Lifestyle

I’m suffering over naira scarcity, my family can’t cook- Orji Uzor Kalu

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Former Governor of Abia state and senator representing Abia North in the national assembly, Orji Uzor Kalu has said that he and his family are suffering over the Naira redesign and cashless policy. 

Appearing on a Channels Television program on Monday, February 20, Orji Uzor Kalu claimed that his family can no longer cook over the policy. 

He said; 

“You can see the policy is right but I don’t keep money in my house. I am suffering.

“The other day, my house manager told my wife in Abuja that we have no money to cook food. My wife was virtually roaming around and we feed over 250 people every day. It is a problem to me and to everybody.” 

Reacting to President Muhammadu Buhari’s directive for the Central Bank of Nigeria to make N200 notes circulate until the eve of the March 11 governorship election, Kalu said; 

“This is why if I am in the position of the Mr President as I have told you before, I will listen to the Supreme Court judgement.

The Supreme Court to me, whether they are right or wrong, Mr President should obey the law and ask his Attorney General to put a review to the Supreme Court.”

Business

Kaduna beggars become ‘human PoS’

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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.

Business

Supreme Court stops CBN’s withdrawal of old naira notes

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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.

Lifestyle

Fuel scarcity, long queues will end soon in western zone-IPMAN

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The Independent Marketers Association of Nigeria (IPMAN), western zone, has assured Nigerians that fuel scarcity would soon end.

Dele Tajudeen, IPMAN zonal chairman (western zone), gave the assurance on Tuesday in Ibadan.

“We just rose from a meeting with the authority concerned and we had a very useful discussion with the authority. One, we have to address the issue of availability and cycle. We appeal to people to bear with us, as the scarcity will fizzle out gradually,” said the IPMAN zonal chair.

“By the special grace of God, by next week, we will start to see changes and the queues will disappear.”

Mr Tajudeen said there was no directive stopping its members from continuing with their operations, pointing out that the speculation on shutting down of filling stations was not from the association.

He was reacting to the speculations making the rounds that IPMAN had directed its members to stop operations and shut down their filling stations to protest the fuel price hike.

According to him, IPMAN has units and zones, and its South-West zone comprises Lagos, Sapele, Ibadan, Ore, Ilorin and Mosimi depots. He stated that the depots in the zone had not been directed to shut down operations.

Mr Tajudeen added that the directive from the Maiduguri depot did not affect IPMAN members in other parts of Nigeria, particularly in the South-West region.

“As far as we are concerned, as the zonal chairman, I have authority of other chairmen in the zone. We are not closing our stations. The letter you are seeing is from Maiduguri; look at the letter very well. It emanated from Maiduguri and has nothing to do with the South-West,” Mr Tajudeen explained.

Business

Cashless policy: Poor network stalls sales as traders complain at Lagos market

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Poor mobile service network at the Lagos International Trade Fair Complex that houses three markets in Lagos, on Saturday stalled commerce, as traders complained of inability to transfer cash online.

The traders, who at the close of business, said that the problem was frustrating and unbearable.

They said that many customers who bought goods with the hope of transferring cash online to pay for the items, waited for the debit alerts till the end of the day without success as purchased and packed goods were returned.

The introduction of the new redesigned N1,000, N200 and N500 notes and its slow-pace release in the system by banks, as directed by the federal government, has been causing hardship to the people.The government said the cash shortage was to revamp the economy.

Andrew Umeh, an article and confectionary distributor, said that the cashless policy that they have adopted was not helping matters because of poor network.

Mr Umeh, who doubles as the Chairman of Line Heads, appealed to the authorities to help improve mobile network in the market.

“Since the government is finding it difficult to release cash to the system for reasons best known to them, they should please allow us to trade with better network service to encourage online cash transfers,” he said.

Chijioke Duru, a Business Machine seller, said that trading has become herculean as people who buy items as low as N1,500 opted for online cash transfers.

Mr Duru, who said he lost a transaction worth N700,000 because of lack of cash and poor mobile network to enable the customer make a transfer, said if the trend continues by next week, a huge protest will be imminent for many who are affected.

