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Redesigned Naira: CBN Launches Cash Swap Programme For Rural Dwellers …CAN Pledges Support For New Notes

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The Central Bank of Nigeria (CBN), is to launch a Cash Swap Programme in partnership with Super Agents and Deposit Money Banks (DMBs), to enable rural dwellers and those with limited access to formal financial services to exchange old Naira notes for the redesigned notes.
Director, Financial Markets Department of the Bank, Dr. Angela Sere-Ejembi, made this known at the weekend when she led a team to the popular Modern Market and North Bank Market all in Makurdi to sensitise traders and their customers on the redesigned Naira notes and the urgent need to return the old notes to commercial banks for new ones.
Represented by a Deputy Director in the bank, Mr. Demenongu Yanfa, Sere-Ejembi, disclosed that the Cash Swap Programme would take effect from today.
She said the initiative was part of a concerted effort by the apex bank to maximise the channels through which undeserved and rural communities could speedily exchange their old Naira notes.
Giving an insight into the swap process, Sere-Ejembi explained that “the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
“The agent shall exchange a maximum of N 10,000 per person. Amounts above N 10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
“This service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered Know Your Customer, KYC, Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
“Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions. The designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cashout fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.”
According to her “Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in tum render same to the CBN on a weekly basis.”
She said, “Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.
“The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas and the CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
Sere-Ejembi told the gathering that since January 31, 2023 was the deadline for the withdrawal of the old Naira notes, there was a need for the people to take advantage of the remaining days to lodge their old notes in the banks.
She disclosed that the new notes were designed with special security features and produced to last long thereby saving the country the money spent on reproducing notes.
She advised the people to report to the CBN through a phone number provided on flyers, any bank that refuses to accept the old Naira notes before the January 31 deadline.
Meanwhile, Christian Association of Nigeria (CAN), has promised to support the Central Bank of Nigeria, to ensure the actualisation of the goals of the change of old currency notes.
CAN Secretary, Abia State, Rev. Dr OkechukwuMgbeahuru, who made the pledge when he received in audience a monitoring team from the CBN said, that churches in the state would help to sensitises their members about the new policy.
Mgbeahuru thanked the CBN for deeming it necessary to carry the church along in the new policy, and promised to help pass the message through the various CAN blocs.
He said that the public awareness on the new policy could be spread faster through faith-based organisations.
CAN noted with concern that the new Naira notes were still scarce, and urged the apex bank to help clear the impediments slowing down the circulation process.
Adding his voice, the Abia State Coordinator of Nigeria Prays, Dr Chuks Alozie, lauded the CBN for the policy, saying that any economic policy that would help revive Nigeria’s economy would receive the tacit support of the church.
Speaking earlier, leader of the CBN team, and the Head, Corporate Communications Department of the apex bank, OsitaNwanisiobi, said that they were in the state to enlighten the public on the details of the new policy, and to assess the level of compliance by commercial banks on the distribution directives of the new currency notes.
He noted some complaints by traders and members of the public that the new notes were not fully circulating.
The CBN Spokesperson said the team had visited some banks where it was found that many of the banks were still dispensing the old currency notes in their Automated Teller Machines (ATMs).
Nwanisiobi said the team had noted some of the challenges that commercial banks said they had in distributing the new currency notes, promising that in the coming days more new Naira notes would be in circulation.
He said the banks had been sternly warned to ensure they load their ATMs with only the new naira notes, and not to dispense the new notes over the counter for now.
Nwanisiobi threatened heavy sanctions against any commercial bank found hoarding the new currency notes or flouting the guidelines on their distribution.
He said that the CBN had enough of the new currency notes, while urging commercial banks to come to the apex bank and collect their allocations.
Addressing traders earlier at Ubani Ultra Modem Market, Nwanisiobi said that the January 31 deadline for the old currency notes to cease being a legal tender was sacrosanct.
He urged traders to deposit all their old currency notes before the deadline, adding that people without bank accounts could still sway their old currency notes through super agents in communities and hamlets where there are no banks.
He also urged people to embrace other payment options for their financial transactions to minimise the use of physical cash.
In a remark, Vice Chairman of the market, Chief Chikaodi Chukwunyere, pleaded with the CBN to send super agents to the market for currency swap for people without bank accounts.
The CBN team also took the public enlightenment to the mosques in Umuahia to sensitise Muslim faithful.
In an interview with newsmen, Chief Joseph Anosike (Niger Tailors), accused commercial banks of sabotaging the new policy by taking the new naira notes to politicians.
He regretted that the masses expecting to get the new naira notes via ATMs get disappointed as most of the banks still dispense the old notes through their ATMs.

