3 arrested in Kebbi over fake N17m notes

Three persons have been arrested by the police in Kebbi state for being in possession of fake N17m notes. 

The State Commissioner of Police, Ahmed Magaji Kontagora, said the suspects were arrested with the help of members of the National Union of Road Transport Workers (NURTW) at Warrah Motor Park in Warrah area of the state.  

The suspects have been identified as Faruku Zubairu, Ibrahim Musa and Salisu Mohammed from Gungun Tawaye and Chupamini villages in Ngaski local government area of the state.

Naira loses value slightly, exchanges N461.50 for one dollar

The naira on Monday exchanged at N461.50 to the dollar at the Investors and Exporters window.

The figure represented a decrease of 0.05 per cent compared with the N461.25 it exchanged after the close of business on February 18.

The open indicative rate closed at N461.60 to the dollar on Monday.

An exchange rate of N462.06 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.50.

The naira sold for as low as N440 to the dollar within the day’s trading, with $40.28 million traded at the official Investors and Exporters window on Monday.

CBN confiscated and never swapped currency – El-Rufai

Governor Nasir El-Rufai on Sunday, February 19, claimed that the Central Bank of Nigeria embarked on currency confiscation rather than a currency swap policy as announced earlier.  

In tweets he shared on Sunday evening, El-Rufai alleged that during the implementation of the cash swap, the CBN withdrew over N2 trillion from circulation and printed only N400 billion. 

The Kaduna state Governor also claimed that trade and exchange have collapsed as a result of the policy.

He added that it has also led to human suffering, impoverishment and economic contraction.  

He tweeted;  

“Currency redesign was approved by the President and announced. Currency recoloring resulted.

“Currency swap was envisaged by s.20(3) of the Central Bank of Nigeria Act as approved by PMB. Swap means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less.

“During implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect, currency confiscation was then unilaterally and unlawfully implemented by the CBN.

Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.

“The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.

“Some State Governments had no choice but to approach the Supreme Court for adjudication.

The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed, and full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.”

We will destroy commercial banks in Kano that refuse to accept old notes – Governor Ganduje warns

Kano State Governor, Abdullahi Umar Ganduje, warned commercial banks operating in the state that he would destroy any bank that refuses to accept the old N500 and N1,000 notes.

He made this known Friday, Feb. 17, during his inspection of palliatives meant for distribution to the citizens to cushion the effects of the hardship caused by the cashless policy, Channels TV reports.

“Any bank that refuses to accept old five hundred and one thousand Naira notes will be destroyed. We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” he stated.

Governor Ganduje further disclosed that the space of the destroyed banks would be used for building schools.

“We will convert the space of the destroyed banks into schools that will provide quality education for our children,” he said according to the publication.

Governor Ganduje’s spokesperson, Abba Anwar, defended the governor’s statement, stating that the state government has the power to take such measures to protect the interests of the citizens.

Anwar said;

“The governor is not making an empty threat. The government has the power to take such measures if it is in the best interest of the people. OThe governor is determined to ensure that the people of Kano State do not suffer any undue hardship as a result of the cashless policy.”

Dapo Abiodun orders banks, companies in Ogun to disobey Buhari or have Certificate of Occupancy revoked

Governor Dapo Abiodun of Ogun gave a directive to banks and other establishment operating in the state on Friday to accept old N1000 and N500 notes in defiance to the stance of the federal government.

He warned that commercial outlets who reject the old notes from customers would have their that the Certificate of Occupancy revoked.

The governor gave the warning in a series of tweets after riots ensued in some parts of the state.

It was earlier reported that riots broke out in Mowe and Ibafo axes, along Lagos-Ibadan expressway on Friday over the raging cash fiasco.Soldiers were then deployed to douse the riot.

Mr Abiodun reminded businesses in the state that the Supreme Court has ordered that the old naira notes remain legal tender to business transactions.

“The Ogun State Government will be revoking the Certificate of Occupancy, CofO of any corporation or store that rejects old Naira notes from members of the public in the State in exchange for goods and services.

“Commercial outlets are hereby reminded that there is an existing court order by the Supreme Court, the apex court in Nigeria, directing that old notes remain legal tender.”

The statement read.

On February 15, the Supreme Court asked Nigerians to continue spending the old naira notes.

On Thursday, President Muhammadu Buhari said only the old N200 banknotes remain a legal tender until April 10 while N500 and N1,000 should be deposited in CBN designated centers across the country.

Mr Buhari’s failure to obey the Supreme Court ruling has elicited open confrontation by state governors including Nasir El-Rufai of Kaduna, Umar Ganduje of Kano and Mohammed Badaru Abubakar, and others who urged citizens to discountenance CBN directives and continue to accept the old notes as legal tender.

We’re spending N400 billion monthly to subsidise petrol for Nigerians- NNPC

Monthly payment on Premium Motor Spirit (petrol) has crossed N400 billion, says the Nigerian National Petroleum Company Ltd. (NNPCL).

Mele Kyari, NNPCL’s Group Chief Executive Officer, disclosed this on Friday in Abuja at the ongoing Final Cutover to NNPC Ltd., from being a corporation.

Mr Kyari explained that NNPCL was spending about N202 as subsidy on every litre of petrol consumed across the country.

He added that about 65 million litres of PMS was pumped daily into the market by the NNPCL to keep the country wet.

Mr Kyari said the oil company would continue to meet its obligations by providing PMS for Nigeria, adding that the over N400 billion monthly subsidy had been a severe strain on NNPCL’s cash flow.

According to him, NNPCL is the sole importer of petrol into Nigeria and has continued to play this role for several years running, bearing the huge cost of fuel subsidy.

He said other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the United States dollars, required for the imports of PMS.

“Today, by law and the provisions of the Appropriation Act, there is subsidy on the supply of petroleum products, particularly PMS into our country. In current data terms, three days ago the landing cost was around N315/litre.

“Our customers are here, we are transferring to each of them at N113 per litre.

“That means there is a difference of close to N202 for every litre of PMS we import into this country. In computation, N202 multiplied by 66.5 million litres, multiplied by 30 will give you over N400 billion of subsidy every month,” he said.

Mr Kyari said that the continuous funding of petrol subsidy by NNPCL had been ongoing without refunds from the Federal Ministry of Finance, Budget and National Planning, despite the fact that subsidy had been budgeted for in the Appropriation Act.

“There is a budget provision for it. Our country has decided to do this. So, we are happy to deliver this, but it is also a drain on our cash flow, and I must emphasis this.

“For as we continue to support this, you will agree with me that it will be extremely challenging for us to continue to fund this from the cash flow of the company when you do not get refunds from the Ministry of Finance,” he said.

He expressed assurance that it would continue to support the country and deliver energy security.

Naira exchanges at N461.50 to $1 in marginal gains

The naira on Wednesday exchanged at N461.50 to $1 at the Investors and Exporters window.

The figure represented an appreciation of 0.04 per cent compared with the N461.67 it was exchanged on Tuesday.

The open indicative rate closed at N461.25 to the dollar on Wednesday.

An exchange rate of N462.02 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.50.

The naira sold for as low as N446 to the dollar within the day’s trading.

On Wednesday, a total of 89.54 million dollars was traded at the official Investors and Exporters window.

Buhari orders CBN to make only old N200 note legal tender

President Muhammadu Buhari has ordered the Central Bank of Nigeria and by extension to accept only the old N200 notes as legal tender, ignoring the Supreme Court’s order.

Mr Buhari directed the CBN governor, Godwin Emefiele, to release more of the old N200 banknotes and the new N200 notes to the public.

The old N200 notes will be legal tender for 60 days.

The president made the announcement in a national broadcast on Thursday.

Old Naira notes remain legal tenders – Supreme court

In spite of the Central Bank of Nigeria’s insistence on old Naira notes no longer being legal tenders, the Supreme Court has ruled that its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 naira notes still subsist. 

The ruling was made on Wednesday, February 15, following complaint by lawyer to Kaduna, Kogi and Zamfara states, Abdulhakeem Mustapha (SAN) that the Federal Government and its agencies have failed to comply with the order and have allegedly directed the rejection of the old notes. 

Mustapha who also revealed that they’ve filed a notice of non-compliance with the order of the court order made on February 8, urged the court take action against the respondent to protect the dignity of the court. 

