Business
Mutilated Naira Notes: Citizens Blame CBN, Others
The high level of mutilated naira notes in the country has led to blame games, as citizens state the need for new prints production to replace the bad ones.
Speaking in an interview with The Tide in Port Harcourt Monday, a retired chartered accountant with Shell Petroleum Development Company Limited, Mr Isaac Ukaegbu, said that the N100 notes are the worst hit in this current level of mutilation, adding that “when a currency note is mutilated, acceptability becomes low”.
He said that even the banks find it difficult to change the very bad notes, adding that these days, people quarrel constantly in commercial vehicles and market places because of mutilated naira notes.
Ukaegbu noted that most times transactions become difficult because a business man or woman has rejected what is in a customer’s hand, stating that the Central Bank of Nigeria (CBN) is not helping the issue.
The retired accountant said that “CBN is expected to withdraw the notes through the commercial banks, but the Apex Bank has not given them any instruction to that effect.
However the value of naira remains the same mutilated or new prints.
Chief Executive Officer (CEO) of GEMP Engineering Limited, Mr Philip West said “nobody feels better with mutilated naira notes.
The CEO said that it is difficult to see N100 and 200 prints these days and that the ones in the system have suffered from over circulation adding that those in the market and general public should be blamed for this.
He noted that the higher denomination like N1000 and N500 notes are not treated the way the lower ones are treated, adding that the CBN is producing those ones on daily basis, which are on high demand during withdrawal inside the banks and at ATM centres.
In his contribution, Rev Victor Taylor of Assemblies of God Church, Silver Valley, branch blamed the mutilation on the material used to produce the lower denominations, saying that he has lost a lot of money due to rejection by traders.
He called on the CBN to create more awareness on the handling of the notes adding that there is an urgent need to produce new notes on the lower denominations especially the N200 and N100 notes.
A graduate of Computer Science who did his industrial training in the banking sector, Mr Chukwudi Uka, blamed the mutilation on the citizens, stating the need for everybody to use wallets for the notes.
Uka also noted the need for people to put the money they give to celebrators in the envelop instead of the ‘spraying’ which mutilates the naira notes.
He said that some commercial banks refuse to collect mutilated naira notes due to the commission charged by the CBN to change the notes.
Also, Gife Nwazue, an entrepreneur told The Tide that the N100 notes in circulation are irritating and always made her to quarrel with her customers who reject them.
It would be recalled that the Acting Director of Communications in CBN, Isaac Okorafor last week accused commercial banks of sabotaging the effort of the apex bank in replacing mutilated notes with new ones.
Okorafor said that the apex bank is aware of the high level of mutilated notes in the country and stated the need for “customers to demand new naira notes from the respective banks and reject dirty notes”.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters