National News
CBN confiscates N56.8 million – Report

CBN confiscates N56.8 million – Report
By: Our Reporter
A total of 67,265 banknotes with a nominal value of N56.8 million were confiscated last year, the 2020 yearly report of the Central Bank of Nigeria (CBN) has revealed.
The volume is 20.8 per cent less than 84,934 pieces confiscated the previous year and 12.18 per cent short of the nominal value. In 2019, N64.7 million was confiscated.
The report also revealed that N1000 and N500 bills dominated the confiscated denominations, accounting for 69.06 percent and 30.79 per cent respectively.
The two highest denominations accounted for 99.85 percent of seized fake naira with smaller denominations taking only 0.15 per cent. The data validates the historical trend where criminals target higher denominations for counterfeiting.
According to the statistics, the ratio of confiscated counterfeit notes to the volume of currencies in circulation was 13 pieces per million or one to 77,000, suggesting that one out of every 77,000 banknotes in circulation last year was fake.
The apex bank reports that the volume of currency-in-circulation (CIC) increased by 19 per cent from N2.44 trillion at the end of 2019 to N2.9 trillion by December 31, 2020. The increase suggests the continued dominance of cash transactions despite the growth of digital payment systems.
Detailed analysis showed that N5, N10, N20 and N50 banknotes accounted for 28.4 percent of the total volume of currency in circulation. The smaller denominations’ share of the value of the money in circulation was only 1.9 per cent while 100, N200, N500 and N1000 accounted for 63.5 per cent and 98.08 per cent of the volume and value of the currency in circulation respectively.
According to the report, the total stock of currency (issuable and non-issuable) in the vaults of the bank at the end of December 2020 was 2.75 billion pieces compared with 2.64 billion pieces reported in 2019. The figures show an increase of over 100 million pieces or four per cent.
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“At end of December, 2020, the total issuable notes (newly printed notes and counted audited clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent,” the report notes.
Last year, the apex bank cut its expenditure on currency printing from N75.5 billion spent in 2019 to N58.6 billion. The Bank had spent the N64 for the same process in 2018.
“The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of N16,905 million or 28 per cent,” the report states.
In a separate press release, the regulator said the reduction was in line with the objective of the Godwin Emefiele-led CBN to cut the cost of printing banknotes and cash management and that eNaira was also initiated in line with the policy.
The report also says the CBN generated the sum of N6.5 billion as total income from currency management activities in the year under review compared with N13.2 billion released in 2019. The figures imply a decrease of N6.7 billion or 50.9 per cent.
“The income generated was largely from penal charges on unsorted banknotes deposited by DMBs and charges for authentication of foreign currency deposits with the Bank,” says the report.
It also disclosed that the Bank incurred a total of N67.2 billion as expenses on currency operations in the year. The amount is N18 billion or 21 per cent less than N85.2 billion spent a year earlier.
CBN confiscates N56.8 million – Report
National News
Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism

Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism
By: Zagazola Makama
The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has stressed the need for Nigerians to understand the true meaning of jihad, noting that it is not about violence but about striving for excellence in all spheres of life.
The Sultan stated this on Thursday in Abuja at the public presentation of “Scars: Nigeria’s Journey and the Boko Haram Conundrum,” a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd.).
He cautioned against misinterpretations of Islamic concepts, saying extremists and uninformed commentators had for decades wrongly associated jihad with terrorism and violence against non-Muslims.
“Jihad simply means striving — striving to be a better Muslim, a better Christian, a better citizen, and a better human being. It is not about killing anyone. Islam abhors extremism, and no true Muslim can claim to follow the teachings of the Prophet while embracing violence,” the Sultan said.
He explained that Islam, properly understood, promotes peaceful coexistence and good governance, adding that Islamic teachings have over the years helped shape Nigeria’s democratic journey by emphasising justice, accountability, and leadership responsibility.
According to him, Islamic institutions such as mosques, scholars, and traditional councils continue to play a stabilising role in the country by mediating conflicts, guiding leaders, and educating citizens on tolerance and civic duties.
“Islam is not about seizing power; it is about ensuring good governance and accountability in society. Our democracy has benefitted from these values because justice and fairness are principles rooted both in the Qur’an and in democratic practice,” he said.
The Sultan also called for stronger interfaith dialogue, stressing that Nigeria’s unity depends on mutual understanding between Christians and Muslims.
“If I know who you are, and you know who I am, we can live in peace. Understanding one another is the foundation for national security and stability,” he added.
He commended Gen. Irabor for writing the book, describing it as a timely resource that not only documents the scars of insurgency but also provides insights for policy, governance, and national healing.
The launch attracted dignitaries including former Presidents Olusegun Obasanjo and Goodluck Jonathan, the Minister of Defence, service chiefs, traditional rulers, senior military officers, and members of the diplomatic corps.
Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism
National News
Jonathan says Boko Haram insurgency too complex, calls for holistic solutions

