
News
CBN redesigns Naira to take control of currency in circulation
• Redesign to displace Naira hoarders • 200, 500 1000 notes affected
The Central Bank Governor, Godwin Emefiele, has said that the apex bank would redesign the country’s currency.
Emefiele, who announced this at a press briefing in Abuja, this afternoon, said that the exercise would affect the the highest denominations: 200, 500, 1000 notes.
He said that the action was taken in order to take control of the currency in circulation.
According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
Mr. Emefiele said that the new notes will be released for public use on December 15, 2022.
He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.

Gov Emefiele said that there have been persisting concerns with the management of current series of banknotes, and currency in circulation, particularly those outside the banking system in thecountry.
He said, “As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
The challenges he said included hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation was outside the vaults of commercial banks.
He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability as well as, increasing ease and risk of counterfeiting evidenced by several security reports were reasons for redesigning the notes.
He said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and that in recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
The CBN boss noted that although global best practice was for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
He said, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.
“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.”
The governor said that his team was mindful of those in rural areas and that facilities would be provided for them where bank accounts could be opened for them or their old notes exchanged for the new ones.
He added that the action would also raised its stake in addressing the challenge of inflation.
Reminded that the current regulation allows only N150, 000 free cash deposit, he said that even if a customer wanted to deposit N 1 billion, the person would be allowed to do so.
Mr. Emefiele assured that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
There has been claims even by top government officials that some unscrupulous members of the society were hoarding large volumes of currency notes in warehouse, farms, septic tanks.
Very dirty and smelly Naira notes have been in circulation, especially since political activities heightened across the country.
News
Court martial: 12 soldiers face trial over alleged murder, other criminal offences
The Commander, 4 Special Forces Command, Nigerian Army, Doma, Maj.-Gen. Olurotimi Awolo, has inaugurated a General Court Martial (GCM) to try 12 soldiers accused of various offences, including alleged murder, assault and aiding criminality.
Speaking during the inauguration on Tuesday in Doma, the Commander, represented by the President of the General Court Martial, Col. Salihu Ibrahim, said the convening order was issued pursuant to powers conferred on him by Section 131(2)(d) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004.
He said the court was constituted to hear the cases of all accused personnel and determine each matter strictly on its merit.
“The court will be guided throughout the trial by the principles of natural justice as enshrined in the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
“We are also mindful of the cardinal principle of criminal justice that every accused person is presumed innocent until proven guilty.
“Where the prosecution fails to establish any allegation beyond reasonable doubt, the court will discharge and acquit the accused person.

“Conversely, where an accused person is found guilty, the law will take its course in accordance with the provisions governing such offences,” he said.
He assured all parties of the court’s commitment to fairness, justice and professionalism, urging prosecution and defence counsels to avoid unnecessary delays and frivolous adjournments.
The court president maintained that speedy disposal of the cases would serve the interest of justice and ensure confidence in the military justice system.
However, trial could not commence immediately after the inauguration as six of the accused persons present in court were declared medically unfit to stand trial.
The court’s Medical Orderly, Sgt. Audu Ahmadu, informed the panel that five of the six accused persons had elevated blood pressure levels.
Following the development, the prosecutor, Capt. Shamsondeen Sadiq, urged the medical orderly to ensure that the affected personnel received adequate medical attention to enable the trial to commence.
The President of the court subsequently adjourned proceedings to a later date, which would be communicated to all parties.
Speaking with newsmen after the inaugural sitting, Barr. George Illah, counsel to one of the accused persons, commended the Command for constituting the court martial.
He expressed confidence in the competence of the panel, noting that the president of the court, other members and the Judge Advocate were qualified to discharge their responsibilities.
“As a defence counsel, I will do my best to ensure that the soldiers standing trial before this honourable court martial get the justice they deserve.
“It is important for people to understand that military personnel standing trial before a court martial are entitled to all constitutional and legal rights guaranteed under the law, and we will ensure that those rights are protected,” he said.
The News Agency of Nigeria (NAN) reports that members of the General Court Martial include Col. A.A. Buhari, Lt.-Col. Victor Yamu, Lt.-Col. A.K. Karma and Lt.-Col. S. Abdullahi.
Others are Maj. J.M. Usendeng, Maj. A.D. Ahmed, Maj. U. Ahmed, Maj. S.L. Sagu, while Capt. U. Nna serves as Judge Advocate. (NAN)
News
Appeal Court suspends execution of judgment against ADC, 4 others parties
The Court of Appeal in Abuja has ordered the stay of execution of the judgment that directed the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.
*In a unanimous decision, a three-member panel of the appellate court led by Justice A. B. Mohammed, berated Justice Peter Lifu of the Federal High Court in Abuja for flouting an order it made on May 22, which directed him to suspend proceedings before him.*
*The appellate court held that Justice Lifu’s action amounted to an affront on the hierarchy of courts.*
*It held that the lower court’s action was “the highest form of judicial impertinence,” stressing that the Supreme Court previously held that a judge who acted in such manner “is unfit for the bench as it amounts to judicial rascality.”*
*“Courts are enjoined to protect their integrity. This Court has supervisory authority over the trial court. The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution.*
*“This court has the duty to invoke its powers in ensuring that its orders are made.*

*“The application for stay of execution is here yet granted. The enforcement of the judgment is stayed,” the appellate court held.*
Appeal Court suspends execution of judgment against ADC, 4 others
News
Troops rescue Widow of late Major General Rabe Abubakar
Troops of the Nigerian Army’s 17 Brigade have rescued Mrs. Abubakar, the widow of the late Major General Rabe Abubakar, who was abducted by bandits shortly before the retired senior military officer died in captivity.
According to military sources, the rescue operation was carried out in Tunga Village, where troops encountered the armed bandits holding her captive. During the exchange, the kidnappers reportedly shot Mrs. Abubakar before fleeing as soldiers advanced on their position.
The troops immediately secured the area, rescued her and administered emergency first aid.
Military authorities said Mrs. Abubakar sustained gunshot wounds and was bleeding when she was rescued. She is currently receiving medical treatment.
The rescue comes days after the burial of Major General Rabe Abubakar, whose death while in captivity sparked widespread outrage and renewed concerns over insecurity in parts of the country.
Following Major General Abubakar’s death, the Defense Headquarters’ Joint Task Force North West, under Operation Fansan Yamma, launched a major offensive operation, codenamed Operation Clean Sweep III, targeting terrorists and bandits operating in Matazu Local Government Area and neighbouring communities in Katsina State.

According to the military, the operation commenced on 14 June 2026 to locate and neutralise those responsible for the attack, dismantling criminal networks, and restoring security across the affected communities.
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