General
CNPP, EFCC Praise CBN for Change of Naira Notes
By Modupe Gbadeyanka
The decision of the Central Bank of Nigeria (CBN) to change the look of the Naira notes, the N200, N500, and N1,000 denominations, has been applauded by the Conference Of Nigeria Political Parties (CNPP) and the Economic and Financial Crimes Commission (EFCC).
In a statement signed by its Secretary-General, Mr Willy Ezugwu, CNPP said only intending vote-buyers and beneficiaries of proceeds of crimes will kick against the move.
According to the umbrella association of all registered political parties and political associations in Nigeria, “the effort of the CBN to control the amount of money in circulation, where N2.7 trillion out of the N3.3 trillion currency in circulation was said to be outside the vault of commercial banks across the country, and are found to supposedly be held by members of the public, is of high risk for the country’s economy and her internal security.”
“It is, therefore, obvious that many politicians, especially since 2015, amassed illicit wealth and depleted the national commonwealth to the extent that the currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022, according to the CBN data,” it noted.
“The CNPP is glad that the timing for this Naira notes redesign is right as there is no better time than in an election year, especially where politicians have made vote-buying an alternative to convincing the electorates through their track records and capacity to govern beyond rhetoric as well as a commitment to selling the manifestos of their political parties during campaigns,” the group stated.
CNPP called on all security agencies, including the Department of State Service (DSS), and the EFCC, to redouble efforts to reduce insecurity and electoral corruption by placing all politicians contesting in the 2023 general elections on perpetual surveillance.
“We urge the anti-graft units of all security agencies and commissions to use the opportunity created by the new and existing currencies exchange window from December to January 31, 2023, when the existing currencies shall cease to be a legal tender, to monitor illicit campaign financing, money laundering, terror financing, ransom to hostage takers and drug barons,” it said.
The group said “the CBN should ban bank managers from any form of home delivery of cash to citizens and corporate organizations until after February 1, 2023, to ensure that the country reaps the gains of the CBN monetary policy.”
Also reacting to the development, the EFCC, through its chairman, Mr Abdulrasheed Bawa, described the move as “a well-considered and timely response” to the challenges of currency management, which has negatively impacted the country’s monetary policy and security imperatives.”
“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment. It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria,” he said.
He called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure the seamless withdrawal of the old currency.
Mr Bawa said his agency would monitor the process to ensure that unscrupulous players, currency speculators, and their cohorts among the BDCs do not undermine the exercise, tasking banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.
General
SERAP Urges Tinubu to Reverse NBC Directive Over Censorship Fears
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to withdraw a recent directive issued by the National Broadcasting Commission (NBC), describing it as a dangerous attempt to impose censorship on the media.
NBC on Friday issued a strong warning to broadcasters over what it described as rising cases of unethical conduct among presenters and programme anchors, warning that violations of the Nigeria Broadcasting Code will attract sanctions ahead of the 2027 general elections.
The commission said it had observed a disturbing decline in professionalism across news, current affairs and political programmes, with some presenters breaching standards of fairness, balance and neutrality.
According to NBC, there has been an increase in cases where anchors present personal opinions as facts, fail to provide equal opportunity for opposing views, and allow the broadcast of inflammatory or divisive content.
In a Sunday statement posted on its official X handle, SERAP called on President Tinubu to direct the Minister of Information, Mohammed Idris, and the NBC to reverse the notice.
According to the statement, Nigerian journalists, including presenters, are allowed to freely carry out their constitutional responsibilities and exercise their fundamental human rights.
“We’ve urged President Bola Tinubu to direct Mr Mohammed Idris Malagi, Minister of Information and National Orientation, and the National Broadcasting Commission (NBC) to immediately withdraw the unlawful ‘Formal Notice’ issued last week by the NBC, which threatens sanctions against broadcast stations and presenters on vague and unjustified grounds, including the expression of ‘personal opinions,’ alleged ‘bullying or intimidation’ of guests, and failure to ‘maintain neutrality.’
“We urged him to direct the Minister of Information and the NBC to immediately abstain from imposing prior censorship on broadcast stations and Nigerian journalists, including presenters, and to allow them to freely carry out their constitutional responsibilities and exercise their fundamental human rights,” the statement said.
It added, “The request followed the notice issued to broadcasters by the NBC on 17 April 2026, alleging a rise in breaches of the 6th Edition of the Nigeria Broadcasting Code in ‘news, current affairs, and political programming’, and threatening that it would ‘enforce strict compliance and impose sanctions for Class B breaches.’
“The NBC’s notice represents a dangerous attempt to impose prior censorship on the media and suppress legitimate journalistic expression.”
