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New notes soon for flood financial system – CBN *Denies stoppage of further release

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The Central Bank of Nigeria (CBN) has dismissed reports that it is considering the withdrawal of the redesigned N200, N500 and N1,000 notes from circulation, saying the new currencies would soon flood the financial system in the country.

In a statement on Sunday, via Twitter, the apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas described the reports as “unfounded speculation,” noting that there is no plan to phase out the three newly redesigned bank notes.

The statement, entitled: DISCLAIMER: CBN Disclaims Alleged Plans To Phase out Redesigned Naira, said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes from circulation.

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public. We wish to reiterate that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

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“For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender. They will circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out,” the statement concluded.

Background

The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by some states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, President Muhammadu Buhari, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There was a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.

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Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome equally faulted the President’s move, saying he cannot overrule the apex court of the land.

The apex court on March 3 ordered that old N200, N500 and N1,000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it inflicted hardships on innocent Nigerians.

The court subsequently ruled that the President’s disobedience of its February 8 order was a sign of dictatorship, adding that Buhari breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.

After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

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However, the Presidency broke its silence on March 13, saying the President never told the CBN and the AGF not to obey the order of the apex court.

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APC wants to use INEC to kill our party, ADC cries out

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The African Democratic Congress (ADC) on Tuesday, called out the Federal Government of attempting to destabilise the party following Senator Rabiu Musa Kwankwaso’s defection, alleging pressure on Joash Ojo Amupitan, INEC Chairman, to interfere in its leadership.

Bolaji Abdullahi, spokesman of the party, who made the allegation in a statement, detailed how a March 28 letter by some Senior Advocates, purportedly representing an expelled member of the party, is being used to push INEC to invalidate party actions and alter its structure before the court rules.

Stressing that part of the grand plan to destabilise the only viable opposition party left in the country was to use the electoral commission to cause havoc, over a matter that was in court, the party promised to resist it using all constitutional means,

The full statement reads:

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The African Democratic Congress (ADC) has observed a coordinated attempt to pressure the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Ojo Amupitan (SAN), and destabilise the David Mark-led leadership of the party.

The decision of Senator Rabiu Musa Kwankwaso to join our party has understandably sent jitters through the ruling party. Since then, top officials within the Federal Government have renewed their onslaught against our party, in a bid to discourage other high-profile figures.

This conspiracy is centred on a legal dispute that is now being pushed beyond the courtroom. In a letter dated March 28, 2026, a team of Senior Advocates of Nigeria is asking INEC to enforce a curious and peculiar interpretation of a Court of Appeal ruling regarding what constitutes “status quo ante bellum.”

In the said letter, the writers even went ahead to threaten the INEC chairman with arrest if he does not grant their request within seven days. They want INEC to invalidate party meetings, remove recognised officials, and hand over the affairs of the party to a specific individual, even though the case itself has not been fully decided by the courts. Obviously, what the authors of this vexatious letter are attempting to do is to pressure INEC to take sides and grant them what no court in Nigeria has granted.

For the avoidance of doubt, Hon. Nafiu Bala Gombe, who is claiming to be aggrieved over the ADC leadership, was never the Chairman of the ADC. And, perhaps more significantly, Nafiu Gombe had earlier resigned his position alongside other members of the National Working Committee. He has also since been expelled from the party. Therefore, any attempt to recreate a “status quo” that upgrades his position to National Chairman of the ADC at any point in time is, at best, fictitious.

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What we are witnessing is a convergence of legal pressure and political intent by a ruling party that is unsettled by the growing appeal of the ADC. But Nigerians can see what is happening.

No amount of pressure, no manufactured confusion, and no distortion of legal processes will stop what is already in motion. The ADC is growing. Nigerians are joining. A credible opposition is taking shape.

We call on INEC to remain guided by the Constitution, resist all forms of pressure, and uphold its duty as an impartial umpire.

This is bigger than the ADC. It is about whether Nigerians can freely choose a different path. And that must not be compromised.

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Editorial

Closure of Onitsha Main Market: How not to gaslight the people

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In the early hours of Monday, January 26, 2026, Charles Chukwuma Soludo, stormed Onitsha Main Market, reputed to be the biggest enclave for trading and other commercial activities in West Africa, on what he called on-the-spot assessment.

It was a military-style display, reminiscent of the Muhammadu Buhari-Tunde Idiagbon, best-forgotten taskforce days, when soldiers, without warning swooped on markets, broke into their owner’s shops and practically sold available goods to the public at giveaway prices – many their cronies, in the guise of forcing their Essential Commodities policy.

In like manner there and then, the governor ordered the immediate closure of the market after accusing the traders of harbouring criminal intents and engaging in economic sabotage that costs the state a whopping N8billion in lost revenues. To boot, he even warned not only to close the market on a permanent basis, but if need be, even bulldoze it to the ground, should the traders remained recalcitrant in their decision.

