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  •  Troops of Operation Hadin Kai alongside members of the civilian joint task force have reportedly annihilated a top Boko Haram commander Abu Illiya alongside his 32 fighters The feat was said to have been achieved during an intelligence led aggressive fighting patrol in some identified Boko Haram enclaves in Kayamari Habasha and Yuwe villages in Konduga Local Government Area of Borno State According to Zagazola Makama a counter insurgency expert and security analyst in Lake Chad multiple intelligence sources indicated that the troops superior firepower forced the surviving terrorists to flee in disarray thereby abandoning their property and weapons The troops also recovered and destroyed 50 bicycles from the terrorists hideouts The newly appointed Theatre Commander Joint Task Force North East Operation Hadin Kai Maj Gen Ibrahim Ali shortly after taking over the command pledged to sustain efforts towards ending the fight against the Boko Haram insurgency in the North East To achieve this according to the new commander all hands must be on deck Credit https dailypost ng 2023 01 29 troops kill boko haram commander abu illiya 32 others
    Troops kill Boko Haram commander Abu Illiya, 32 others
     Troops of Operation Hadin Kai alongside members of the civilian joint task force have reportedly annihilated a top Boko Haram commander Abu Illiya alongside his 32 fighters The feat was said to have been achieved during an intelligence led aggressive fighting patrol in some identified Boko Haram enclaves in Kayamari Habasha and Yuwe villages in Konduga Local Government Area of Borno State According to Zagazola Makama a counter insurgency expert and security analyst in Lake Chad multiple intelligence sources indicated that the troops superior firepower forced the surviving terrorists to flee in disarray thereby abandoning their property and weapons The troops also recovered and destroyed 50 bicycles from the terrorists hideouts The newly appointed Theatre Commander Joint Task Force North East Operation Hadin Kai Maj Gen Ibrahim Ali shortly after taking over the command pledged to sustain efforts towards ending the fight against the Boko Haram insurgency in the North East To achieve this according to the new commander all hands must be on deck Credit https dailypost ng 2023 01 29 troops kill boko haram commander abu illiya 32 others
    Troops kill Boko Haram commander Abu Illiya, 32 others
    General news3 mins ago

    Troops kill Boko Haram commander Abu Illiya, 32 others

    Troops of Operation Hadin Kai alongside members of the civilian joint task force have reportedly annihilated a top Boko Haram commander, Abu Illiya alongside his 32 fighters.

    The feat was said to have been achieved during an intelligence-led aggressive fighting patrol in some identified Boko Haram enclaves in Kayamari, Habasha and Yuwe villages in Konduga Local Government Area of Borno State.

    According to Zagazola Makama, a counter-insurgency expert and security analyst in Lake Chad, multiple intelligence sources indicated that the troops’ superior firepower forced the surviving terrorists to flee in disarray thereby abandoning their property and weapons.

    The troops also recovered and destroyed 50 bicycles from the terrorists’ hideouts.

    The newly appointed Theatre Commander, Joint Task Force, North East Operation Hadin Kai, Maj. Gen. Ibrahim Ali shortly after taking over the command pledged to sustain efforts towards ending the fight against the Boko Haram insurgency in the North East.

    To achieve this, according to the new commander, all hands must be on deck.

    Credit: https://dailypost.ng/2023/01/29/troops-kill-boko-haram-commander-abu-illiya-32-others/

  •  Troops of operation Hadin Kai have reportedly killed 32 insurgents including one Abu Illiya identified as a top Boko Haram commander in Borno According to Zagazola Makama a publication focused on the Lake Chad region the insurgents were killed in an operation in Konduga LGA in the state The publication said the troops encountered the insurgents during a counter offensive patrol in Yuwe An intelligence source told Zagazola Makama a counter insurgency expert and security analyst in Lake Chad that the troops made contact with the terrorists in the course of the counter offensive patrol in Yuwe which led to a heavy gun battle The sources said that the troops successfully defeated Boko Haram terrorists while others reportedly fled in disarray due to the superior firepower from the soldiers thus abandoning their properties and weapons The troops also destroyed 50 bicycles recovered in the hideouts of the terrorists Nigerian troops in recent times have sustained efforts on decimating insurgent groups Credit https www thecable ng troops kill 32 insurgents including top boko haram commander in borno
    Troops kill ’32 insurgents — including top Boko Haram commander’ — in Borno
     Troops of operation Hadin Kai have reportedly killed 32 insurgents including one Abu Illiya identified as a top Boko Haram commander in Borno According to Zagazola Makama a publication focused on the Lake Chad region the insurgents were killed in an operation in Konduga LGA in the state The publication said the troops encountered the insurgents during a counter offensive patrol in Yuwe An intelligence source told Zagazola Makama a counter insurgency expert and security analyst in Lake Chad that the troops made contact with the terrorists in the course of the counter offensive patrol in Yuwe which led to a heavy gun battle The sources said that the troops successfully defeated Boko Haram terrorists while others reportedly fled in disarray due to the superior firepower from the soldiers thus abandoning their properties and weapons The troops also destroyed 50 bicycles recovered in the hideouts of the terrorists Nigerian troops in recent times have sustained efforts on decimating insurgent groups Credit https www thecable ng troops kill 32 insurgents including top boko haram commander in borno
    Troops kill ’32 insurgents — including top Boko Haram commander’ — in Borno
    General news7 mins ago

    Troops kill ’32 insurgents — including top Boko Haram commander’ — in Borno

    Troops of operation Hadin Kai have reportedly killed 32 insurgents, including one Abu Illiya, identified as a top Boko Haram commander, in Borno.

    According to Zagazola Makama, a publication focused on the Lake Chad region, the insurgents were killed in an operation in Konduga LGA in the state.

    The publication said the troops encountered the insurgents during a counter-offensive patrol in Yuwe.

    “An intelligence source told Zagazola Makama, a counter-insurgency expert and security analyst in Lake Chad, that the troops made contact with the terrorists in the course of the counter-offensive patrol in Yuwe which led to a heavy gun battle.

    “The sources said that the troops successfully defeated Boko Haram terrorists while others reportedly fled in disarray due to the superior firepower from the soldiers thus abandoning their properties and weapons.

    “The troops also destroyed 50 bicycles recovered in the hideouts of the terrorists.”

    Nigerian troops, in recent times, have sustained efforts on decimating insurgent groups.

    Credit: https://www.thecable.ng/troops-kill-32-insurgents-including-top-boko-haram-commander-in-borno

