A new Commissioner of Police has taken over in Adamawa State.
The spokesman for the state police command, Suleiman Nguroje, who confirmed the development in a statement on Saturday in Yola, said the new CP, Afolabi Adeniyi, assumed duty on Friday.
Adeniyi had previously served as Commissioner of Police in charge of Anti Human Trafficking, Force Headquarters, Abuja.
The statement read: “The new CP holds Bsc. Mass Communications from the University of Lagos and Masters Degree (MPA) in Public Administration from Adekunle Ajasin University, Akungba Akoko.
“He was appointed into the Nigeria Police as Cadet Assistant Superintendent of Police (ASP) sometime in 1990.
“He is a passionate, versatile, and experienced police officer who served in multiple units of operations, investigation, and administrative departments in this nation.”
“He had also served as Aid-De-Camp (ADC) to the former governor of Ondo, Late Olusegun Agagu.
“The Commander of Nigeria Contingent to Kosovo, Bosnia, and Darfur.
“Commander 16 Police Mobile Force (PMF), Akure, Ondo State, Commander 53 PMF Bama, Borno State and Deputy Commissioner of Police Operations, Yobe State.”
Outlawed Indigenous People of Biafra (IPOB), has once again, warned the Nigerian government over the health condition of its leader, Nnamdi Kanu who is being detained in the custody of the Department of State Service (DSS).
The group was reacting to a statement credited to the DSS last week that the service was taking very good care of Kanu.
A statement made available to Ripples Nigeria on Sunday by IPOB‘s Media and Publicity Secretary, Emma Powerful, said its leader was seriously ill and needed urgent medical attention outside the country as his medical needs can’t be met in the DSS custody.
The Biafra agitators also vowed that if anything happens to Kanu, there would be a “tit for tat towards anybody behind the kidnap and extraordinary rendition of its leader from Kenya to Nigeria.”
“The attention of the global movement and family of the Indigenous People of Biafra, IPOB, under the able leader, Nnamdi Kanu, has been drawn to the insulting and provoking statement credited to the infamous DSS agents that Kanu is being properly taken care of inside their dungeon by the lawless DSS criminal agency,” IPOB said.
“Again, we want Biafrans, Nigerians, and the International Community to know that the Nigerian Department of State Services (DSS) has continued to deny Kanu access to his doctor as ordered by the court, and has not provided him with his medical records either.
“He is not being provided with his prescription medication regularly. Kanu is still being starved because his feeding has also not improved.
“Our leader’s health is deteriorating daily inside DSS solitary confinement, while DSS continues to defy the judgment and legitimate orders of courts of competent jurisdiction.
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“The spurious claim therefore by the lawless DSS that Mazi Nnamdi KANU is properly being taken care of medically is not just an insult to the sensibilities of Biafrans, but very provocative as well.
“IPOB has maintained a peaceful and nonviolent stance in our movement and struggles to restore Biafra, and we intend to continue the peaceful agitation for a Biafra Independence referendum.
“But this peaceful struggle will not be guaranteed if anything happens to Kanu in the DSS dungeon. If anything untoward happens to our leader in the hands of the Nigeria government and DSS, it will be a tit-for-tat towards any individual, group, and institution that is involved in the kidnap and extraordinary rendition of our leader from Kenya to Nigeria and much more,” the group said.
Femi Fani-Kayode, a former Minister of Aviation, has described the sufferings occasioned by scarcity of new notes and fuel as a calculated attempt to stop All Progressives Congress (APC) presidential candidate, Bola Ahmed Tinubu, from winning the forthcoming presidential election.
Scarcity of fuel as well as naira crunch has continued to inflict unprecedented hardship on Nigerians since the announcement of the naira redesign policy by the Central Bank of Nigeria (CBN).
This development, according to Fani-Kayode, was masterminded to undermine the chances of the former Lagos State Governor, at the February 25 polls.
The APC chieftain in a series of tweets on Saturday, also slammed CBN Governor, Godwin Emefiele, for allegedly printing only N3 billion naira new notes having mopped up N3 trillion worth of old notes from circulation.
He accused Emefiele of taking the country on the road to destruction, insisting Tinubu will emerge victorious in few days.
Fani-Kayode wrote: “Godwin, you were sent by satan to torment Nigeria. You are an inglorious bastard & a beast. The satan that is using you will soon abandon you & drop you like used toilet paper. After that the Nigerian people will skin you alive and make you pay for your crimes against humanity.
