News
Central Bank of Confusion: How CBN reversed itself on old notes
Someone who got there at 6am said he was given tag number 406, meaning over 400 persons were in the queue earlier.
A Kaduna resident, Badamasi Aliyu, said that he was forced to relocate to a hotel close to the CBN office the night before so he could get there early enough.
However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.
When the exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time, people were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.
The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.
“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.
“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.
“Kindly comply accordingly. Thank you,” the CBN memo addressed to Branch/Operational Managers of banks read.
To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.
Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.
Meanwhile, commercial banks had issued public notice to customers to bring old notes, with effect from Saturday.
“Dear Valued Customer,
This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.
“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.
However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.
He not only reversed himself but accused the media of spreading falsehood.
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.
“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.
While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.
A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”
A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.
“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.
Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line rang out.
By Okey Maduforo Awka
The Police Service Commission (PSC) has approved the promotion of the Commissioner of Police in Anambra State, Livingstein Ikioye Orutugu, alongside 12 other Commissioners of Police, to the rank of Assistant Inspector-General of Police (AIG).
The Commission also approved the promotion of 17 Deputy Commissioners of Police (DCPs) to the substantive rank of Commissioner of Police (CP).
In addition, the PSC approved the promotion of 93 senior police officers to their next ranks following their successful performance in the recently concluded written examination and oral interview conducted at the Commission’s Corporate Headquarters in Abuja.
The approvals were granted on July 1, 2026, at the PSC Corporate Headquarters in Abuja as one of the major resolutions reached during the Commission’s plenary meeting held the previous Wednesday.
Recall that CP Orutugu was appointed Police Commissioner and posted to Anambra state from the Zone 13 Police Command more than a year ago.
The Chairman of the Commission, DIG Hashimu Salihu Argungu (Rtd.), mni, while congratulating the promoted officers, urged them to remain truthful, transparent, and accountable in the discharge of their new responsibilities.
He further advised the officers to maintain the highest level of professionalism in the course of their duties, avoid involvement in civil disputes, particularly land-related matters, and remain mindful that there is life after retirement.
“Guard your reputation and integrity. Let your actions speak for you and not against you,” he said.
A founding member of the All Progressives Congress (APC), Mr Osita Okechukwu, has commended President Bola Tinubu for retaining His Excellency Kashim Shettima as Vice President for his second term.
Okechukwu, who is the former Director-General of Voice of Nigeria (VON), gave the commendation in a statement issued on Saturday in Enugu.
The APC Chieftain also advocated for the delegation of greater responsibilities to Shettima in overseeing the nation’s economic affairs.
Okechukwu said he was delighted that after all the speculation, rigmarole and political maneuvering surrounding the issue, President Tinubu graciously retained Vice President Shettima.
“May I commend President Bola Ahmed Tinubu, GCFR, for graciously retaining His Excellency Kashim Shettima as Vice President and humbly request that more powers be delegated to him to oversee economic affairs.
“I am making this humble appeal based on the fact that the economic reforms of President Tinubu have yielded significant gains at the macroeconomic stability level.
“However, hunger and poverty remain pressing challenges, which invariably require the urgent delegation of greater economic responsibilities to the Vice President, given his background in rural development and economic management,” Okechukwu said
The APC Chieftain recalled that the International Monetary Fund (IMF), godfather of neoliberalism and leading advocate of neoliberal economic policies, noted in its 2026 Article IV Consultation on Nigeria that the country requires more inclusive growth.
He quoted IMF as saying “approximately 63 per cent of Nigerians now live below the national poverty line”.
Okechukwu stressed that while the President’s economic reforms had improved key macroeconomic indicators, greater attention must be directed toward translating those gains into tangible improvements in the living standards of ordinary Nigerians.
“Shettima’s academic background in Agricultural Economics, experience in banking, and record in public service place him in a strong position to support efforts aimed at reducing poverty, promoting rural development, and ensuring that economic growth becomes more inclusive,” he added.
A Catholic priest from Nigeria who was on a pastoral mission to the United States of America has taken his own life after the expiration of his visa and following prevailing new visa policy of the USA.
Reverend Father Benjamin Okwy Madu (Father Ben) as he was fondly called by his parishioners, aged 54, took his own life Thursday evening, July 2, 2026 after he reportedly expressed unwillingness to go back to Nigeria because he had fallen in love with the community of Cape Ann, the city of North Shore including the parishioners.
Boston Archbishop Richard G. Henning sent a message to fellow priests confirming that Father Ben took his own life.
Local law enforcement and the Essex County District Attorney’s Office investigated the scene and noted that no foul play was suspected.
“Sincerely, it is not my wish to return home right now, but circumstances beyond my control have warranted that my time in the United States come to an end,” Father Ben wrote.
“My heart is broken, yet my joy remains. I will miss the home I found away from home… I will deeply miss the seaside, where I often drive to after Mass to call my family and hear about their Sundays.” he was reported to have posted a farewell message on the parish newsletter.
Father Ben, a 54-year-old Nigerian national from the Diocese of Abakaliki, had been serving as a beloved hospital chaplain and parish priest on the North Shore of Massachusetts since 2021.
His R-1 religious worker visa was expiring, and he was ordered to return to Nigeria. Just days before his death.
The Boston Globe reported that he had expressed deep fears about what would happen to him upon returning to Nigeria, where clergy frequently face severe perils, including violence and kidnapping
The outbreak is said to have spread across several ISWAP enclaves, exposing worsening sanitary conditions and the dwindling availability of medical care within the insurgents’ camps.
Security analyst Zagazola Makama disclosed the development in a post on X, citing intelligence sources familiar with the situation.
According to the sources, two other ISWAP fighters who contracted the highly infectious disease were allegedly executed by members of the group after efforts to treat them in Kimba village proved unsuccessful.
The incident is believed to reflect the increasingly difficult conditions inside the terrorist camps, where sustained military offensives have disrupted supply routes and severely limited access to medicines, healthcare and other essential resources.
Intelligence sources said the combination of poor hygiene, inadequate medical facilities and mounting operational pressure has left many of the insurgents vulnerable to disease outbreaks.
The sources further disclosed that military commanders have been advised to intensify efforts to intercept medical supplies and pharmaceutical products suspected of being destined for terrorist hideouts. Security officials believe cutting off access to healthcare supplies could further weaken ISWAP’s ability to treat injured or sick fighters and reduce the group’s operational capacity.
While the reports have not been independently verified, the development is seen as another indication of the mounting challenges facing the insurgent group as security forces continue sustained operations across the North-East.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.
“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.
As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.
The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.
During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.
Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
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