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Experts Hail CBN’s Paper Notes Policy

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12 years ago

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Some financial experts
have commended the CBN on its plan to change naira notes from polymer to paper notes in second quarter of 2014.
They told our correspondent in Lagos that the plan was a good decision, but long over-due.
Reports says that the polymer notes were first introduced in 2007 with N20 denomination and later in 2009 with the N5, N10, and N50 denominations.
Mr Muda Yusuf , the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), said that the decision was well intended.
He said that it was an error on the part of CBN to have produced polymer notes.
Yusuf urged the CBN to be cost conscious in the production of naira notes, saying the polymer notes lacked quality as they faded easily.
He also advised the CBN to ensure that the new naira notes would have longer life span for them to stand the test of time.
“I think there is quality issue with the polymer notes because they fade so fast.
“If you examine some of the polymer notes, you will be struggling to read what is written on them.
“So, I think it is a better decision because the quality of the polymer is so poor and it was an error for CBN to have opted for the use of polymer notes,” he said.
Mr Harrison Owoh, the Managing Director, HJ Trust and Investments in Lagos, said: “I wonder why it took the CBN a period of six years before it detected the flaws in the polymer notes”.
Owoh said that the move by the CBN to phase out the polymer notes might be politically inclined, adding that the CBN had been “foot dragging” on the issue for long.
Report says that  Mr Tunde Lemo, Deputy Governor, (Operations) at CBN, on November 21, said that Nigerians would be handling a new generation of naira notes by second quarter of 2014.
He said that the bank had earlier announced to the public that it would change naira from polymer to paper and that all the notes would not be withdrawn at the same time.
“Nigerians will be having new generation notes in paper in the next few months.
“We will wait until the notes wear and tear. When they wear, and they travel back to Central Bank, of course they will be re-issued,” he said.
According to him, the life cycle of a note in Nigeria is between six months and a year and the CBN took that decision six months ago.
“I reckon that in the next three to six months you will begin to see these denominations re-appear in paper.”

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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