Economy
FG, CBN’s Silence Create Confusion as Traders, Supermarkets, Others Reject Old Naira Notes
By Dipo Olowookere
The inability of the federal government and the Central Bank of Nigeria (CBN) to give a direction on the old Naira notes, which the apex bank earlier said would cease to be legal tender in the country from February 10, 2023, is creating confusion.
Business Post gathered that in Lagos, some traders, supermarkets, eateries and others now reject old Naira notes; N200, N500, and N1,000. They insist on collecting the redesigned currencies or being paid through the Point of Sale (POS) machine.
At one of the prominent eateries on the Egbeda-Idimu Road in the Egbeda area of Lagos, customers expressed bitterness over the refusal of the management of the facility to accept payment with the old notes on Friday night.
“I wanted to pay for the food I bought, but I was told they would not accept the old currency notes except the new ones. I had to use my debit card to pay through their POS machine,” one of the customers, Mr Aigbe James, told this reporter.
Recall that on Wednesday, the Supreme Court granted an interim injunction sought by the Governors of Kaduna, Kogi, and Zamfara States, to stop the implementation of the deadline of the currency swap policy of the central bank.
The Governors claimed that the policy was making residents of their states go through untold hardship as it was already causing protests in some parts of the country.
The apex court ruled that the status quo should be maintained until the matter is heard next Wednesday. This meant that the old and new notes should be allowed to co-exist until a final judgement is given.
On Friday, an emergency Council of State meeting was conveyed by President Muhammadu Buhari to discuss the policy and others, including the general elections starting in two weeks’ time.
Briefing newsmen after the meeting, the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, said the council threw its weight behind the policy but advised the CBN to print more banknotes or recirculate the old Naira notes to ease the cash crunch in the country. He also said the government was advised to obey the Supreme Court order, meaning the deadline will no longer be applicable.
But some banks sent messages to their customers yesterday, informing them that the deadline remained February 10.
“The old designs of N200, N500 and N1000 will no longer be accepted as legal tender after today, February 10, 2023. Deposit your old notes now at any of our branches,” one of the banks stated.
At the Ikeja area of Lagos State on Saturday, some traders at the popular Computer Village refused to accept the old notes.
It was a similar story in Maryland as a few supermarkets visited by this reporter rejected the old Naira notes, insisting on the new currency notes or card payments.
Those who spoke with this newspaper stressed that their refusal was because the government was yet to speak on the deadline and do not want to lose their money.
When reminded that the CBN had earlier said after the deadline, Nigerians could still deposit their old notes till February 17, the respondents said they just want to be on the safer side.
Meanwhile, some POS operators still accept the old banknotes, especially as they battle with getting the new notes.
“I still accept the old notes because I can still take them to the bank before February 17.
“Getting the new notes is very difficult, and we purchase the old notes at an exorbitant price. I pay between 10,000 and N17,000 to get N100,000 in old notes in this area; that is why we charge our customers almost N2,000 for N10,000.
“Some people think we are taking advantage of the situation to hike our charges, but it is not our fault. I am only buying [the old notes] because I don’t want to go out of business,” one of the operators in the Iyana Ipaja area of Lagos State, Ms Toyin Sokoya, informed Business Post.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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