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Redesigned Naira Notes: CBN Storms Plateau Commercial Banks

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Redesigned Naira Notes

Officials of the Central Bank of Nigeria (CBN) on Thursday 19th January stormed Jos, the capital of Plateau State to ensure that Automatic Teller Machines (ATM) dispenses the newly redesigned naira notes and to sensitize stakeholders and the public on the new notes.

The CBN team led by the Director of Payment System Management, Musa Jimoh visited some ATM galleries within the Jos metropolis and expressed satisfaction over the few ones visited and also visited markets and other commercial centers.

Addressing stakeholders at the Building Materials Market, the leader of the team, Mr. Musa Jimoh explained the CBN has provided enough new notes and currency to all commercial banks in the state, “and we ordered them not to load old currency in the ATMs anymore.”

According to him, “We made very good arrangements for the quick supply of the redesigned currency to all the bank branches across the 17 local government areas.”

He also advised members of the public and traders to accept the old notes, which are “still valid” until January 31st. Assuring you not to panic, the currency is safe and valid for now.

“There is no limit to how much a customer can deposit between now and January 31, 2023, as CBN has suspended bank charges.”

Musa called on banks not to hoard the newly redesigned notes, warning that any bank caught defaulting would be sanctioned.

He also urged the public to explore other payment channels, such as eNaira, POS, electronic transfer, USS new internet banking, and mobile money operators and agents, for their economic activities.

Nigerian Tribune findings further revealed that most of the commercial banks within Jos and Bukuru metropolis have totally complied with their ATM dispensing the new notes.

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Africa records hydropower growth but Nigeria still suffers power shortages — Report

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Africa added more than 4,200 megawatts (MW) of new hydropower capacity in 2025, making it a fast growing region for hydropower development globally, according to a new report released by the International Hydropower Association (IHA).

The report, 2026 World Hydropower Outlook, said the continent commissioned 4,297 MW of new hydropower capacity during the year, the second consecutive year that additions exceeded 4,000 MW.

The growth was driven largely by the completion of mega projects in Ethiopia and Tanzania, even as more than 90 per cent of Africa’s hydropower potential remains untapped.

The findings come as Nigeria continues to grapple with chronic power shortages, frequent grid collapses and one of the world’s largest electricity access deficits despite possessing significant hydropower resources.

Malcolm Turnbull, president of the International Hydropower Association, said countries are increasingly turning to hydropower and energy storage solutions as they seek reliable electricity supplies amid growing dependence on renewable energy and rising geopolitical uncertainties.

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“As electricity systems become more dependent on variable renewables, and geopolitical tensions make reliance on imports more challenging, countries are increasingly recognising the importance of flexibility, long-duration storage and resilient domestic generation. Hydropower and pumped storage are uniquely positioned to provide these services at scale,” he said.

Ethiopia, Tanzania lead Africa’s growth

According to the report, Ethiopia fully inaugurated the 5,000 MW Grand Ethiopian Renaissance Dam (GERD) in 2025, making it the largest power station in Africa.

Tanzania also completed the Julius Nyerere Hydropower Project, a development the report said has substantially reduced the country’s dependence on diesel-powered electricity generation.

The report noted that Africa’s hydropower expansion places the continent at the forefront of global growth in conventional hydropower development.

However, it warned that progress remains far below potential.

“Despite progress, only around 10% of Africa’s hydropower potential has been realised, representing one of the most significant development opportunities in the world, with direct implications for electrification, industrial growth and energy security across a continent growing at twice the global average,” the report stated.

Most projects, it said, remain stalled by financing difficulties, regulatory bottlenecks and delays in securing approvals.

The report also identified weak transmission infrastructure and fragmented electricity networks as major barriers preventing power generated from reaching consumers efficiently.

Nigeria’s modest progress

Nigeria received only a brief mention in the report, which highlighted the rehabilitation of the Kainji Hydroelectric Power Station.

According to the report, the upgrade added 80 MW to the facility, increasing its installed capacity to 600 MW.

The modest increase contrasts sharply with the scale of new investments seen elsewhere on the continent.

Hydropower remains a critical component of Nigeria’s electricity supply. The Kainji, Jebba and Shiroro hydroelectric plants together account for a significant share of power delivered to the national grid.

Yet electricity supply remains inadequate for Africa’s most populous nation.

Data from the Nigerian Electricity Regulatory Commission (NERC) show that while Nigeria’s installed generation capacity exceeds 14,000 MW, actual available generation is significantly lower because of gas constraints, transmission limitations, ageing infrastructure and operational challenges.

The country has also experienced multiple national grid collapses in recent years, highlighting long-standing weaknesses in the electricity value chain.

Energy access challenge

The report arrives at a time when Nigeria is seeking to expand electricity access and reduce dependence on self-generated power.