Jonathan says Boko Haram insurgency too complex, calls for holistic solutions
By Hamza Suleiman
Former President Goodluck Jonathan has said that the Boko Haram insurgency remains one of the most complex and enduring security challenges in Nigeria’s history, warning that military action alone cannot end the crisis.
Jonathan stated this on Thursday in Abuja at the public presentation of Scars: Nigeria’s Journey and the Boko Haram Conundrum, authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd).
He said that unlike previous crises in Nigeria such as the Niger Delta militancy and ethno-religious violence, the Boko Haram insurgency carried deeper scars because of its external connections, extremist ideology, and advanced weaponry.
“Boko Haram is more complex than what many people imagine. At some point, their fighters had more ammunition than our soldiers, which clearly showed that external groups were deeply involved,” Jonathan said.
The former President noted that the abduction of the Chibok schoolgirls in 2014 remained one of the most painful scars of his administration, stressing that no form of cosmetic remedy could erase it from the nation’s collective memory.
He recalled his personal engagement with Niger Delta militants as Vice President, saying that his decision to personally visit their camps without armed escorts was borne out of the conviction that dialogue must complement military action.
“In the Niger Delta, I met the militants in their camps. We succeeded in restoring peace not only because of military action but because we engaged them, listened to them, and created opportunities for their communities. That approach worked,” he said.
Jonathan, however, emphasised that Boko Haram presented a different challenge. According to him, the insurgency must be tackled through a holistic strategy that combines security operations with good governance, poverty reduction, youth empowerment, and social justice.
He said: “We cannot treat Boko Haram simply as a law-and-order problem. It is rooted in poverty, exclusion, and broken dreams. Only a comprehensive approach will deliver lasting peace.”
According to him, Nigeria must adopt a similar approach to Boko Haram by tackling poverty, unemployment, and social exclusion in communities vulnerable to extremist recruitment.
He commended Gen. Irabor for documenting his reflections, saying the book would enrich national understanding of insurgency and guide future leaders in shaping policy responses.
“Those who were directly involved must tell their stories. This book will help the nation understand what really happened, what lessons we must learn, and how we can do better in the future,” he added.
The event attracted dignitaries including former President Olusegun Obasanjo, former National Security Adviser Maj.-Gen. Babagana Monguno (rtd.), service chiefs, ministers, members of the diplomatic corps, and traditional rulers.
Jonathan says Boko Haram insurgency too complex, calls for holistic solutions
National News
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA

Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
The National Orientation Agency (NOA), on Wednesday said that the Federal Government’s programmes and policies under President Bola Tinubu-led administration were improving the welfare of Nigerians.
Mrs Adaline Patari, the State Director of NOA, Gombe State office, stated this shortly after a road show to mark Nigeria’s 65th Independence Day anniversary in Gombe.
Patari said that programmes and policies of Tinubu-led administration had supported many Nigerians from the student’s loan to conditional cash transfer to support to small businesses amongst others.
She stated that the initiatives by the present administration had restored hope and put the country amongst serious countries pursuing better reforms to improve their economy while revamping infrastructure.
According to her, many undergraduates benefitting from the student’s loan scheme which has removed all financial hindrances impeding access to tertiary education now feel a sense of belonging.
She said that the programmes and policies of the Federal Government have benefitted many households and improved their welfare in line with the Renewed Hope Agenda of President Tinubu.
“The reforms of the Federal Government are working and many persons are proud to be Nigerians and more persons are now trying to do the right things as Nigerians.
“People are beginning to see themselves as proud Nigerians and that confidence of being a Nigerian is being restored.
“Today, many Nigerians are benefitting from the programmes of the current administration, this means that the country is now working for them,” she said.
While acknowledging that there were still challenges that needed to be addressed, Patari said, at 65, we have made tremendous progress especially working together in peace and unity.
She urged Nigerians to continue to support Tinubu administration’s programmes towards building a better country that works for all Nigerians.
The state director said that with the necessary reforms being carried out and already yielding results in the economic, agriculture, security and other sectors, more Nigerians would be prouder to be Nigerians in the future.
“Today, the country is progressing and we are united; we are now prouder to be Nigerians and I can tell you that the labour of our heroes past, indeed is never in vain,” she added.
Commending the contributions of youths to national development, Patari urged them to have a positive mind-set towards Nigeria and to always express optimism of a better Nigeria for everyone.
Patari also lauded the renewed strength with which NOA under the Director General of the agency, Malam Lanre Issa-Onilu was being driven.
She said that government’s policies and programmes were getting more supports from Nigerians because of the constant engagements of Nigerians by the NOA nationwide.
The event also featured sensitisation of residents on Federal Government’s policies, programmes and the need for the people to support the current administration’s Renewed Hope Agenda
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
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