Hear him: “Each Monday, we’ll come and inspect. If people are not in their respective shops, it will be shut down again. If you like I don’t mind shutting down this Main Market for the remainder of this year. If you don’t like it, go elsewhere and trade, but if you’re here, we’re not going to allow this plain economic sabotage. Also, we suspect whoever closes their shops to have some criminal intents.”

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From the outset, we must state that what the world saw in that spontaneous encounter and subsequent days as the issues therein remained on the front burner, has little place in democracy, neither does it reflect sound, people-oriented leadership under the ethos of what has now been accepted across the globe as the best form of government.

Now, the last time we checked, Soludo is neither a military General nor even a soldier, but a highly-decorated academic, whose influence in the knowledge industry spans beyond education institutions, government – he was formally Governor of the Central Bank of Nigeria (CBN) – to international reckoning – consulting for some of the highest global bodies, including the United Nations.

Now, how does this selfsame global icon, reduce himself to a local dictator, dishing out orders as in regimental commands rather than employing that power of persuasion, which distinguishes brainpower – the emblematic factor of his training from raw strength of dictators in the gun business?

How does it fit? Do concepts like immediate effect and automatic alacrity form part of the recommendations Soludo makes to those global institutions he consulted for? Certainly no! So, why introduce them as his own governance template? That is the confusing, if not the disturbing part.

Is it not becoming clearer now? Is this military-style tendency not finding expression in the audacity captured in that ghoulish spectacle last year, where one Jennifer Elohor Edema, the young lady serving Nigeria under the National Youth Service Corps (NYSC) scheme, was stripped down to her birthday suit by some youths, visibly inebriated on influences of some brain-damaging substances, who were working for Soludo’s government?

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By the way, when last did anyone hear anything about those criminals, outside the initial apparent crocodile tears at government places in Awka? Has anyone heard of any form of punishment? Have they been arraigned in court? If yes, what is the state of the trial?

In the instant case, we particularly detest the governor’s attempt to feign ignorance of the issues behind the conduct of the traders or his efforts to bury them under the veneer of righteous anger. To so do is deceitful, arrogant, if not self-serving – elements that seem to have, so unfortunately, formed part of the governance structure in Anambra State, as in most other states across the country, including the central government.

The issue here, if Soludo needs be reminded, is about the fate of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), currently serving life sentence at a facility in Sokoto, to where he was sent by Justice James Omotoso of the Federal High Court, Abuja.

Of course, the governor was right in claiming that the dangerous security situation in the state has changed for the better and that Anambra is no longer the killing field it was until recently. Obviously, the blood-thirsty terrorists responsible for the carnages witnessed in the state, including those ostensibly aimed at enforcement of the sit at home orders, seem to be on holiday and from the look of things are no longer returning.

So, if the governor says security or insecurity of the traders is no longer the big issue, he has a foundation to so state. At least for the first time in recent years, Christmas was celebrated in the entire Igboland with the usual fanfare under the robust atmosphere devoid of fear. That alone gives credence to the extent of these changes.

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But that is not the end of the story. Kanu’s fresh ordeal seems to have introduced a new chapter to the entire saga. Now, the current sit-at-home option appears no longer out of fear of being attacked or killed, but the willingness of the traders to donate every Monday, in solidarity with the IPOB leader. This was evident in the Tuesday demonstration, where the message of the traders who thronged the streets of Onitsha, was clearly delivered with renditions like – Nnamdi Kanu is another saviour.

Therefore, Soludo, must be a complete novice or pathologically naïve to claim he is not aware of this new sentiment. But he is neither of the two. There is no way the governor would not have been seized of the compelling emotions around him.

So, for him to put up that show on Monday, is nothing but a gambit tailored towards gaslighting the public. His feigned anger against the traders for not opening their shops is as manipulative as it is deceitful, just as argument thereto regarding the economy implications is as puerile as it is spurious.

It is demonstrative of lack of emotional intelligence, as it showcases the absence of the required synergy between the government and the people, a phenomenon that has become characteristic in the South East in recent years, where a huge gulf and trust deficit exist between the people and those who lead them.

It is indeed laughable when South East governors, including Soludo, lay claims to the current calm in Igboland, when on the contrary, many of them are accused of being collaborators, either as active agents of being complicit through their conspiracy of silence.

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Who does not know that the late President Muhammadu Buhari, was the vector that transported that killer disease to Igboland? Dan Nwanyanwu, National Chairman of the Zenith Labour Party (ZLP), has remained relentless in establishing this fact most pungently in the past and even quite recently.

Soludo, in his chest-beating mode, gives the impression that he somehow sprung a genie out of the magic lamp to create a sudden miracle that turned the parlous security situation around. No! It was the death of Buhari that ended the blitzkrieg in the South East. Simplicita!