He added; 

That order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect.

We want the court to renew the order for parties to be properly guided.

Justice John Okoro who led the seven-member panel of the court, asked Mustapha to filed a proper application to put forward his complaints and to enable the respondent respond appropriately. 

Justice Okoro who also noted that there’s no need for a renewal of the court’s order since the motion is yet to be heard.  

The Supreme Court fixed February 22 for hearing of the suit filed Kaduna, Kogi and Zamfara states challenging the propriety the naira swap policy of the Federal Government.

Ignoring Supreme Court, CBN governor Emefiele says old naira notes illegal tender

In defiance of the Supreme Court’s ruling, Godwin Emefiele, the governor of the Central Bank of Nigeria, has insisted that the N200, N500 and N1,000 banknotes became illegal tender following the expiration of the February 10 deadline to exchange the banknotes for the so-called redesigned notes.

“No doubt there are pockets of pressure in some areas. The CBN is working hard to shift pressure and resources to those areas in order to ease the tension,” Mr Emefiele claimed.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.”

The CBN governor added;

“There is, therefore, no need to consider any shift from the deadline of February 10.”

Mr Emefiele stated this on Tuesday in a meeting with the diplomatic community at the foreign affairs ministry. Reports across the country indicate that the naira scarcity has worsened, while the CBN governor accused politicians of mopping up the new naira notes from circulation.

But Femi Gbajabiamila, the speaker of the House of Representatives, alleged the scarcity was to cripple the ruling APC presidential candidate Bola Tinubu’s chances at the poll.

“The CBN has also noticed that some politicians are buying the new notes and storing them for political purposes,” Mr Emefiele told the diplomatic community.

Explaining the rationale for naira redesign in the meeting, Mr Emefiele said the CBN conducted “extensive in-house analysis and consultation which suggested the need for a policy to redesign some Nigerian banknotes,” stressing that the move has resulted in “inflation trending downwards and exchange rates relatively stable.”

“Secondly, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.

Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this program, and we can see that the military is making good progress in this important task,” the CBN chief added.

In October, CBN announced the redesign of N200, N500 and N1000 banknotes.

Emefiele will frustrate Tinubu’s presidential ambition with naira scarcity, unfit as CBN governor- Governor Akeredolu

Governor Rotimi Akeredolu has slammed Godwin Emefiele, the Central Bank of Nigeria governor, as unfit to remain in office for attempting to be the next president.

He will also frustrate the chances of the All Progressives Congress to win the February 25 presidential election with the persisting naira scarcity.

“We have said that this man (Mr Emefiele) should be removed when he contested to be president. The man (Mr Emefile) is not fit for that position (CBN governor),” Mr Akeredolu was quoted in a statement issued by his spokesman, Richard Olatunde, on Wednesday. “A man who attempted to be president will frustrate us at this time.”

Last week, the Ondo governor filed a suit at the Supreme Court challenging the CBN February 10 deadline for the N200, N500 and N1,000 banknotes to be legal tender, citing the untold hardship scarcity of the new notes have brought on people.

The governor, who spoke while playing host to Seyi Tinubu, Bola Tinubu’s son, who led members of the youth directorate of the APC Presidential Campaign Council, explained, “We have a problem we are facing in this country today.

Our rating as a party is not that favourable. Let’s not deceive ourselves. Must it be now that we will have this financial policy?”Mr Akeredolu added, “How, Fuel and everything? Things are not easy. This policy is not right at this time. It should be reversed. Reserve it and tell CBN that we are reversing it. Let old, and new notes co-exist.”

He lamented that Okada, taxis, and banks “are not taking old notes again. There is an injunction, and everyone is behaving like there is no injunction.”

According to the governor, the choice of Mr Tinubu as APC’s flag bearer for the February 25 poll was based on his competence and track records.

“We didn’t waver when we said that the presidency must come to the South, and when it got to the South, we didn’t waver. We said competence and track record are important,” stated Mr Akeredolu.

“Our choice of Asiwaju was premised on the informed decision, not because we are from the same tribe.”