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“In a nation of 220 million people you take 3 trillion naira worth of old notes out of circulation and print only 3 billion naira worth of new ones to replace them. This is a recipe for disaster. You are simply trying to set the nation on fire and put us on the road to Kigali.”
The youth organization of Ohanaeze Ndigbo Worldwide Ohanaeze Youth Council (OYC) on Friday demanded the disbandment of the South-East security network, Ebubeagu, in Ebonyi State.
The OYC National President, Comrade Igboayaka O. Igboayaka, made the call in a statement on Friday.
Igboayaka described the security outfit as a terror group sponsored by Governor David Umahi in the state.
He expressed fear that the Ebubeagu might unleash violence during the general elections and charged security agencies to check the outfit’s activities.
He said: “Ebubeagu militias squad in Ebonyi State is now a terror to villagers and a tool of harassment, torture and intimidation against any perceived political enemy of Governor David Umahi. The activities of Ebubeagu are becoming too worrisome and unbearable.
“The National Security Adviser, National Director of State Security Service, Inspector- General of Police must as a matter of urgency understand that Ebubeagu in Ebonyi State is merely serving the interest of Governor David Umahi, and it’s a time bomb waiting to blow.
“It is, therefore, very necessary at this time to banish Ebubeagu militias in Ebonyi before the 2023 general election otherwise heads will roll in Ebonyi.”
The remains of the late President-General of Ohanaeze Ndigbo, Prof. George Obiozor, were laid to rest on Friday in his Awo-Omamma country home, Oru East Local Government Area of Imo State.
The News Agency of Nigeria (NAN) reports that eminent Nigerians who attended the funeral service held at the Assumpta Cathedral Owerri took turns to pay tribute to the late Igbo icon.
In a tribute, President Muhammadu Buhari described Obiozor as a “renowned academician, diplomat, statesman, patriot and foremost Igbo leader.”
Buhari, represented by the Minister of State for Science and Technology, Chief Henry Ikoh, said Obiozor’s passion for Nigeria propelled him to return to the country to serve in various positions.
He said: “Prof. Obiozor’s outstanding public service career left indelible marks on the sands of time.”
Also, Gov. Hope Uzodinma of Imo said with the death of Obiozor, Nigeria had lost a walking encyclopedia of foreign policy and diplomacy.
Uzodimma said: “With the death of Obiozor, the entire South East has lost a consummate and compassionate leader, whose inclusive, insightful, decisive and innovative style was beginning to bear enormous fruits in our relationship with our neighbours and allies.
“We may have our differences. We may have disagreed in the past but the best thing that can be given to a man like George Obiozor is the last respect and honour.
“The Igbo race has lost a gem. Nigeria has lost a star and Imo has lost a man that can best be described as a global encyclopedia.
“But we take heart knowing full well that as generous as he was on earth, as God-fearing as he was, that Almighty God will have mercy on him.”
Uzodinma also urged the late Obiozor’s family to take heart and put their trust in God.
In a condolence message, former President Olusegun Obasanjo described the deceased as an outstanding diplomat who brought his unique knowledge and experience to the Ministry of Foreign Affairs and the international community.
“Amb. Obiozor had no doubt come a long way in his multi-faceted career as a political scientist, policy analyst, administrator and diplomat.
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“It is instructive that his name, in the last four decades, has become something of a recurring decimal in our foreign affairs and international relations.
“Obiozor would be fondly and proudly remembered as a foremost multilateralist, an erudite scholar, a passionate nationalist and diplomatic legend of international repute,” Obasanjo stated.
In a tribute, the Director-General of the World Trade Organisation, WTO, Dr Ngozi Okonjo-Iweala also described Obiozor as “a keen intellect, a sharp wit and a gifted observer of the Nigerian condition.”
Pastor Peters Omoragbon, a former governorship candidate of the National Conscience Party (NCP) in Edo State has called for the immediate sack of the Central Bank Governor, Godwin Emefiele.
He said “If you ask me, I would advocate that the CBN governor, Mr Emefilele be sacked with immediate effect for his shoddy handling of the entire exercise.”
Omoragbon who made the call during a chat with the media in Lagos on Thursday, stated that Emefiele was the worst Central Bank governor in the history of Nigeria, and therefore called on President Muhammadu Buhari to sack him over the shoddy manner he handled the issue of new naira notes introduction.