  •  As the old N200 N500 and N1 000 notes are now being rejected across the country CHIJIOKE IREMEKA writes on the agitation of Nigerians who are racing against time to swap the naira notes with the redesigned versions ahead of the January 31 2023 deadline issued by the Central Bank of Nigeria CBN which has refused to grant extension of time despite pressures from different quarters in the society Nigerians banked or unbanked are currently racing against time to rid their purses and wallets of N200 N500 and N1 000 notes following the insistence by the Central Bank of Nigeria CBN on phasing them out as the country s legal tender on January 31 2023 But the redesigned notes meant to replace the old ones are yet to be seen or felt by a vast number of the citizens After the CBN Governor Godwin Emefiele on October 26 2022 announced that new naira notes would be introduced to replace the current 200 500 and 1 000 notes the apex bank also gave Tuesday January 31 2023 as deadline for phasing out the old versions of the affected naira notes The apex bank in its commitment to the deadline also sent a reminder to Nigerians insisting that January 31 2023 deadline remained sacrosanct as long as phasing out of the old versions of the redesigned notes is concerned and therefore advised all Nigerians to return all the old N200 N500 and N1 000 notes in their possession to their deposit banks for replacement before the deadline The old series of N200 N500 and N1 000 notes will cease to be legal tender by January 31 2023 This is a reminder to the general public You are advised to return them to your banks before the deadline the apex bank said In furtherance to this pursuit the CBN launched Cash Swap platform a programme intended to increase the speed of circulation of the new banknotes and increase awareness ahead of the deadline for demonetisation of the old notes It also provides an opportunity for Nigerians to swap old notes with new ones at super agents centres across the country The intervention which targets residents in rural areas and individuals with limited access to financial services to speed up the process of circulation of the redesigned notes and mopping up of the old ones is a joint initiative of the CBN Deposit Money Banks DMBs and super agents Despite these interventions the desired outcome is yet to be achieved There is an allegation of sabotage levelled against banks in recent weeks as most of them disregarded a regulatory directive to stop giving out old banknotes especially through the automated teller machines ATMs This prompted the Senate to call for an extension of the deadline for swapping of naira notes till the end of the first half of the year but the monetary authority said there was no compelling reason to extend the deadline with multiple channels including agents operating in rural areas for Nigerians to return the banknotes Emefiele also argued that the 100 days from when the policy was announced till January 31 offered enough windows for Nigerians with legitimate cash in their homes to return the same According to him the programme enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones The CBN boss said it was worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians He urged the citizens to proceed to their banks to deposit their naira notes adding that the deposit fee would be waived for transactions below N150 000 Emefiele added that the redesigning of naira notes would help curb counterfeit notes as well as hamper ransom payment to terrorists and kidnappers In a circular on cash swap signed by the Director of Banking Supervision Department Haruna Mustafa the CBN further explained that agents shall exchange a maximum of N10 000 per person noting that amounts above N10 000 may be treated as cash in deposit into wallets or bank accounts in line with the CBN s cashless policy Bank Verification Number BVN National Identification Number NIN or voter cards details of the customers should be captured as much as possible To promote financial inclusion this service is also available to anybody without a bank account Agents may on request instantly open a wallet or account leveraging the CBN Tiered Know Your Customer KYC framework This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost the circular stated Moreso the bank stressed that agents shall sensitise customers on wallets bank account opening and other channels for conducting electronic transactions noting that designated agents are to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy It noted that while the agents are permitted to charge cash out fees for the cash swap transactions agents are prohibited from charging any further commissions Principals super agents mobile money operators MMOs and DMBs shall be held accountable for their agents adherence to the guidelines Cash Swap agents will be readily identifiable in all local governments particularly those in the rural area the circular read The apex bank also said any commercial bank that refused to dispense the new notes either at ATM or counter would be sanctioned The circular BSD DIR PUB LAB 15 022 was addressed to DMBs Mobile Money Operators MMO Super Agents and Agent Naira Redesign Policy The CBN said In furtherance of its Naira Redesign policy the CBN has sustained its nationwide awareness sensitisation programmes enforced speedy collection of the new notes at CBN branches by the DMBs and mandated issuance of the new notes through Automated Teller Machines ATMs to ensure distribution is fair transparent and evenly spread across the country The bank also suspended charges on above limit cash deposits and called on commercial banks to extend operations till weekends to enable individuals to return cash in their possession but there appears to be sabotage on the part of banks in recent weeks as most of them have disregarded a regulatory directive to stop giving out old banknotes The Guardian learnt that part of the reasons the new notes are not in circulation is that the commercial banks take money from certain politicians fraudsters as well as money vendors and give them the new notes which should have been stocked in their ATMs It was also learnt that the banks use the new naira notes to compensate and reward their mega customers A businessman who has collected over N5 million of the redesigned naira notes from one of the new generation banks in Lagos confirmed that the new notes are in the commercial banks but the banks use them to favour their VIP customers as alleged by the CBN It was further learnt that many people who stacked money in their houses for future use are now spending them on capital projects especially building materials During The Guardian s visits to a number of ATM machine galleries around Mushin FESTAC Egbeda and Lagos Island Lagos State among other places the machines were seen dispensing old naira notes as at Monday and Tuesday this week Some ATMs were dispensing both new and old banknotes on Tuesday A woman identified as Juliana Ogundipe who withdrew N5 000 at an ATM in Mushin told The Guardian that she got N2 000 of the new notes and N3 000 old notes She was also angry that she wanted to withdraw N50 000 but was only paid N20 000 while the message that popped up read You have reached your maximum daily withdrawal limit Bank customers who are worried about the scarcity of the redesigned N1 000 N500 and N200 notes in DMBs and Other Financial Institutions OFIs questioned the rationale for continuing to supply their customers with the old notes which would cease to be legal tender by Tuesday if there is no extension of the deadline According to a civil servant Ibrahim Abbas the banks have no reason to load their ATMs with the old notes after customers have deposited them in their accounts as advised by the CBN They said they are redesigning some denominations of the Naira and that Nigerians should take their old notes to the banks and start getting the redesigned ones But what we still get from the ATMs and even from the bank counters are the old notes This is not right he said A Point of Sale PoS operator Gabriel Asika said the CBN needed to do better in its supply of the new notes CBN is telling us that there are enough redesigned notes in vaults of the DMBs but the banks are saying that they do not have enough supply of the notes Something is not adding up he said The Head Inclusion for all Initiative Chinasa Collins Ogbuo said About 54 2 per cent of Nigeria s unbanked poor indicated their preference for saving their money in a safe place at home or carrying it around indicating that more than 50 per cent of this segment of the population could lose their savings if they are unable to exchange old notes for new notes On the other hand the Chief Executive Officer of Diary Hills Limited Kelvin Emmanuel said CBN s insistence on the deadline shows a premeditated stance by the apex bank The insistence of the CBN Governor on the January 31 deadline is an indication that there is an ulterior motive for making notes that are currently in circulation illegal from February 1 An economic analyst who is also the Lead Director of the Centre for Social Justice CSJ Eze Onyekpere said the CBN governor seemed to be insensitive to the yearnings of Nigerians with his insistence on no deadline extension if three days to the deadline people are still carrying about old notes due to the scarcity of new ones Also reacting National Coordinator Human Rights Writers Association of Nigeria HURIWA Emmanuel Onwubiko said the January 31 deadline was not workable and feasible under any condition He therefore sought a one year extension deadline by the CBN for all Nigerians especially those in remote and unbanked areas to exchange their old notes for the new ones citing the example of the United Kingdom UK which unveiled its new notes on December 20 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones A former Senate Leader Ali Ndume APC Borno lamented the poor supplyof the redesigned notes saying that as a serving member of the upper legislative chamber he had not seen the new notes I as a senator have not seen the new notes I only saw the new note once in December when I moved the motion and I said I have not seen the money That was when one of my colleagues showed me the N1 000 note I have been withdrawing money from the bank since then and have never got new notes from the bank Even last Friday I made withdrawal from the bank and they gave me old notes And then surprisingly now I heard that in some places they are rejecting old notes In other words the CBN s deadline has actually been implemented in remote places over fear of people losing their money This panic is going to cause economic chaos On the chaos already on the streets Bayo Olorunpoda a media executive said on Tuesday I visited five banks today and none of the ATMs dispensed cash The explanation was that banks didn t want to load old naira notes in obedience of CBN instruction yet they didn t have enough new notes Furthermore most ATMs dispense N500 and N1 000 notes either old or new How will CBN ensure the circulation of the new N200 notes which will be in high demand for cash transactions when it doesn t dispense from the ATM The House of Representatives held a meeting with the chief executive officers of commercial banks The meeting came six days to the deadline issued by the CBN to end the validity of the old notes The House set up an ad hoc committee chaired by the Leader Ado Doguwa The resolution followed the consideration and adoption of a motion moved by Sada Soli under Matters of Urgent Public Importance urging the CBN to extend the deadline on the use of the old notes to six months The Speaker of the House Femi Gbajabiamila said the House needed to interface with the heads of commercial banks to understand the real situation The Senate also called for extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy was affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians had not got the opportunity to touch the new notes adding that the timeline for the implementation of the policy was too short But the CBN governor insisted on Tuesday that there were no compelling reasons or plans to shift the January 31 2023 deadline Supporting the CBN s position Rammel Onodele said There is no reason for any extension anybody who has genuine notes by now has had the opportunity to change them Making comparisons with global currencies like Dollars GPS and Euro does not make any sense because it would take years for such currencies in the hands of people worldwide to be called back This is not the case with Nigeria it does appear that there is a deliberate efforts by people with looted naira to frustrate every government effort There will be no extension The CBN should stand its ground irrespective of what the Senate and House of Representatives are saying Nigerians have suffered great tribulations because of these people History Of Nigeria s Currency Designs IN the pre colonial era different cultures used a variety of items as means of exchange These included cowries manilas beads bottles and salt The first major currency issued in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa The units of coins managed by the Bank of England were one shilling one penny 1 2 penny and 1 10 penny and were distributed by a private bank the Bank for British West Africa till 1912 From 1912 to 1959 the West African Currency Board WACB issued the first set of banknotes insert hyperlink and coins in Nigeria Ghana Sierra Leone and the Gambia The highest banknote denomination was one pound while the one shilling coin was the highest coin denomination On July 1 1959 the CBN issued Nigerian currency banknotes while the WACB issued banknotes and coins were withdrawn It was not until July 1 1962 that the currency was changed to reflect the country s republican status The banknotes which bore the inscription Federation of Nigeria now had Federal Republic of Nigeria inscribed at the top The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war Sequel to the decision by the government to change from the metric to decimal the name of the Nigerian currency was changed in January 1973 The major unit of currency which used to be 1 ceased to exist and the one naira which was equivalent to 10 shillings became the major unit while the minor unit was called the kobo a hundred of which made one naira On February 11 1977 a new banknote with the value 20 was issued It was the highest denomination introduced at the time as a result of the growth of the economy the preference for cash transactions and the need for convenience The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen the late Head of State General Murtala Ramat Muhammed 1938 1976 who was the torchbearer of the Nigerian revolution in July 1975 The note was issued on the 1st anniversary of his assassination as a fitting tribute to him He was declared a national hero on October 1 1978 On July 2 1979 new currency banknotes of three denominations 1 5 and 10 were introduced These notes were of the same size i e 151 X 78 mm as the 20 note issued on 11th February 1977 To facilitate identification distinctive colours were used for the various denominations The notes bore the portraits of three eminent Nigerians who were declared national heroes on October 1 1978 The engravings at the back of the notes reflected various cultural aspects of the country In April 1984 the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time In 1991 the 50K and 1 were both coined In response to the expansion in economic activities and to facilitate an efficient payments system the 100 200 500 and 1000 banknotes were introduced in December 1999 November 2000 April 2001 and October 2005 On February 28 2007 as part of the economic reforms 20 was issued for the first time in polymer substrate while the 50 10 and 5 banknotes as well as 1 and 50K coins were reissued in new designs and the 2 coin was introduced On September 30 2009 the redesigned 50 10 and 5 banknotes were converted to polymer substrate following the successful performance of the 20 polymer banknote Thus all lower denomination banknotes were now printed in the polymer substrate Finally the CBN as part of its contribution towards the celebration of the nation s 50th anniversary of Independence and 100 years of its existence as a nation issued the 50 commemorative polymer banknote on 29th September 2010 and the N100 commemorative banknote on 19th December 2014 Today the CBN is bent on phasing out the three redesigned notes in three days time to stem the tide of insecurity in the country help the general elections and save the dying economy Credit https guardian ng features new naira notes anxiety as cbn insists on january 31 deadline
    Anxiety As CBN Insists On January 31 Deadline
     As the old N200 N500 and N1 000 notes are now being rejected across the country CHIJIOKE IREMEKA writes on the agitation of Nigerians who are racing against time to swap the naira notes with the redesigned versions ahead of the January 31 2023 deadline issued by the Central Bank of Nigeria CBN which has refused to grant extension of time despite pressures from different quarters in the society Nigerians banked or unbanked are currently racing against time to rid their purses and wallets of N200 N500 and N1 000 notes following the insistence by the Central Bank of Nigeria CBN on phasing them out as the country s legal tender on January 31 2023 But the redesigned notes meant to replace the old ones are yet to be seen or felt by a vast number of the citizens After the CBN Governor Godwin Emefiele on October 26 2022 announced that new naira notes would be introduced to replace the current 200 500 and 1 000 notes the apex bank also gave Tuesday January 31 2023 as deadline for phasing out the old versions of the affected naira notes The apex bank in its commitment to the deadline also sent a reminder to Nigerians insisting that January 31 2023 deadline remained sacrosanct as long as phasing out of the old versions of the redesigned notes is concerned and therefore advised all Nigerians to return all the old N200 N500 and N1 000 notes in their possession to their deposit banks for replacement before the deadline The old series of N200 N500 and N1 000 notes will cease to be legal tender by January 31 2023 This is a reminder to the general public You are advised to return them to your banks before the deadline the apex bank said In furtherance to this pursuit the CBN launched Cash Swap platform a programme intended to increase the speed of circulation of the new banknotes and increase awareness ahead of the deadline for demonetisation of the old notes It also provides an opportunity for Nigerians to swap old notes with new ones at super agents centres across the country The intervention which targets residents in rural areas and individuals with limited access to financial services to speed up the process of circulation of the redesigned notes and mopping up of the old ones is a joint initiative of the CBN Deposit Money Banks DMBs and super agents Despite these interventions the desired outcome is yet to be achieved There is an allegation of sabotage levelled against banks in recent weeks as most of them disregarded a regulatory directive to stop giving out old banknotes especially through the automated teller machines ATMs This prompted the Senate to call for an extension of the deadline for swapping of naira notes till the end of the first half of the year but the monetary authority said there was no compelling reason to extend the deadline with multiple channels including agents operating in rural areas for Nigerians to return the banknotes Emefiele also argued that the 100 days from when the policy was announced till January 31 offered enough windows for Nigerians with legitimate cash in their homes to return the same According to him the programme enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones The CBN boss said it was worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians He urged the citizens to proceed to their banks to deposit their naira notes adding that the deposit fee would be waived for transactions below N150 000 Emefiele added that the redesigning of naira notes would help curb counterfeit notes as well as hamper ransom payment to terrorists and kidnappers In a circular on cash swap signed by the Director of Banking Supervision Department Haruna Mustafa the CBN further explained that agents shall exchange a maximum of N10 000 per person noting that amounts above N10 000 may be treated as cash in deposit into wallets or bank accounts in line with the CBN s cashless policy Bank Verification Number BVN National Identification Number NIN or voter cards details of the customers should be captured as much as possible To promote financial inclusion this service is also available to anybody without a bank account Agents may on request instantly open a wallet or account leveraging the CBN Tiered Know Your Customer KYC framework This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost the circular stated Moreso the bank stressed that agents shall sensitise customers on wallets bank account opening and other channels for conducting electronic transactions noting that designated agents are to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy It noted that while the agents are permitted to charge cash out fees for the cash swap transactions agents are prohibited from charging any further commissions Principals super agents mobile money operators MMOs and DMBs shall be held accountable for their agents adherence to the guidelines Cash Swap agents will be readily identifiable in all local governments particularly those in the rural area the circular read The apex bank also said any commercial bank that refused to dispense the new notes either at ATM or counter would be sanctioned The circular BSD DIR PUB LAB 15 022 was addressed to DMBs Mobile Money Operators MMO Super Agents and Agent Naira Redesign Policy The CBN said In furtherance of its Naira Redesign policy the CBN has sustained its nationwide awareness sensitisation programmes enforced speedy collection of the new notes at CBN branches by the DMBs and mandated issuance of the new notes through Automated Teller Machines ATMs to ensure distribution is fair transparent and evenly spread across the country The bank also suspended charges on above limit cash deposits and called on commercial banks to extend operations till weekends to enable individuals to return cash in their possession but there appears to be sabotage on the part of banks in recent weeks as most of them have disregarded a regulatory directive to stop giving out old banknotes The Guardian learnt that part of the reasons the new notes are not in circulation is that the commercial banks take money from certain politicians fraudsters as well as money vendors and give them the new notes which should have been stocked in their ATMs It was also learnt that the banks use the new naira notes to compensate and reward their mega customers A businessman who has collected over N5 million of the redesigned naira notes from one of the new generation banks in Lagos confirmed that the new notes are in the commercial banks but the banks use them to favour their VIP customers as alleged by the CBN It was further learnt that many people who stacked money in their houses for future use are now spending them on capital projects especially building materials During The Guardian s visits to a number of ATM machine galleries around Mushin FESTAC Egbeda and Lagos Island Lagos State among other places the machines were seen dispensing old naira notes as at Monday and Tuesday this week Some ATMs were dispensing both new and old banknotes on Tuesday A woman identified as Juliana Ogundipe who withdrew N5 000 at an ATM in Mushin told The Guardian that she got N2 000 of the new notes and N3 000 old notes She was also angry that she wanted to withdraw N50 000 but was only paid N20 000 while the message that popped up read You have reached your maximum daily withdrawal limit Bank customers who are worried about the scarcity of the redesigned N1 000 N500 and N200 notes in DMBs and Other Financial Institutions OFIs questioned the rationale for continuing to supply their customers with the old notes which would cease to be legal tender by Tuesday if there is no extension of the deadline According to a civil servant Ibrahim Abbas the banks have no reason to load their ATMs with the old notes after customers have deposited them in their accounts as advised by the CBN They said they are redesigning some denominations of the Naira and that Nigerians should take their old notes to the banks and start getting the redesigned ones But what we still get from the ATMs and even from the bank counters are the old notes This is not right he said A Point of Sale PoS operator Gabriel Asika said the CBN needed to do better in its supply of the new notes CBN is telling us that there are enough redesigned notes in vaults of the DMBs but the banks are saying that they do not have enough supply of the notes Something is not adding up he said The Head Inclusion for all Initiative Chinasa Collins Ogbuo said About 54 2 per cent of Nigeria s unbanked poor indicated their preference for saving their money in a safe place at home or carrying it around indicating that more than 50 per cent of this segment of the population could lose their savings if they are unable to exchange old notes for new notes On the other hand the Chief Executive Officer of Diary Hills Limited Kelvin Emmanuel said CBN s insistence on the deadline shows a premeditated stance by the apex bank The insistence of the CBN Governor on the January 31 deadline is an indication that there is an ulterior motive for making notes that are currently in circulation illegal from February 1 An economic analyst who is also the Lead Director of the Centre for Social Justice CSJ Eze Onyekpere said the CBN governor seemed to be insensitive to the yearnings of Nigerians with his insistence on no deadline extension if three days to the deadline people are still carrying about old notes due to the scarcity of new ones Also reacting National Coordinator Human Rights Writers Association of Nigeria HURIWA Emmanuel Onwubiko said the January 31 deadline was not workable and feasible under any condition He therefore sought a one year extension deadline by the CBN for all Nigerians especially those in remote and unbanked areas to exchange their old notes for the new ones citing the example of the United Kingdom UK which unveiled its new notes on December 20 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones A former Senate Leader Ali Ndume APC Borno lamented the poor supplyof the redesigned notes saying that as a serving member of the upper legislative chamber he had not seen the new notes I as a senator have not seen the new notes I only saw the new note once in December when I moved the motion and I said I have not seen the money That was when one of my colleagues showed me the N1 000 note I have been withdrawing money from the bank since then and have never got new notes from the bank Even last Friday I made withdrawal from the bank and they gave me old notes And then surprisingly now I heard that in some places they are rejecting old notes In other words the CBN s deadline has actually been implemented in remote places over fear of people losing their money This panic is going to cause economic chaos On the chaos already on the streets Bayo Olorunpoda a media executive said on Tuesday I visited five banks today and none of the ATMs dispensed cash The explanation was that banks didn t want to load old naira notes in obedience of CBN instruction yet they didn t have enough new notes Furthermore most ATMs dispense N500 and N1 000 notes either old or new How will CBN ensure the circulation of the new N200 notes which will be in high demand for cash transactions when it doesn t dispense from the ATM The House of Representatives held a meeting with the chief executive officers of commercial banks The meeting came six days to the deadline issued by the CBN to end the validity of the old notes The House set up an ad hoc committee chaired by the Leader Ado Doguwa The resolution followed the consideration and adoption of a motion moved by Sada Soli under Matters of Urgent Public Importance urging the CBN to extend the deadline on the use of the old notes to six months The Speaker of the House Femi Gbajabiamila said the House needed to interface with the heads of commercial banks to understand the real situation The Senate also called for extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy was affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians had not got the opportunity to touch the new notes adding that the timeline for the implementation of the policy was too short But the CBN governor insisted on Tuesday that there were no compelling reasons or plans to shift the January 31 2023 deadline Supporting the CBN s position Rammel Onodele said There is no reason for any extension anybody who has genuine notes by now has had the opportunity to change them Making comparisons with global currencies like Dollars GPS and Euro does not make any sense because it would take years for such currencies in the hands of people worldwide to be called back This is not the case with Nigeria it does appear that there is a deliberate efforts by people with looted naira to frustrate every government effort There will be no extension The CBN should stand its ground irrespective of what the Senate and House of Representatives are saying Nigerians have suffered great tribulations because of these people History Of Nigeria s Currency Designs IN the pre colonial era different cultures used a variety of items as means of exchange These included cowries manilas beads bottles and salt The first major currency issued in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa The units of coins managed by the Bank of England were one shilling one penny 1 2 penny and 1 10 penny and were distributed by a private bank the Bank for British West Africa till 1912 From 1912 to 1959 the West African Currency Board WACB issued the first set of banknotes insert hyperlink and coins in Nigeria Ghana Sierra Leone and the Gambia The highest banknote denomination was one pound while the one shilling coin was the highest coin denomination On July 1 1959 the CBN issued Nigerian currency banknotes while the WACB issued banknotes and coins were withdrawn It was not until July 1 1962 that the currency was changed to reflect the country s republican status The banknotes which bore the inscription Federation of Nigeria now had Federal Republic of Nigeria inscribed at the top The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war Sequel to the decision by the government to change from the metric to decimal the name of the Nigerian currency was changed in January 1973 The major unit of currency which used to be 1 ceased to exist and the one naira which was equivalent to 10 shillings became the major unit while the minor unit was called the kobo a hundred of which made one naira On February 11 1977 a new banknote with the value 20 was issued It was the highest denomination introduced at the time as a result of the growth of the economy the preference for cash transactions and the need for convenience The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen the late Head of State General Murtala Ramat Muhammed 1938 1976 who was the torchbearer of the Nigerian revolution in July 1975 The note was issued on the 1st anniversary of his assassination as a fitting tribute to him He was declared a national hero on October 1 1978 On July 2 1979 new currency banknotes of three denominations 1 5 and 10 were introduced These notes were of the same size i e 151 X 78 mm as the 20 note issued on 11th February 1977 To facilitate identification distinctive colours were used for the various denominations The notes bore the portraits of three eminent Nigerians who were declared national heroes on October 1 1978 The engravings at the back of the notes reflected various cultural aspects of the country In April 1984 the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time In 1991 the 50K and 1 were both coined In response to the expansion in economic activities and to facilitate an efficient payments system the 100 200 500 and 1000 banknotes were introduced in December 1999 November 2000 April 2001 and October 2005 On February 28 2007 as part of the economic reforms 20 was issued for the first time in polymer substrate while the 50 10 and 5 banknotes as well as 1 and 50K coins were reissued in new designs and the 2 coin was introduced On September 30 2009 the redesigned 50 10 and 5 banknotes were converted to polymer substrate following the successful performance of the 20 polymer banknote Thus all lower denomination banknotes were now printed in the polymer substrate Finally the CBN as part of its contribution towards the celebration of the nation s 50th anniversary of Independence and 100 years of its existence as a nation issued the 50 commemorative polymer banknote on 29th September 2010 and the N100 commemorative banknote on 19th December 2014 Today the CBN is bent on phasing out the three redesigned notes in three days time to stem the tide of insecurity in the country help the general elections and save the dying economy Credit https guardian ng features new naira notes anxiety as cbn insists on january 31 deadline
    Anxiety As CBN Insists On January 31 Deadline
    General news2 days ago

    Anxiety As CBN Insists On January 31 Deadline

    As the old N200, N500 and N1, 000 notes are now being rejected across the country, CHIJIOKE IREMEKA writes on the agitation of Nigerians who are racing against time to swap the naira notes with the redesigned versions ahead of the January 31, 2023 deadline issued by the Central Bank of Nigeria (CBN), which has refused to grant extension of time despite pressures from different quarters in the society.

    Nigerians, banked or unbanked, are currently racing against time to rid their purses and wallets of N200, N500 and N1, 000 notes, following the insistence by the Central Bank of Nigeria (CBN) on phasing them out as the country’s legal tender on January 31, 2023. But the redesigned notes meant to replace the old ones are yet to be seen or felt by a vast number of the citizens.

    After the CBN Governor, Godwin Emefiele, on October 26, 2022 announced that new naira notes would be introduced to replace the current 200, 500, and 1, 000 notes, the apex bank also gave Tuesday January 31, 2023 as deadline for phasing out the old versions of the affected naira notes.

    The apex bank, in its commitment to the deadline, also sent a reminder to Nigerians, insisting that January 31, 2023 deadline remained sacrosanct as long as phasing out of the old versions of the redesigned notes is concerned and, therefore, advised all Nigerians to return all the old N200, N500 and N1, 000 notes in their possession to their deposit banks for replacement before the deadline.

    “The old series of N200, N500 and N1, 000 notes will cease to be legal tender by January 31, 2023. This is a reminder to the general public. You are advised to return them to your banks before the deadline,” the apex bank said.

    In furtherance to this pursuit, the CBN launched Cash Swap platform, a programme intended to increase the speed of circulation of the new banknotes and increase awareness ahead of the deadline for demonetisation of the old notes. It also provides an opportunity for Nigerians to swap old notes with new ones at super agents centres across the country.

    The intervention, which targets residents in rural areas and individuals with limited access to financial services to speed up the process of circulation of the redesigned notes and mopping up of the old ones, is a joint initiative of the CBN, Deposit Money Banks (DMBs) and super agents.

    Despite these interventions, the desired outcome is yet to be achieved. There is an allegation of sabotage levelled against banks in recent weeks as most of them disregarded a regulatory directive to stop giving out old banknotes, especially through the automated teller machines (ATMs).

    This prompted the Senate to call for an extension of the deadline for swapping of naira notes till the end of the first half of the year, but the monetary authority said there was no compelling reason to extend the deadline, with multiple channels, including agents operating in rural areas, for Nigerians to return the banknotes.

    Emefiele also argued that the 100 days, from when the policy was announced till January 31, offered enough windows for Nigerians with legitimate cash in their homes to return the same. According to him, the programme enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones.

    The CBN boss said it was worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians. He urged the citizens to proceed to their banks to deposit their naira notes, adding that the deposit fee would be waived for transactions below N150, 000.

    Emefiele added that the redesigning of naira notes would help curb counterfeit notes, as well as hamper ransom payment to terrorists and kidnappers.

    In a circular on cash swap signed by the Director of Banking Supervision Department, Haruna Mustafa, the CBN further explained that agents shall exchange a maximum of N10, 000 per person, noting that amounts above N10, 000 may be treated as cash-in deposit into wallets or bank accounts in line with the CBN’s cashless policy.

    “Bank Verification Number (BVN), National Identification Number (NIN), or voter cards details of the customers should be captured as much as possible. To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered Know Your Customer (KYC) framework.

    “This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,” the circular stated.

    Moreso, the bank stressed that agents shall sensitise customers on wallets/ bank account opening and other channels for conducting electronic transactions, noting that designated agents are to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy.

    It noted that while the agents are permitted to charge cash-out fees for the cash swap transactions, agents are prohibited from charging any further commissions. “Principals (super agents, mobile money operators (MMOs) and DMBs) shall be held accountable for their agents’ adherence to the guidelines. Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural area,” the circular read.

    The apex bank also said any commercial bank that refused to dispense the new notes either at ATM or counter would be sanctioned. The circular ‘BSD/DIR/PUB/LAB/15/022, was addressed to DMBs, Mobile Money Operators (MMO), Super Agents and Agent Naira Redesign Policy.

    The CBN said: “In furtherance of its Naira Redesign policy, the CBN has sustained its nationwide awareness/sensitisation programmes, enforced speedy collection of the new notes at CBN branches by the DMBs and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.”

    The bank also suspended charges on above-limit cash deposits and called on commercial banks to extend operations till weekends to enable individuals to return cash in their possession, but there appears to be sabotage on the part of banks in recent weeks as most of them have disregarded a regulatory directive to stop giving out old banknotes.

    The Guardian learnt that part of the reasons the new notes are not in circulation is that the commercial banks take money from certain politicians, fraudsters as well as money vendors and give them the new notes, which should have been stocked in their ATMs. It was also learnt that the banks use the new naira notes to compensate and reward their mega customers.

    A businessman, who has collected over N5 million of the redesigned naira notes from one of the new generation banks in Lagos, confirmed that the new notes are in the commercial banks but the banks use them to favour their VIP customers, as alleged by the CBN.

    It was further learnt that many people who stacked money in their houses for future use are now spending them on capital projects, especially building materials.

    During The Guardian’s visits to a number of ATM machine galleries around Mushin, FESTAC, Egbeda and Lagos Island Lagos State, among other places, the machines were seen dispensing old naira notes as at Monday and Tuesday this week. Some ATMs were dispensing both new and old banknotes on Tuesday.

    A woman, identified as Juliana Ogundipe, who withdrew N5, 000 at an ATM in Mushin told The Guardian that she got N2, 000 of the new notes and N3, 000 old notes. She was also angry that she wanted to withdraw N50, 000 but was only paid N20, 000 while the message that popped up read, “You have reached your maximum daily withdrawal limit.”

    Bank customers who are worried about the scarcity of the redesigned N1, 000, N500 and N200 notes in DMBs and Other Financial Institutions (OFIs), questioned the rationale for continuing to supply their customers with the old notes, which would cease to be legal tender by Tuesday if there is no extension of the deadline.

    According to a civil servant, Ibrahim Abbas, the banks have no reason to load their ATMs with the old notes after customers have deposited them in their accounts as advised by the CBN.

    “They said they are redesigning some denominations of the Naira, and that Nigerians should take their old notes to the banks and start getting the redesigned ones. But what we still get from the ATMs, and even from the bank counters are the old notes. This is not right,” he said.

    A Point of Sale (PoS) operator, Gabriel Asika, said the CBN needed to do better in its supply of the new notes. “CBN is telling us that there are enough redesigned notes in vaults of the DMBs, but the banks are saying that they do not have enough supply of the notes. Something is not adding up,” he said.

    The Head, Inclusion for all Initiative, Chinasa Collins-Ogbuo, said: “ About 54.2 per cent of Nigeria’s unbanked poor indicated their preference for saving their money in a safe place at home or carrying it around, indicating that more than 50 per cent of this segment of the population could lose their savings if they are unable to exchange old notes for new notes.”

    On the other hand, the Chief Executive Officer of Diary Hills Limited, Kelvin Emmanuel, said CBN’s insistence on the deadline shows a premeditated stance by the apex bank. “The insistence of the CBN Governor on the January 31 deadline is an indication that there is an ulterior motive for making notes that are currently in circulation illegal from February 1.”

    An economic analyst, who is also the Lead Director of the Centre for Social Justice (CSJ), Eze Onyekpere, said the CBN governor seemed to be insensitive to the yearnings of Nigerians with his insistence on no deadline extension if three days to the deadline, people are still carrying about old notes due to the scarcity of new ones.

    Also reacting, National Coordinator, Human Rights Writers Association of Nigeria (HURIWA), Emmanuel Onwubiko, said the January 31 deadline was not workable and feasible under any condition.

    He, therefore, sought a one-year extension deadline by the CBN for all Nigerians, especially those in remote and unbanked areas to exchange their old notes for the new ones, citing the example of the United Kingdom (UK), which unveiled its new notes on December 20, 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones.

    A former Senate Leader, Ali Ndume (APC, Borno) lamented the poor supplyof the redesigned notes, saying that as a serving member of the upper legislative chamber, he had not seen the new notes.

    “I, as a senator, have not seen the new notes. I only saw the new note once in December when I moved the motion and I said I have not seen the money. That was when one of my colleagues showed me the N1, 000 note. I have been withdrawing money from the bank since then, and have never got new notes from the bank.

    “Even last Friday, I made withdrawal from the bank, and they gave me old notes. And then surprisingly, now I heard that in some places, they are rejecting old notes. In other words, the CBN’s deadline has actually been implemented in remote places over fear of people losing their money. This panic is going to cause economic chaos.”

    On the chaos already on the streets, Bayo Olorunpoda, a media executive, said on Tuesday: “I visited five banks today and none of the ATMs dispensed cash. The explanation was that banks didn’t want to load old naira notes in obedience of CBN instruction, yet they didn’t have enough new notes.

    “Furthermore, most ATMs dispense N500 and N1, 000 notes, either old or new. How will CBN ensure the circulation of the new N200 notes, which will be in high demand for cash transactions, when it doesn’t dispense from the ATM?”

    The House of Representatives held a meeting with the chief executive officers of commercial banks. The meeting came six days to the deadline issued by the CBN to end the validity of the old notes.

    The House set up an ad hoc committee chaired by the Leader, Ado Doguwa. The resolution followed the consideration and adoption of a motion moved by Sada Soli under Matters of Urgent Public Importance, urging the CBN to extend the deadline on the use of the old notes to six months. The Speaker of the House, Femi Gbajabiamila said the House needed to interface with the heads of commercial banks to understand the real situation.

    The Senate also called for extension of the deadline following the adoption of a motion moved by Sodiq Umar (APC, Kwara), who argued that the policy was affecting the people negatively.

    Speaking in support of the motion, Abiodun Olujimi (PDP, Ekiti) stated that most Nigerians had not got the opportunity to touch the new notes, adding that the timeline for the implementation of the policy was too short.

    But the CBN governor insisted on Tuesday that there were no compelling reasons or plans to shift the January 31, 2023 deadline.

    Supporting the CBN’s position, Rammel Onodele said: “There is no reason for any extension, anybody who has genuine notes by now has had the opportunity to change them. Making comparisons with global currencies like Dollars, GPS and Euro does not make any sense because it would take years for such currencies in the hands of people worldwide to be called back.

    “This is not the case with Nigeria; it does appear that there is a deliberate efforts by people with looted naira to frustrate every government effort. There will be no extension. The CBN should stand its ground irrespective of what the Senate and House of Representatives are saying. Nigerians have suffered great tribulations because of these people.”

    History Of Nigeria’s Currency Designs IN the pre-colonial era, different cultures used a variety of items as means of exchange. These included cowries, manilas, beads, bottles and salt.

    The first major currency issued in Nigeria was undertaken sequel to the colonial ordinance of 1880, which introduced the Shillings and Pence as the legal tender currency in British West Africa. The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.

    From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The highest banknote denomination was one pound, while the one-shilling coin was the highest coin denomination.

    On July 1, 1959 the CBN issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn. It was not until July 1, 1962 that the currency was changed to reflect the country’s republican status.

    The banknotes, which bore the inscription, Federation of Nigeria, now had ‘Federal Republic of Nigeria,’ inscribed at the top. The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.

    Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January 1973. The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to 10 shillings became the major unit, while the minor unit was called the kobo, a hundred of which made one naira.

    On February 11, 1977, a new banknote with the value ₦20 was issued. It was the highest denomination introduced at the time as a result of the growth of the economy, the preference for cash transactions and the need for convenience.

    The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torchbearer of the Nigerian revolution in July, 1975. The note was issued on the 1st anniversary of his assassination as a fitting tribute to him. He was declared a national hero on October 1, 1978.

    On July 2, 1979, new currency banknotes of three denominations – ₦1, ₦5 and ₦10 – were introduced. These notes were of the same size i.e. 151 X 78 mm as the ₦20 note issued on 11th February, 1977. To facilitate identification, distinctive colours were used for the various denominations.

    The notes bore the portraits of three eminent Nigerians, who were declared national heroes on October 1, 1978. The engravings at the back of the notes reflected various cultural aspects of the country.

    In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.

    In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005.

    On February 28, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.

    On September 30, 2009, the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote. Thus, all lower denomination banknotes were now printed in the polymer substrate.

    Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Independence and 100 years of its existence as a nation, issued the ₦50 commemorative polymer banknote on 29th September 2010 and the N100 commemorative banknote on 19th December 2014.

    Today, the CBN is bent on phasing out the three redesigned notes in three days time to stem the tide of insecurity in the country, help the general elections and save the dying economy.

    Credit: https://guardian.ng/features/new-naira-notes-anxiety-as-cbn-insists-on-january-31-deadline/

  •  Bola Ahmed Tinubu the presidential candidate of the APC The presidential candidate of the All Progressives Congress Bola Tinubu has accused the Peoples Democratic Party of sabotaging fuel supply in the country to blackmail the Federal Government for illicit political advantage This newspaper had reported on Wednesday what Mr Tinubu said during his campaign tour to Ogun State that the persistent fuel scarcity and inadequate new naira notes in the country were plans by saboteurs to frustrate him from being elected President in the 25 February election He did not however mention the names of the saboteurs Also the APC presidential campaign council in a statement signed by Bayo Onanuga on Thursday reiterated the position of Mr Tinubu on the fuel situation saying the saboteurs were fifth columnists working in cahoots with the PDP Taking a further jab at Atiku the APC presidential candidate noted that the PDP candidate didn t know that he broke the civil service rule in Nigeria when he said he was doing transport business when he was in Customs Service While at the rally in Markurdi Mr Tinubu promised Benue youths that his administration would ensure access to quality education and education loans to allow brilliant and indigent students to have higher education Mr Tinubu again used his achievements in Lagos as governor as reason Benue people should vote for him insisting that they will not be owed salaries He also promised to end the problem of IDPs in the state On his plans if elected president Mr Tinubu promised to establish agricultural and industrial hubs which will help expand businesses and improve local incomes He also promised to make Benue a global leader in agriculture bringing further income to the state Rather than just growing food crops you will package process and brand food items for other African and global markets exportation He also added Working with the state government we will encourage mining in the State in a regulated and sustainable way that benefits your communities and gives the labourer a just wage for his daily work On security Mr Tinubu said My administration will also invest in the quality of our democratic governance and in what must be our democratic security We have heard your pleas We know of the insecurity the violent clashes and the loss of lives and property Our security agenda will work It will protect the people and secure the land My national security plan invests heavily in surveillance equipment in technology and training of our security forces We stop the terrorists kidnappers killers and bandits Speaking at the rally the Minister of Special Duties and former governor of Benue State George Akume extolled Mr Tinubu s leadership qualities and magnanimity as he charged Benue voters to vote for the APC candidate en mass assuring them that they will not regret it The Minister recalled his friendship with Mr Tinubu since 1993 and called him a friend of Benue people that can be trusted Describing Mr Tinubu and his running mate as persons free of extremist tendencies Mr Akume said when so many churches were destroyed by Boko Haram in Borno he Shettima rebuilt many of them Plateau State governor and Director General of the APC Presidential Campaign Council Governor Simon Bako Lalong Deputy National Chairman North of the APC Abubakar Kyari and the state governorship candidate Rev Fr Hyacinth Alia all asked the voters in the state to rally behind the APC for a more guaranteed future Other dignitaries at the rally included the APC Vice Presidential candidate Kashim Shettima Niger State governor Abubakar Sani Bello former Edo State governor Adams Oshiomhole and Barnabas Gemade among others Credit https www premiumtimesng com news top news 578056 2023 tinubu blasts pdp says opposition party sabotaging fuel supply html
    Tinubu blasts PDP, says opposition party sabotaging fuel supply
     Bola Ahmed Tinubu the presidential candidate of the APC The presidential candidate of the All Progressives Congress Bola Tinubu has accused the Peoples Democratic Party of sabotaging fuel supply in the country to blackmail the Federal Government for illicit political advantage This newspaper had reported on Wednesday what Mr Tinubu said during his campaign tour to Ogun State that the persistent fuel scarcity and inadequate new naira notes in the country were plans by saboteurs to frustrate him from being elected President in the 25 February election He did not however mention the names of the saboteurs Also the APC presidential campaign council in a statement signed by Bayo Onanuga on Thursday reiterated the position of Mr Tinubu on the fuel situation saying the saboteurs were fifth columnists working in cahoots with the PDP Taking a further jab at Atiku the APC presidential candidate noted that the PDP candidate didn t know that he broke the civil service rule in Nigeria when he said he was doing transport business when he was in Customs Service While at the rally in Markurdi Mr Tinubu promised Benue youths that his administration would ensure access to quality education and education loans to allow brilliant and indigent students to have higher education Mr Tinubu again used his achievements in Lagos as governor as reason Benue people should vote for him insisting that they will not be owed salaries He also promised to end the problem of IDPs in the state On his plans if elected president Mr Tinubu promised to establish agricultural and industrial hubs which will help expand businesses and improve local incomes He also promised to make Benue a global leader in agriculture bringing further income to the state Rather than just growing food crops you will package process and brand food items for other African and global markets exportation He also added Working with the state government we will encourage mining in the State in a regulated and sustainable way that benefits your communities and gives the labourer a just wage for his daily work On security Mr Tinubu said My administration will also invest in the quality of our democratic governance and in what must be our democratic security We have heard your pleas We know of the insecurity the violent clashes and the loss of lives and property Our security agenda will work It will protect the people and secure the land My national security plan invests heavily in surveillance equipment in technology and training of our security forces We stop the terrorists kidnappers killers and bandits Speaking at the rally the Minister of Special Duties and former governor of Benue State George Akume extolled Mr Tinubu s leadership qualities and magnanimity as he charged Benue voters to vote for the APC candidate en mass assuring them that they will not regret it The Minister recalled his friendship with Mr Tinubu since 1993 and called him a friend of Benue people that can be trusted Describing Mr Tinubu and his running mate as persons free of extremist tendencies Mr Akume said when so many churches were destroyed by Boko Haram in Borno he Shettima rebuilt many of them Plateau State governor and Director General of the APC Presidential Campaign Council Governor Simon Bako Lalong Deputy National Chairman North of the APC Abubakar Kyari and the state governorship candidate Rev Fr Hyacinth Alia all asked the voters in the state to rally behind the APC for a more guaranteed future Other dignitaries at the rally included the APC Vice Presidential candidate Kashim Shettima Niger State governor Abubakar Sani Bello former Edo State governor Adams Oshiomhole and Barnabas Gemade among others Credit https www premiumtimesng com news top news 578056 2023 tinubu blasts pdp says opposition party sabotaging fuel supply html
    Tinubu blasts PDP, says opposition party sabotaging fuel supply
    General news3 days ago

    Tinubu blasts PDP, says opposition party sabotaging fuel supply

    Bola Ahmed Tinubu , the presidential candidate of the APC.

