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‘s lower-denomination naira notes have not disappeared from circulation, but changing payment habits and the rapid shift towards digital transactions are reducing their availability, the Central Bank of Nigeria (CBN) has said.

The apex bank moved to calm concerns over the scarcity of N100 and N200 notes, insisting that the denominations remain legal tender and have not been withdrawn. Olayemi Cardoso, CBN Governor said the reduced presence of smaller notes in the economy reflects a shift in currency demand as more Nigerians adopt electronic payment channels and rely less on physical cash.

Cardoso, who spoke after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said the scarcity was driven by market dynamics rather than any decision by the central bank to remove the notes from circulation.

‘Unless the central bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,’ he said, urging businesses and individuals to continue accepting the notes.

The governor’s comments come amid concerns among consumers and small businesses over difficulties accessing lower-value naira notes, which remain important for everyday transactions such as transportation, petty trading and market purchases.

He explained that the financial system is evolving towards greater digital adoption, reducing the demand for physical cash, particularly smaller denominations.

‘As more people adopt digital payment channels, the demand for coins and lower-denomination notes naturally declines. If there is less demand for them, there is less need to print and circulate them in large quantities,’ Cardoso said.

He added that inflation and the depreciation of the naira have also weakened the purchasing power of lower-value notes, making them less useful for many transactions.

‘We must also acknowledge that currency devaluation has affected the purchasing power of lower-value notes. That is a reality,’ he said.

‘More importantly, however, as financial inclusion expands and digital payments become part of everyday life, fewer people will rely on these denominations.’

On inflation, Cardoso reaffirmed the CBN’s commitment to achieving single-digit inflation despite external pressures that have slowed progress in reducing price growth.

He said the country recorded 11 consecutive months of disinflation before unexpected global economic shocks disrupted the pace of improvement.

‘It is important to remember where we are coming from. We recorded 11 consecutive months of disinflation and, from every indication, we expected that by early 2027 we would be where we wanted to be in terms of inflation, with a path towards single-digit inflation,’ he said.

‘Unfortunately, we have experienced external shocks that were not anticipated and have lasted much longer than anyone expected. As for our single-digit inflation target, we remain committed to it.’

Responding to the International Monetary Fund’s (IMF) assessment that the naira is undervalued, with a fair value estimated at about N1,150 to the dollar, Cardoso said the exchange rate should continue to be determined by market fundamentals.

‘Our position remains the same. We will continue to ensure that Nigeria has a foreign exchange market that is transparent, liquid and based on a willing-buyer, willing-seller framework,’ he said.

The CBN governor said factors such as oil exports, foreign direct investment, domestic productivity and import substitution would determine where the exchange rate eventually settles.

He also expressed confidence in the current foreign exchange market, saying Nigeria now has a more functional and transparent system, with turnover exceeding $1 billion on some trading days, reflecting improved liquidity and growing confidence.

The Lagos Division of the Court of Appeal has upheld the final forfeiture of more than N293.97 million, investment assets and several high-value properties linked to Emmanuel Atewe, a retired military officer, affirming that the assets should be permanently forfeited to the Federal Government.

The unanimous judgment, delivered on Wednesday by Boloukuromo Moses Ugo (Justice) dismissed Atewe’s appeal against an earlier decision of the Federal High Court in Lagos, which granted the Economic and Financial Crimes Commission (EFCC)’s application for the final forfeiture of the assets.

The appellate court upheld the judgment of Chukwujekwu Aneke, Justice of the Federal High Court, ruling that the appeal lacked merit and confirming that the assets were reasonably suspected to be proceeds of unlawful activities.

The forfeited assets include N293.97 million in cash, 30,000 MTN-linked investment units held in Stanbic IBTC Asset Management Limited, and several landed properties in Abuja.

The properties are located along the Outer Northern Expressway, Jahi, Sabon Lugbe, Kuje, Gaube Farmland Extension II Layout, and Sector Centre B Layout in Kuje. Also forfeited is a commercial property in Yenagoa, Bayelsa State.

According to the EFCC, investigations traced the assets to funds allegedly diverted from allocations made for the operations of the Joint Task Force, Operation Pulo Shield.

The anti-graft agency said its investigation uncovered an alleged diversion of about N8.537 billion released for the military operation through a network of companies and individuals acting as proxies.

The Commission alleged that billions of naira earmarked for operational activities were paid to companies for contracts and services that were never executed, after which part of the money was allegedly channelled into acquiring assets linked to Atewe through companies associated with him.

The EFCC disclosed that N297 million traced to Cisco Nobots Limited was used in a property transaction in Port Harcourt, Rivers State, from which the Commission eventually recovered N290 million.

The Federal High Court had initially granted an interim forfeiture order before making it final after holding that Atewe failed to provide satisfactory evidence explaining the legitimate source of the assets.

Dissatisfied with the ruling, Atewe approached the Court of Appeal, arguing that the forfeiture proceedings were incompetent because he was entitled to protection under Section 123 of the Armed Forces Act.

He also contended that the civil forfeiture proceedings should not have commenced while criminal money laundering charges against him were still pending and further challenged the jurisdiction of the trial court to entertain the matter.

