Economy
UPDATED: Nigerians at Crossroads Over Old Naira Notes Deadline as CBN Website Goes Off
By Aduragbemi Omiyale
Residents of Nigeria are currently at a point where they must make a decision quickly on what to do with the old Naira notes in their possession.
The Central Bank of Nigeria (CBN), in October 2022, announced that it was redesigning the N200, N500, and N1,000 currency notes. It then gave January 31, 2023, as the deadline to swap the old notes for new ones. This was later moved to February 10.
On Wednesday, February 8, 2023, the Supreme Court granted an interim injunction sought by the Governors of Kaduna, Kogi, and Zamfara States to force the federal government to suspend the implementation of the old Naira notes deadline and fixed Wednesday, February 15, for hearing of the matter by the Governors, who want the old and new banknotes to co-exist until the former is naturally phased out of circulation.
The deadline for the return of the old currency notes ends today, and the CBN is yet to make any announcement on what the next line of action would be.
There have been reports that the apex bank may not obey the court order because it was not joined in the suit and that the dispute is between the federal government and the state governments.
But the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, was quoted as saying on Thursday that the government would adhere to the directive of the apex court.
“The order was granted by the Supreme Court, and the order was to lapse on Wednesday, which is the day of the hearing. With that position in mind, we have taken steps to file an objection challenging the jurisdiction of the court to entertain the matter.
“Jurisdiction on the grounds that when you talk of monetary policy regardless of the characters they take, the central bank is an indispensable and a necessary party for that matter.
“What we have at hand is a situation where the Central Bank is not joined as a party, and if the central bank as an institution is not joined as a party, the position of the law is clear that the original jurisdiction of the Supreme Court cannot be properly invoked.
“So, we have given consideration to diverse issues, inclusive of the issue of jurisdiction and come Wednesday; we will argue the case from that perspective amongst others.
“I think what we are talking about is not whether the ruling is binding or not binding; we are talking about what we intend to do.
There is no doubt the fact that the ruling of the Supreme Court, regardless of the prevalent circumstances, is binding and then within the context of the rule of law, you can equally take steps that are available to you within the context of the spirit and circumstances of the rule of law.
“What we are doing, in essence, is compliance with the rule of law both in terms of obedience to the ruling and in terms of challenging the ruling by way of putting our own side of the story, putting across our case, challenging jurisdiction.
“So, the issue of obedience to the ruling of the Supreme Court is out of it we are wholeheartedly in agreement that naturally, we are bound by it and will comply accordingly, but within the context of compliance, we shall challenge the ruling by way of filing an application seeking for it to be set aside, it is all about the rule of law.
“The rule of law provides that there has to be obedience to the judgment and orders of the Supreme Court; the rule of law provides that when you are not happy with a ruling, you can file an application for setting aside and in compliance with the rights and privileges vested in us as a government we are equally looking at challenging the order and seeking for it to be set aside,” the AGF said when he appeared on Arise TV.
As of Thursday night, the website of the CBN had not changed the deadline for the old Naira notes from February. However, at the time of filing this report, the platform was done with the error message “Service Unavailable. HTTP Error 503. The service is unavailable.”
At the moment, some Nigerians with old currency notes do not know what to do, but they have an escape route provided by the central bank. The bank had earlier given them a grace period elapsing February 17, to return their banknotes to the CBN through their banks.
UPDATE:
The CBN website is now back online. We were informed that the platform went live again at about 9:00 am, a few minutes after our article was published.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has formally issued an operational licence to an insurance technology (insurtech) company, CBI Partnering Insurtech Limited.
It was the first issued by the regulator in Nigeria, and it is aimed at opening up the sub-sector of the underwriting industry to boost innovation and services.
This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.
The licence was presented during a formal handover ceremony, where the commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.
In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, highlighted the agency’s ongoing efforts to align Nigeria’s insurance industry with global best practices.
He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.
He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the commission.
Mr Ekerete further emphasised that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests.
He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.
While formally presenting the licence, he stated, “This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain.
“We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct.
“NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”
In response, the Managing Director of CBI, Mr Suleiman Olalekan Ajani, expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:
“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange ended the first trading day of the week on a positive note, with a 0.39 per cent appreciation on Monday, May 25.
The positive vibe raised the market capitalisation of the trading platform by N10.11 billion to N2.571 trillion from last Friday’s N2.561 trillion, and lifted the NASD Unlisted Security Index (NSI) by 16.89 points to 4,298.17 points from the previous 4,281.28 points.
Business Post reports that the bourse recorded three appreciating securities and one depreciating stock at the close of transactions, with the sole price decliner being 11 Plc, which lost N23.43 to sell at N221.10 per share compared with the preceding session’s N244.53 per share.
Central Securities and Clearing System (CSCS) Plc gained N3.78 yesterday to trade at N74.85 per unit versus the previous price of N71.07 per unit, NASD Plc improved its price by N2.86 to N37.36 per share from N34.50 per share, and FrieslandCampina Wamco Nigeria Plc grew by 33 Kobo to N180.00 per unit from N179.67 per unit.
The volume of trades jumped by 153.1 per cent during the session to 59.2 million units from the preceding session’s 590,339 units, but the value of transactions fell by 37.9 per cent to N59.3 million from the N95.3 million achieved last Friday, and the number of deals contracted by 10 per cent to 27 deals from 30 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc also closed the trading day as the most traded equity by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended in the green territory on Monday after it chalked up 0.57 per cent on the back of renewed buying interest in financial equities.
The local stock exchange witnessed the insurance and the banking counters closing higher by 0.54 per cent and 0.08 per cent, respectively, amid profit-taking in the others. The energy index shed 1.77 per cent and the consumer goods sector depreciated by 0.26 per cent, while the industrial goods industry was flat.
At the close of business, the All-Share Index (ASI) went up by 1,412.65 points to 251,125.02 points from 249,712.37 points, and the market capitalisation soared by N906 billion to N160.983 trillion from N160.077 trillion.
Investor sentiment was bullish yesterday after Customs Street ended with 35 price gainers and 30 price losers, indicating a positive market breadth index.
Airtel Africa surged 10.00 per cent to N3,655.70, International Energy Insurance advanced by 9.68 per cent to N3.74, Sovereign Trust Insurance went up by 9.65 per cent to N2.50, Caverton rose by 9.63 per cent to N7.40, and VFD Group gained 9.55 per cent to close at N10.90.
Conversely, McNichols lost 10.00 per cent to finish at N7.20, The Initiates dropped 9.91 per cent to trade at N30.45, Learn Africa slipped by 9.69 per cent to N11.65, Zichis crashed by 7.93 per cent to N30.98, and May and Baker declined by 6.60 per cent to N46.70.
During the trading day, market participants transacted 629.4 million shares worth N40.9 billion in 82,434 deals compared with the 711.9 million shares valued at 29.1 billion traded in 62,386 deals last Friday, implying a decline in the trading volume by 11.59 per cent, and a rise in the trading value and number of deals by 40.55 per cent and 32.14 per cent, respectively.
Access Holdings was the busiest equity for the session with a turnover of 61.3 million units valued at N1.5 billion. Zenith Bank traded 37.9 million units worth N5.0 billion, Fidelity Bank sold 35.8 million units for N851.2 million, Japaul exchanged 24.7 million units valued at N90.9 million, and Tantalizers transacted 22.8 million units worth N103.2 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn