Economy
Naira Abuse ‘Inflates Printing Cost’, CBN Warns
Naira Abuse ‘Inflates Printing Cost’, CBN Warns
Naira abuse ‘inflates printing cost’, CBN warns. The Central Bank of Nigeria has advised Nigerians to stop abusing the naira, warning that poor handling of the banknotes increases the cost of printing and replacing them. The Deputy Governor, Operations Directorate, Bala Bello, warned on Wednesday during the launch of a nationwide sensitisation campaign on proper naira handling, held in Abuja.
The campaign, themed “Naira Our Pride: Handle with Care,” was aimed at instilling respect for the naira and encouraging behavioural change. While delivering the keynote address, Bello, represented by the Director of Currency Operations and Branch Management Department, Adedeji Adetona, stressed that the naira was more than just a medium of exchange.
“The naira is more than a means of payment. It represents our national pride, our sovereignty, and our shared destiny as a people. Unfortunately, careless practices—folding, tearing, spraying at social events, writing on notes, and outright mutilation—undermine the dignity of our national symbol and increase the costs of maintaining it,” Bello said.
“If we do not act today, poor handling of our notes will continue to raise the cost of printing and replacement, cause frustration in everyday transactions, and weaken confidence in our currency,” he added. The deputy governor also warned against cash hoarding, particularly as the festive season approaches.
“Cash hoarding harms us all. It denies others access to cash, disrupts circulation, and puts undue strain on the system. I therefore call on stakeholders to encourage responsible cash use, promote alternative payment platforms, and help curb hoarding,” Bello urged.
According to him, if Nigerians handled their notes properly, the lifespan of the naira would be extended, avoidable costs would be reduced, and the currency’s symbolic value preserved. “Every stakeholder has a critical role to play.
Banks must educate customers and ensure only fit notes are in circulation. Market operators and transporters must discourage rejection or abuse of naira notes. The media and civil society must amplify this message, while every citizen must see themselves as custodians of the naira,” he explained.

Naira Abuse ‘Inflates Printing Cost’, CBN Warns
Naira abuse ‘inflates printing cost’, CBN warns. The Central Bank of
In his welcome address, Adetona, represented by Deputy Director, Kazeem Olatinwo, said the campaign was not only about clean notes but also about building public confidence in the financial system. “As we approach the yuletide, the Bank has made sufficient arrangements to ensure an adequate supply of banknotes nationwide.
What is needed is proper handling to keep our notes clean and fit for use,” he said. Also speaking, the Acting Director of Corporate Communications, Hakama Sidi-Ali, reminded Nigerians that issuing legal tender and ensuring the availability of clean notes are core mandates of the CBN under Sections 17, 18, and 19 of the CBN Act 2007.
She emphasised the need for citizens to take ownership of protecting the naira, stressing that the task cannot be accomplished by the apex bank alone.
“The CBN is committed to enhancing Nigeria’s payment system while protecting consumer rights. Citizens must embrace alternative payment platforms to reduce pressure on cash,” she said.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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