News
New naira: Confusion deepens as CBN deadline ends today
Nigerians, especially bank customers, were gripped with confusion and uncertainty over whether today’s deadline by the Central Bank of Nigeria for the phasing out of the old naira notes still remains or it has been suspended following the Supreme Court injunction obtained by some northern governors.
The Supreme Court had on Wednesday ruled that the deadline should be suspended pending the determination of the case brought before it by the governors of Kaduna, Kogi and Zamfara States.
The court has fixed February 15 to entertain the case. However, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, in a response to the suit later on Wednesday, among other things, said the Supreme Court lacked jurisdiction on the matter.
However, on Thursday, a day before the deadline, commercial banks in the country and bank customers were thrown into confusion as to whether the old N1000, N500 and N200 would cease to be legal tender by Friday (today) or will retain the status pending when Supreme Court will look into the suit brought before it by the governors.
Several top bank executives, who spoke on condition of anonymity, because they were not authorised to speak on the matter, said they could not tell whether the Friday deadline would be enforced.
They hinged their argument on the grounds that the CBN-the banking sector regulator-had yet to give directives to banks.
They also argued that the governors did not join banks in their suit.
When contacted, a top official of Access Bank, who would not want to be quoted said, “I cannot say yes or no. You know there is a court judgment so for now, there is a Supreme Court judgment and we have not received any further communication from the CBN on it.”
Another top source of Ecobank, while reacting to enquiries by The PUNCH said, “We don’t know what will happen yet. You know the deadline is Friday (today), so we will still collect old naira notes on Friday but after that, we don’t know what will happen.”
Furthermore, a top management official of Zenith Bank, who spoke to The PUNCH on condition of anonymity, said, “As it is now, Friday is the deadline but there is a Supreme Court judgment so, we don’t know what will happen. For now, there is no new circular from the CBN that there will be any extension.”
Also, an executive of Polaris Bank said the lender was awaiting communication from the CBN on the matter.
“As it is now, we don’t know whether Friday is the deadline for the phasing out of old notes or we need to wait till next week when the Supreme Court will sit on the matter,’” the official said.
Also speaking on the matter, a top executive of a tier-2 bank, said, “There has been no directive from the CBN on the matter, as to whether to stay with the February 10th deadline or not. As the situation is, new notes are not coming in from the CBN as they should.
“The banks only have a few old notes in their vaults which they can’t even pay out. Sadly, because of the paucity of new notes, some banks only load their ATMS once a day, instead of three to four times”.
POS operators cash-trapped
The development came as cash-strapped Point of Sale operators shut their businesses while several banks remained shut on Thursday.
Officials said Nigerians might face hard times over shortage of cash in the coming days as the situation worsened.
Some bankers claimed that the CBN had limited the volume of cash it distributed to banks.
Speaking on the condition of anonymity, the bankers revealed that the CBN could do more to alleviate the cash scarcity that Nigerians are facing.
One of the bankers, who spoke with our correspondent, said, “The CBN is hoarding supply to branches. They refused to release the new naira notes. Old lower denominations are what they are giving banks now but in low quantity.”
Another banker said, “Cash is limited. We know it’s all about financial inclusion but if people are unable to use their account for its original purpose and they want us to go all tech, there will be issues. Regarding cash supply, there’s more that CBN can do.”
Dismissing any notion of pressure, a banker said, “People are not moved by the CBN’s deadline. Unlike the last one when people were sure that if they deposited old notes, they would be able to get the new notes in a swap or N500m in old notes and get the same in the old notes. People are not moved. I haven’t seen anything to suggest people will comply but let’s see how tomorrow will be.”
Asked whether customers are bringing in their old naira notes ahead of the deadline, one of the bankers said, “No they are not. In fact, banks are begging customers to bring cash so they can have money to support cash activities.”
Another banker, who gave his name as Emese said, “The reactions have been mixed. There’s the Supreme Court ruling on the matter for instance.
“Customers are bringing in cash. The crowd isn’t that much but about 2 pm to 3 pm. today (Thursday), people started coming into the bank to deposit their cash.”
A banker in one of the leading banks added, “It is not what we expect but it is in line with the CBN cashless policy. It is not going to be a case of taking one trillion out of circulation and putting it back.”
The President, Major-General Muhammadu Buhari, (retd.) had on Friday last week, asked Nigerians to give him seven days to resolve the naira crisis.
But Nigerians on Thursday faced hard times as the crisis persisted. Traders and business owners have said that they would consider keeping their money at home rather than using the banks even when the naira scarcity that has hit the country abates.
For weeks, Nigerians have queued at empty automated teller machines and banking halls have been filled with customers barely able to get the amount of cash that they need.
Son of the late head of state and former Minister of Defence, Chief Thomas Aguiyi-Ironsi, in a letter of remembrance and solidarity written on behalf of the Aguiyi-Ironsi family to the Fajuyi family, marking the 60th anniversary of his death, said July 29, 2026, will be a solemn occasion to honour a soldier they described as “a war hero who offered himself as a sacrificial lamb for the unity and integrity of the nation.”
The family recalled that Lt Col Fajuyi, then Military Governor of the Western Region, made the ultimate sacrifice in 1966 when mutinous soldiers abducted him alongside Maj Gen Aguiyi-Ironsi in Ibadan during the military counter-coup.
They stated that Fajuyi, in a defining moment of conscience, chose honour over personal safety and refused to abandon his guest and superior, a decision the family said reflected the highest ideals of loyalty, integrity, and military brotherhood.
According to the statement, his action transformed him into a national martyr whose legacy continued to inspire unity, courage, and selfless service.
The Aguiyi-Ironsi family also expressed sympathy with the Fajuyi family, acknowledging the enduring pain of their loss, while praying for continued strength, comfort, and peace.
The statement further stated, “He did not run. He did not hide. He chose to stand. In that sacrificial decision lay the essence of his greatness.”
The family called on government institutions, military authorities, and custodians of national memory to ensure sustained recognition and support for the Fajuyi family, stressing that his sacrifice remained a national responsibility to remember and honour.
It urged Nigerians to draw inspiration from his life and death, noting that his legacy continues to challenge the nation to uphold unity, courage, honour, and selfless service.
Fajuyi was killed on July 29, 1966, during the military counter-coup in Ibadan alongside Aguiyi-Ironsi.
By Okey Maduforo Awka
The emergence of Chief Ikeagwuonu Ugochinyere as the Minority Leader of the Federal House of Representatives has been described as a vindication of the fact that the Action People’s Party (APP ) represents the collective interests of the Nigerian masses.
Recall that recently, Ugochinyere was elected as the Minority Leader of the party in a keenly contested election of the Federal House of Representatives.
According to a statement by the Chairman Anambra state chapter of the APP Chief Chijioke Okeke, Ugochinyere had been consistent in offering himself as the voice of the people and that of the voiceless.
“It did not come to us as a surprise that our great leader High Chief Ugochinyere became the Minority leader of the Federal House of Representatives because he has always been consistent and focus towards providing himself as the only vent for the masses at the Green Chambers”
“We know his pedegre as a politician as well as a leader and he has remained focus in ensuring that the voiceless are heard and this is also a vindication of our party’s unflinching desire to provide a veritable platform in a democratic process”
Okeke further stated that the fifth columnists who had attempted to deregister the party have been put to shame adding that the party shall continue to champion the interests of the Nigerian people.
“They made failed attempt at deregistering our great party but they lost sight of the fact that the APP is firmely rooted on ground and has all that it takes to drive the wishes and aspirations of the Nigerian populace and with this recent development our traducers have been put to shame and our party is on the path of further greatness “. Okeke noted .
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
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