Old naira notes no longer legal tender, CBN warns Nigerians, banks

The Central Bank of Nigeria has insisted old N200, N500 and N1,000 notes are no longer legal tender despite a Supreme Court order barring the apex bank from implementing the February 10 expiration date for the old notes.

Haladu Idris Andaza, CBN’s branch controller in Bauchi, disclosed this to journalists on Monday.

“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive all of those old notes based on certain conditions and criteria.

Customers are free to come to the bank and deposit which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” Mr Andaza said.

He further said individuals and institutions with old banknotes can deposit them with branches of the apex bank across 36 states of the country.

“The management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the federation including FCT to deposit their money.

The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange,” Mr Andaza said.

In October, CBN governor Godwin Emefiele announced the redesign of the N200, N500 and N1,000 last October.

Buhari, CBN destroying lives, livelihoods with badly implemented naira policy: NECA

The Nigeria Employers’ Consultative Association has condemned the CBN’s poorly implemented new naira banknotes policy sanctioned by President Muhammadu Buhari, declaring it is ruining lives and livelihoods.

NECA urged the Buhari regime to look beyond the politics of the naira redesign and focus on the damaging effects on businesses and the economy at large.Its director-general, Adewale-Smatt Oyerinde, made the call in a statement on Sunday in Lagos.

In the last few weeks, with the cash squeeze and the purchasing ability of Nigerians greatly impaired by the poor implementation of the policy, the economy has witnessed a significant bashing.

This is so, with report stating that the Real sector witnessed about 40 per cent drop in productive activities,” explained Mr Oyerinde.

He added;

“As the cash crush continues, thousands of productive hours are lost daily on queues by employees and many cannot even get to work.

The value chain in the formal and informal sector with over N10 billion cash transaction daily is almost destroyed with consequences for employment, business sustainability and National development.”

The NECA director-general called for critical and immediate efforts to be made to improve or upgrade alternative routes to cash, thereby ensuring seamless transactions before going digital.

According to him, the series of actions taken by the CBN now in the form of having naira swap agents, among others, are afterthoughts, after resistance by Nigerians.

It is callous to deprive citizens of the new naira notes after cajoling them to deposit the old ones in the banks. We urge the CBN to sanction the commercial banks that have been found to be complicit in the whole show of shame, even as the CBN cannot extricate itself from being complicit,” stressed the NECA chief.

‘Mr Oyerinde further mentioned that “as an immediate action, we align with the position of the Council of State that the CBN should release more new naira notes into the economy or allow the use of the old ones, pending a time when it will demonstrate competence by not always putting the cart before the horse in the implementation of monetary policies.”

The NECA boss pointed out that the CBN naira redesign policy with the objectives as stated by the apex bank was laudable.He said, however, that like many of the bank’s policy initiatives, this was also flawed by shortsightedness in implementation.

For a definitive monetary policy as the naira design, it is expected that the CBN will not only take lessons from other countries like India, Myanmar, Australia, Venezuela, Zimbabwe and the European Union, which witnessed various degrees of successes and failures when they implanted their currency redesign,” said the NECA director-general, urging CBN to do a “thorough analysis and simulation of likely social and economic challenges that might arise and definitive response to those challenges.”

He further stated that “it does not seem that the CBN understands the challenges, nor have solutions to the economic issues, thereby allowing speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy.”

Court restrains AMCON from selling Ibadan Electricity

Justice Chukwujekwu Aneke of the Federal High Court, Lagos Judicial Division, has again restrained the Asset Management Corporation of Nigeria (AMCON) from selling the Ibadan Electricity Distribution Company (IBEDC) Plc.

The court’s ruling on interlocutory injunction sought by defendants in the suit specifically restrained the AMCON from alienating, selling, disposing or transferring the IBEDC pending the final determination of the suit before it.

The 11 defendants include the integrated Energy Distribution and Marketing Company Limited in receivership which are John Olatunde Ayeni, Olusola Ayandele, personal legal representatives of the estate of Captain Idahosa Okunbo.

Others are Akere Ayanwola, Kayode Ojutiku, Folu Olusanya, Aliyu Ibrahim, Usman Mohammad, Abubakar Aminu and IBEDC.

They had dragged AMCON to court, where they asked it to determine whether the plaintiff was entitled to remain in possession of, manage and exercise all the powers of a receiver or manager on all the 1st defendant’s assets.