According to the World Bank, about 86 million Nigerians lack access to electricity, giving the country the largest electricity access deficit in the world.

Businesses and households spend billions of naira annually on diesel and petrol generators to compensate for unreliable grid supply, a situation that raises production costs and constrains economic growth.

Although the 700 MW Zungeru Hydropower Plant has begun contributing electricity to the grid, several proposed hydropower projects across the country have faced delays linked to funding, environmental concerns and implementation challenges.

The IHA report suggests that while Africa is witnessing a resurgence in hydropower development, countries such as Nigeria will require significant investments in generation, transmission and energy storage infrastructure to fully benefit from the continent’s vast renewable energy potential.


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Walmart-backed Flipkart expands quick-commerce push as Amazon ramps up in India

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As quick commerce becomes India’s next e-commerce battleground, Walmart-backed Flipkart said Wednesday that its Minutes service has built a network of 1,000 micro-fulfillment centers — small, strategically located warehouses designed to enable deliveries in minutes — less than two years after launch, a milestone Amazon is also targeting as it expands its fast-delivery business in the South Asian nation.

Flipkart said it plans to expand the network to 1,500 micro-fulfillment centers by the end of 2026, a rapid buildout that would further strengthen its position in India’s fiercely competitive quick-commerce sector, where Blinkit, Zepto, Swiggy Instamart, and Amazon are racing to add infrastructure and customers.

Based on current store counts and announced expansion plans, Flipkart could emerge as India’s second-largest quick-commerce network by micro-fulfillment center count, behind Blinkit, which operates 2,243 such centers, according to a recent note by Jefferies. Rivals Zepto and Swiggy Instamart are also expanding their networks.

India has emerged as one of the world’s fastest-growing quick-commerce markets, with companies racing to build networks that can deliver everything from groceries and beauty products to electronics in minutes. Blinkit, owned by food-delivery company Eternal, remains the market leader, while Zepto, Swiggy Instamart, Flipkart, and Amazon are investing heavily to expand their reach and win customers.

The competition has intensified in recent months as Amazon accelerates the rollout of Amazon Now, which is currently available in more than 15 cities and operates over 500 micro-fulfillment centers. The company plans to expand the service to 100 cities with more than 1,000 micro-fulfillment centers while broadening its assortment beyond groceries into categories such as apparel, electronics, and home products.

The shift is also showing up in shopping patterns on Flipkart Minutes, which launched in August 2024. Demand is increasingly coming from categories such as electronics, beauty, and personal care products rather than just groceries, Kunal Gupta, head of Flipkart Minutes, told TechCrunch. Orders on the platform have grown about 400% from a year earlier, while customer retention has increased 20% year-over-year, he said. Both figures come from the company and could not be independently verified.

“What began as a way to fulfill everyday essentials has evolved into a fundamentally new shopping habit for millions of Indians,” Gupta said. “Customers are not just ordering more; they are ordering differently.”

Flipkart said it has expanded Minutes to more than 130 cities and 8,000 postal codes, with growth increasingly coming from smaller cities beyond India’s largest metropolitan areas. Those markets recorded more than 4,000% growth from a year earlier, aided by expansion into 90 new cities, according to the company.

The trend, Gupta said, is visible in the pace at which newly launched markets are maturing. He cited cities such as Patna, Guwahati, and Siliguri as examples of where new stores are ramping up faster than expected, and described Lucknow as one of Flipkart Minutes’ best-performing markets despite the company not yet covering the entire city with its network.

Amazon is also betting on demand outside India’s largest cities. The company told TechCrunch that 70% of new Prime members come from smaller markets and that it remains on track to double its Prime membership base from 2023 levels by year-end. Amazon added that everyday essentials now account for one in every two units shipped on Amazon.in, with Amazon Now increasing shopping frequency among customers.

Gupta told TechCrunch that Flipkart is seeing customers use Minutes alongside its main e-commerce platform rather than as a replacement for it, driving more frequent purchases and helping expand into categories such as fresh produce and daily essentials. The company said average order values for fruits and vegetables rose 30% year-over-year.

Flipkart, Gupta said, plans to continue opening between 75 and 100 micro-fulfillment centers a month while expanding into additional cities across the country.

The rapid expansion by Flipkart and Amazon underscores how India has become a testing ground for the next phase of e-commerce, with companies racing to turn quick commerce from a grocery-delivery service into a broader shopping platform. The country already has more than 5,500 dark stores, according to Bernstein, and industry analysts expect that number to rise to about 7,500 by 2030 as companies expand into smaller cities and widen their product offerings.

“We will continue to expand rapidly, will not slow down after 1,000 stores as well, and we are going all in,” Gupta said.

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