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NLC Protests: CBN To Flood Banks With Old Naira Notes

Published

3 years ago

March 23, 2023

The Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks.

This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.

The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.

On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday (today).

According to him, the CBN will also start releasing old notes to commercial banks from Thursday.

According to The PUNCH, Emefiele met with the chief executive officers of DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).

Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.

Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.

Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.

One of the bank CEOs at the meeting, who spoke on condition of anonymity, said, “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes. The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday. The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through.“

Top bank chief

The top bank chief added, “Also, the CBN will be cancelling cash withdrawal limits it put in place recently. This means that individuals can now withdraw up to N500,000 across the counter while corporate bodies can do N5m. The CBN is expected to release a circular to this effect later tonight or tomorrow morning (today). But effectively, things should be back to normal as far the cashless policy is concerned.”

Further findings by The PUNCH confirmed the CBN would begin to release the old notes into circulation by Thursday. It was also gathered that banks would begin to pay their customers the old notes immediately to ensure the cash circulate across the country.

According to reliable sources in the CBN, banks have been also been directed to report to the old offices to collect the old naira notes they deposited with the apex bank.

They noted that before the end of the week, the country would be awash with naira notes.

Meanwhile, a top source close to the CBN said the apex bank took the decision to avert the planned picketing of the CBN offices nationwide by supporters and leaders of the Nigeria Labour Congress.

NLC protests

Earlier, The PUCH had gathered that the NLC would on Wednesday picket the CBN headquarters and state offices in protest against the lingering naira crisis and fuel scarcity in the country.

The NLC President, Joe Ajaero, who disclosed this at a press conference on Wednesday, lamented that people’s hardships over the naira crisis had worsened.

The union had penultimate Monday issued a seven-day ultimatum to the Federal Government to address the scarcity of naira notes and fuel which had compounded the hardships being faced by Nigerians.

Though the CBN said then that it had complied with the Supreme Court judgment which directed that the old N200, N500 and N1000 notes should remain legal tender till December 31, banks have continued to ration the amount of cash issued to customers, indicating that they have not received cash supplies from the apex bank.

The three states of Kaduna, Kogi and Zamfara which sued the Federal Government over the naira redesign policy had threatened to file contempt charges against the Attorney-General of the Federation, Abubakar Malami, SAN and the CBN governor, Emefiele for not fully complying with the Supreme Court judgment.

Speaking at a press briefing in Abuja on Wednesday, Ajaero said the planned picketing of CBN offices became imperative following the apex bank’s failure to comply with the one-week ultimatum given to it to make cash available for Nigerians.

Ajaero explained that the union took the decision when it noticed that the situation appeared to be getting worse despite the Supreme Court order allowing the old N500 and N1000 notes to circulate with the new notes till December 31.

He directed all NLC’s affiliate unions and their state councils to begin mobilisation on Friday for the nationwide mass action, saying the Federal Government and the CBN have not shown any commitment to address the situation.

Giving an update about the ultimatum at the briefing which was held at Labour House, Ajaero said workers could no longer access cash to pay fares to their respective workplaces or buy food for their families.

He said, “Last week at the end of our CWC (Central Working Committee) meeting, we gave a one-week ultimatum for the Federal Government to address immediately, among other issues, the issue of cash crunch that was caused by the policy. As of this morning when the CWC met again to review the situation, we discovered that not much improvement has been made.

“The situation is still almost the same. People are still buying our currency with our currencies. People no longer have access to the currency and the government seems to be very adamant about this. No moves have been made to reduce the suffering of Nigerians.

One-week notice

“Consequently, the CWC-in-session resolved to go into the process of actualising the one-week notice. From Friday, there will be a mobilisation of all state councils through a NEC meeting. All unions have already been directed to mobilise all their organs and their branches.

“By Wednesday, next week, all Central Bank of Nigeria offices nationwide will be picketed. All central banks from the CBN headquarters will be shut till further notice. Workers are directed to stay at home and join in the picketing exercise.

“We call on Nigerians to understand the circumstances we are operating in. People will be telling you about the political situation. The political situation is self-inflicted and the economic situation is worse than the political situation because people cannot eat.”

The labour leader described the proposed demonstration as “total”, saying the workers have been pushed to the wall.

He added, “Workers can no longer go to the office and nothing is happening. So, we have been pushed to the wall having given one week (ultimatum) and we thought they could address the situation which is not addressed.

“We have decided to take our destiny into our hands. So, comrades, the mobilisation commences immediately and when we talk of action from Wednesday, it’s total; until further notice.’’

The labour leader explained that the lingering fuel scarcity and cash crunch were important issues for the NLC as they affected every Nigerian.

The Secretary-General of the National Union of Aviation Transport Employees, Ocheme Abah disclosed that the unions would comply with the NLC’s directive on the picketing action.

Responding to inquiries from The PUNCH, he said,” Yes, of course, we will comply as NLC directed. Yes, all the unions in all airports.

Meanwhile, the Acting Director of Corporate Communications at CBN, Mr Isa Abdulmumin, said he could not immediately comment on whether the CBN would be releasing the old notes to commercial banks.

He said the apex bank would communicate its position on the matter on Thursday.
PUNCH

Related Topics:#CBN Naira Scarcity old Naira

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Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

19 hours ago

December 9, 2025

Editor

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.

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

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

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

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

20 hours ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

6 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.