    The presidential candidate of the All Progressives Congress, Bola Tinubu, has accused the Peoples Democratic Party of sabotaging fuel supply in the country to blackmail the Federal Government for illicit political advantage.

    This newspaper had reported on Wednesday what Mr Tinubu said during his campaign tour to Ogun State that the persistent fuel scarcity and inadequate new naira notes in the country were plans by saboteurs to frustrate him from being elected President in the 25 February election.

    He did not, however, mention the names of the saboteurs.

    Also, the APC presidential campaign council in a statement signed by Bayo Onanuga on Thursday reiterated the position of Mr Tinubu on the fuel situation, saying the saboteurs were fifth columnists working in cahoots with the PDP.

    Taking a further jab at Atiku, the APC presidential candidate noted that the PDP candidate didn’t know that he broke the civil service rule in Nigeria when he said he was doing transport business when he was in Customs Service.

    While at the rally in Markurdi, Mr Tinubu promised Benue youths that his administration would ensure access to quality education and education loans to allow brilliant and indigent students to have higher education.

    Mr Tinubu again used his achievements in Lagos as governor as reason Benue people should vote for him, insisting that they will not be owed salaries.

    He also promised to end the problem of IDPs in the state.

    On his plans, if elected president, Mr Tinubu promised to establish agricultural and industrial hubs, which will help expand businesses and improve local incomes.

    He also promised to make Benue a global leader in agriculture, bringing further income to the state.

    “Rather than just growing food crops, you will package, process and brand food items for other African and global markets exportation.

    He also added, “Working with the state government, we will encourage mining in the State in a regulated and sustainable way that benefits your communities and gives the labourer a just wage for his daily work.

    On security, Mr Tinubu said, “My administration will also invest in the quality of our democratic governance and in what must be our democratic security. We have heard your pleas. We know of the insecurity, the violent clashes and the loss of lives and property.

    “Our security agenda will work. It will protect the people and secure the land. My national security plan invests heavily in surveillance equipment, in technology and training of our security forces. We stop the terrorists, kidnappers, killers and bandits.

    Speaking at the rally, the Minister of Special Duties and former governor of Benue State, George Akume, extolled Mr Tinubu’s leadership qualities and magnanimity as he charged Benue voters to vote for the APC candidate en mass, assuring them that they will not regret it.

    The Minister recalled his friendship with Mr Tinubu since 1993 and called him a friend of Benue people that can be trusted.

    Describing Mr Tinubu and his running mate as persons free of extremist tendencies, Mr Akume said: “when so many churches were destroyed by Boko Haram in Borno, he (Shettima) rebuilt many of them”.

    Plateau State governor and Director-General of the APC Presidential Campaign Council, Governor Simon Bako Lalong, Deputy National Chairman (North) of the APC, Abubakar Kyari and the state governorship candidate, Rev. Fr. Hyacinth Alia, all asked the voters in the state to rally behind the APC for a more guaranteed future.

    Other dignitaries at the rally included the APC Vice Presidential candidate, Kashim Shettima; Niger State governor, Abubakar Sani Bello; former Edo State governor, Adams Oshiomhole, and Barnabas Gemade, among others.

    Credit: https://www.premiumtimesng.com/news/top-news/578056-2023-tinubu-blasts-pdp-says-opposition-party-sabotaging-fuel-supply.html

  •  Nigerians from all parts of the country will enter this weekend agitated and confused over the currency redesign policy of the Central Bank of Nigeria CBN While banks remain open to receive old notes till Tuesday January 31 scarcity of new naira notes and rejection of the old notes beginning from today by retailers and many sales outlets is driving the citizenry into panic mode as the deadline stares them in the face while still having large amounts of the old N1 000 N500 and N200 notes AMID the confusion overheating the polity a Professor of Law Joshua Alobo has approached the Federal High Court in Abuja urging it to among others restrain the Central Bank of Nigeria CBN and its Governor Mr Godwin Emefiele from implementing the January 31 deadline Alobo contended that the terminal date of January 31 for usage of the old notes is discriminatory against the rural dwellers poor and less privileged persons in the society That cashless policy of the CBN is innovative and a welcome development but the rural dwellers that constitute bulk of the population do not have access to internet and banking facilities INFURIATED over absence of Emefiele to address lawmakers yesterday the Speaker of the House of Representatives Femi Gbajabiamila expressed readiness to issue a warrant of arrest on the CBN Governor if he fails to appear before its committee next week Tuesday The Speaker who noted that Emefiele is his friend pointed out that he would not hesitate to demand the Inspector General of Police to effect the CBN governor s arrest and forceful appearance before the House The House had set up an ad hoc committee to investigate scarcity of the new naira notes at the Deposit Money Banks also known as commercial banks leading to tension over the January 31 deadline Chairman of the committee Alhassan Ado Doguwa at the plenary on Thursday informed the House about the non appearance of the CBN chiefs However the Speaker said the House would exercise its powers as contained in Section 89 of the 1999 Constitution Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks even after it had ceased to be legal tender It will be recalled that the committee chaired by the leader of the House Ado Doguwa had invited the various commercial banks to confirm or refute the claims by the CBN that there was sufficient new naira notes in circulation While the debate raged over his non appearance at the House Emefiele unveiled the Nigerian national domestic card scheme The move the apex bank added is part of efforts to reshape the country s payment landscape He argued that the newly redesigned notes are not widely circulated for the citizens to use adding that CBN will throw many Nigerians especially those in rural villages into more hardship if it goes ahead to enforce the decision on the last day of January So we call for this policy to be reviewed and to give an extension so that all old notes can then be mopped up by the bank We call on CBN particularly in areas where you don t have banks don t just go to one or two local governments as they did in Borno Don t select places and then tell the media that you are doing the right thing you are doing the wrong thing Investigation by The Guardian indicated that many PoS operators have hectic time convincing their customers to accept the old notes Mr Ojo Isaiah a PoS operator said he withdrew N400 000 from the bank but old notes were given to him He vowed to wreak havoc if any bank refuses to accept the old notes from him on Monday to beat the deadline IN Enugu State investigations by The Guardian showed that while banks have resorted to paying lower denominations of the currency including N100 and N50 over the counter ATMs that should disburse the new currency notes have become empty While some banks stopped receiving the old notes from Wednesday and approved such receipts in designated branches in the state churches have asked their members not to send in the old notes from yesterday Some businesses have also started rejecting the old notes Benson Ugwu told The Guardian that efforts to withdraw from ATM proved abortive as none was dispensing cash Perturbed by the development Igbo youths under the aegis of Coalition of South East Youth Leaders COSEYL have called on CBN to extend the deadline for the use of old notes They stated that they would embark on street protests to persuade the apex bank to review the deadline directive its National Coordinator Goodluck Ibem stated A former Minister of Information Prof Jerry Gana yesterday called on the Federal Government to find a permanent solution to the nation s persistent scarcity and increase in price of Premium Motor Spirit PMS also known as petrol claiming that the unavoidably queues at the filling stations are intolerable and unacceptable According to Gana the country s economy has been severely hampered by what he described as needless scarcit y The former Information Minister who disclosed this at the 106th anniversary of the Archbishop Vining College of Theology in Akure Ondo State said drivers and commuters have been facing untold hardship nationwide Gana also expressed displeasure at what he termed needless difficulties Nigerians are going through over newly redesigned naira notes He claimed that despite the approaching deadline many citizens were unable to obtain the new notes Dogo while speaking with The Guardian tasked the media to do thorough investigation behind the motives of Emefiele and those behind the new naira notes at this delicate election period The Middle Belt Forum s spokesman urged the National Assembly to use its constitutional power force the CBN governor to extend the deadline of January 31 to about six months Credit https guardian ng news stampede as nigerians tackle cbn deadline on cash swap
    Stampede as Nigerians tackle CBN deadline on cash swap
     Nigerians from all parts of the country will enter this weekend agitated and confused over the currency redesign policy of the Central Bank of Nigeria CBN While banks remain open to receive old notes till Tuesday January 31 scarcity of new naira notes and rejection of the old notes beginning from today by retailers and many sales outlets is driving the citizenry into panic mode as the deadline stares them in the face while still having large amounts of the old N1 000 N500 and N200 notes AMID the confusion overheating the polity a Professor of Law Joshua Alobo has approached the Federal High Court in Abuja urging it to among others restrain the Central Bank of Nigeria CBN and its Governor Mr Godwin Emefiele from implementing the January 31 deadline Alobo contended that the terminal date of January 31 for usage of the old notes is discriminatory against the rural dwellers poor and less privileged persons in the society That cashless policy of the CBN is innovative and a welcome development but the rural dwellers that constitute bulk of the population do not have access to internet and banking facilities INFURIATED over absence of Emefiele to address lawmakers yesterday the Speaker of the House of Representatives Femi Gbajabiamila expressed readiness to issue a warrant of arrest on the CBN Governor if he fails to appear before its committee next week Tuesday The Speaker who noted that Emefiele is his friend pointed out that he would not hesitate to demand the Inspector General of Police to effect the CBN governor s arrest and forceful appearance before the House The House had set up an ad hoc committee to investigate scarcity of the new naira notes at the Deposit Money Banks also known as commercial banks leading to tension over the January 31 deadline Chairman of the committee Alhassan Ado Doguwa at the plenary on Thursday informed the House about the non appearance of the CBN chiefs However the Speaker said the House would exercise its powers as contained in Section 89 of the 1999 Constitution Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks even after it had ceased to be legal tender It will be recalled that the committee chaired by the leader of the House Ado Doguwa had invited the various commercial banks to confirm or refute the claims by the CBN that there was sufficient new naira notes in circulation While the debate raged over his non appearance at the House Emefiele unveiled the Nigerian national domestic card scheme The move the apex bank added is part of efforts to reshape the country s payment landscape He argued that the newly redesigned notes are not widely circulated for the citizens to use adding that CBN will throw many Nigerians especially those in rural villages into more hardship if it goes ahead to enforce the decision on the last day of January So we call for this policy to be reviewed and to give an extension so that all old notes can then be mopped up by the bank We call on CBN particularly in areas where you don t have banks don t just go to one or two local governments as they did in Borno Don t select places and then tell the media that you are doing the right thing you are doing the wrong thing Investigation by The Guardian indicated that many PoS operators have hectic time convincing their customers to accept the old notes Mr Ojo Isaiah a PoS operator said he withdrew N400 000 from the bank but old notes were given to him He vowed to wreak havoc if any bank refuses to accept the old notes from him on Monday to beat the deadline IN Enugu State investigations by The Guardian showed that while banks have resorted to paying lower denominations of the currency including N100 and N50 over the counter ATMs that should disburse the new currency notes have become empty While some banks stopped receiving the old notes from Wednesday and approved such receipts in designated branches in the state churches have asked their members not to send in the old notes from yesterday Some businesses have also started rejecting the old notes Benson Ugwu told The Guardian that efforts to withdraw from ATM proved abortive as none was dispensing cash Perturbed by the development Igbo youths under the aegis of Coalition of South East Youth Leaders COSEYL have called on CBN to extend the deadline for the use of old notes They stated that they would embark on street protests to persuade the apex bank to review the deadline directive its National Coordinator Goodluck Ibem stated A former Minister of Information Prof Jerry Gana yesterday called on the Federal Government to find a permanent solution to the nation s persistent scarcity and increase in price of Premium Motor Spirit PMS also known as petrol claiming that the unavoidably queues at the filling stations are intolerable and unacceptable According to Gana the country s economy has been severely hampered by what he described as needless scarcit y The former Information Minister who disclosed this at the 106th anniversary of the Archbishop Vining College of Theology in Akure Ondo State said drivers and commuters have been facing untold hardship nationwide Gana also expressed displeasure at what he termed needless difficulties Nigerians are going through over newly redesigned naira notes He claimed that despite the approaching deadline many citizens were unable to obtain the new notes Dogo while speaking with The Guardian tasked the media to do thorough investigation behind the motives of Emefiele and those behind the new naira notes at this delicate election period The Middle Belt Forum s spokesman urged the National Assembly to use its constitutional power force the CBN governor to extend the deadline of January 31 to about six months Credit https guardian ng news stampede as nigerians tackle cbn deadline on cash swap
    Stampede as Nigerians tackle CBN deadline on cash swap
    General news3 days ago

    Stampede as Nigerians tackle CBN deadline on cash swap

    Nigerians, from all parts of the country, will enter this weekend agitated and confused over the currency redesign policy of the Central Bank of Nigeria (CBN). While banks remain open to receive old notes till Tuesday, January 31, scarcity of new naira notes and rejection of the old notes, beginning from today, by retailers and many sales outlets, is driving the citizenry into panic mode as the deadline stares them in the face while still having large amounts of the old N1,000, N500 and N200 notes.

    AMID the confusion overheating the polity, a Professor of Law, Joshua Alobo, has approached the Federal High Court in Abuja, urging it to among others, restrain the Central Bank of Nigeria (CBN) and its Governor, Mr. Godwin Emefiele, from implementing the January 31 deadline.

    Alobo contended that the terminal date of January 31 for usage of the old notes “is discriminatory against the rural dwellers, poor and less privileged persons in the society. That cashless policy of the CBN is innovative and a welcome development, but the rural dwellers that constitute bulk of the population do not have access to internet and banking facilities.

    INFURIATED over absence of Emefiele to address lawmakers yesterday, the Speaker of the House of Representatives, Femi Gbajabiamila, expressed readiness to issue a warrant of arrest on the CBN Governor if he fails to appear before its committee next week Tuesday.

    The Speaker, who noted that Emefiele is his friend, pointed out that he would not hesitate to demand the Inspector-General of Police to effect the CBN governor’s arrest and forceful appearance before the House.

    The House had set up an ad hoc committee to investigate scarcity of the new naira notes at the Deposit Money Banks, also known as commercial banks, leading to tension over the January 31 deadline.

    Chairman of the committee, Alhassan Ado-Doguwa, at the plenary, on Thursday, informed the House about the non-appearance of the CBN chiefs. However, the Speaker said the House would exercise its powers as contained in Section 89 of the 1999 Constitution. Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks, even after it had ceased to be legal tender.

    It will be recalled that the committee chaired by the leader of the House, Ado Doguwa had invited the various commercial banks to confirm or refute the claims by the CBN that there was sufficient new naira notes in circulation.

    While the debate raged over his non-appearance at the House, Emefiele unveiled the Nigerian national domestic card scheme. The move, the apex bank added, is part of efforts to reshape the country’s payment landscape.

    He argued that the newly redesigned notes are not widely circulated for the citizens to use, adding that CBN will throw many Nigerians, especially those in rural villages, into more hardship if it goes ahead to enforce the decision on the last day of January.