Where was this genie when during the Buhari days, when the Aguata Local Government headquarters, where he comes from was razed to the ground or when a swathe of Ihiala and adjoining areas in the state became a hunting ground for the rampaging terrorists, codenamed Unknown Gunmen.

He was only content in the open and shut attitude of dismissing the carnage they wrought as the handiwork of Kanu’s Eastern Security Network (ESN), even when the group swore on their father’s grave that they were not involved.

Indeed, if there is ever going to be anything good in the government of President Bola Tinubu, it is the fact that he is not as hungry for the blood of the Igbo man as Buhari, who never hid the fact of his desire to continue the civil war against Ndigbo, more than 50 years after.

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Had Tinubu, who upped the ante in the marginalisation of Ndigbo in many ways, escalated this penchant by toeing the line as part of his continuation of the Buhari legacy, which he promised Nigerians, he might have renewed the military contract Asari Dokubo claimed to have with Buhari.

Yes, though he never revealed details of the so-called contract, its nature could be gleaned from the manner the people were dying wotowotowoto, as the Niger Delta warlord, himself gloated about some years back.

He even backed his gloating up in that viral video, with a display of an AK-47, boasting how he would use the weapon to cure Ndigbo their “madness.” Is it not surprising that in all his public comments, neither Soludo nor his South East colleagues ever mentioned this obvious threat to his people.

So, nobody is deceived by the governor acting like Idi Amin of Uganda, who went berserk because he could not get more money printed from his central bank. Nobody is moved by his threat to even bulldoze that market. He is only being clever by half, if not acting a script.

It does not remove the fact that he and his colleagues suddenly went mute, then and now and remained tongue-tied at a historic moment when Ndigbo are battling to extricate themselves from the soggy, foggy, belly of the whale, like the biblical Jonah, as they are in Nigeria today. It does not belittle the fact that Mazi Nnamdi Kanu is a metaphor for that horrible situation.

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It is even worse that Soludo, arguably the most intellectually-gifted governor in Nigeria today, would be introducing some ethnic, sectional or indigene-based sentiments into the matter by trumpeting that those pursing the sit at home drive are not from Anambra. What a shame!

Who cares? Instead of such obtuse, infantile, if not asinine suggestion, would it not be more apposite for him to conduct a census in the entire Anambra, Aguata, his local government, Isuofia, his community and even the Soludo family to determine the number of Igbo people that are happy with the fate of not only Kanu, but Ndigbo in the hands of his friends in high authority today?

We hear that the traders have caved in. So, by Monday, expectedly, they would return to their shops – though definitely against their will. Soludo, would have scored another point and proven himself a strong man. But is it not a crab that makes itself king in shallow waters? Times shall tell!

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Valarian Okeke: A custodian of faith, a messenger of God, a gift to humanity

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John Chuma Nwosu, candidate of the African Democratic Congress (ADC) for the November 8, Anambra State Governorship Election, on Monday, joined other faithful in the Catholic Church across the world to celebrate Valerian Maduka Okeke, the Archbishop of Onitsha and the Metropolitan, on the day the renowned cleric turned 72.

Nwosu, himself a staunch Catholic, former Seminarian and Assistant Secretary to Francis Cardinal Arinze, who was a one-time Archbishop of the same diocese, before moving to the Vatican, where he is now one of the top leaders in the church, declared that Okeke, remained not only a true servant, but an example of God’s voice on earth.

He wrote: “Today, I join the Catholic faithful across the globe and the entire Christian community in Nigeria to celebrate His Grace, Most Rev. Valerian Maduka Okeke, the Archbishop of Onitsha and Metropolitan, on the glorious occasion of his 72nd Birthday Celebration.

“Your Grace, you are a perfect example that God indeed manifests Himself in diverse ways. You represent a demonstrable illustration of selflessness, piety, humility and holiness and through you, God has once again shown that the tortuous way of the cross will eventually manifest in the triumph of humanity.

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“Your life of devotion, wisdom, and unwavering commitment to the service of God and humanity stands as a shining example of true leadership — the kind that inspires us to build a more just, peaceful, and progressive society. You have been a moral compass to our people, guiding us towards values that uplift and unite.

“As we celebrate you today, I am reminded that the kind of selfless service you embody is exactly what our beloved Anambra needs — leadership rooted in compassion, faith, and integrity. It is this same spirit that fuels my commitment to serve our people under the great umbrella of African Democratic Congress (ADC). You are indeed a custodian of faith, a messenger of God, a gift to humanity.

“May God continue to bless and keep you, Your Grace, granting you long life, strength, and divine wisdom to shepherd His flock and to keep inspiring a generation of leaders determined to build a better future.

“Your life remains a light to Anambra and beyond. Congratulations once again. Happy birthday, Your Grace!

“With deepest respect and warm regards.”

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John Chuma Nwosu (ADC Gubernatorial Candidate )

 

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