They also sought the court’s relief on whether or not the 2nd, 3rd and 4th defendants and indeed all the other defendants were liable to the plaintiff for the debts charged against first defendant’s properties and assets.

This is by virtue of their respective personal guarantees which they issues in the respect of the loan, the subject matter of this suit as well as under sections 48, 49, 50 and 61 of the Act, read together.

The plaintiffs also sought some reliefs which included but not limited to an order of the court affirming the appointment of the plaintiff as receiver and manager and protecting the powers of the plaintiff to act and continue to act as the manager.

The counsel to the applicants, Dele Adesina, had in November 2022 lamented AMCON’s underhand ploy to dispose of IBEDC despite what he described as the issue for determination or subject matter of settlement initiated by both parties.

He lamented the attempt by the plaintiff to shut the door of justice against the defendants as it was being attempted in this instance.

In granting the injunction sought by the applicants pending final determination of the suit, the court also made the following orders sought by the applicants that’s the 1st-3rd and 5th-11th defendants.

It would be recalled that AMCON took over the management of the IBEDC following the judgement by a Federal High Court on September 8, 2021.

This granted orders in its favour as Receiver/Manager of Integrated Energy Distribution and Marketing (IEDM) Limited, IBEDC’s core investor, over default in Loan Service Agreement.

Federal Government lists N360 billion bonds for auction

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), listed four FGN bonds valued at N360 billion for auction.

Announcing the bond auction, the DMO listed the first offer as a February 2028 FGN bond, valued at N90 billion at interest rate of 13.98 per cent per annum (10-year re-opening).

The second is an April 2032 FGN bond, valued at N90 billion at 12.50 per cent interest rate per annum (10-year re-opening).

There is also an April 2037 FGN bond, valued at N90 billion, at 16.24 per cent interest rate per annum (20-year re-opening).

The fourth offer is an April 2049 FGN bond, also valued at N90 billion, at an interest rate of 14.80 per cent per annum (30- year re-opening).

It announced that the auction date is February 13, while settlement date is February 15.

According to the DMO, for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

“Interest is payable semi-annually, while bullet repayment (principal sum) is on the maturity date.

“FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They also qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for funds among other investors.

“They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,’’ the DMO said.

It said that all FGN bonds qualify as liquid assets for liquidity ratio calculation for banks.

Council of State backs CBN policy

The National Council of State, on Friday, in Abuja backed the central bank’s new naira policy.

This was as it advised the President, Major General Muhammadu Buhari (retd.), and the apex bank chief, Godwin Emefiele, to either intensify the printing of new notes or recirculate the old ones to ease the hardship of Nigerians occasioned by the policy.

The country’s highest advisory organ also insisted that the general elections will be held as scheduled based on the​​ readiness of the Independent National Electoral Commission and the Nigeria Police.

The Minister of Justice and Attorney-General of the Federation, Abubakar Malami, disclosed this to State House correspondents after the four-hour hybrid meeting at the Aso Rock Villa, Abuja.

Malami said the council received briefing from the chairman of INEC, the IGP and the CBN governor.

“The two major resolutions that were driven, arriving from the deliberations of the Council, are one, that we are on course as far as election is concerned and we are happy with the level of preparation by INEC and the institutions.

“Two, relating to the naira re-designed policy, the policy stands, but then the Council agreed that there is need for aggressive action on the part of the Central Bank, as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system,” the AGF said.

When asked by our correspondent about the President’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it will be up to Buhari to decide “soon.”

Present were former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar as well as former President Goodluck Jonathan.

Former President Olusegun Obasanjo joined the meeting virtually as only about 14 governors were present both physically and virtually with some represented by their deputies.

Also present were Vice President Yemi Osinbajo, The Attorney-General of the Federation and Minister of Justice, two former Chief Justices of Nigeria, amongst others.

The Council of State is an organ of the Federal Government of Nigeria which advises the executive on key policies.

It comprises the President as chairman, Vice President Yemi Osinbajo (deputy chairman), all living former Presidents and Heads of State, President of the Senate, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, all the 36 state governors and Minister of Justice and Attorney-General of the Federation, Abubakar Malami.