    “So, we call for this policy to be reviewed and to give an extension so that all old notes can then be mopped up by the bank. We call on CBN, particularly in areas where you don’t have banks, don’t just go to one or two local governments as they did in Borno. Don’t select places and then tell the media that you are doing the right thing, you are doing the wrong thing.

    Investigation by The Guardian indicated that many PoS operators have hectic time convincing their customers to accept the old notes. Mr. Ojo Isaiah, a PoS operator, said he withdrew N400,000 from the bank but old notes were given to him. He vowed to wreak havoc if any bank refuses to accept the old notes from him on Monday to beat the deadline.

    IN Enugu State, investigations by The Guardian showed that while banks have resorted to paying lower denominations of the currency, including N100 and N50 over the counter, ATMs that should disburse the new currency notes have become empty.

    While some banks stopped receiving the old notes from Wednesday and approved such receipts in designated branches in the state, churches have asked their members not to send in the old notes from yesterday. Some businesses have also started rejecting the old notes.

    Benson Ugwu told The Guardian that efforts to withdraw from ATM proved abortive as none was dispensing cash. Perturbed by the development, Igbo youths under the aegis of Coalition of South East Youth Leaders (COSEYL) have called on CBN to extend the deadline for the use of old notes. They stated that they would embark on street protests to persuade the apex bank to review the deadline directive, its National Coordinator, Goodluck Ibem, stated.

    A former Minister of Information, Prof. Jerry Gana, yesterday, called on the Federal Government to find a permanent solution to the nation’s persistent scarcity and increase in price of Premium Motor Spirit (PMS), also known as petrol, claiming that the unavoidably queues at the filling stations are intolerable and unacceptable.

    According to Gana, the country’s economy has been severely hampered by what he described as needless scarcit.y The former Information Minister, who disclosed this at the 106th anniversary of the Archbishop Vining College of Theology in Akure, Ondo State, said drivers and commuters have been facing untold hardship nationwide.

    Gana also expressed displeasure at what he termed needless difficulties Nigerians are going through over newly redesigned naira notes. He claimed that despite the approaching deadline, many citizens were unable to obtain the new notes.

    Dogo, while speaking with The Guardian, tasked the media to do thorough investigation behind the motives of Emefiele and those behind the new naira notes at this delicate election period.

    The Middle Belt Forum’s spokesman urged the National Assembly to use its constitutional power force the CBN governor to extend the deadline of January 31 to about six months.

    Credit: https://guardian.ng/news/stampede-as-nigerians-tackle-cbn-deadline-on-cash-swap/

  •  With only just five working days left to phasing out old N1 000 N500 and N200 notes anxious citizens are at their wits end over who blinks first as the Central Bank of Nigeria CBN remains defiant insisting there is no going back on the January 31 deadline despite a motion by the two chambers of the National Assembly asking the apex bank to extend the deadline for acceptance of the old naira notes The lawmakers resolution is coming after the Nigeria Governors Forum NGF Bank Customers Association of Nigeria BCAN and a host of other stakeholders have expressed concerns and made appeals for CBN to extend the period for the currency swap as well as review of the cashless policy The House of Representatives and the Senate in separate resolutions yesterday asked CBN to extend the deadline by six months till July 31 The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli APC Katsina during plenary Moving the motion Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes just as the shortage of new notes is creating panic He informed his colleagues that traders in Katsina State have started rejecting the old notes Speaking in support of the motion Ahmed Jaha APC Borno said CBN has been making efforts in his state to swap the old notes for new ones however the efforts are not enough to meet the deadline just as activities of Boko Haram insurgents have shut down banking operations in most parts of Borno In his intervention Speaker of the House Femi Gbajabiamila said the House needs to interface with the heads of commercial banks to understand the real situation Consequently the House resolved to set up an ad hoc committee chaired by the majority leader Alhassan Doguwa APC Kano to interface with the banks today and subsequently meet with CBN At the upper chamber the Senate called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy is affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians have not got the opportunity to touch the new notes adding that the timeline for the implementation of the policy is too short Also former Senate Leader Ali Ndume APC Borno lamented the absence of the newly redesigned notes in circulation saying that as a serving member of the upper legislative chamber he has not seen the new notes I as a senator have not seen the new notes I only saw the new note once in December when I moved the motion and I said I have not seen the money That was when one of my colleagues showed me the N1 000 note I have been withdrawing money from the bank since then and have never got new notes from the bank WHILE the lawmakers were deliberating on the motion the CBN Governor Godwin Emefiele announced that the bank would not go back on the decision He made the announcement after the Monetary Policy Committee MPC meeting in Abuja Speaking on the new notes Emefiele claimed that kidnapping and ransom taking incidents have reduced since the three banknotes were redesigned He also argued that the time given for the swap of the old naira notes with new ones was enough for Nigerians to get the new notes from commercial banks I must say here that unfortunately I don t have good news for those who feel that we should shift the deadline My apologies This is even as indications emerged that over 50 per cent of Nigeria s unbanked population may lose their cash savings following CBN s requirement that old notes could only be exchanged through an existing bank account As part of the process to replace the old notes CBN directed that cash can only be accepted from customers with bank accounts and full Know Your Customer KYC and cash must only be paid into the customer s account However findings by the organisation indicated that about 20 1 per cent of the 38 million unbanked Nigerians do not possess identity documents valid and bank accepted means of identification while 83 2 per cent and 85 per cent of the same population lack proof of address and documentation for tier 3 bank accounts respectively The research report also indicated that National Identity Number NIN ownership among those who live below the poverty line is only 46 per cent The Chief Executive Officer of Diary Hills Limited Kelvin Emmanuel said CBN s insistence shows a premeditated stance by the apex bank He submitted that considering that eight local councils in Borno are completely cut off from the banking system or digital financial infrastructure and that Yobe State has less than 400 base transceiver stations for telephone and internet signals that should sway CBN to phase the introduction of the new naira notes over a period of 24 months while also deepening the open banking infrastructure to raise the number of BVN holders from its current 63 million representing 44 5 per cent of the banked population An economic analyst who is also the Lead Director of the Centre for Social Justice CSJ Eze Onyekpere said the CBN governor is seeming to be insensitive to the yearnings of Nigerians with his insistence on no extension if seven days to the deadline banks are still dispensing the old notes Also reacting National Coordinator Human Rights Writers Association of Nigeria HURIWA Emmanuel Onwubiko said the January 31 deadline is not workable and feasible under any condition He therefore sought a one year extension deadline by the CBN for all Nigerians especially those in remote and unbanked areas to exchange their old notes for the new ones citing the example of the United Kingdom which unveiled its new notes on December 20 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones But the Director Payment System Management Department of CBN Alhaji Musa Jimoh has refuted claims that banks were being starved of new naira notes Jimoh was in Plateau State yesterday to monitor the activities of commercial banks on compliance with the CBN directive that all banks ATMs should dispense new notes Addressing a press conference yesterday in Jos he urged media practitioners to help monitor the banks to report to CBN any bank that still dispenses old notes According to Jimoh any ATM of any bank that dispenses old notes will be shut down summarily as there had been complaints that banks are not complying but are still issuing the old notes No bank should dispense old notes You should be on the alert and let me know immediately because I am representing the CBN Governor here he stated MEANWHILE Emefiele yesterday broke his silence on the allegation that the apex bank withheld N89 trillion realised from stamp duty revenues The governor expressed surprise that such conversations could come up considering the size of the banking system noting that the said amount is far bigger than the total asset of the entire banking industry in the country The apex bank boss revealed that N370 89 billion has been collected between 2016 to date Emefiele said N89 trillion is so large The total asset of the banking industry if you understand accounting is about N71 trillion The total deposit of the banking system is N44 49 trillion So how then is it possible that stamp duty is N89 trillion while a deposit of banks is N44 49 trillion So when it became a story everywhere we went into our records told Banking Supervision Banking Payment System to go into the system and rake out the total amount that has been collected on stamp duty from 2016 to date We told our people in Banking Supervision to contact the banks Let the banks give us from their records how much they have collected from 2016 to date and tell the banks to sign on their headed paper that this is the amount they have collected on Stamp Duty from 2016 to date The report that we have in CBN is that Stamp Duty collected to date is N370 886 315 505 28 This is public accounts We owe Nigeria public accountability Out of that the Federal Inland Revenue or the Ministry of Finance has disbursed to Federation Accounts Allocation Committee FAAC N226 451 720 158 88 The reaction is in response to a member of the House of Representatives Muhammed Kazaure APC Jigawa who claimed that Emefiele siphoned the sum of N89 trillion which had allegedly accrued to the federation Kazaure alleged last December that about N89 1 trillion realised from the collection of N50 Stamp Duty and bank charges from all transactions valued above N2 000 between 2017 and 2020 kept with the CBN was missing Kazaure also claimed that it was discovered that the CBN was charging another N100 from every transaction above N5 000 the proceeds of which were going into private accounts with the apex bank and the 27 commercial banks in the country sharing in the ratio 60 40 The CBN boss also explained why it has continued to extend overdraft credits to the Federal Government via a policy termed Ways and Means W amp M Recall that the Ways and Means figures has more than doubled since 2015 hitting an all time high of N22 8 trillion as of September 2022 Emefiele explained that the reason the apex bank continues to support the government through Ways and Means is part of its responsibility as the lender of last resort to the country Emefiele cited a drop in oil prices two recessions and the COVID 19 pandemic as a combination of economic challenges that decimated the revenues of the government He also stated that what they did is not new claiming other central banks around the world do similar intervention when faced with an economic crisis Credit https guardian ng news old naira notes cbn insists on jan 31 deadline shuns calls for extension
    CBN insists on Jan 31 deadline, shuns calls for extension
     With only just five working days left to phasing out old N1 000 N500 and N200 notes anxious citizens are at their wits end over who blinks first as the Central Bank of Nigeria CBN remains defiant insisting there is no going back on the January 31 deadline despite a motion by the two chambers of the National Assembly asking the apex bank to extend the deadline for acceptance of the old naira notes The lawmakers resolution is coming after the Nigeria Governors Forum NGF Bank Customers Association of Nigeria BCAN and a host of other stakeholders have expressed concerns and made appeals for CBN to extend the period for the currency swap as well as review of the cashless policy The House of Representatives and the Senate in separate resolutions yesterday asked CBN to extend the deadline by six months till July 31 The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli APC Katsina during plenary Moving the motion Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes just as the shortage of new notes is creating panic He informed his colleagues that traders in Katsina State have started rejecting the old notes Speaking in support of the motion Ahmed Jaha APC Borno said CBN has been making efforts in his state to swap the old notes for new ones however the efforts are not enough to meet the deadline just as activities of Boko Haram insurgents have shut down banking operations in most parts of Borno In his intervention Speaker of the House Femi Gbajabiamila said the House needs to interface with the heads of commercial banks to understand the real situation Consequently the House resolved to set up an ad hoc committee chaired by the majority leader Alhassan Doguwa APC Kano to interface with the banks today and subsequently meet with CBN At the upper chamber the Senate called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy is affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians have not got the opportunity to touch the new notes adding that the timeline for the implementation of the policy is too short Also former Senate Leader Ali Ndume APC Borno lamented the absence of the newly redesigned notes in circulation saying that as a serving member of the upper legislative chamber he has not seen the new notes I as a senator have not seen the new notes I only saw the new note once in December when I moved the motion and I said I have not seen the money That was when one of my colleagues showed me the N1 000 note I have been withdrawing money from the bank since then and have never got new notes from the bank WHILE the lawmakers were deliberating on the motion the CBN Governor Godwin Emefiele announced that the bank would not go back on the decision He made the announcement after the Monetary Policy Committee MPC meeting in Abuja Speaking on the new notes Emefiele claimed that kidnapping and ransom taking incidents have reduced since the three banknotes were redesigned He also argued that the time given for the swap of the old naira notes with new ones was enough for Nigerians to get the new notes from commercial banks I must say here that unfortunately I don t have good news for those who feel that we should shift the deadline My apologies This is even as indications emerged that over 50 per cent of Nigeria s unbanked population may lose their cash savings following CBN s requirement that old notes could only be exchanged through an existing bank account As part of the process to replace the old notes CBN directed that cash can only be accepted from customers with bank accounts and full Know Your Customer KYC and cash must only be paid into the customer s account However findings by the organisation indicated that about 20 1 per cent of the 38 million unbanked Nigerians do not possess identity documents valid and bank accepted means of identification while 83 2 per cent and 85 per cent of the same population lack proof of address and documentation for tier 3 bank accounts respectively The research report also indicated that National Identity Number NIN ownership among those who live below the poverty line is only 46 per cent The Chief Executive Officer of Diary Hills Limited Kelvin Emmanuel said CBN s insistence shows a premeditated stance by the apex bank He submitted that considering that eight local councils in Borno are completely cut off from the banking system or digital financial infrastructure and that Yobe State has less than 400 base transceiver stations for telephone and internet signals that should sway CBN to phase the introduction of the new naira notes over a period of 24 months while also deepening the open banking infrastructure to raise the number of BVN holders from its current 63 million representing 44 5 per cent of the banked population An economic analyst who is also the Lead Director of the Centre for Social Justice CSJ Eze Onyekpere said the CBN governor is seeming to be insensitive to the yearnings of Nigerians with his insistence on no extension if seven days to the deadline banks are still dispensing the old notes Also reacting National Coordinator Human Rights Writers Association of Nigeria HURIWA Emmanuel Onwubiko said the January 31 deadline is not workable and feasible under any condition He therefore sought a one year extension deadline by the CBN for all Nigerians especially those in remote and unbanked areas to exchange their old notes for the new ones citing the example of the United Kingdom which unveiled its new notes on December 20 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones But the Director Payment System Management Department of CBN Alhaji Musa Jimoh has refuted claims that banks were being starved of new naira notes Jimoh was in Plateau State yesterday to monitor the activities of commercial banks on compliance with the CBN directive that all banks ATMs should dispense new notes Addressing a press conference yesterday in Jos he urged media practitioners to help monitor the banks to report to CBN any bank that still dispenses old notes According to Jimoh any ATM of any bank that dispenses old notes will be shut down summarily as there had been complaints that banks are not complying but are still issuing the old notes No bank should dispense old notes You should be on the alert and let me know immediately because I am representing the CBN Governor here he stated MEANWHILE Emefiele yesterday broke his silence on the allegation that the apex bank withheld N89 trillion realised from stamp duty revenues The governor expressed surprise that such conversations could come up considering the size of the banking system noting that the said amount is far bigger than the total asset of the entire banking industry in the country The apex bank boss revealed that N370 89 billion has been collected between 2016 to date Emefiele said N89 trillion is so large The total asset of the banking industry if you understand accounting is about N71 trillion The total deposit of the banking system is N44 49 trillion So how then is it possible that stamp duty is N89 trillion while a deposit of banks is N44 49 trillion So when it became a story everywhere we went into our records told Banking Supervision Banking Payment System to go into the system and rake out the total amount that has been collected on stamp duty from 2016 to date We told our people in Banking Supervision to contact the banks Let the banks give us from their records how much they have collected from 2016 to date and tell the banks to sign on their headed paper that this is the amount they have collected on Stamp Duty from 2016 to date The report that we have in CBN is that Stamp Duty collected to date is N370 886 315 505 28 This is public accounts We owe Nigeria public accountability Out of that the Federal Inland Revenue or the Ministry of Finance has disbursed to Federation Accounts Allocation Committee FAAC N226 451 720 158 88 The reaction is in response to a member of the House of Representatives Muhammed Kazaure APC Jigawa who claimed that Emefiele siphoned the sum of N89 trillion which had allegedly accrued to the federation Kazaure alleged last December that about N89 1 trillion realised from the collection of N50 Stamp Duty and bank charges from all transactions valued above N2 000 between 2017 and 2020 kept with the CBN was missing Kazaure also claimed that it was discovered that the CBN was charging another N100 from every transaction above N5 000 the proceeds of which were going into private accounts with the apex bank and the 27 commercial banks in the country sharing in the ratio 60 40 The CBN boss also explained why it has continued to extend overdraft credits to the Federal Government via a policy termed Ways and Means W amp M Recall that the Ways and Means figures has more than doubled since 2015 hitting an all time high of N22 8 trillion as of September 2022 Emefiele explained that the reason the apex bank continues to support the government through Ways and Means is part of its responsibility as the lender of last resort to the country Emefiele cited a drop in oil prices two recessions and the COVID 19 pandemic as a combination of economic challenges that decimated the revenues of the government He also stated that what they did is not new claiming other central banks around the world do similar intervention when faced with an economic crisis Credit https guardian ng news old naira notes cbn insists on jan 31 deadline shuns calls for extension
    CBN insists on Jan 31 deadline, shuns calls for extension
    General news4 days ago

    CBN insists on Jan 31 deadline, shuns calls for extension

    With only just five working days left to phasing out old N1,000, N500 and N200 notes, anxious citizens are at their wits’ end over who blinks first, as the Central Bank of Nigeria (CBN) remains defiant, insisting there is no going back on the January 31 deadline despite a motion by the two chambers of the National Assembly, asking the apex bank to extend the deadline for acceptance of the old naira notes.

    The lawmakers’ resolution is coming after the Nigeria Governors’ Forum (NGF), Bank Customers Association of Nigeria (BCAN) and a host of other stakeholders have expressed concerns and made appeals for CBN to extend the period for the currency swap as well as review of the cashless policy.

    The House of Representatives and the Senate in separate resolutions, yesterday, asked CBN to extend the deadline by six months till July 31.

    The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli (APC, Katsina) during plenary. Moving the motion, Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes, just as the shortage of new notes is creating panic.

    He informed his colleagues that traders in Katsina State have started rejecting the old notes.

    Speaking in support of the motion, Ahmed Jaha (APC, Borno), said CBN has been making efforts in his state to swap the old notes for new ones, however, the efforts are not enough to meet the deadline, just as activities of Boko Haram insurgents have shut down banking operations in most parts of Borno.

    In his intervention, Speaker of the House, Femi Gbajabiamila, said the House needs to interface with the heads of commercial banks to understand the real situation.

    Consequently, the House resolved to set up an ad-hoc committee chaired by the majority leader, Alhassan Doguwa (APC, Kano), to interface with the banks today and subsequently meet with CBN.

    At the upper chamber, the Senate called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar (APC, Kwara), who argued that the policy is affecting the people negatively.

    Speaking in support of the motion, Abiodun Olujimi (PDP, Ekiti), stated that most Nigerians have not got the opportunity to touch the new notes, adding that the timeline for the implementation of the policy is too short.

    Also, former Senate Leader, Ali Ndume (APC, Borno) lamented the absence of the newly redesigned notes in circulation, saying that as a serving member of the upper legislative chamber, he has not seen the new notes.

    “I, as a senator, have not seen the new notes. I only saw the new note once in December when I moved the motion and I said I have not seen the money. That was when one of my colleagues showed me the N1,000 note. I have been withdrawing money from the bank since then, and have never got new notes from the bank.

    WHILE the lawmakers were deliberating on the motion, the CBN Governor, Godwin Emefiele, announced that the bank would not go back on the decision. He made the announcement after the Monetary Policy Committee (MPC) meeting in Abuja.

    Speaking on the new notes, Emefiele claimed that kidnapping and ransom-taking incidents have reduced since the three banknotes were redesigned. He also argued that the time given for the swap of the old naira notes with new ones was enough for Nigerians to get the new notes from commercial banks.

    “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies.

    This is even as indications emerged that over 50 per cent of Nigeria’s unbanked population may lose their cash savings following CBN’s requirement that old notes could only be exchanged through an existing bank account.

    As part of the process to replace the old notes, CBN directed that cash can only be accepted from customers with bank accounts and full Know Your Customer (KYC), and cash must only be paid into the customer’s account.

    However, findings by the organisation indicated that about 20.1 per cent of the 38 million unbanked Nigerians do not possess identity documents (valid and bank accepted means of identification), while 83.2 per cent and 85 per cent of the same population lack proof of address and documentation for tier-3 bank accounts respectively.

    The research report also indicated that National Identity Number (NIN) ownership among those who live below the poverty line is only 46 per cent.

    The Chief Executive Officer of Diary Hills Limited, Kelvin Emmanuel, said CBN’s insistence shows a premeditated stance by the apex bank.

    He submitted that considering that eight local councils in Borno are completely cut off from the banking system or digital financial infrastructure and that Yobe State has less than 400 base transceiver stations for telephone and internet signals, that should sway CBN to phase the introduction of the new naira notes over a period of 24 months, while also deepening the open banking infrastructure to raise the number of BVN holders from its current 63 million, representing 44.5 per cent of the banked population.

    An economic analyst, who is also the Lead Director of the Centre for Social Justice (CSJ), Eze Onyekpere, said the CBN governor is seeming to be insensitive to the yearnings of Nigerians with his insistence on no extension, if seven days to the deadline, banks are still dispensing the old notes.

    Also reacting, National Coordinator, Human Rights Writers Association of Nigeria, (HURIWA), Emmanuel Onwubiko, said the January 31 deadline is not workable and feasible under any condition.

    He, therefore, sought a one-year extension deadline by the CBN for all Nigerians, especially those in remote and unbanked areas to exchange their old notes for the new ones, citing the example of the United Kingdom, which unveiled its new notes on December 20, 2022 but gave the deadline of 2024 for banks to still swap old pound sterling for the new ones.

    But the Director, Payment System Management Department of CBN, Alhaji Musa Jimoh, has refuted claims that banks were being starved of new naira notes.

    Jimoh was in Plateau State, yesterday, to monitor the activities of commercial banks on compliance with the CBN directive that all banks’ ATMs should dispense new notes.

    Addressing a press conference yesterday in Jos, he urged media practitioners to help monitor the banks to report to CBN any bank that still dispenses old notes.

    According to Jimoh, any ATM of any bank that dispenses old notes will be shut down summarily as there had been complaints that banks are not complying but are still issuing the old notes.

    “No bank should dispense old notes. You should be on the alert and let me know immediately because I am representing the CBN Governor here,” he stated.

    MEANWHILE, Emefiele, yesterday, broke his silence on the allegation that the apex bank withheld N89 trillion realised from stamp duty revenues.

    The governor expressed surprise that such conversations could come up considering the size of the banking system, noting that the said amount is far bigger than the total asset of the entire banking industry in the country. The apex bank boss revealed that N370.89 billion has been collected between 2016 to date.

    Emefiele said: “N89 trillion is so large. The total asset of the banking industry if you understand accounting is about N71 trillion. The total deposit of the banking system is N44.49 trillion. So, how then is it possible that stamp duty is N89 trillion, while a deposit of banks is N44.49 trillion.

    “So, when it became a story everywhere, we went into our records, told Banking Supervision, Banking Payment System to go into the system and rake out the total amount that has been collected on stamp duty from 2016 to date.

    “We told our people in Banking Supervision to contact the banks. Let the banks give us from their records how much they have collected from 2016 to date and tell the banks to sign on their headed paper that this is the amount they have collected on Stamp Duty from 2016 to date.

    “The report that we have in CBN is that Stamp Duty collected to date is N370,886,315,505.28. This is public accounts. We owe Nigeria public accountability. Out of that, the Federal Inland Revenue or the Ministry of Finance has disbursed to Federation Accounts Allocation Committee (FAAC) N226,451,720,158.88.

    The reaction is in response to a member of the House of Representatives, Muhammed Kazaure (APC, Jigawa), who claimed that Emefiele siphoned the sum of N89 trillion, which had allegedly accrued to the federation.

    Kazaure alleged last December that about N89.1 trillion realised from the collection of N50 Stamp Duty and bank charges from all transactions valued above N2,000 between 2017 and 2020 kept with the CBN, was missing.

    Kazaure also claimed that it was discovered that the CBN was charging another N100 from every transaction above N5,000, the proceeds of which were going into private accounts, with the apex bank and the 27 commercial banks in the country sharing in the ratio 60:40.

    The CBN boss also explained why it has continued to extend overdraft credits to the Federal Government via a policy termed ‘Ways and Means (W&M).’ Recall that the Ways and Means figures has more than doubled since 2015, hitting an all-time high of N22.8 trillion as of September 2022 .

    Emefiele explained that the reason the apex bank continues to support the government through Ways and Means is part of its responsibility as the lender of last resort to the country.

    Emefiele cited a drop in oil prices, two recessions, and the COVID-19 pandemic as a combination of economic challenges that decimated the revenues of the government.

    He also stated that what they did is not new claiming other central banks around the world do similar intervention when faced with an economic crisis.

    Credit: https://guardian.ng/news/old-naira-notes-cbn-insists-on-jan-31-deadline-shuns-calls-for-extension/

  •  The two chambers of the National Assembly have asked the Central Bank of Nigeria CBN to extend the deadline for acceptance of the old Naira notes The House of Representatives and the Senate in separate resolutions on Tuesday asked the CBN to extend the deadline till 31 July The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli APC Katsina during plenary Moving the motion Mr Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes He said the shortage of new notes is creating panic Banks and POS outlets are struggling with the shortage of the redesigned new Naira notes ahead of the CBN deadline of January 31 2023 consequently making it difficult for them to comply with the CBN directives as regards availability of the new notes for customers Despite several concerns and appeals by the National Assembly the Governors Forum the Bank Customers Association of Nigeria and a host of other stakeholders in the country for the CBN to extend the period for the currency swap of the new Naira notes as well as review of the cashless policy the CBN has remained adamant on the given deadline he said He stated that the CBN should instead phase out the old currency within a longer period like a year adding that the policy must get the buy in of the people for it to work He informed his colleagues that traders in Katsina State have started rejecting the old notes Speaking in support of the motion Ahmed Jaha APC Borno said the CBN has been making efforts in Borno State to swap the old notes for new ones however the efforts are not enough to meet the deadline He stated that the activities of Boko Haram insurgents have shut down banking operations in most parts of Borno State I just came back from my constituency yesterday I want to use this opportunity to commend the CBN for taking certain steps to address this issue in my constituency As I am talking to you CBN staff have been in my constituency since yesterday They went there with some amount to swap the little currency with people It is a very good move but I also realised that the amount taken there is not enough to swap the available old currency For the past 10 years my constituency is has been operating without a single bank branch People transact in cash Mr Jaha said In his intervention the Speaker of the House Femi Gbajabiamila said the House needs to interface with the heads of commercial banks to understand the real situation on the ground We can all agree that it is a good policy There is a need to review the policy I think we need to add another prayer because on one hand this is the crux of the matter the banks are saying they don t have the money on the other hand CBN is saying no you have the money We need to amend and invite the bank MDs the major ones to brief the leadership or a very small ad hoc committee Let us find out the truth whether these new notes are available Is it the banks or the CBN he said Consequently the House resolved to set up an ad hoc committee chaired by Alhassan Doguwa APC Kano the majority leader to interface with the banks on Wednesday and subsequently meet with the CBN The upper chamber has also called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy is affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians have never gotten the opportunity to touch the new notes adding that the timeline for the implementation of the policy is too short She said the CBN Governor Godwin Emefiele must look beyond the election and consider the impact of the policy Sam Egwu PDP Ebonyi was the only member that opposed the motion noting that there was nothing on the ground to justify the call for an extension of time He said the reason given by the CBN Governor is genuine enough While the lawmakers were deliberating on the motion the CBN Governor announced that the bank will not go back on the decision Mr Emefiele made the announcement on Tuesday after the Monetary Policy Committee meeting in Abuja Credit https www premiumtimesng com news headlines 577566 nass asks cbn to extend the deadline on old naira notes by six months html
    NASS asks CBN to extend the deadline on old naira notes by six months
     The two chambers of the National Assembly have asked the Central Bank of Nigeria CBN to extend the deadline for acceptance of the old Naira notes The House of Representatives and the Senate in separate resolutions on Tuesday asked the CBN to extend the deadline till 31 July The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli APC Katsina during plenary Moving the motion Mr Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes He said the shortage of new notes is creating panic Banks and POS outlets are struggling with the shortage of the redesigned new Naira notes ahead of the CBN deadline of January 31 2023 consequently making it difficult for them to comply with the CBN directives as regards availability of the new notes for customers Despite several concerns and appeals by the National Assembly the Governors Forum the Bank Customers Association of Nigeria and a host of other stakeholders in the country for the CBN to extend the period for the currency swap of the new Naira notes as well as review of the cashless policy the CBN has remained adamant on the given deadline he said He stated that the CBN should instead phase out the old currency within a longer period like a year adding that the policy must get the buy in of the people for it to work He informed his colleagues that traders in Katsina State have started rejecting the old notes Speaking in support of the motion Ahmed Jaha APC Borno said the CBN has been making efforts in Borno State to swap the old notes for new ones however the efforts are not enough to meet the deadline He stated that the activities of Boko Haram insurgents have shut down banking operations in most parts of Borno State I just came back from my constituency yesterday I want to use this opportunity to commend the CBN for taking certain steps to address this issue in my constituency As I am talking to you CBN staff have been in my constituency since yesterday They went there with some amount to swap the little currency with people It is a very good move but I also realised that the amount taken there is not enough to swap the available old currency For the past 10 years my constituency is has been operating without a single bank branch People transact in cash Mr Jaha said In his intervention the Speaker of the House Femi Gbajabiamila said the House needs to interface with the heads of commercial banks to understand the real situation on the ground We can all agree that it is a good policy There is a need to review the policy I think we need to add another prayer because on one hand this is the crux of the matter the banks are saying they don t have the money on the other hand CBN is saying no you have the money We need to amend and invite the bank MDs the major ones to brief the leadership or a very small ad hoc committee Let us find out the truth whether these new notes are available Is it the banks or the CBN he said Consequently the House resolved to set up an ad hoc committee chaired by Alhassan Doguwa APC Kano the majority leader to interface with the banks on Wednesday and subsequently meet with the CBN The upper chamber has also called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar APC Kwara who argued that the policy is affecting the people negatively Speaking in support of the motion Abiodun Olujimi PDP Ekiti stated that most Nigerians have never gotten the opportunity to touch the new notes adding that the timeline for the implementation of the policy is too short She said the CBN Governor Godwin Emefiele must look beyond the election and consider the impact of the policy Sam Egwu PDP Ebonyi was the only member that opposed the motion noting that there was nothing on the ground to justify the call for an extension of time He said the reason given by the CBN Governor is genuine enough While the lawmakers were deliberating on the motion the CBN Governor announced that the bank will not go back on the decision Mr Emefiele made the announcement on Tuesday after the Monetary Policy Committee meeting in Abuja Credit https www premiumtimesng com news headlines 577566 nass asks cbn to extend the deadline on old naira notes by six months html
    NASS asks CBN to extend the deadline on old naira notes by six months
    General news5 days ago

    NASS asks CBN to extend the deadline on old naira notes by six months

    The two chambers of the National Assembly have asked the Central Bank of Nigeria (CBN) to extend the deadline for acceptance of the old Naira notes.

    The House of Representatives and the Senate in separate resolutions on Tuesday asked the CBN to extend the deadline till 31 July.

    The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli (APC, Katsina) during plenary.

    Moving the motion, Mr Soli said banking and other financial institutions are struggling to cope with the rush by citizens to change their old currencies to new notes. He said the shortage of new notes is creating panic.

    “Banks and POS outlets are struggling with the shortage of the redesigned new Naira notes ahead of the CBN deadline of January 31, 2023, consequently making it difficult for them to comply with the CBN directives as regards availability of the new notes for customers.

    “Despite several concerns and appeals by the National Assembly, the Governors Forum, the Bank Customers Association of Nigeria, and a host of other stakeholders in the country for the CBN to extend the period for the currency swap of the new Naira notes as well as review of the cashless policy, the CBN has remained adamant on the given deadline,” he said.

    He stated that the CBN should instead phase out the old currency within a longer period, like a year adding that the policy must get the buy-in of the people for it to work.

    He informed his colleagues that traders in Katsina State have started rejecting the old notes.

    Speaking in support of the motion, Ahmed Jaha (APC, Borno), said the CBN has been making efforts in Borno State to swap the old notes for new ones, however, the efforts are not enough to meet the deadline.

    He stated that the activities of Boko Haram insurgents have shut down banking operations in most parts of Borno State.

    “I just came back from my constituency yesterday, I want to use this opportunity to commend the CBN for taking certain steps to address this issue in my constituency. As I am talking to you, CBN staff have been in my constituency since yesterday. They went there with some amount to swap the little currency with people. It is a very good move but I also realised that the amount taken there is not enough to swap the available old currency.

    “For the past 10 years, my constituency is (has been) operating without a single bank branch. People transact in cash,” Mr Jaha said.

    In his intervention, the Speaker of the House, Femi Gbajabiamila, said the House needs to interface with the heads of commercial banks to understand the real situation on the ground.

    “We can all agree that it is a good policy. There is a need to review the policy. I think we need to add another prayer because on one hand—this is the crux of the matter, the banks are saying they don’t have the money, on the other hand, CBN is saying, no, you have the money.

    “We need to amend and invite the bank MDs, the major ones to brief the leadership or a very small ad hoc committee. Let us find out the truth whether these new notes are available. Is it the banks or the CBN,” he said.

    Consequently, the House resolved to set up an ad hoc committee chaired by Alhassan Doguwa (APC, Kano), the majority leader, to interface with the banks on Wednesday and subsequently meet with the CBN.

    The upper chamber has also called for the extension of the deadline following the adoption of a motion moved by Sodiq Umar (APC, Kwara), who argued that the policy is affecting the people negatively.

    Speaking in support of the motion, Abiodun Olujimi (PDP, Ekiti), stated that most Nigerians have never gotten the opportunity to touch the new notes, adding that the timeline for the implementation of the policy is too short.

    She said the CBN Governor, Godwin Emefiele, must look beyond the election and consider the impact of the policy.

    Sam Egwu (PDP, Ebonyi) was the only member that opposed the motion, noting that there was nothing on the ground to justify the call for an extension of time. He said the reason given by the CBN Governor is genuine enough.

    While the lawmakers were deliberating on the motion, the CBN Governor announced that the bank will not go back on the decision.

    Mr Emefiele made the announcement on Tuesday after the Monetary Policy Committee meeting in Abuja.

    Credit: https://www.premiumtimesng.com/news/headlines/577566-nass-asks-cbn-to-extend-the-deadline-on-old-naira-notes-by-six-months.html

  •  The FCT Executive Committee FCT EXCO has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies in the territory The Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitization by all its relevant agencies to curb the risk of the disease emerging and spreading within the territory The FCT EXCO gave this directive in its meeting held on Monday in Gwarinpa I District Abuja It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease should it rear its ugly head in the FCT Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat nose and sometimes skin of unvaccinated children and rarely adults with poor immunity The symptoms of the disease also include fever runny nose sore throat cough red eyes neck swelling and difficulty in breathing Diphtheria spreads easily between people through direct contact with infected people droplets from coughing or sneezing and contact with contaminated clothing and objects thereby underscoring the importance of hygiene and environmental sanitation in the prevention The people most at risk are the unvaccinated and those who live in crowded areas and or where there is poor sanitation To reduce the risk of contracting the disease children are expected to get fully vaccinated with three 3 doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule The FCT immunization coverage currently stands at 83 against the national average of 57 though at least 95 of all children are expected to be vaccinated to assure herd immunity thereby preventing spread The meeting enjoined the Health and Human Services Secretariat to galvanize the support of all stakeholders and ensure massive sensitization of all residents to further minimize the risk of contracting the ailment as cases have been reported in some states around the FCT The EXCO also directed the Abuja Metropolitan Management Council AMMC to restrict the activities of the Point of Sales POS operators scattered around the Federal Capital City to only commercial areas because of security concerns FCT EXCO observed that POS is a commercial enterprise and therefore should be conducted only in the designated commercial areas Aside from the security implications the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities thereby generating uncontrolled waste The EXCO reemphasizes the importance that the present leadership of the FCT Administration places on the security and well being of the residents and assures that it will take every necessary measure to protect all Nigerians and visitors residing in Abuja The FCT EXCO meeting which was presided over by the FCT Minister Mallam Muhammad Musa Bello was attended by the FCT Permanent Secretary Olusade Adesola Chief of Staff to the FCT Minister Mallam Muhammad Bashir Mai Borno Secretaries of FCT Mandate Secretariats as well as other Directors Muhammad Hazat Sule Director Information amp Communication FCT Tuesday January 24 Credit https prnigeria com 2023 01 24 diphtheria fct committee
    FCT Committee Unveils Measure to Contain Child-Killer Disease
     The FCT Executive Committee FCT EXCO has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies in the territory The Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitization by all its relevant agencies to curb the risk of the disease emerging and spreading within the territory The FCT EXCO gave this directive in its meeting held on Monday in Gwarinpa I District Abuja It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease should it rear its ugly head in the FCT Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat nose and sometimes skin of unvaccinated children and rarely adults with poor immunity The symptoms of the disease also include fever runny nose sore throat cough red eyes neck swelling and difficulty in breathing Diphtheria spreads easily between people through direct contact with infected people droplets from coughing or sneezing and contact with contaminated clothing and objects thereby underscoring the importance of hygiene and environmental sanitation in the prevention The people most at risk are the unvaccinated and those who live in crowded areas and or where there is poor sanitation To reduce the risk of contracting the disease children are expected to get fully vaccinated with three 3 doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule The FCT immunization coverage currently stands at 83 against the national average of 57 though at least 95 of all children are expected to be vaccinated to assure herd immunity thereby preventing spread The meeting enjoined the Health and Human Services Secretariat to galvanize the support of all stakeholders and ensure massive sensitization of all residents to further minimize the risk of contracting the ailment as cases have been reported in some states around the FCT The EXCO also directed the Abuja Metropolitan Management Council AMMC to restrict the activities of the Point of Sales POS operators scattered around the Federal Capital City to only commercial areas because of security concerns FCT EXCO observed that POS is a commercial enterprise and therefore should be conducted only in the designated commercial areas Aside from the security implications the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities thereby generating uncontrolled waste The EXCO reemphasizes the importance that the present leadership of the FCT Administration places on the security and well being of the residents and assures that it will take every necessary measure to protect all Nigerians and visitors residing in Abuja The FCT EXCO meeting which was presided over by the FCT Minister Mallam Muhammad Musa Bello was attended by the FCT Permanent Secretary Olusade Adesola Chief of Staff to the FCT Minister Mallam Muhammad Bashir Mai Borno Secretaries of FCT Mandate Secretariats as well as other Directors Muhammad Hazat Sule Director Information amp Communication FCT Tuesday January 24 Credit https prnigeria com 2023 01 24 diphtheria fct committee
    FCT Committee Unveils Measure to Contain Child-Killer Disease
    General news5 days ago

    FCT Committee Unveils Measure to Contain Child-Killer Disease

    The FCT Executive Committee (FCT EXCO), has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies in the territory.

    The   Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitization by all its relevant agencies, to curb the risk of the disease emerging and spreading within the territory.

    The FCT EXCO gave this directive in its meeting held on Monday in Gwarinpa I District, Abuja.

    It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat, as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease should it rear its ugly head in the FCT.

    Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat, nose, and sometimes, skin of unvaccinated children and rarely adults with poor immunity. The symptoms of the disease also include fever, runny nose, sore throat, cough, red eyes, neck swelling, and difficulty in breathing.

    Diphtheria spreads easily between people through direct contact with infected people, droplets from coughing or sneezing, and contact with contaminated clothing and objects, thereby underscoring the importance of hygiene and environmental sanitation in the prevention. The people most at risk are the unvaccinated and those who live in crowded areas and/or where there is poor sanitation.

    To reduce the risk of contracting the disease, children are expected to get fully vaccinated with three (3) doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule. The FCT immunization coverage currently stands at 83%, against the national average of 57%, though at least 95% of all children are expected to be vaccinated to assure herd immunity, thereby preventing spread.

    The meeting enjoined the Health and Human Services Secretariat to galvanize the support of all stakeholders and ensure massive sensitization of all residents to further minimize the risk of contracting the ailment as cases have been reported in some states around the FCT.

    The EXCO also directed the Abuja Metropolitan Management Council (AMMC) to restrict the activities of the Point of Sales (POS) operators scattered around the Federal Capital City to only commercial areas because of security concerns.

    FCT EXCO observed that POS is a commercial enterprise, and, therefore, should be conducted only in the designated commercial areas.

    Aside from the security implications, the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities, thereby generating uncontrolled waste.

    The EXCO reemphasizes the importance that the present leadership of the FCT Administration places on the security and well-being of the residents and assures that it will take every necessary measure to protect all Nigerians and visitors residing in Abuja.

    The FCT EXCO meeting, which was presided over by the FCT Minister, Mallam Muhammad Musa Bello was attended by the FCT Permanent Secretary, Olusade Adesola, Chief of Staff to the FCT Minister, Mallam Muhammad Bashir Mai-Borno, Secretaries of FCT Mandate Secretariats as well as other Directors.

    Muhammad Hazat Sule Director, Information & Communication, FCT Tuesday, January 24, .

    Credit: https://prnigeria.com/2023/01/24/diphtheria-fct-committee/

  •  A password will be e mailed to you The Federal Capital Territory FCT Executive Committee has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies The Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitisation by all relevant agencies to curb the risk of the disease spreading within the territory In a statement signed by the Director Information and Communication of the FCTA Mohammed Hazat the FCT committee gave this directive in its meeting held on Monday in Abuja Nigeria s capital It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat nose and sometimes skin of unvaccinated children and rarely adults with poor immunity The symptoms of the disease also include fever runny nose sore throat cough red eyes neck swelling and difficulty in breathing Diphtheria spreads easily between people through direct contact with infected people droplets from coughing or sneezing and contact with contaminated clothing and objects thereby underscoring the importance of hygiene and environmental sanitation in the prevention The people most at risk are the unvaccinated and those who live in crowded areas and or where there is poor sanitation To reduce the risk of contracting the disease children are expected to get fully vaccinated with three doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule The FCT immunisation coverage currently stands at 83 against the national average of 57 though at least 95 of all children are expected to be vaccinated thereby preventing spread The meeting enjoined the Health and Human Services Secretariat to galvanise the support of all stakeholders and ensure massive sensitisation of all residents to further minimise the risk of contracting the ailment as cases have been reported in some states around the FCT The EXCO also directed the Abuja Metropolitan Management Council AMMC to restrict the activities of the Point of Sales POS operators scattered around the Federal Capital City to only commercial areas because of security concerns Aside from the security implications the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities thereby generating uncontrolled waste The EXCO re emphasised the importance that the present leadership of the FCT Administration places on the security and well being of the residents It vowed that it would take every necessary measure to protect all Nigerians and visitors residing in Abuja The FCT EXCO meeting which was presided over by the FCT Minister Mallam Muhammad Bello was attended by the FCT Permanent Secretary Olusade Adesola Chief of Staff to the FCT Minister Mallam Muhammad Mai Borno Secretaries of FCT Mandate Secretariats and other Directors A password will be e mailed to you Credit https von gov ng fcta takes pre emptive measures against diphtheria disease
    FCTA Takes Pre-Emptive Measures Against Diphtheria Disease
     A password will be e mailed to you The Federal Capital Territory FCT Executive Committee has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies The Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitisation by all relevant agencies to curb the risk of the disease spreading within the territory In a statement signed by the Director Information and Communication of the FCTA Mohammed Hazat the FCT committee gave this directive in its meeting held on Monday in Abuja Nigeria s capital It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat nose and sometimes skin of unvaccinated children and rarely adults with poor immunity The symptoms of the disease also include fever runny nose sore throat cough red eyes neck swelling and difficulty in breathing Diphtheria spreads easily between people through direct contact with infected people droplets from coughing or sneezing and contact with contaminated clothing and objects thereby underscoring the importance of hygiene and environmental sanitation in the prevention The people most at risk are the unvaccinated and those who live in crowded areas and or where there is poor sanitation To reduce the risk of contracting the disease children are expected to get fully vaccinated with three doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule The FCT immunisation coverage currently stands at 83 against the national average of 57 though at least 95 of all children are expected to be vaccinated thereby preventing spread The meeting enjoined the Health and Human Services Secretariat to galvanise the support of all stakeholders and ensure massive sensitisation of all residents to further minimise the risk of contracting the ailment as cases have been reported in some states around the FCT The EXCO also directed the Abuja Metropolitan Management Council AMMC to restrict the activities of the Point of Sales POS operators scattered around the Federal Capital City to only commercial areas because of security concerns Aside from the security implications the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities thereby generating uncontrolled waste The EXCO re emphasised the importance that the present leadership of the FCT Administration places on the security and well being of the residents It vowed that it would take every necessary measure to protect all Nigerians and visitors residing in Abuja The FCT EXCO meeting which was presided over by the FCT Minister Mallam Muhammad Bello was attended by the FCT Permanent Secretary Olusade Adesola Chief of Staff to the FCT Minister Mallam Muhammad Mai Borno Secretaries of FCT Mandate Secretariats and other Directors A password will be e mailed to you Credit https von gov ng fcta takes pre emptive measures against diphtheria disease
    FCTA Takes Pre-Emptive Measures Against Diphtheria Disease
    General news6 days ago

    FCTA Takes Pre-Emptive Measures Against Diphtheria Disease

    A password will be e-mailed to you.

    The Federal Capital Territory, FCT, Executive Committee has directed that all necessary preemptive measures be taken against the emergence of the deadly childhood disease known as Diphtheria by all relevant health agencies.

    The Health and Human Services Secretariat of the FCT Administration is further directed to ensure increased surveillance and awareness creation and sensitisation by all relevant agencies, to curb the risk of the disease spreading within the territory.

    In a statement signed by the Director Information and Communication of the FCTA, Mohammed Hazat, the FCT committee gave this directive in its meeting held on Monday in Abuja, Nigeria’s capital.

    It urged the FCT Health and Human Services Secretariat to liaise with the Area Council Services Secretariat, as well as the Chairmen of the six Area Councils in the Territory to immediately convene an emergency meeting with relevant technical Partners and work out modalities to effectively confront the disease.

    Diphtheria is a bacterial infection caused by the organism referred to as Corynebacterium diphtheria which affects the throat, nose, and sometimes, skin of unvaccinated children and rarely adults with poor immunity. The symptoms of the disease also include fever, runny nose, sore throat, cough, red eyes, neck swelling, and difficulty in breathing.

    Diphtheria spreads easily between people through direct contact with infected people, droplets from coughing or sneezing, and contact with contaminated clothing and objects, thereby underscoring the importance of hygiene and environmental sanitation in the prevention. The people most at risk are the unvaccinated and those who live in crowded areas and/or where there is poor sanitation.

    To reduce the risk of contracting the disease, children are expected to get fully vaccinated with three doses of the Pentavalent vaccine as recommended in the National childhood immunization schedule. The FCT immunisation coverage currently stands at 83%, against the national average of 57%, though at least 95% of all children are expected to be vaccinated, thereby preventing spread.

    The meeting enjoined the Health and Human Services Secretariat to galvanise the support of all stakeholders and ensure massive sensitisation of all residents to further minimise the risk of contracting the ailment as cases have been reported in some states around the FCT.

    The EXCO also directed the Abuja Metropolitan Management Council (AMMC) to restrict the activities of the Point of Sales (POS) operators scattered around the Federal Capital City to only commercial areas because of security concerns.

    Aside from the security implications, the activities of POS operators also create environmental nuisances as they serve to attract other commercial activities, thereby generating uncontrolled waste.

    The EXCO re-emphasised the importance that the present leadership of the FCT Administration places on the security and well-being of the residents. It vowed that it would take every necessary measure to protect all Nigerians and visitors residing in Abuja.

    The FCT EXCO meeting, which was presided over by the FCT Minister, Mallam Muhammad Bello was attended by the FCT Permanent Secretary, Olusade Adesola, Chief of Staff to the FCT Minister, Mallam Muhammad Mai-Borno, Secretaries of FCT Mandate Secretariats and other Directors.

    A password will be e-mailed to you.

    Credit: https://von.gov.ng/fcta-takes-pre-emptive-measures-against-diphtheria-disease/

  •  They set up a six man committee led by Anambra Governor Soludo Governors of Nigeria s 36 states under the aegis of the Nigeria Governors Forum NGF have said they are not opposed to the naira redesign policy by the Central Bank of Nigeria CBN The position of the governors has ended the speculations that those opposed to the naira redesign would lobby the 36 governors to put pressure on the governor of the apex bank Godwin Emefiele to suspend the policy The governors however faulted the recent directive by the Nigeria Financial Intelligence Unit NFIU banning banks from executing demands for cash withdrawals from all public accounts saying the guidelines were outside the agency s mandate But in a swift reaction the NFIU on Saturday said that there is no going back on the cash withdrawal limit guidelines it issued earlier this month regarding the financial operations of the three tiers of government To address the challenges of financial inclusion and under served locations the CBN has launched a cash swap programme in partnership with super agents and Deposit Money Banks DMBs The programme which will come into effect tomorrow Monday allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes The apex bank has also appealed to the traditional rulers to help in enlightening their subjects on the new notes and the cashless policy of the apex bank in their respective communities In a communique issued yesterday following a virtual meeting held on Thursday where they received a briefing from the Governor of CBN Emefiele on the naira redesign policy and its economic and security implications the governors expressed resolve to work closely with the CBN leadership to ameliorate areas that required policy variation The governors also said in the communiqu signed by the interim Chairman of NGF and Governor of Sokoto State Hon Aminu Tambuwal that they have set up a six member committee to engage the CBN to address anomalies in the country s monetary management and financial system On October 26 Emefiele announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows The CBN governor had said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes The governors said that while they were not opposed to the objectives of the naira redesign policy the apex bank should consider the peculiarities of households and states especially on financial inclusion and under served locations We the members of the Nigeria Governors Forum NGF received a briefing from the governor of the Central Bank of Nigeria Mr Godwin Ifeanyi Emefiele on the naira redesign its economic and security implications including the new withdrawal policy Governors are not opposed to the objectives of the naira redesign policy the communique said However we observe that there are huge challenges that remain problematic to the Nigerian populace In the circumstances governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion and under served locations and resolved to Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households the vulnerable in society and several other citizens of our country that are excluded Collaborate with the CBN and the Nigerian Financial Intelligence Unit NFIU in advancing genuine objectives within the confines of our laws noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU s legal remit and mandate Finally set up a six member Committee to be chaired by the governor of Anambra State Prof Charles Soludo and the governors of the following states Akwa Ibom Ogun Borno Plateau and Jigawa as members to engage the CBN in addressing anomalies in the country s monetary management and financial system the communiqu added The governors however insisted that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU s legal remit and mandate Tukur had on January 5 argued that the ban on cash withdrawals was meant to halt the indiscriminate manner in which cash was being taken out of public accounts without regard for the extant provisions of the Money Laundering Act Tukur said the ban scheduled to take effect from March 1 covers cash withdrawal from public accounts and payment of estacodes and travelling allowances Meanwhile in a move to address the concerns raised by the 36 governors on the challenges of financial inclusion and under served locations the CBN has launched a cash swap programme in partnership with super agents and the banks The programme which will come into effect tomorrow allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes The central bank disclosed this in a circular dated January 20 2023 which was addressed to DMBs Mobile Money Operators MMOs Super Agents and Agents and signed by both CBN Director Banking Sector Supervision Mr Haruna Mustafa and Director Payments Systems Management Department Mr Musa Jimoh Under the programme the old N1 000 N500 and N200 notes can be exchanged for the newly redesigned notes and or the existing lower denominations including N100 N50 and N20 among others which remain legal tender The CBN explained that the agents shall exchange a maximum of N10 000 per person adding that amounts above N10 000 may be treated as cash in deposits into wallets or bank accounts in line with the cashless policy The apex bank however directed that the BVN NIN or voter s card details of the customers should be captured as much as possible The central bank added that to promote financial inclusion the service is also available to anyone without a bank account Also agents may on request instantly open a wallet or account leveraging the CBN Tiered KYC Framework This ensures that this category of the populace can exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs Under the initiative agents are mandated to sensitise customers on opening wallets bank accounts and the various channels for conducting electronic transactions Furthermore designated agents are eligible to collect the redesigned notes from DBMs in line with the Revised Cash Withdrawal Limit policy Agents are also permitted to charge cash out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for the service The CBN also stated that agents shall render weekly returns to their designated banks regarding cash swap transactions DMBs shall in turn render the same to the CBN every week Also cash swap agents will be readily identifiable in all local governments particularly those in rural areas The principals shall however be held accountable for their agents adherence to the above guidelines The apex bank stressed that the cash swap programme is in furtherance of its naira redesign policy to sustain nationwide awareness sensitisation programmes enforce speedy collection of the new banknotes at CBN branches by DMBs and mandate issuance of the new notes through ATMs to ensure distribution is fair transparent and evenly spread across the country On his part the Managing Director of NIRSAL Microfinance Bank Dr Abdullahi Abubakar Kure also urged Nigerians to approach their banks to get the new notes and return the old ones Easily access major global news with a strong focus on Africa As well as the main stories of the day we like to accentuate positive stories about Africa across all genres including Politics Business Commerce Science Sports Arts amp Culture Showbiz and Fashion We broadcast 24 hours a day from our studios in London and New York and can be seen here in the UK and across Europe on the Sky platform Sky channel 519 Freeview Channel 136 as well as in the USA on the Centric channel and also on the Hot bird platform which transmits to Europe North Africa and the Middle East Credit https www arise tv nigerian governors not opposed to naira redesign seek engagement with cbn
    Nigerian Governors Not Opposed to Naira Redesign, Seek Engagement with CBN
     They set up a six man committee led by Anambra Governor Soludo Governors of Nigeria s 36 states under the aegis of the Nigeria Governors Forum NGF have said they are not opposed to the naira redesign policy by the Central Bank of Nigeria CBN The position of the governors has ended the speculations that those opposed to the naira redesign would lobby the 36 governors to put pressure on the governor of the apex bank Godwin Emefiele to suspend the policy The governors however faulted the recent directive by the Nigeria Financial Intelligence Unit NFIU banning banks from executing demands for cash withdrawals from all public accounts saying the guidelines were outside the agency s mandate But in a swift reaction the NFIU on Saturday said that there is no going back on the cash withdrawal limit guidelines it issued earlier this month regarding the financial operations of the three tiers of government To address the challenges of financial inclusion and under served locations the CBN has launched a cash swap programme in partnership with super agents and Deposit Money Banks DMBs The programme which will come into effect tomorrow Monday allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes The apex bank has also appealed to the traditional rulers to help in enlightening their subjects on the new notes and the cashless policy of the apex bank in their respective communities In a communique issued yesterday following a virtual meeting held on Thursday where they received a briefing from the Governor of CBN Emefiele on the naira redesign policy and its economic and security implications the governors expressed resolve to work closely with the CBN leadership to ameliorate areas that required policy variation The governors also said in the communiqu signed by the interim Chairman of NGF and Governor of Sokoto State Hon Aminu Tambuwal that they have set up a six member committee to engage the CBN to address anomalies in the country s monetary management and financial system On October 26 Emefiele announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows The CBN governor had said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes The governors said that while they were not opposed to the objectives of the naira redesign policy the apex bank should consider the peculiarities of households and states especially on financial inclusion and under served locations We the members of the Nigeria Governors Forum NGF received a briefing from the governor of the Central Bank of Nigeria Mr Godwin Ifeanyi Emefiele on the naira redesign its economic and security implications including the new withdrawal policy Governors are not opposed to the objectives of the naira redesign policy the communique said However we observe that there are huge challenges that remain problematic to the Nigerian populace In the circumstances governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion and under served locations and resolved to Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households the vulnerable in society and several other citizens of our country that are excluded Collaborate with the CBN and the Nigerian Financial Intelligence Unit NFIU in advancing genuine objectives within the confines of our laws noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU s legal remit and mandate Finally set up a six member Committee to be chaired by the governor of Anambra State Prof Charles Soludo and the governors of the following states Akwa Ibom Ogun Borno Plateau and Jigawa as members to engage the CBN in addressing anomalies in the country s monetary management and financial system the communiqu added The governors however insisted that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU s legal remit and mandate Tukur had on January 5 argued that the ban on cash withdrawals was meant to halt the indiscriminate manner in which cash was being taken out of public accounts without regard for the extant provisions of the Money Laundering Act Tukur said the ban scheduled to take effect from March 1 covers cash withdrawal from public accounts and payment of estacodes and travelling allowances Meanwhile in a move to address the concerns raised by the 36 governors on the challenges of financial inclusion and under served locations the CBN has launched a cash swap programme in partnership with super agents and the banks The programme which will come into effect tomorrow allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes The central bank disclosed this in a circular dated January 20 2023 which was addressed to DMBs Mobile Money Operators MMOs Super Agents and Agents and signed by both CBN Director Banking Sector Supervision Mr Haruna Mustafa and Director Payments Systems Management Department Mr Musa Jimoh Under the programme the old N1 000 N500 and N200 notes can be exchanged for the newly redesigned notes and or the existing lower denominations including N100 N50 and N20 among others which remain legal tender The CBN explained that the agents shall exchange a maximum of N10 000 per person adding that amounts above N10 000 may be treated as cash in deposits into wallets or bank accounts in line with the cashless policy The apex bank however directed that the BVN NIN or voter s card details of the customers should be captured as much as possible The central bank added that to promote financial inclusion the service is also available to anyone without a bank account Also agents may on request instantly open a wallet or account leveraging the CBN Tiered KYC Framework This ensures that this category of the populace can exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs Under the initiative agents are mandated to sensitise customers on opening wallets bank accounts and the various channels for conducting electronic transactions Furthermore designated agents are eligible to collect the redesigned notes from DBMs in line with the Revised Cash Withdrawal Limit policy Agents are also permitted to charge cash out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for the service The CBN also stated that agents shall render weekly returns to their designated banks regarding cash swap transactions DMBs shall in turn render the same to the CBN every week Also cash swap agents will be readily identifiable in all local governments particularly those in rural areas The principals shall however be held accountable for their agents adherence to the above guidelines The apex bank stressed that the cash swap programme is in furtherance of its naira redesign policy to sustain nationwide awareness sensitisation programmes enforce speedy collection of the new banknotes at CBN branches by DMBs and mandate issuance of the new notes through ATMs to ensure distribution is fair transparent and evenly spread across the country On his part the Managing Director of NIRSAL Microfinance Bank Dr Abdullahi Abubakar Kure also urged Nigerians to approach their banks to get the new notes and return the old ones Easily access major global news with a strong focus on Africa As well as the main stories of the day we like to accentuate positive stories about Africa across all genres including Politics Business Commerce Science Sports Arts amp Culture Showbiz and Fashion We broadcast 24 hours a day from our studios in London and New York and can be seen here in the UK and across Europe on the Sky platform Sky channel 519 Freeview Channel 136 as well as in the USA on the Centric channel and also on the Hot bird platform which transmits to Europe North Africa and the Middle East Credit https www arise tv nigerian governors not opposed to naira redesign seek engagement with cbn
    Nigerian Governors Not Opposed to Naira Redesign, Seek Engagement with CBN
    General news1 week ago

    Nigerian Governors Not Opposed to Naira Redesign, Seek Engagement with CBN

    They set up a six-man committee led by Anambra Governor Soludo.

    Governors of Nigeria’s 36 states under the aegis of the Nigeria Governors’ Forum (NGF) have said they are not opposed to the naira redesign policy by the Central Bank of Nigeria (CBN).The position of the governors has ended the speculations that those opposed to the naira redesign would lobby the 36 governors to put pressure on the governor of the apex bank, Godwin Emefiele, to suspend the policy.The governors, however, faulted the recent directive by the Nigeria Financial Intelligence Unit (NFIU) banning banks from executing demands for cash withdrawals from all public accounts, saying the guidelines were outside the agency’s mandate.But in a swift reaction, the NFIU on Saturday said that there is no going back on the cash withdrawal limit guidelines it issued earlier this month regarding the financial operations of the three tiers of government.To address the challenges of financial inclusion and under-served locations, the CBN has launched a cash-swap programme in partnership with super agents and Deposit Money Banks (DMBs).

    The programme, which will come into effect tomorrow (Monday), allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.The apex bank has also appealed to the traditional rulers to help in enlightening their subjects on the new notes and the cashless policy of the apex bank in their respective communities.In a communique issued yesterday following a virtual meeting held on Thursday where they received a briefing from the Governor of CBN, Emefiele, on the naira redesign policy and its economic and security implications, the governors expressed resolve to work closely with the CBN leadership to ameliorate areas that required policy variation.The governors also said in the communiqué signed by the interim Chairman of NGF and Governor of Sokoto State, Hon. Aminu Tambuwal, that they have set up a six-member committee to engage the CBN to address anomalies in the country’s monetary management and financial system.On October 26, Emefiele announced the plan to redesign the naira to control the money supply and aid security agencies in tackling illicit financial flows.The CBN governor had said the introduction of new notes was a deliberate step by the government to check corruption and counterfeiting of the notes.

    The governors said that while they were not opposed to the objectives of the naira redesign policy, the apex bank should consider the peculiarities of households and states, especially on financial inclusion and under-served locations.“We, the members of the Nigeria Governors’ Forum (NGF), received a briefing from the governor of the Central Bank of Nigeria, Mr. Godwin Ifeanyi Emefiele, on the naira redesign, its economic and security implications including the new withdrawal policy. Governors are not opposed to the objectives of the naira redesign policy,” the communique said.“However, we observe that there are huge challenges that remain problematic to the Nigerian populace. In the circumstances, governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion and under-served locations and resolved to:“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society, and several other citizens of our country that are excluded. “Collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.“Finally set up a six-member Committee to be chaired by the governor of Anambra State, Prof. Charles Soludo, and the governors of the following states: Akwa Ibom, Ogun, Borno, Plateau, and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system,” the communiqué added.The governors, however, insisted that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

    Tukur had on January 5 argued that the ban on cash withdrawals was meant to halt the indiscriminate manner in which cash was being taken out of public accounts without regard for the extant provisions of the Money Laundering Act.Tukur said the ban, scheduled to take effect from March 1, covers cash withdrawal from public accounts and payment of estacodes and travelling allowances.

    Meanwhile, in a move to address the concerns raised by the 36 governors on the challenges of financial inclusion and under-served locations, the CBN has launched a cash-swap programme in partnership with super agents and the banks.The programme, which will come into effect tomorrow, allows people in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.The central bank disclosed this in a circular dated January 20, 2023, which was addressed to DMBs, Mobile Money Operators (MMOs), Super Agents and Agents, and signed by both CBN Director, Banking Sector Supervision, Mr. Haruna Mustafa, and Director, Payments Systems Management Department, Mr. Musa Jimoh.Under the programme, the old N1,000, N500, and N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations including N100, N50, and N20 among others which remain legal tender.The CBN explained that the agents shall exchange a maximum of N10, 000 per person, adding that amounts above N10, 000 may be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy.The apex bank, however, directed that the BVN, NIN or voter’s card details of the customers should be captured as much as possible.The central bank added that to promote financial inclusion, the service is also available to anyone without a bank account.Also, agents may on request, instantly open a wallet or account leveraging the CBN Tiered KYC Framework. This ensures that this category of the populace can exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.Under the initiative, agents are mandated to sensitise customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.

    Furthermore, designated agents are eligible to collect the redesigned notes from DBMs in line with the Revised Cash Withdrawal Limit policy.Agents are also permitted to charge cash-out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for the service.The CBN also stated that agents shall render weekly returns to their designated banks regarding cash swap transactions. DMBs shall in turn render the same to the CBN every week.Also, cash swap agents will be readily identifiable in all local governments, particularly those in rural areas.The principals shall, however, be held accountable for their agents’ adherence to the above guidelines.The apex bank stressed that the cash swap programme is in furtherance of its naira redesign policy to sustain nationwide awareness/sensitisation programmes, enforce speedy collection of the new banknotes at CBN branches by DMBs and mandate issuance of the new notes through ATMs to ensure distribution is fair, transparent and evenly spread across the country.On his part, the Managing Director of NIRSAL Microfinance Bank, Dr. Abdullahi Abubakar Kure, also urged Nigerians to approach their banks to get the new notes and return the old ones.

    Easily access major global news with a strong focus on Africa. As well as the main stories of the day, we like to accentuate positive stories about Africa across all genres including Politics, Business, Commerce, Science, Sports, Arts & Culture, Showbiz and Fashion.

    We broadcast 24 hours a day from our studios in London and New York and can be seen here in the UK and across Europe on the Sky platform (Sky channel 519), Freeview (Channel 136) as well as in the USA on the Centric channel and also on the Hot bird platform, which transmits to Europe, North Africa and the Middle East.

    Credit: https://www.arise.tv/nigerian-governors-not-opposed-to-naira-redesign-seek-engagement-with-cbn/

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