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CBN Extends Old Naira Notes Deadline till February 10

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The Central Bank of Nigeria has extended deadline for the swapping of old naira notes till February 10, 2023.

The CBN stated this in a release on Sunday.

The apex bank said it added “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.

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This is according to the CBN governor, Godwin Emefiele.

He also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as “grace period.

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There has been pressure from many Nigerians and groups concerning the initial January 31 deadline for the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.

Emefiele said,  “Based on the foregoing, we have sought and obtained Mr President’s approval for the following: a 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for collection of more old notes legitimately held by  Nigerians and  achieve more success in cash swap in our rural communities after which all old notes outside the CBN loses their Legal Tender Status.

“Our CBN staff currently on mass mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives”.

A seven-day grace period, beginning from February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act, allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”

Emefiele also sought the cooperation of all Nigerians in the implementation of the policy.

The CBN, before bowing to pressure today, had yesterday (Saturday) insisted that the January 31 deadline for the validity of the old 200, 500 and 1,000 naira notes remained unchanged.

The apex bank, via its verified Twitter page, insisted on Saturday evening that the January 31, 2023 deadline remained.

Reposting a video of the CBN Governor, Godwin Emefiele, from a just concluded Monetary Policy Committee meeting, the apex bank said, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.

“Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies”.

The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”


NEWS

Ododo Donates N35m for Takete-Ide Town Hall Project

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From Joseph Amedu, Lokoja

Kogi State Governor, Ahmed Ododo has donated N35 million for the completion of the ongoing community Town Hall project in Takete-Ide Amuro, Mopamuro Local Government Area.

The governor also promised and reaffirmed his administration’s commitment to fix the Orokere-Ayede-Takete Ide road where the Owowo Bridge is located.

Ododo made the pledge over the weekend, at the 2026 Takete-Ide Amuro Centenary Celebration and Development Fundraising, where he was represented by the Speaker, Kogi House of Assembly, Rt.

Hon. Aliyu Umar Yusuf.

The governor described the centenary as a celebration of 100 years of history, heritage and the remarkable journey of Takete-Ide Amuro since its settlement in its present location in 1926.

The governor commended the community’s spirit of self-help, noting that its first primary school, secondary school and health centre were built through communal efforts before government intervention.

He said the ongoing Town Hall and Palace projects were important initiatives that will strengthen community administration and preserve traditional heritage, pledging government’s support within available resources.

“On a personal note, I have released funds of N35 million towards the completion of the Town Hall project as my personal contribution to the development of this community,” Ododo said.

On infrastructure, the governor said he was aware of the deplorable condition of the Orokere-Ayede-Takete Ide road, particularly the Owowo Bridge, which had been brought to his attention by his cabinet member from the area.

“Our engineers are assessing the situation and I want to assure you that we will attend to the road in due course. When we make a promise, we are committed to ensuring that it is fulfilled,” he assured.

Ododo urged youths to sustain the legacy of communal development, embrace education and entrepreneurship, and called on sons and daughters in the diaspora to invest in the community.

He also urged residents to cooperate with security agencies and provide credible intelligence to safeguard lives and property.

The Chief Host and Chairman, Central Planning Committee, Hon. Kingsley Fanwo, who is also Commissioner for Information and Communication, said the centenary marked 100 years since the community moved to its present location in 1926.

He called for unity, noting that the community achieved its early schools and health centre through communal efforts.

The Alamuro of Amuro Kingdom, HRM Oba Alfred Modupe Aiyedogbon, said the celebration provided an opportunity to showcase the culture of the people and draw government attention to challenges, especially the bad road and bridge.

He urged communities to embrace self-help, noting that the government cannot do everything, and called for peace, saying Amuro remains one of the most peaceful communities in Kogi.

The Baale of Amuro Kingdom, Chief Eric Fiki, said the week-long event was to honour past heroes, celebrate the living and raise funds to complete the town hall and palace projects.

Fiki said the community believes in self-help but still deserves government presence, adding that the community is fully in support of Gov. Ododo and President Bola Tinubu.

The National President, Takete-Ide Progressive Union (TIPU), Prince Richard Fiki, said the centenary was about heritage, peace, love and unity, aimed at promoting culture and attracting investment and government intervention in agriculture and other areas.

Highlight of the occasion was conferment of honorary chieftaincy titles on personalities for contributions to community development, cultural displays and presentation of gifts to the Special Guest of Honour.

One of the recipients, Chief Adekunle Abogun, the Gbobaniyi of Takete-Ide, said giving back to the community should not wait until one has billions, stressing that the government cannot do everything and individuals must support health, education and infrastructure.

The celebration brought together government functionaries, traditional rulers, lawmakers and sons and daughters of Takete-Ide Amuro at home and in diaspora.

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Business News

NELFUND Loan Improves Graduate’s GPA to 3.50

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A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

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Business News

FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

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The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

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