Business
Banks Run Out Of New Naira, Demand Soars
…Cashiers ration new notes, lenders allot N100,000 per teller in banks
…Suspicious customers snub new notes as local traders reject new currency
Mixed reactions greeted the disbursement of the new naira notes that officially went into circulation on Thursday with many bank customers demanding for the new notes while a few others snubbed the latest bills in banking halls across major Nigerian cities.
The newly redesigned N1,000, N500 and N200 bills finally became a legal tender on December 15, 2022, over three weeks after President Muhammadu Buhari unveiled them at the weekly Federal Executive Council meeting.
The CBN Governor, Godwin Emefiele, had on October 26 announced plans to redesign the N200, N500 and N1,000 notes, while also declaring that the old denominations would cease to be a legal tender by January 31, 2022.
Emefiele stressed that the redesigning of the local currency became necessary to tackle inflationary problems, currency counterfeiting, insecurity and other issues plaguing Nigeria.
He further noted that the currency redesign was aimed at controlling currency-in-circulation as well as ransom payments to kidnappers and terrorists.
A visit to banking halls in several cities across the country, especially in Lagos and Abuja on Thursday, it was observed that several bank branches had run out of the small quantities of the new notes allocated to them from their head offices as early as 12 noon.
Further findings revealed that several bank branches were yet to get their new note allocations with many bank officials informing our correspondents that the new notes were still being expected.
READ ALSO: Naira Redesign: CBN Issues New Cash Withdrawal Policy
In bank branches visited in Lagos, a number of the bank branches had run out of their new note allocations when The PUNCH visited the places. However, officials at some of the centres which still had the new notes told The PUNCH their allocations were very small.
An official of Access Bank Plc at the Ojodu branch in Lagos, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “Each cashier was given N100,000 of the new N1,000 bill for onward disbursements to customers seeking over-the-counter payments. We don’t have the other denominations of N500 and N200 yet. We don’t have enough supply of the new notes for now.”
Also, it was observed that the ATMs at the bank branch were dispensing only old naira notes.
Customers were also seen depositing the old bills over the counter, while cashiers were paying out more of the old naira notes at the centre.
However, in a few instances, the cashiers were seen mixing a few new naira notes with the old bills in their OTC payments.
Meanwhile, in some of the banking halls visited by The PUNCH, some customers snubbed the new notes due to reports that some local traders were rejecting them as legal tender.
READ ALSO: ICAN Identifies Five Challenges Of CBN Naira Redesign
As such, some of the bank customers refused to collect the new notes for over-the-counter payments.
Confirming the situation, a bank teller in Ogba, Lagos told one of our correspondents that, “Some customers have been rejecting the new naira notes whenever we give them; they said the new notes would not be collected from them in the market; they prefer the old notes.”
At the bank, a cashier told a customer demanding the new notes she had exhausted her allocation.
However, when the customer insisted on having his payment in the new notes, the cashier approached his colleague to demand for some.
“You are eager to get the new notes but many of the customers I attended to today refused to take it from me,” the cashier said.
Abuja banks
In the Federal Capital Territory, Abuja, only one of the 10 bank branches visited paid their customers using the new notes. Also, only one of the ATM centre dispensed the new naira notes among the several ATM galleries visited by one of our reporters in the FCT.
The PUNCH visited the Guaranty Trust Bank, First Bank Plc, Zenith Bank Plc, Taj Bank and Access Bank Plc situated at Jabi Garage and the Central Business District.
None of the tellers in the bank branches was seen paying their customers in the new notes via the counters.
However, only the Access Bank ATM in the area was seen dispensing new N1,000 and N500 notes.
The PUNCH observed that the ATM dispensed N1,000 in every N10,000 withdrawal.
At GTBank, Jabi branch, our correspondent observed that the ATM dispensed old N1,000 notes to customers.
At the counter of the same bank, a bank official who declined to give her name told The PUNCH that the new notes were not available.
She said, “No, you can’t make cash withdrawals of the new notes. The best we can do for you is to mix the amount you are withdrawing with old notes.”
When The PUNCH approached another official of the bank, she said OTC withdrawals were still being honoured in the old notes.
At the Zenith Bank, Jabi branch, an official asked our correspondent to come back on Friday or Monday for the new notes.
According to him, the new notes have yet to be distributed to the branch, adding they are hopeful it will get to the branch soon.
A customer was overheard complaining of not being able to get the new notes despite withdrawing a huge sum of money at the branch.
A similar scenario was witnessed at the First Bank and Taj Bank branches as officials said the new notes were not available when our correspondent visited the centres.
At Taj Bank, an official who refused to give his name, claimed the lender was disbursing the new notes to customers over the counter but not at its ATM stand.
However, as of 3:45pm when our correspondent visited the branch, only old notes were being given to their customers.
Lagos banking halls
Also, during a visit to some banks in the Ikotun-Egbe and Isolo areas of Lagos, it was observed that the ATMs were dispensing old notes.
A customer at First Bank ATM in Ikotun-Egbe said, “The ATMs are still not dispensing the new currency here, what we still collect is the old ones.”
A Point of Sale terminal operator in Igando area, who simply identified himself as Chibuike, said he could not get the new notes when he visited his bank earlier in the day.
READ ALSO: New Naira: Old Notes Expire Jan 31, No Extended Deadline – Emefiele
Also, when The PUNCH visited the First Bank branch at Yaba, Lagos, the ATMs were still dispending the old notes.
It was also observed that OTC payments were being made using the old notes.
A bank customer Mr James Oni, told our correspondent he was anticipating to see the new notes, adding that he could not get it in the banking hall.
Also, when FCMB branch on Matthew Street, Yaba, was visited, only the old notes were being dispensed from the ATMs while OTC payments were also done using the old currency.
Meanwhile, it was observed that several bank customers in Lagos and Ogun states could not access the new notes in their bank branches as of Thursday. However, others who were lucky got the new bills. Some customers expressed hope they would be able to see the new currencies in the coming days.
PUNCH
Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
READ ALSO:Full List: FG Releases Names Of 68 ambassadorial Nominees Sent To Senate For Confirmation
“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
READ ALSO: First Bank Releases Statement On Foiled Abuja Robbery Attack
“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
READ ALSO:JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000
19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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