He said the claim that the policy was targeted against the politicians could not fly because the politicians were not suffering the effect of the naira swap, rather it was the already impoverished masses who were bearing the brunt.
“Today, how many elites including the politicians are suffering from the effect of this anti-people policy? None! It is the masses that are going about naked and mentally traumatised that are suffering today.”
Read also:Nigerian govt orders oil marketers to accept bank transfer, PoS transactions as naira scarcity bites hard
Omoragbon also noted that by the poor handling of the new naira notes, Emefiele had brought untold hardship to the people of Nigeria and bad image not only to Muhammadu Buhari, but also the entire ruling class.
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“For his shoddy handling of the entire exercise he has brought untoward embarrassment to President Buhari and his team and untoward hardship to the citizens of Nigeria.”
The Edo born politician said that as good as the intentions of the currency policy might have appeared, the timing was and is very bad. “Let me express my disappointment in the wisdom and timing behind the currency swap by the government.
“As good as the intentions might appear, the timing was and is very bad. You do not execute a policy with a predetermined subjective mind-set in the garb of fighting corruption whereas, it is achieving the exact opposite,” Omoragbon stated
Aloy Ejimakor, the Special Counsel to Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, has reacted to those asking the Federal Government to obey the Supreme Court judgment on the deadline extension of the old naira notes.
Ejimakor said those asking the Federal Government to obey the ruling of the Supreme Court should tell the government to release Kanu.
On Wednesday, the Supreme Court temporarily stopped the Federal Government from using the old naira notes from February 10, 2023.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 had reported that a seven-member panel led by Justice John Okoro, halted the Federal Government’s move through an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
Reacting to the ruling, some Nigerians urged the Federal Government to obey the apex court.
In a tweet, Ejimakor wrote: “Those asking the Federal government to obey the Supreme Court judgment extending the deadline on old Naira notes should also ask the Federal government to comply with the Court/Tribunal rulings that called for the release of Mazi Nnamdi Kanu. All judgments are created equal.”
The Central Bank of Nigeria, CBN, on Thursday promised to supply commercial banks with plenty of funds to address the new Naira note scarcity in Kogi State.
Kogi CBN Branch Controller, Ahmed Sule, made the vow while speaking with NAN in his office in Lokoja.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that protesters had on Wednesday picketed some commercial banks over purported non-compliance with the apex bank’s directive to make the new notes available to citizens across the nation.
According to Sule, the scarcity of the new Naira might have resulted in some commercial banks not opening for customers on Wednesday and Thursday.
He said, “I wish to announce to you that we’re expecting our stock of the New Naira notes very soon for distribution to the commercial banks operating here in Kogi.
“We’re aware of the difficult times our fellow citizens are in right now, and we expect the [commercial] banks to help ameliorate the people’s sufferings by dispensing as we so directed them.
“We’ll soon invite them [commercial banks] to come for their allocations as we’re expecting it today, being Thursday.
Foremost human rights activist, Femi Falana, SAN, has disclosed why the Central Bank of Nigeria, CBN, must comply with the Supreme Court order regarding the currency swap crisis.
Falana, in a statement on Thursday, said the apex bank should not fall for the reports and opinions indicating that it could ignore the Supreme Court’s judgement restraining it from enforcing the ban on the old Naira notes.
In his statement titled, “Why CBN Must Obey Ex Parte Order Of Supreme Court”, he highlighted many cases supporting the court’s decision.
He asked CBN and its management to allow the judgement to run its entire course in the interim, pending an order of dismissal filed by the Federal Government.
Falana warned doing otherwise would spell doom and chaos for the country.
“In the interim, the Federal Government of Nigeria and its agencies, including the Central Bank of Nigeria, are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court. The alternative is to compound the ongoing anarchy and chaos in the land,” he said
The House of Representatives Ad hoc committee on the Naira redesign and currency swap policy of the Central Bank of Nigeria (CBN), has summoned the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and the Minister of Finance, Budget and National Planning, Zainab Ahmed, to a meeting on Thursday.
The committee headed by the House Majority Leader, Ado Doguwa, also invited the National Security Adviser Babangana Monguno, as part of its investigations into the scarcity of naira votes and the country’s preparations for this month’s elections.
The invitation came a few hours after the Supreme Court stopped the Federal Government and the Central Bank of Nigeria (CBN) from implementing the February 10 deadline for the use of old naira notes in the country.