SERAP emphasised that journalistic opinion is a protected form of expression, adding that the Nigerian Constitution and international human rights law protect broadcasters and presenters.
“The Nigerian Constitution and international human rights law protect both the absolute right to hold opinions and the qualified right to express ideas of all kinds. Journalistic opinion is a protected expression,” the statement concluded.
General
We Did Not Ban Airtime, Data Borrowing Services—FCCPC
By Aduragbemi Omiyale
The Federal Competition and Consumer Protection Commission (FCCPC) has denied asking telecommunications companies to offer airtime and data lending services to their customers.
In a statement, the FCCPC explained that it only required the telcos to put in place a fairer and more transparent system for such offerings.
According to the agency, the telcos were only mandated to have proper registration, provide responsible lending conduct, clear disclosure of fees and terms, accessible consumer complaint channels, data protection safeguards, stronger accountability for third-party partners, and effective regulatory oversight.
It was stated that these requirements were mandated after “a deluge of consumer complaints bordering on opaque charges, unexplained deductions, aggressive recovery practices, poor disclosure standards, and inadequate accountability in segments of the digital lending and advance-services market.”
“The commission has not prohibited airtime borrowing or data advance services, and no directive was issued preventing consumers from accessing lawful telecom value-added services,” it clarified.
It stressed that the DEON Consumer Lending Regulations were introduced in July 2025 to, among other reasons, “curb the excesses of abusive service providers whose practices had generated persistent consumer harm and undermined confidence in the market.”
“In the telecom sector, our findings indicated that some operators engaged in exclusionary third-party technical arrangements in clear disobedience to the provisions of the Federal Competition and Consumer Protection Act, 2018. The Regulations sought to unlock the market to allow local participants alongside foreign partners, in line with free market principles.
“These measures benefit Nigerians by reducing abusive practices, improving transparency, strengthening consumer choice, and encouraging responsible innovation by legitimate operators,” the statement noted.
“We are aware that some vested interests and their foreign collaborators are opposed to the creation of safe markets and fair competition, therefore resorting to a campaign of disinformation.
“Operators are expected to structure their commercial relationships in a manner consistent with Nigerian law. Commercial arrangements or outsourcing decisions do not displace competition and consumer protection obligations.
“At the commencement of the framework in July 2025, affected operators were granted an initial 90-day compliance period to regularise their products, structures, and operations.
“That opportunity was not utilised within the prescribed timeframe, specifically in the telecom sector. The compliance window was subsequently extended until January 5, 2026, providing additional time for alignment with applicable requirements. Despite that further extension, the necessary compliance steps were still not completed by the relevant operators.
“Notwithstanding clear regulatory requirements, some operators chose to maintain the status quo by failing to register and regularise their services. In doing so, they continued operating monopolistic models that had long generated consumer complaints, including concerns relating to transparency, deductions, charges, and accountability.
“Any temporary suspension, restriction, or operational change introduced by service providers should therefore be understood as a business or compliance decision by those operators, not a ban imposed by the FCCPC.
“It is inaccurate to attribute avoidable disruption to regulation where regulated entities had adequate notice and sufficient opportunity to comply.
“Attempts to misrepresent temporary service inconvenience as the result of lawful consumer regulation are mischievous. Nigerians deserve accurate information, not sensational claims,” the FCCPC said, urging consumers and members of the public to disregard “false and misleading narratives on this issue.”
MTN Nigeria and Airtel Nigeria announced the suspension of their data and airtime borrowing services because of regulatory requirements.
General
Nigeria Pushes Bid to Host AU Monetary Institute
By Adedapo Adesanya
Nigeria has intensified its bid to host the African Union (AU) African Monetary Institute (AMI), with the Federal Ministry of Finance leading coordinating efforts to secure the institution ahead of its planned 2026 operationalisation.
The renewed push was made on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda.
Speaking through the Permanent Secretary of the Ministry, Mr Raymond Omachi, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the country’s full political and institutional backing for the initiative. He stated that Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place.
The Nigerian government emphasised that hosting the institute aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination.
It noted that the institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.
Earlier, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had reaffirmed Nigeria’s readiness through his representative, the Deputy Governor, Economic Policy, Mr Muhammad Abdullahi.
He indicated that a dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations.
According to the Ministry, Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.
The African Monetary Institute, approved in February, is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.
On his part, the Chief Economist and Vice President of the African Development Bank (AfDB), Mr Kevin Urama, noted that the institute would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.
Nigeria hosting the institute would mark the presence of another African-based organisation in Africa’s most populous country, which also plays host to the African Energy Bank.
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