Kaduna beggars become ‘human PoS’

Destitutes in Kaduna who rely on begging for survival say they have been turned to ‘PoS Operators’ as a result of the prevailing cash-squeeze.

Explaining their ‘newly- found’ status, the beggars said most people now gave them old naira notes and demanded for ‘change’ in return for a reward.

“The situation is so desperate, especially with most banks allowing the withdrawal of not more than N1,000 or N2,000, and PoS operators imposing high charges.

“There are two categories of people that patronise us, namely those who pretend to give us alms, and those who openly request for favour.

“The first category will give you either N200 or N500 old Note, forfeit part of it to you as alms, and request that the change be given back to him in lower denominations of N100, N50, N20 and N10.

“The second category will openly request for change in lower denominations and offer you some percentage as reward”, narrated one of the destitute, Usman Ali.

Another destitute, Kabiru Musa, confirmed that such ‘economic transaction’ between beggars and members of the public, was actually flourishing in Kaduna.

He said from time immemorial, assistance to beggars had always been in lower naira denominations, and so the beggars were hardly short of such monies.

A female destitute, Maryam Baba, who was asked for comment on her informal ‘PoS Operator’ status, bursted into wild laughter, just as she also confirmed the development.

A mother of two, she said because of her adolescent kids, people had been generous in giving her alms, and that most times, she had enough lower denominations to grant requests for ‘change’ from people.

“This new ‘business’ is promising and how we wish it will continue; the only challenge we face is how to deposit the money in banks.

“However, the good thing is that each time we go to banks, we are being granted special concessions because of our condition,” she said.

However, lepers could not engage in such ‘business’ because of the issue of stigma.One of them contacted, who spoke on condition of anonymity, lamented that even sellers of items were often reluctant to receive money from them.

“We are battling with stigma; even spending our money is a problem, therefore the issue of people requesting to exchange money with us, is out of the question.

“However, some of us do give other fellow beggars our money to help us in exchange for us to also benefit from something little,” he narrated.

Also, visually impaired beggars could only engage in such ‘business’ by proxy, as they cannot identify value and colour of currency.

“We sometimes use our guides, mostly our children, to attend to such requests from people; It is profitable; the only challenge is depositing of the old notes, but most times, we are granted concessions in banks.

“We pray for the end of the sufferings by Nigerians over this naira redesign, but honestly, some beggars are in brisk business.

“We (beggars) are now like those into casket trade, who do not wish people dead, but can only be in business when people die”, analysed Kabiru Bello, a visually impaired beggar in Kaduna.

Supreme Court stops CBN’s withdrawal of old naira notes

The Supreme Court has restrained the Central Bank of Nigeria from enforcing the February 10 deadline to stop the old N200, N500 and N1,000 banknotes from being used as legal tender in the country.

Three governors—Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle of Zamfara—had filed an ex parte motion before the Supreme Court petition for a temporary restraining order to stop President Muhammadu Buhari’s regime and the Central Bank of Nigeria from continuing the implementation of the naira redesign policy.

The motion, accompanied by a request for an expedited hearing, seeks a declaration that the demonetisation policy of the regime is in violation of the extant provisions of the Central Bank of Nigeria Act, 2007, the Nigerian Constitution and relevant laws.

The governors also requested the court to declare that the three-month notice issued by the CBN with authorisation of Mr Buhari, wherein the older versions of the denominations will lose their legal tender status is in flagrant violation of Section 20(3) of the CBN Act 2007, which states that reasonable notice must be given.

The attorneys general of the three northern states are the motion’s plaintiffs, and Abubakar Malami, the justice minister, is the only respondent.

The plaintiffs claimed that the Buhari regime failed to fulfill its responsibility to facilitate a seamless transition from the old banknotes to the new currencies.

The plaintiffs contended that the latest extension of the deadline for submitting old notes was insufficient to remedy the numerous issues plaguing the policy, citing a severe shortage of new notes in Kaduna, Kogi, and Zamfara.

The governors said the policy’s short implementation timeline, coupled with its attendant chaos and the misery it is causing Nigerians was unacceptable.