“We are tired of this frustrations. Government should provide us with an alternative, soft-landing by ensuring that network is improved.

“Many of us rented these places with big amount of money with workers and levies to cater for. It is from the sales that we see money to foot these bills,” he said.

He noted that the market was virtually empty without customers because of the shortage of cash.

Elsewhere at a relaxation spot in Tedi, Ojo, Lagos, the same scenario was noticed, as fiasco ensued because of poor network as customers who purchased drinks and other items were unable to transfer cash online.

The altercation that poor network generated at the place between the owners that did not allow the customers to leave until they got an alert that did not come, took the intervention of operatives to settle the matter with signed agreement for the customers to pay the following day if the expected payment alert did not come.

Lifestyle

Bandits leader shows off new naira notes in viral video

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Notorious bandit Kachalla Baleri flashed new naira notes in a viral propaganda video to demonstrate his unrestrained access to cash.

This comes as Nigerians continue to suffer with acute shortage of cash in circulation since the Central Bank announced the redesign of higher denominations of the naira while withdrawing old notes from the economy.

CBN governor Godwin Emefiele said while announcing the policy last year that part of the target was to cut off cash supply to bandits and terrorists who continue to kidnap for huge ransom.

In the viral video seen on social media Thursday, Mr Baleri flanked on both sides by three of his gang members, armed with AK 47 rifles, was seen in possession of the new naira notes, deriding President Muhammadu Buhari’s regime of lying that new naira notes policy will bar bandits from kidnapping for ransom.

“It is a barefaced lie to claim that the naira redesign will prevent terrorists, I mean those of us they designated as terrorists from accessing money.

But you can see the new notes here with us,” Mr Baleri said.Showing off with the new notes, the bandits leader said “as you can see, this one is the N200 new note, this other one is the N500 and this one is the N1,000 new notes. We are in the jungle but we have them.”

We cannot immediately ascertain when and where the viral video was recorded.

However, the development raises questions on how bandits in the forest have access to new naira notes that have been scarce in circulation.

Business, Lifestyle

House of Reps Committee rejects Naira swap extension, threatens Emefiele’s arrest

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The House of Representatives Adhoc Committee on the redesign of three naira notes has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of old N200, N500, N1,000 bank notes.

In a statement released on Sunday, January 29, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, said the lawmakers will proceed and sign an arrest warrant to compel the CBN Governor, Godwin Emefiele to appear before the committee.

According to him, the new naira redesign policy is capable of frustrating the forthcoming 2023 general elections.

Recall that many Nigerians have complained about inability to access the newly redesigned notes.

The CBN had initially placed the deadline for the exchange of the old Naira notes for the new ones on January 31st .

However, following the series of complains from Nigerians, the CBN governor, Godwin Emefiele, in a statement released on Sunday, January 29, announced that the deadline had been extended to February 10.

In its immediate reaction, the House of Representatives committee chaired by Doguwa rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

“The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.

Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law.

And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the adhoc committee.”

Doguwa said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

He described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, insisting that the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed earlier by Speaker Femi Gbajabiamila.

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

Business, Lifestyle

New Naira Notes: Bishop cautions CBN against adding to Nigerians’ sufferings

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Bishop of the Catholic Diocese of Oyo, Emmanuel Badejo, has called on the federal government not to allow naira notes redesign to cause more hardship for the masses.

In a statement on Saturday in Ibadan, Mr Badejo said governance and policies must have a human face.

The cleric said that scarcity of the new Naira notes would inflict suffering on Nigerians.

He lamented that many citizens deposited their old naira notes without any guarantee of getting the new notes.

He added that the Central Bank of Nigeria’s insistence on the January 31 deadline was only justifiable if necessary things were in place.

“Why should the general public suffer?” he queried. “The story is even direr in large swathes of the country where there is no banking service whatsoever within kilometres. Are those living there not Nigerians too?”

He lamented that the situation was more “complicated” given the fuel scarcity and increased price of commodities.

“All these are coming on top of skyrocketing prices of goods and services, sending the anger and frustration of struggling masses through the roof, with the 2023 General Elections only weeks away,” he said.

The Nigerian government and its officials must react quickly to the current hard times.