Nigerians have continued to keep vigil at banks and Automated Teller Machines (ATMs) posts as the scarcity of the naira notes hits many homes across the country.
The Rivers State Governor, Nyesom Wike, has applauded the Supreme Court over its ruling which temporarily stopped the Federal Government from ending the use of the old naira notes as legal tender on February 10.
Supreme Court on Wednesday restrained the federal government and Central Bank of Nigeria (CBN) from effecting the February 10 deadline for withdrawal of the old banknotes from circulation.
The apex bank delivered the ruling on an application filed by Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), and Bello Matawalle (Zamfara).
In the ruling, the seven-member panel of the Supreme Court led by Justice John Okoro held that the old Naira notes would remain legal tender until the determination of the suit on February 15.
Wike, who spoke at the Rivers Peoples Democratic Party (PDP) campaign rally held at County State School in Emilaghan, Abua/Odual local government area of the state, said the ruling would save the masses of the country, and promised to join the suit challenging the CBN’s policy.
He said: “I want to on behalf of the Rivers State government commend the Nigerian Supreme Court for what they have done today to save the masses of this country and to save democracy.
“Today, the Supreme Court has restrained the Central Bank of Nigeria (CBN) from embarking on stopping the old Nigerian Naira notes from circulating.
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“And let me commend my brother states — Kogi, Kaduna, and Zamfara — who took it upon themselves to go and challenge the federal government at the Supreme Court.
“I also want to say that the Rivers State government will join them in that suit to challenge what the CBN is doing. We will not support anything that will go against the masses, anything that makes the masses suffer.
“I have said before, this democracy can only survive with the support of INEC, security agencies, and the judiciary. With what happened today, the supreme court has shown that the hope of the common man lies in the judiciary.”
Twenty-four hours to the deadline set by the Central Bank of Nigeria, CBN, for the swap of the old naira notes, there is a high level of anxiety across the country.
The Supreme Court had on Wednesday temporarily halted the move by the Central Bank of Nigeria, CBN, to ban the use of the old naira notes from February 10, 2023.
A 7-member panel led by Justice John Okoro halted the move while ruling in an ex-parte application brought by three northern States of Kaduna, Kogi and Zamfara.
The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigerians.
He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”
The ruling has since generated mixed reactions from across the country.
While some citizens, including the camp of the APC Presidential candidate, Bola Tinubu are hailing the ruling, others have asked President Muhammadu Buhari to override it with an executive order.
Few hours after the ruling, the Governor of the CBN, Godwin Emefiele met with President Buhari at the Aso Rock Villa.
Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has already filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline.
Malami, in a preliminary objection he filed on behalf of the Federal Government, applied for an order striking out the suit that three Northern States filed to halt the full implementation of the new monetary policy that was introduced by the Central Bank of Nigeria, CBN.
He is the sole defendant in the suit marked: SC/CV/162/2023, where he applied for its outright dismissal on the basis that the three States lacked the locus-standi.
Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, Malami accused the three States of opposing FG’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.
Nigerians are anxiously awaiting the next step of the CBN, especially with the deadline ending on Friday, February 10, just as President Buhari had earlier asked for one week to take a major decision on the matter one way or the other.
Speaking to 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media on Wednesday, the Head of the Peoples Democratic Party, PDP, Digital Media, Barrister Tony Ehilebo claimed of a certain intelligence that the ruling party, All Progressives Congress, APC, is planning to swap N21 billion it had set out for vote-buying.
He, however, said that the efforts of Governor Nasir El-Rufia of Kaduna State and his cohorts to stop the CBN policy will fail because the States lacked such powers.
He alleged that, “The intelligence reaching us is that the APC, especially in States that they control are using the instrumentality of the State government and trying to swap N21 billion.
“We don’t know if this has gone through or if it has happened but we have raised all the necessary alarms.
“These are the questions we should be asking. We expect that the NFIU which has direct access to any suspicious cash transaction should be on top of its job.
“I’m one of the advocates, one of the drafters of the creation of the National Financial Intelligence Unit Bill and I expect it to live up to expectation, which is why I don’t have any problem with the CBN policy.
“It may not even favour the PDP as far as I’m concerned but it is in the best interest of Nigeria. We’ll really like whoever Nigerians want, which I believe is the PDP at this point in time.”
Speaking further on the recent Supreme Court injunction, he added, “It is a normal procedure of the court. When you run to the court with the cry that lives are being affected, it is the Court’s duty to first intervene and then bring all parties to the table and provide opportunity for response.
