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”.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos