody to think that the this programme is targeted at anyone. Like you heard the President speak in the chambers, he said that this discussion to redesign and reissue this currency started earlier in the year.
In the past, the CBN governor said, “attempts by the Central Bank of Nigeria to redesign our ratio currencies have been resisted. And that is the reason I also read in my speech, that is only a president of the esteem and statute of President Muhammadu Buhari that could have done this. And I want to seize the opportunity to appeal to members of the public that there is no need for any insinuations, giving the impression that this is targeted at any individual there is no attempt at that. We are doing our work and we would continue to do our work.”
The CBN governor said that their policy of redesign and reissue is not targeted at anyone.
“But of course, we have the laws and we will indeed be more intense in ensuring that the provisions of the law and our cbn regulations about the size and volume of currency that people can carry, or hold or withdraw we will insist that this is done going forward,” he said.
“In other countries you will find, say in the US want to withdraw $10,000 from the counter, you will be interrogated, you will fill numerous forms, they will even track the use of that $10,000 cash that you are withdrawing or you want to withdraw £10,000 from the counter, they will refuse and if you insist then you will fill forms.
“There is no economy that is inbuilt thinking that it has to be cash economy. The world has moved away from predominantly cash to cashless economy and I think Nigeria and the Central Bank of Nigeria is prepared at this time to move towards a cashless economy and that is the reason why with the reissue of these notes, we will insist that cashless would be nationwide; we will restrict the volume of cash that people can withdraw over the counter.
“If you need to withdraw large volume of cash, you will fill uncountable forms. We will take your data, whether it is your BVN, your NIN so that enforcement agencies like EFCC or ICPC can follow you and be sure that you are taking that money for good purpose.
“We have to work as a country, Nigeria is the biggest country both in population and economy in Africa and we have to ensure that we do things the right way that also positions us as leader in Africa and one of the leading countries in the world. We must do things right and i think it would start from today,” the CBN boss explained.
On the call for extension of tender of the old notes, the apex bank governor said, it is in their minds when they said that the time is too short; adding that “we will not go with them on that destination.”
“What we are saying is this, we announced this programme October 26th, 2022 and we have said that from today, this currency that is reissued will be legal tender in Nigeria and all over the world wherever it’s going to be accepted. So we believe between October 26th, 2022 to January 31st, 2023, we believe that is more than 100 days. Like the president has said, if you have cash it should not take you more than 100 days to be able to deposit it in your bank and take whatever little quantity you need for use.
The CBN said they have made adequate arrangement, the banks have been told that they will keep their currency processing center open from Mondays to Saturdays even to late hours every day.
“We have also offered that the Central Bank of Nigeria currency processing centers across all 36 states including Abuja, 37, will be available to process cash from Mondays to Saturdays.
“It might interest us to know that on a daily basis, the deputy governor operations calls the banks, the CBN currency processing centers to find pit of there are queues or if there are some form of congestion about people depositing cash. There is none. We have also made available through our agency banking arrangement people in the villages can use POS and their stores to receive and pay cash.”
He disclosed that in 2018, we had 86,000 touch points of agency banking, as at October the number of those who have financial system touch points are 1.4 million, saying, “there is no local government that you don’t have agent bankers that can do this on our behalf. So it’s as good as saying we have over one million points or branches of banks where you can deposit or take your cash to. There is no reason for anyone to say he cannot access cash or be able to pay his take into a bank. So we are not going to go with those people on their journey to say that time is short. In our wisdom and the wisdom of Mr. President, time is not short, we have more than ample time to do so.”
The CBN governor boasted that these new notes cannot be counterfeited because of the security features in them, “nobody can counterfeit them. What you could only find will be people making photocopy of these notes. If you follow due process to check the authenticity of a currency, take them through the UV light, you will find that this currency cannot be counterfeited.
“The best you will find is photocopies. What I am trying to say is that to reduce that incidence of counterfeiting or photocopying, that is why we are saying the CBN must now without waiting every five to eight years must redesign and reissue these notes, so that those who think they can take advantage of the system by counterfeiting will know that the game is over for them,” he said.