They are also requesting a declaration from the court that, in light of the plain stipulations of Section 20(3) of the CBN Act 2007, the federal government, acting through the CBN, lacks the authority to set a deadline for accepting and redeeming banknotes issued by the Bank, with the exception of the circumstances described in Section 22(1) of the CBN Act 2007.

The suit followed the CBN governor, Godwin Emefiele’s comment over the weekend that the apex bank would not extend the deadline but would instead work with relevant stakeholders to facilitate the implementation of the policy.

EFCC, CBN officials in Zenith, UBA, Access, Keystone, First Bank over naira scarcity

Officials of the Central Bank of Nigeria (CBN) and the Economic Financial Crimes Commission (EFCC) on Monday visited banks in Gombe to ensure proper circulation of the new naira notes.

The CBN team was led by Yusuf Philip-Yila, the director at the Development Finance Department, CBN Directorate Headquarters.

Mr Philip-Yila said the monitoring exercise was to enforce compliance with the new CBN guidelines towards ensuring that cash released to banks was made available to the public.

He stated that the exercise was also part of efforts to guard against violation of CBN guidelines, as well as address challenges militating against cash circulation in the state.

The CBN director noted that the visit was also to caution banks against any attempt to sabotage the circulation of the new notes in Gombe and added that during the visit, some challenges observed, especially with cash dispensing through automated teller machines (ATMs) were addressed.

He said the managements of the concerned banks were engaged to improve the circulation of the new banknotes through ATMs, stressing that more new banknotes had been made available to commercial banks, to improve the ease of doing business, and make new banknotes more available to residents.

“We are enforcing the directive of the Governor, Mr Godwin Emefiele, who has directed banks to commence paying customers, new naira notes over the counter, subject to a maximum daily payout limit of N20,000,” he said.

The CBN official said the exercise would reduce queues at ATMs in Gombe.

The combined team of the CBN and EFCC visited Polaris, Keystone, Zenith, Unity, Heritage, First Bank, Access, UBA and Union banks.

Nigerian Central Bank Deceived Buhari Into Supporting Naira Redesign But Its Ulterior Motive Is To Stop Elections From Holding –Oshiomhole

The former National Chairman of Nigeria’s ruling All Progressives Congress (APC), Comrade Adams Oshiomhole has faulted the cashless policy of the Central Bank of Nigeria (CBN), insisting that the nation’s apex bank cannot govern the country by decree.

He described the policy as senseless, adding that he believes the apex bank led by Godwin Emefiele deceived President Muhammadu Buhari into agreeing to support it.

This Governor has broken no new grounds because we have changed currencies before, and I daresay check the records when General Muhammadu Buhari changed colours of naira when he did in his first coming as military head of state.

“He did not forbid the banks from paying people in new notes. He did not impose restrictions as to how much you can withdraw provided it is your lawful money.

To assume that every Nigerian is corrupt; that the motor mechanic is corrupt and this policy is meant to check corruption. The CBN is not part of institutions charged with the responsibility of ensuring free, fair and credible elections.

“That is not in the Act establishing CBN. So, when I heard argument that seems to criminalise and in a sense blackmail the political elite as though they are responsible.

In fact, I got angry and I said if corruption is at the heart of CBN challenge, how do they explain that you Seun, because you are one of the most popular TV programme, and so you were to import a camera, you can get a dollar at N440 to the dollar; and your cameraman who knows nobody, he wants to pay for his child’s school fees, he has to go to Wuse market to buy the same dollar at N740. If that is not corruption, what is it?

“So I think what Nasir El-Rufai was saying is that – if you have pockets of riots and protests and because our armed forces whether the police, obviously the army is not trained for that to manage discontent, mass uprising you may end up with a situation where you were unable to conduct election. So, it is not only APC that will lose, everybody will lose.

“Do you notice that even Atiku Abubakar, the presidential candidate of PDP appealed for extension? Citizens shouldn’t beg the government to extend the value of their legitimately earned money because in a democracy, don’t forget that what distinguishes democracy from dictatorship is popular participation, a sense of ownership of public policy. And so it is not enough, we can’t be governed by decrees.

“If the president cannot govern by decree, nobody in Nigeria should govern by decree. We must be governed by our constitution, we have parliament.”