Business
Naira Redesign: Farmers Ask FG For Compensation Over Losses
The All Farmers Association of Nigeria has appealed to the Federal Government to compensate farmers for losses recorded during the implementation of the Central Bank of Nigeria naira redesign and subsequent cash crunch.
The farmers made the plea in an interview with the News Agency of Nigeria on Saturday in Lagos while reviewing the impact of the policy on food production and agribusiness.
They said that the compensation became necessary to encourage farmers to return to the farms.
The farmers said the compensation could be inform of grants, inputs, fertiliser and farm implements.
They added that it would enable them to meet the food production target already set for 2023.
Dr Femi Oke, AFAN’s Chairman Lagos and South-West Zone, said a lot of their members were affected during the implementation of the policy, thereby disrupting farming activities.
READ ALSO: Men Arrested For Printing Fake Naira, Dollar Notes
According to Oke, the cashless policy and naira redesign policy of the Federal Government in February affected farmers seriously.
“From what we have seen and heard so far, the loss recorded during the period is huge and on the high side, especially for our members that are into livestock, poultry and piggery and processors.
“If we are to quantify these losses, it runs into billions of naira that we have lost during this period.
“The poultry farmers were the most affected, it was just like the period of the COVID-19 which we experienced in 2020. We pray never to have a repeat of the COVID-19 again because it was a great loss.
“We also discovered that many farmers could not pay their labourers and this became a huge problem.
“Majority of the farms are situated in the rural areas where there is little or no presence of commercial banks so they had to travel long distance and spend more money in order to buy naira from Point-of-Sale operators to pay the farm workers,” he said.
READ ALSO: Naira Gains Against Dollar At Investors’ Window
Oke said it was a great problem because many of the farm workers rely on daily payment because they don’t have bank accounts.
“Many farmers could also not transport their farm produce such as pepper, vegetable and other perishable items to the market due to lack of cash and patronage from customers.
“The situation led to loss of farm produce right before the eyes of the farmers. It was a sad sight to behold.
“There’s nothing more agonising, discouraging and painful than watching your farm produce and hard work go to waste without any solution,” he noted.
Oke urged the FG to compensate for all these losses caused by the ill-timed policy.
“We want the Federal government to take action by assisting us with grants with interest rate as low as five per cent.
“Giving us grant is one way to solve these mirages of problems affecting food production now,” he added.
READ ALSO: NLC Protests: CBN To Flood Banks With Old Naira Notes
Oke urged the CBN to liaise with the Federal Ministry of Agriculture and AFAN on policy formulation and information dissemination to farmers.
“We have said it times without number that the CBN should not be dealing or dictating to farmers directly.
“CBN should work with the Federal Ministry of Agriculture and the umbrella body of farmers, which is AFAN, on issues affecting farmers.
“CBN should desist from dealing directly with them to avoid misinformation and misrepresentation,” he said.
Oke, however, urged farmers not to relent or be discouraged by recent happenings in the economy but to go back to the farms and support government policies to boost food production and self-sufficiency.
“Be rest assured that the incoming government will do a lot for farmers,” he added.
READ ALSO: Naira Redesign Strangulating Nigerians, Northern Elders Warn CBN
Also speaking, Mrs Adewunmi Malik-Adeola, a livestock and crop farmer, urged the FG and CBN to engage farmers in future to prevent needless losses recorded during the implementation of the naira redesign policy.
Malik-Adeola noted that there was poor information about the policy in the rural areas where majority of the farmers reside.
She lamented that information on the policy’s modalities, take off and implementation was not available.
She added that concerned stakeholders must be educated on government policies to prevent loss of investment which could lead to sickness or even death.
“We are stakeholders and we need to be carried along whenever a new policy is been introduced.
“One of the reasons why the programme failed was due to lack of information and how farmers and the general public can prepare ahead.
“It really destroyed a lot of our farming activities during the period, especially the livestock, our birds and eggs.
READ ALSO: Naira Scarcity May Affect Private Business In Q1 – Report
“It came as a shock to everyone because this is something we have never experienced in the history of this country.
“The damage had been done; government must look for how to compensate us for all our losses.
“Government should release money for us to meetup with demand, we need financial assistance, inputs and grants,” she said.
Mrs Abimbola Francis-Fagoyinbo, Secretary, AFAN in Lagos, described the impact of policy on her business as devastating.
Francis-Fagoyinbo, a cassava processor and packaging farmer, said that a lot of her produce were destroyed due to poor sale.
She urged the government to come up with programmes that would ameliorate the damage in the sector.
“Right now, as I speak, some of our farmers in the farm are calling me that the garri they have processed there’s nobody to buy it and the ones they have lost they cannot recover the money.
READ ALSO: Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist
“There is no sale and transportation; the cashless policy of the Federal Government really affected farmers.
“As a cassava farmer, whether you like it or not, once it is time to harvest your cassava, you must harvest it, you cannot not leave it longer than necessary or else, you will lose it.
“We are looking at our market on the ground and we are not selling them and they are going bad because we cannot keep garri for too long,” she lamented.
Francis-Fagoyinbo said that the price of garri had increased due to the naira redesign policy.
“Smallholder farmers rely on the profit they make on their produce and turn it over.
“We also paid a lot to manual workers on our farms, we have to buy money to pay them cash because they don’t accept monetary transfer.
“At the end of the day, everything was a waste, what we paid double for, we could not sell them.
READ ALSO: Cash-induced Recession Imminent, Experts Warn As Naira Scarcity Persists
“Right now, the price of garri is going up and not coming down because they have made great losses in the past.
“We were buying money to operate our farms so it has affected us.
“Right now, the Federal Government should come up with a programme that will at least assist the farmers.
“Government should empower us with inputs, chemicals, fertilisers and tools,” she said.
Mrs Latifat Ajani, a fishery and crop farmer, said the policy and its implementatiom should be properly studied before reintroducing it.
“It was a very serious issue for my family and I. There was no business or market during the period and I lost some of my fish in the process because fish cannot stay long.
“I was able to survive through the help of my children, there was no sale, my money was trapped with customers and in the banks.
“It was not a good experience for me because I could not buy feeds to feed the fish, transfer was not going through, everything was a disaster. So, I lost many of my investment in the process.
“Government need to support and compensate us for all our losses,” she said.
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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