News
Naira crisis: Banks shun CBN directive, collect old N1,000, N500
Naira crisis: Banks shun CBN directive, collecome Deposit Money Banks on Saturday opened their branches to customers for the purpose of collecting old N500 and N1,000 notes for deposit into their accounts.
On Friday, the CBN had ordered banks to start collecting the old N500 and N1,000 notes from members of the public and pegged the maximum amount they could collect from individuals at N500,000.
The CBN swiftly issued a counter statement signed by the Director, Corporate Communications, Osita Nwanisobi, saying it did not give such a directive.
The banking regulator stated, “The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised 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 re-circulate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”
When one of our correspondents visited Access Bank in Oregun, Lagos, the branch was attending to customers who had succeeded in filling the required form from the CBN portal, and collecting the old N500 and N1,000 from them.
The CBN had opened a portal on its website and mandated all those willing to return their old notes to fill a form and generate a reference code.
An official at the Access Bank branch explained to Sunday PUNCH, “We are only collecting deposits of the old notes from those who have filled the form and generated the code. If you don’t have a code, you cannot enter because you will not be attended to. We have been open since 10am and will close by 2pm.”
When asked how many times a customer could come and deposit, he said, “You are required to bring all the deposits at once and it must not be more than N500,000.
“If it is more than N500,000, you have to take it to the CBN and we can collect it only once from you because the deposit will be linked to your BVN.”
At Zenith Bank on Isaac John Street, Ikeja GRA, customers also came to deposit their old N500 and N1,000 notes before the bank closed by 2pm.
A security guard said, “If you don’t have a reference code, you cannot enter.”
He explained how to generate the reference code saying, “You have to go to the CBN website to register on the portal. Some people don’t know how to do it, but they have been going to cybercafés to generate the code. That is when you can deposit and it must not be more than N500,000.”
The GTBank at Olowoira in the Ojodu area of the state was also attending to depositors when one of our correspondents visited on Saturday.
A security guard, who refused to disclose his identity because he was not authorised to speak on the matter, said, “We have closed already, but some people are still inside the banking hall. We closed at 1pm and only those that had the code were allowed in.
“Some people came but because they did not have the code, we did not allow them in because it is mandatory. Those who had the code before 1pm were allowed in and some of them are still inside now, but we have closed for today to those that are just coming.”
Some depositors seen outside, however, expressed disappointment over the confusing information by the CBN over the collection of the higher denominations.
A man told our reporter “I have N480,000 that I want to deposit but I heard yesterday (Friday) that the CBN said it did not direct the banks to collect the notes, so I stayed at home.
“Later when someone called me that he was able to deposit the old notes, I rushed to the bank but was told that they had closed for the day.
“This is unfair because the information did not circulate. People were just saying all sorts of things. It is not fair coming here now and I cannot even enter the bank.”
Another woman standing outside the bank, Florence Ogundeji, said, “I thought it was not true until I got to the bank. It was then that I had to go and look for how to generate the code and when I came back, they did not allow me in. I have been standing outside.”
At the Polaris Bank branch at Olowoira, the security guards said the collection of the old notes was fake news and the bank did not open to the public.
However, a young man who was standing in front of the bank and spoke with our correspondent on condition of anonymity said, “I heard that we can deposit our N500 and N1,000 notes and that is why I am here.
“I have N170,000 with me but they are telling me that they are not collecting it.”
When Sunday PUNCH visited the UBA at Ojodu, an official of the bank said, “People have been coming to deposit their old notes, but we could not attend to them today because even if they have their code, our bank does not have the pin to verify the code.
“It is true that they can deposit the old N500 and N1,000 notes, maybe if our bank is able to get the pin by Monday, we will begin to collect the notes.”
The Federal Commissioner representing Kaduna State at the National Population Commission (NPC), Hon. Sa’adatu Garba Dogonbauchi, has presented letters of permanent and pensionable appointment to three youths drawn from different local government areas of the state.
The presentation, according to a statement issued by Dogonbauchi, is aimed at expanding employment opportunities for young people and supporting youth empowerment in line with the Federal Government’s development objectives.
The beneficiaries are Shamsuddeen Abdulaziz Bagi from Igabi Local Government Area, Abdulfatah Abdulwakil from Kaduna South Local Government Area, and Aisha Adamu from Birnin Gwari Local Government Area.
Speaking during the presentation, Dogonbauchi described the appointments as more than an administrative exercise, saying they provide beneficiaries with an opportunity to build sustainable careers in public service while improving their economic prospects and contributing to national development.
She said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises employment generation, economic empowerment and improved living standards for Nigerians.
The NPC commissioner expressed appreciation to President Tinubu for the opportunity to serve and represent Kaduna State, pledging to continue supporting programmes that create opportunities for young people and strengthen public institutions.