Asked to disclose the how much has been mopped up so far by the apex bank, Emefiele said, “Those kind of volume we don’t like to disclose. Like we told you, N3.23 trillion is in circulation and out of that N2.72 trillion is outside the bank vault. And we will insist that those N2.72 trillion must return to the bank vault by January 31st, 2023. If you chose to hold it after January 31st, 2023 it will become useless in your hand that’s all.”
By Tony Obiechina, Abuja
The Federal Government has reaffirmed its commitment to strengthening Nigeria’s bilateral relations with Germany, with renewed focus on economic cooperation, investment promotion, energy partnerships, and the effective implementation of existing agreements.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this statement during a visit to the Ministry in Abuja on Monday by the Ambassador of the Federal Republic of Germany to Nigeria, Stefan Rössel.
The minister welcomed the ambassador and his delegation, expressing Nigeria’s appreciation for Germany’s longstanding partnership and support for the country’s economic reform programme, particularly in the early stages of implementation.
He recalled that when German Chancellor Olaf Scholz visited Nigeria, the Federal Government was pursuing significant economic reforms that required support from international partners, including Germany, the World Bank, the International Monetary Fund and the European Union.
The minister said Germany’s support has contributed to Nigeria’s progress in its reform efforts, adding that the country remains grateful for the cooperation and assistance it has received from its development partners.
He also acknowledged Germany’s role in facilitating high-level engagements between the two countries, particularly in trade, investment and energy cooperation, noting that discussions during the Nigerian President’s visit to Germany advanced talks on key energy agreements.
Senator Bagudu further commended Germany’s commitment to multilateral cooperation and international engagement, emphasising the importance of sustained partnerships to address evolving global economic and political challenges.
He noted that Nigeria and Germany had built a strong foundation for bilateral cooperation over the years, with significant opportunities to expand their partnership in areas that support economic growth and development.
The minister disclosed that discussions had covered cooperation involving €25 million and €300 million in export credit guarantees, identifying these as important areas for continued engagement as Nigeria seeks to expand investment opportunities and strengthen its capacity to utilise available resources effectively.
According to him, Nigeria’s reform efforts have created an opportunity to place greater emphasis on attracting investment, strengthening productive capacity, and translating international partnerships into tangible economic outcomes.
He assured the German ambassador that the ministry was prepared to work closely with the German government and its relevant institutions to deepen bilateral relations and broaden areas of mutual interest.
Earlier, Ambassador Rössel expressed appreciation for the warm reception he received, describing the relationship between Nigeria and Germany as strong and longstanding.
The ambassador, who arrived in Nigeria a few weeks ago, reaffirmed Germany’s commitment to building on the partnership’s achievements and to exploring opportunities for further cooperation.
He acknowledged that both countries were operating in an increasingly complex global environment characterised by evolving strategic, political and economic challenges.
Despite these circumstances, Ambassador Rössel expressed confidence that the longstanding relationship between Nigeria and Germany would provide a solid foundation for addressing emerging issues and sustaining mutually beneficial cooperation in the years ahead.
He also welcomed the ministry’s readiness to continue working with Germany, noting the importance of maintaining established partnerships while adapting to evolving circumstances.
In her remarks, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, congratulated Ambassador Rössel on his appointment, welcomed him to Nigeria, and expressed the ministry’s readiness to collaborate with him and with relevant German agencies.
She emphasised the importance of translating bilateral agreements and shared commitments into practical outcomes, noting that effective implementation remained critical to achieving the partnership’s objectives.
Dr Uzoka-Anite assured the ambassador that the ministry would continue to facilitate collaboration and support efforts to ensure joint initiatives progressed efficiently and delivered meaningful results.
The Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr Deborah Odoh, also welcomed the German delegation, describing Germany as a reliable partner whose technical expertise, knowledge exchange and experience had contributed to Nigeria’s development.
She said the ministry expects the ambassador’s tenure to create further opportunities to strengthen cooperation and to advance the longstanding relationship between the two countries.
The courtesy visit reaffirmed Nigeria and Germany’s shared commitment to sustaining bilateral engagement, deepening economic cooperation, and exploring opportunities for expanded investment and development collaboration.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.
The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna. The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
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