Business
Naira Redesign: Traders Decry Sudden Disappearance Of New N200, N500, N1,000 Notes
Barely one month after the reintroduction of old N200, N500 and N1,000 notes, some residents of Anambra have decried the unavailability of the new notes in many banks in the state.
Some of them told the News Agency of Nigeria (NAN) in Awka on Monday that they hardly complete transactions with new naira notes because they were not available.
This is even after the old currencies had been mopped up from circulation by the Central Bank of Nigeria (CBN) and unavailable for use by citizens for about two months before they were officially pumped into the system on Dec. 15, 2022.
The residents said it was surprising that they had to return to and rely on the reintroduced old notes because the new notes which were to replace them were not in circulation.
READ ALSO: Naira Redesign: Farmers Ask FG For Compensation Over Losses
NAN Correspondent who monitored the situation reports that cash transactions were largely done with old notes.
Mr James Nnaeto said that he had not been able to withdraw as low as N5,000 new notes from any bank but had regularly been paid in old notes since banks resumed disbursing them.
Nnaeto said he had noticed sudden disappearance of the new notes following the reintroduction of the new notes in March.
According to him, we are back to our normal lives, thank God for the return of the old notes.
“Apart from when I used old notes to buy new ones and when I paid high charges to get them, I have not seen them again, even the banks are not issuing them.
READ ALSO: Naira Scarcity May Affect Private Business In Q1 – Report
“The CBN is not prepared for that Policy because there is nothing that suggests that they were ready to replace the old currency notes with new ones,” he said.
Mrs Angela Molokwu, a trader, said she was almost going out of business because of lack of cash.
Molokwu said business was gradually regaining stability since the reintroduction of the old notes which had made transactions easy.
She said she had to resort to Point of Sale (PoS) operator services which had its challenges including delayed and failed transactions but pointed out that such services did not make for easy retail sale transactions.
“Thank God cash is back, people now use cash to buy what they want but it is with the old notes, I am not seeing the new notes as it should be.
READ ALSO: Cash-induced Recession Imminent, Experts Warn As Naira Scarcity Persists
“If I go to bank for withdrawal, it is the old naira notes they pay me with,” she said
On his part, Mr Osita Obi, Convener of Recovery Nigeria Project (RNP), a Civil Society group, said the country’s economy would have grinded to a halt if the old currency notes were not returned to circulation.
Obi, who said the ratio of new notes to old ones in circulation was around 25 :75, regretted that in spite of the assurances of the CBN that it had printed sufficient quantity of the redesigned notes, Nigerians could not use them freely five months after.
According to him, CBN is not ready; they have a lot of explanations to make to Nigerians.
“Where are the new notes they said they printed, how come we have the old notes which were withdrawn and reintroduced more in circulation now?
READ ALSO: Naira Scarcity: Disobedience To Supreme Court Ruling May Cause Breakdown Of Law, Order – ACF
“The policy somersault was to much for Nigerians, it was unnecessary; what it means is that Nigerians would have been stranded by now if the old notes were not returned, so why were they returned in the first place?
“Government should not be taking citizens for a ride,” he said.
Prof. Uche Nwogwugwu of the Department of Economics, Nnamdi Azikiwe University, Awka said the CBN naira redesign policy could not be described as economic because it was not planned nor did the outcome result in improved welfare of citizens.
Nwogwugwu opined that it was more of political considerations which the Apex Bank and the Federal Government should also consider the outcome and weigh if it justified the hardship citizens passed through.
He said rather than shrinking the economy, the CBN should expand liquidity or cash in circulation to accommodate increased demands due to increase in number and volume of businesses and population.
READ ALSO: Nigeria Becomes 2nd Country In The World To Approve Malaria Vaccine
The economist said the Dec. 31 deadline for complete phasing out of the old naira notes may not be achievable if the attitude adopted for implementation of the policy five months after the introduction was sustained.
“I still cannot tell the reason for that policy, only the CBN can do that, but all I can say is that it is not economic, if it was, it should have been well planned and the outcome cannot be hardship, so it must have been political.
“Money in circulation can never be enough, our economy is growing, so people need more money to transact.
” The currency redesign Policy almost killed the economy, the informal economy almost went into extinction and after all that, we are back to where we were.
“The new notes are no where to be found, we have more of old currency today, people are worse off and the way things are going, it is unlikely that the Dec. 31 deadline will be met,” he said.
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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