She also acknowledged Kaduna State Governor Uba Sani, Speaker of the House of Representatives Abbas Tajudeen, and Hon. James Abiodun Faleke for their support, which she said contributed to her appointment and service.
Dogonbauchi urged the new employees to discharge their duties with discipline, integrity and professionalism, while adhering to public service rules and serving as worthy representatives of their communities.
She congratulated the beneficiaries and encouraged them to justify the confidence reposed in them through excellence, accountability and dedication to public service.
Hon. Obi Aguocha, member representing Ikwuano/Umuahia North/Umuahia South Federal Constituency in the House of Representatives, is facing mounting criticism and backlash over his video in which he is seen singing and vibing to a sexually vulgar and demeaning song against women.
In the video, which is currently making the rounds online and in Ikwuano/Umuahia WhatsApp groups, Aguocha is clearly seen singing and enjoying the Ogele cultural song, whose lyrics reduce women to objects of sexual gratification.
The footage was reportedly recorded at a public gathering that had families in attendance, including children, a detail that has intensified the backlash.
The song, performed in the Ogele cultural music tradition associated with communities in Abia State, has sparked outrage among women and women’s groups who say the lyrics are not just vulgar but deeply degrading.
“This is not culture. This is humiliation dressed in tradition,” said Mrs. Ngozi Ibe, a women’s leader in Umuahia North. “We have watched the video. The words used against women in that song are not the kind of thing any serious leader should be associated with. A lawmaker representing our constituency should be defending our dignity, not promoting content that strips women of it.”
Another woman, a trader in Umuahia South who identified herself simply as Madam Grace, said the video had caused deep anger among market women.
“We heard about it and we watched it. Many of us were shocked. You cannot claim to represent women and then be seen singing and vibing to a song where women are being insulted in the most vulgar way. We are not laughing. We are insulted,” she said.
A coalition of women’s groups in the constituency, under the aegis of the Ikwuano/Umuahia Concerned Women’s Forum, also issued a statement condemning the video.
“The lyrics go beyond ordinary expressions of affection. They employ vulgar sexual references that reduce women to objects and make our sexuality the subject of degrading entertainment. For a serving federal lawmaker to be seen actively singing and enjoying such content is a serious indictment on his judgment and his respect for the women he claims to represent,” the group said.
The women’s forum also expressed concern over the presence of children at the event.
“What message does it send to our children when a leader they look up to is seen celebrating a song that reduces women to sexual objects? This is not the kind of example we should be setting for the next generation,” the statement added.
“Ogele is our heritage. But heritage is not a licence for vulgarity. Culture should uplift, not humiliate. We call on Hon. Aguocha to explain his involvement in this video and to apologise to the women and families of Ikwuano/Umuahia,” the group said.
The controversy raises questions about the judgment expected of a public officeholder and the appropriateness of associating with content that many women and families could reasonably find offensive and humiliating.
Aguocha has not responded to requests for comment as of press time.
News
National Assembly Receives Proposals for New LGAs as Lagos Seeks 37, Akwa Ibom Missing from Lis
The National Assembly has reportedly received proposals for the creation of additional local government areas (LGAs) across Nigeria, with Lagos State seeking 37 new councils, while Akwa Ibom State is conspicuously missing from a published list of submissions.
The proposals, according to a report by The Insight Lens Project, cover various communities across the country’s six geopolitical zones and reflect demands for administrative restructuring, improved grassroots representation and better access to government services.
However, the complete list of submissions has not been independently verified, and the proposals do not constitute approval for the creation of new local government areas.
In the North-East, the reported requests include Bidoma and Michika South in Adamawa State, Boi-Tapshin in Bauchi, Banki in Borno, Cham in Gombe, Gudi in Yobe and Wukari in Taraba State.
In the North-West, the proposed areas reportedly include locations in Jigawa, Piriga in Kaduna, Dankama in Katsina, as well as Moriki and other communities in Zamfara State.
The North-Central zone also features in the reported submissions, with proposals covering Agasha and other communities in Benue State, alongside several areas in Kogi, Kwara, Nasarawa, Niger and Plateau states.
In the South-East, the list includes Abiriba in Abia State, proposed councils around Obosi in Anambra State, several communities in Ebonyi State and numerous proposed local government areas in Imo State.
The South-West proposals reportedly include Eso-Obe and Gbonyin in Ekiti State, Ogijo and other areas in Ogun State, as well as additional proposed councils in Osun and Oyo states.
Lagos State stands out with a reported request for 37 new local government areas, although the published report did not provide the names and proposed boundaries of all the councils.
In the South-South, the reported proposals include Akassa and other communities in Bayelsa State, Ughievwen in Delta State, several areas in Edo State, and Ataba, Evo and Alesa in Rivers State.