However, the three-member appellate panel resolved all the issues in favour of the EFCC.

The court held that the statutory protection provided under Section 123 of the Armed Forces Act applies only to serving members of the Armed Forces and not retired officers.

In its judgment, the court noted that Atewe himself admitted in an affidavit before the lower court that he had retired from military service before the forfeiture proceedings commenced.

The appellate court also ruled that Atewe failed to sufficiently establish the legitimate source of the assets, observing that his explanation merely referred to honoraria without demonstrating how the properties and funds were lawfully acquired.

On the argument that the forfeiture proceedings amounted to an abuse of court process because criminal proceedings were already pending against him, the court disagreed, holding that civil forfeiture proceedings can lawfully run concurrently with criminal trials and do not constitute an abuse of the judicial process.

Amazon has begun another round of job cuts, this time within its Artificial General Intelligence (AGI) division, which reveals a broader restructuring strategy that prioritises high-impact artificial intelligence projects while trimming roles considered less critical.

The latest layoffs, announced on Wednesday, come just six months after the technology giant eliminated about 16,000 corporate positions globally in one of the largest workforce reductions in its history.

Although Amazon did not disclose the number of employees affected in the AGI unit, the company said the decision was part of a strategic review aimed at concentrating resources on initiatives expected to deliver the greatest value to customers.

The affected division is responsible for Amazon’s long-term AGI ambitions, including developing AI systems capable of performing a broad range of cognitive tasks comparable to or beyond human capabilities.

The unit also supports the company’s generative AI products, including its Nova foundation models and AI services offered through Amazon Web Services (AWS).

The restructuring follows a leadership shift within Amazon’s AI organisation. Rohit Prasad, who previously led the AGI group, and David Luan, head of the AGI Lab, have exited their roles, while the company’s AI efforts were reorganised under Peter DeSantis, senior vice president, alongside Amazon’s quantum computing and silicon engineering teams.

The move reflects a growing trend across the global technology sector, where companies are simultaneously investing billions of dollars in AI infrastructure while reducing headcount in areas where automation and organisational streamlining are expected to improve efficiency.

Earlier this year, Amazon announced plans to cut approximately 16,000 corporate jobs worldwide, saying the restructuring was intended to reduce management layers, eliminate bureaucracy and improve operational efficiency as competition in AI intensifies.

Despite the latest layoffs, Amazon said AI remains one of its highest strategic priorities. The company continues to invest aggressively in foundation models, cloud-based AI services and AI-powered features across its retail, cloud computing and devices businesses.

Finding a gift that feels thoughtful, but doesn’t end up unused in a drawer, is a common problem. Clothes may not fit. Gadgets go out of style. Even cash, while always welcome, tends to disappear into daily expenses within days.

This is why more Nigerians are turning to a different kind of gift: money that grows instead of money that gets spent.

Why a Growing Gift Beats a One-Time Gift

A cash gift solves a problem today. A growing gift solves a problem later. When you fund an investment plan for someone, the money is still theirs. It just arrives with time attached, so it earns returns before they touch it. For occasions like childbirth, a graduation, or a milestone birthday, this turns a single moment into something with lasting value.

How Gifting an Investment Plan Works in Nigeria

Some Nigerian fintechs now offer built-in features for this exact purpose. Credit Direct’s Gift A Yield, for example, lets any user fund an investment plan on behalf of someone else, whether that person already uses the Credit Direct app or not.

Here is the basic process for Gift a Yield:

Log in to the Credit Direct app and select Gift A Yield from the Yield section.

Enter the recipient’s BVN-registered phone number, email, and full name.

Name the plan and fund it, starting from a minimum of ?50,000.

Choose a duration, from one month up to twelve months.

Set a security question the recipient will use if they don’t yet have an account.

Fund the plan from your wallet

The recipient receives a claim code via SMS and email. If they already have the app, the plan reflects immediately. If not, they can download the app, verify the code, and claim the plan in a few steps.

What Kind of Returns Should You Expect?

Returns depend on the plan type and duration chosen. According to Credit Direct’s Yield product page, a flexible plan earns 15% per annum with up to four penalty-free withdrawals a month. A fixed-term plan earns more the longer you commit, starting at 16% p.a. for one month and rising to 21% p.a. for twelve months. There is also a goal-based option, where funds earn 15% p.a. from the day the plan starts, with contributions that can be automated daily, weekly, or monthly.

Occasions Where a Growing Gift Makes Sense

Birthdays, where the plan matures like a second gift down the line

Childbirth, where a parent can fund a plan in the child’s name and let it roll over for up to a year

Weddings and anniversaries, as an alternative to conventional gift items

Graduations, as encouragement toward the recipient’s next stage

A Practical Alternative to Traditional Gifting

A growing gift solves the two biggest complaints about gift-giving: guessing wrong, and giving something that gets used up. It requires no knowledge of shoe size or taste. It works for any relationship, from a sibling to a colleague. And because the underlying product is regulated by the CBN, the mechanism sits within Nigeria’s formal wealth management space rather than outside it.

For anyone tired of giving gifts that disappear within a week, an investment plan is worth considering the next time an occasion comes up.