“If the monetary policy is hurting the same people it intends to serve, why can’t some modification be made to its timing and execution?” he asked.

He said the government policies and actions should be targeted at making life better for the masses.

“Therefore, in executing even the best and most urgent policies, the people’s interest must be at the centre,” Mr Badejo said.

Business

Hawkers illegally selling recoloured naira notes for acute gains in Kaduna

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Some hawkers are making brisk business selling the acutely scarce recoloured denominations of naira notes as Nigerians scramble to exchange their old notes for new ones before the former ceases to be legal tender next Tuesday.

At Dadi Motor Park, Sabon Gari-Zaria in Kaduna State, a News Agency of Nigeria reporter saw large wads of different denominations of the notes on display for prospective buyers

.A check reveals that a bundle of N200 notes was going for N30,000; N500 notes are being sold at N70,000 and N1,000 notes are sold at N130,000, while N100 is sold at N16,000.

Mohammed Bello, a new cash hawker, said they paid between N70,000 to N130,000 to obtain new N500,000 notes, depending on the denominations of the notes.

However, Mr Bello declined to disclose the sources of the money and encumbrances.

Thomas Damina, a resident of Gozaki village in Kafur Local Government Area of Katsina State, who patronised the mints vendors, confirmed to NAN that he bought the new N20,000 of N1000 notes at N25,000.

He said he was forced to purchase the money at the exorbitant price to enable him settle the labourers working at his dry season farm.

“Traders in my community (Gozaki) are rejecting the old notes and the money is not available at the banks. I have no option than to buy from cash hawkers,” Damina said.

It was also observed that trading in the new naira notes was receiving patronage as customers thronged the banks, rushing to beat the January 31 deadline.

Most ATMs of some commercial banks at PZ, the commercial hub of the ancient Zaria city, were not dispensing cash when NAN visited.

Trading in naira notes is in contravention of Section 21 of the CBN Act, 2007, which is punishable under Section 21 Subsection 4 of the Act.

In spite of the laws prohibiting hawking of naira notes and coins, the perpetrators were freely doing their businesses close to the police outpost at Kwangila, Sabon Gari Zaria.

Reacting to the development, DSP Mohammed Jalige, the Police Public Relations Officer, Kaduna State police command, assured that the police would swing into action against the crime.

Business, Lifestyle

Lawyer sues CBN, seeks extension of deadline for old banknotes

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Joshua Alobo has approached the Abuja Division of the Federal High Court, praying the court to stop the Central Bank of Nigeria (CBN) from implementing the January 31 deadline to phase out the old naira notes (N200, N500 and N1,000).

Mr Alobo, in the suit marked: FHC/ABJ/CS/114/2023, also prayed the court to make an order extending the duration when the old banknotes would cease to be legal tender for three weeks.

Listed as first to third defendants in the suit are the CBN, the CBN governor, Godwin Emefiele, and the attorney general of the federation, Mr Abubakar Malami.

He said this was to give time for when commercial banks would have enough new notes to dispense.In an affidavit deposed by a citizen, Musa Damudi, the plaintiff told the court that the CBN governor had, on October 26, announced that the apex bank would introduce a new series of redesigned N200, N500 and N1,000 banknotes into the financial system.

The lawyer said the decision, though a welcome idea, is causing anxiety among Nigerians, especially the less privileged, as they have yet to access the new naira notes.

He said that although the new notes, unveiled on November 23 by President Muhammadu Buhari to curb inflation and entrench a cashless society to curb money laundering and corruption, their unavailability was causing apprehension among Nigerians.

Mr Alobo accused banks of failing to make the new notes available to their customers, adding that as of December 25, he was still given the old notes on the counter and through the automatic teller machine (ATM).

The law professor argued that the January 31 deadline discriminates against rural dwellers, poor and less privileged persons.

“This is as politically exposed persons are paid with the redesigned notes. The cashless policy of the CBN is innovative and a welcome development but the rural dwellers that constitute the bulk of the population do not have access to internet and banking facilities,” Mr Alobo explained.

“The current daily limit of transaction to N20,000 is against the central bank’s daily limit of N100,000.”

A date has been fixed to hear the case.

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