Cross River State is also listed, with proposed councils around Mbube and Calabar. Akwa Ibom State, however, has no clearly identified entry in the published list, raising questions about whether the state submitted proposals or was omitted from the report.
Constitutional Requirements
The creation of new local government areas is governed by Section 8 of the 1999 Constitution of Nigeria, which prescribes a series of procedures involving consultations, a referendum, legislative approval and the submission of relevant records to the National Assembly.
The constitutional process must be completed before newly created councils can be recognised and reflected in the relevant constitutional schedules.
Consequently, proposals submitted by states or communities do not automatically translate into legally recognised local government areas.
The reported development comes amid broader constitutional review efforts by the National Assembly. In October 2025, the legislature reported receiving 278 requests for additional local government areas and 55 proposals for the creation of new states.
Nevertheless, the specific state-by-state submissions contained in the latest published list, including Lagos State’s reported demand for 37 additional councils and the absence of Akwa Ibom, remain subject to confirmation through official National Assembly records.
The proposals, if confirmed, could reopen discussions on administrative boundaries, grassroots governance and the constitutional procedures required for the creation of additional local government areas in Nigeria.
By Okey Maduforo, Awka
The Mayor of Onitsha North Local Government Area of Anambra State, Ezennia Emelie Ibekwe, has issued a stern warning to traders and residents against indiscriminate dumping of refuse and blockage of drainage channels, threatening sanctions against those who fail to comply with sanitation directives.
Ibekwe, who handed down the warning during an inspection of Ajasa Market, expressed displeasure over the deteriorating environmental conditions in parts of the commercial city, describing the situation as unacceptable and detrimental to healthy living and business activities.
During the inspection, the Mayor observed that refuse and other waste materials generated from market activities were being dumped into drainage channels, obstructing the free flow of water and exposing traders, residents and their properties to flooding.
“This practice contributes to flooding whenever it rains, putting traders, residents and their properties at risk.
“An environment of this nature is not conducive to business and healthy living. It does not speak well of a commercial city that houses one of the largest markets in sub-Saharan Africa,” he stated.
Consequently, Ibekwe directed traders and other persons responsible for the blocked drainage channels to ensure their immediate clearance, giving them until the following day to comply.
He further announced that he would return to the market for another inspection to ascertain the level of compliance with the directive.
“People should be alive to their responsibilities by ensuring a clean and healthy environment. Government alone cannot handle this effectively without the active participation of residents and traders.
“I am going to come back here to see what you have done,” he warned.
The Mayor stressed that the sanitation directive was not restricted to Ajasa Market but extended to all markets within Onitsha North Local Government Area.
He consequently charged market leaders to take responsibility for enforcing environmental sanitation regulations within their respective markets, warning that the council would no longer tolerate practices capable of worsening flooding and environmental degradation.
“It is not only Ajasa Market but all the markets in Onitsha North Local Government Area. Market leaders should ensure that this directive is not compromised,” Ibekwe declared.
The Speaker of the Cross River State House of Assembly, Rt. Hon. Elvert Ayambem, has commissioned a community market in Afi, Ikom II State Constituency, as part of his commitment to sustainable development and improved living conditions in rural communities.
The project, facilitated and completed by the Speaker, was identified as one of the priority needs of the community following consultations by the Constituency Needs Assessment Team established by Ayambem to evaluate infrastructure and identify projects that would directly benefit the people.
The team was mandated to identify critical infrastructure capable of improving the livelihoods of residents and promoting sustainable economic growth across the constituency.
According to community members, the absence of a suitable trading environment had been a major challenge for years, forcing traders to conduct business under harsh weather conditions, including rain and intense sunshine.
Speaking on behalf of the community, the village head, Chief Etta Ekawor, commended Ayambem for the intervention, describing the market as a miracle and a blessing that would transform the fortunes of the people.
In his remarks, Ayambem expressed appreciation to the Cross River State Governor, Senator Bassey Edet Otu, for his continued support for people-oriented projects and development initiatives across rural communities in the state.
He also thanked the people for their patience, support for his leadership and commitment to the All Progressives Congress (APC).
The Speaker was accompanied by the member representing Yala I State Constituency, Hon. Brian Odey; the Vice Chairman of Ikom Local Government Area, Hon. Maurice Ndome; and the Assistant Financial Secretary of the APC in Cross River State, Hon. Akanya Agbor.
Other stakeholders from Nde Ward who attended the commissioning included the former Vice Chairman of Ikom Local Government Area, Hon. Asinya Ntan, and the Community Relations Officer, Hon. Abang Neji.
Matthew Okache
Chief Press Secretary to the Speaker
October 22, 2026
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