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We Support Rivers Workers To Feel Valued, Productive, Says Fubara …Inaugurates Bayelsa Labour House 

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Rivers State Governor, Sir Siminalayi Fubara, has explained that in the heat of political crisis staged against his administration in 2023, he committed to improving the welfare of Rivers workers in order to have a well-motivated workforce to achieve the goals of the Rivers First mantra.
The Governor stated that the resultant industrial harmony has now become unprecedented as workers feel more valued, supported, and resolved to be more productive on an increased efficiency and profitability scale.
Governor Fubara gave the explanation while inaugurating the one-storey twin-building Labour House constructed by the administration of Governor Douye Diri, in Yanagoa City, the Bayelsa State capital, yesterday.
The Governor recalled that while en-route Abuja for a reconciliatory political meeting to find solutions to the 2023 political crisis, his mind kept drifting to what could be done to give hope and cushion the hardship faced by Rivers workers.
Governor Fubara said he made the decision, therefore, to pay Christmas bonus of N100,000 to every worker, across grade levels in December, 2023, and extended the gesture to retirees in 2024.
The Governor stated: “On the 18th of December, the year of Our Lord 2023, I was on my way to Abuja for a reconciliatory meeting, and I was thinking: what will I do for my people – my primary constituency, who are the civil servants?
“We all know that the salary is not enough during the Christmas period. I knew we had a lot of challenges at that time, and it would be difficult for me to do the 13th month.
“But, however, even if I had to do the 13th month, it would also be a cheating to the lower level workers because some of them would have less than N100,000. So, I decided that I was going to do a bonus of N100,000 to all workers. That was my meeting with the Accountant-General while I was on my way to Abuja.”
Governor Fubara said: “After the meeting, I was weakened in my spirit. But on my way back, I said no matter the sadness, I still need to make my people happy.
“And even in the face of that most difficult time of our administration, we made all the civil servants very happy by giving everybody N100, 000 for Christmas that year.”
Governor Fubara pointed to the letter of appreciation written to him by the leaderships of Nigeria Labour Congress (NLC), and the Trade Union Congress (TUC) due principally to the fact that the gesture was extended to all pensioners in 2024, while also seeking to give him an award of recognition.
The Governor stated that what had been done has contributed to the industrial harmony enjoyed in Rivers State, as according to him, every labour issue has also ended on the dialogue table.
Governor Fubara said: “It is not because we are meeting all their needs, but because we are putting human face to governance. We are not running it like Nebuchadnezzar’s time.
“We are not running it like the Babylonians. We are running it with the Jesus style where love takes the lead over everything. Where love is what should be in front and behind.”
Governor Fubara noted that what the Bayelsa State Government has done shows there is good relationship existing between labour and the administration of Senator Diri.
The Rivers State Governor advised the organised labour in Bayelsa State to consider the gesture, not as a right but a privilege so that they can embrace it wholeheartedly, defend, cherish, and protect it, and ensure that nobody comes between them and the government to cause friction.
Governor Fubara also expressed sadness over the demise of Chief Edwin Clark, a leader, he noted, will be remembered for his positive impact on many aspects of national and régional issues.
He said, “We are here, we just observed a minute silence for the death of our hero, Pa Edwin Clark. What is he remembered for? For his courage, truthfulness, doggedness, and the survival of this region.”
Governor Fubara told Senator Diri: “I want you to continue to stand for same thing, and I can see that you are standing for what is right. That is what history will remember you for.
“History will not remember anyone for any destructive thing, don’t deceive yourself. Money and material things cannot be taken for a good name. So, please continue to do what is right. History and the good people of Bayelsa will forever remember you.”
Governor Fubara assured that his administration will promote a robust relationship between Rivers and Bayelsa, unlike what it was 15 years ago, which is why all legal battles hitherto instituted in court have been withdrawn and would be settled out of court.
He added, “That is the first thing to show our commitment that we are in a mutual relationship and ready to make progress. You said it here, Rivers cannot develop without Bayelsa. Bayelsa also cannot make progress without Rivers. That is the truth.”
In his speech, Bayelsa State Governor, Senator Douye Diri, said the project was started by the administration of his predecessor, Senator Seriake Dickson, but quickly added that he has completed it to provide the organised labour in the State a place to conduct their activities, while using it as a platform to voice their concerns, access support services, and engage in constructive dialogue with his administration.
Senator Diri, who commended Governor Fubara for his exemplary labour-friendly policies that have promoted workers’ welfare and industrial harmony, said his administration has so far paid N20billion to servicing pensions and gratuities, hoping to upset all outstanding indebtedness by the end of his second tenure.
In his remarks, Bayelsa State Commissioner for Labour, Employment and Productivity, Mr Odoko Saturday Omiloli, said the magnificent Labour House is a testament of the commitment of the Prosperity Administration of Sen. Diri to promote the welfare and well-being of workers in the state.
In their joint address, both Trade Union Congress (TUC) and Nigeria Labour Congress leaders thanked Governor Diri for building a befitting edifice for them, and pledged to sustain support to his administration.

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Tinubu, Buhari, Others Mourn As Edwin Clark Dies At 97

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President Bola Tinubu has expressed sadness over the passing of former Federal Commissioner for Information and respected leader of the Pan-Niger Delta Forum, Chief Edwin Clark.

Tinubu’s condolence message was contained in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, yesterday.

Tinubu said, “He led an illustrious life marked by dedicated service, at different times, to the nation and his community as a councillor, state and federal cabinet member.

“He was also a passionate advocate for resource control, economic and environmental justice in the Niger Delta.”

The statement reads: “On behalf of the federal government, the President extends his condolences to the Edwin Clark family, the Ijaw nation, the people of the Niger Delta, and the government of Delta State. President Tinubu mourns Chief Clark and describes his passing as a deeply sobering loss.

“Reflecting on the life of the late statesman, the President says Chief Clark was a towering figure whose influence was felt across Nigeria’s political firmament for nearly six decades. The President states that Chief Clark was a courageous leader who stood for what he believed in and was never afraid to stand alone in the face of injustice.

“Chief Clark spoke for the Niger Delta. He spoke for the nation. His views and interventions on national issues were distinct and patriotic. Pa Clark, a lawyer and educationist, believed in a united Nigeria, and until his last breath, he never stopped reaching out to people from different parts of the country to work together to preserve national unity based on justice and equity.

“As an astute politician, his political opponents never doubted the weight of his words, his confidence, and his conviction when he spoke. Indeed, a patriot has transitioned to the great beyond. History will remember him as a man who fought gallantly for the rights of the people of the Niger Delta, unity in diversity, and true federalism. I know many generations will remain proud of how his efforts contributed to national prosperity and stability.”

Tinubu prayed for divine comfort for Chief Clark’s family, friends, and all those affected by this significant loss.

Clark died on Monday at the age of 97.

His demise was announced by a representative of the family, Prof. C. C. Clark, in a statement Tuesday.

The statement read, “The Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta State, wishes to announce the passing of Chief (Dr.) Sen. Edwin Kiagbodo Clark OFR, CON on Monday, 17th February 2025.

“The family appreciates your prayers at this time. Other details will be announced later by the family.”

Clark’s death is coming on the heels of the passing of Afenifere leader, Pa Ayo Adebanjo, who died at the age of 96 just a few days ago.

Both Clark and Adebanjo are known for contributing to the political development of the country.

Meanwhile, former President Muhammadu Buhari has also mourned Clark, describing him as an iconic statesman.

Buhari, in a condolence statement yesterday, said he death of Clark had caused deep sorrow in his heart and that of many in the country.

The statement read in part: “Late Chief Edwin Clark was a leader dedicated to reforms whose commitment to the development of his community and the nation would always be remembered. His death caused deep sorrow in his heart, and that of many, and his departure was a loss for the nation.

He is an iconic statesman”.

The former president maintained that the late Ijaw leader had left an indelible imprint on the nation and that in his passing, Nigeria had lost an iconic statesman and a distinguished leader.

He added that his commitment to the country’s unity would be respected by generations to come.

Buhari further urged the Clark family and fellow citizens in the Delta region of the country to uphold his numerous achievements.

Also, former Senate President, Bukola Saraki, has described the late PANDEF leader as a man of great conviction.

In a brief message posted via his verified X handle, yesterday, Saraki praised the elder statesman’s unwavering conviction, stating that Clark stood firm in his beliefs until the very end.

“Chief Edwin Kiagbodo Clark was a man of great conviction who stood firm for what he believed in—right to the very end,” Saraki wrote.

He added that Clark’s passionate advocacy for justice and equity would be deeply missed by Nigeria, the Ijaw nation, and the Niger Delta, for whom he was a tireless advocate.

“His death marks the end of an era—an era of principled leadership. He was one of the movers and shakers of the Second Republic Senate, in which my father served as the Leader of the Senate.

“On behalf of my family, I extend our heartfelt condolences to the Clark family, the entire Ijaw community, the people of the Niger Delta, and all Nigerians who mourn the loss of this extraordinary leader,” the former Senate President stated.

A towering figure in Nigerian politics and a relentless advocate for the rights of the Niger Delta, Clark was a lawyer, administrator, nationalist, and freedom fighter.

He served as Commissioner for Education in the Mid-Western Region from 1968 to 1971, and later as Commissioner for Finance and Establishment in the defunct Bendel State between 1972 and 1975.

At the federal level, he was appointed Commissioner for Information in 1975 and subsequently became a Senator from 1979 to 1983.

Beyond his political career, Clark was a leading voice for regional and national unity. He was also known for mediating peace among warring communities and politicians in the Niger Delta region.

 

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We’re Genuinely Opening Up Kalabari Land For Development, Says Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has explained that his administration is courageously executing strategic projects that are opening up Kalabari land for unprecedented development and economic growth.

 

Governor Fubara made the explanation when he received on solidarity visit, a delegation of monarchs, political leaders, elders, women and youths of Kalabari Ethnic Nationality, led by the Amanyanabo of Abonnema, King Disreal Gbobo Bobmanuel, at Banquet Hall of Government House in Port Harcourt, last Tuesday.

 

The Governor stated that while previous administrations avoided executing the original plan for the Trans-Kalabari Road project due to cost implications, he has ventured into it, and driving the process steadily in order to link Kalabari land to the State capital.

 

Governor said: “Somebody said, if I don’t do it for my people, who will do it for them. We ventured into the Trans-Kalabari Road, we didn’t close our eyes. Our eyes were open because we knew what we were entering into.

 

“It is not a joke; it is a big project. We believe that at the end of that project, the level of development that it will attract to that line of entry into Kalabari will be very unprecedented.

 

“Issues of insecurity from our waterways will be reduced because, at that point we are doing road, people won’t be using the river anymore. The cost of living will also be cheaper.”

 

Governor Fubara further asserted: “So, you understand that your interest, your safety, your development is key to us. It is not about the number of years that we are going to be here; what is important to this government is the impact we make while we are here.”

 

Responding to their unanimous endorsement to see him run for a second term in office, Governor Fubara said power belongs to God, and He gives it to whoever finds favour in His sight.

 

Governor Fubara, however, stated that if God so approved of it, even those who are regrouping against him will not see the path God will lead him because they cannot scuttle such plan.

 

He added, “Power belongs to God. So, you see, I like believing that we don’t have any problem. When we get to the bridge, we will cross it. If we can break the bridge, Moses will come and create a road for us. So, you don’t need to worry.

 

“We will cross the bridge. We will cross it in a way that our enemies will be struggling; they won’t see where we are passing. So, don’t worry.”

 

Governor Fubara acknowledged the immense support to him by Rivers Ijaw, and urged particularly the Kalabari people to stand with honour in their unalloyed support for his administration, which will neither abandon them nor fail to deliver quality projects to the people.

 

Governor Fubara also responded to their requests and informed them that his administration has completed the Emohua/Tema Junction Road project, and ready to inaugurate the Degema Zonal Hospital in May.

 

He said the Health Commissioner has been directed to assess the state of the Abonnema General Hospital for immediate rehabilitation, while promising to address the issues of shore protection in the area.

 

Governor Fubara assured that with the Abonnema sandfilling works completed, the phase two will commence that will include Buguma, explaining that the Commissioner for Works has been tasked to do the assessment immediately.

 

On the request for the establishment of tertiary institution in the area, Governor Fubara said his administration is already inaudated with memos asking that the off-campus of Rivers State University established previously be revised because it has become difficult to sustain them, but quickly added that the government will consider the establishment of a viable institution that will provide technical and entrepreneurial skills to the people in a sustained manner.

 

Reading the address of Kalabari Ethnic Nationality, Chief Pawariso Samuel Horsfall, announced that the entire Kalabari people have unanimously endorsed Governor Fubara for a second term, and vowed to mobilise Rivers people to ensure electoral victory for him in the 2027 gubernatorial election.

 

In his speech, the leader of the delegation and Amanyanabo of Abonnema, King Disreal Gbobo Bobmanuel, expressed the profound thanks of the Kalabari people to Governor Fubara for his genuine love for them, as evidenced in the types and quality of development projects delivered or being executed in the area.

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