“That is why injunctions only have a lifespan of seven days at most. However, I suspect that this will be reversed. If you notice, it was given on 7th and it expires on 15th and that is when the hearing proper is.
“If I were the CBN, on the 15th I’ll carry on with that policy. Of course, the CBN is legitimately carrying out its function and I don’t think the States have any say whatsoever to impede on functions that are constitutionally guaranteed by the banks and other financial institutions’ acts.
“The CBN is guaranteed to be independent of the judiciary and free from the encumbrance of people like El-rufai and his cohorts.”
But reacting to the allegations of planning to buy votes and rig the forthcoming election, Comrade Okpokwu Ogenyi, Convener, Concerned APC Members and member APC Presidential Campaign Council and Civil Society Directorate, wondered why the APC whose government introduced the BVAS and signed the Electoral Act 2022 into law, should be the one being accused of planning to rig elections.
Speaking to 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media, he said, “Yes. Some members of my party are in court to challenge the policy of the Central Bank of Nigeria and some of the reasons they gave were very clear.
“El-Rufia made it clear that in the entire Borno State, it is only two local governments that banks are operating.
“The same in Yobe State. He said that he was campaigning against the effect of the policy on the people. He even said the policy has nothing to do with the CBN but Mr. President who changed currency even in his first tenure as military head of state.
“That the timing is wrong. In my personal opinion, I want to tell you that Governor El-Rufia is in court to seek redress in his capacity as governor of Kaduna State. He is speaking for the people of Kaduna State not for the entire All Progressives Congress.
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“On the allegations of swapping over N21b for vote, let me say that just yesterday, the party launched the Renewed Hope Ambassadors of Nigeria to mobilise 20-man canvassers in each of the polling units.
“A party that is resorting to vote-buying will not initiate such a volume of projects. I want you to also know that my party is not ready to buy votes. The BVAS was introduced by my party.
“The Electoral Act 2022 was signed by my party. So the party is putting up measures to checkmate some of the excesses during elections, such as rigging, vote-buying and all of that.”
The federal government Wednesday filed a preliminary objection challenging the application by Kaduna, Zamfara and Kogi states against the implementation of the February 10 currency swap deadline.
In the objection filed by Mahmud Magaji (SAN), the federal government argued that the suit ought not to have been brought before the Supreme Court as the reliefs sought were against an agency of the federal government, the CBN on its powers to withdraw old banknotes and introduce new ones under the CBN Act, 2007.
The federal government argued that the Federal High Court had the proper jurisdiction to entertain such suits under Section 251(1)(a)(p)(q) & (r) of the Constitution (exclusive jurisdiction of the Federal High Court).
While contending that the action before the apex court constituted an abuse of judicial process, the federal government said the state governments have no locus standi and reasonable cause of action to warrant the “invocation of the original jurisdiction of this honourable court.”
Before the objection by the federal government, the Supreme Court earlier yesterday ordered the CBN to allow the use of the old N1000, N500 and N200 notes beyond February 10 and fixed February 15 to hear the case.
A seven-member panel of justices presided by Justice John Inyang Okoro made the restraining order in a unanimous ruling.
Arguing the motion, counsel to the governors of Kaduna, Kogi and Zamfara states, Abdulhakeem Mustapha (SAN) said the matter was important and had come with an affidavit of urgency.
But Magaji Mahmud (SAN), who announced appearance for the Attorney-General of the Federation, was not heard by the apex court being an ex parte motion.
It is just an order not a judgment- Presidency Source
Reacting to the Supreme Court order, a source in the Presidency said: “Generally speaking, it is not a judgment, it is just an order. An ex-parte order is a constitutional leverage specifically given to judges to make an order in exceptional circumstances granting the request of an applicant in a suit in the interim without hearing from the other party.
“The order is only temporary. The judge will hold a full hearing within a short period of time,” he said. Millions of Nigerians have been thrown into confusion following the mopping up of over 1.7trillion old naira notes and the glaring unavailability of the redesigned notes.
The development had led to endless queues in banking halls and ATMs as well as demonstrations in parts of the country.
Extend time – IMF
Lending its voice, the IMF said the CBN should consider extending the February 10 deadline for the swapping of old naira.
The Fund in a statement on Wednesday cited disruptions in trade and payments resulting from the exercise.
“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline, should problems persist in the next few days leading up to the February 10, 2023 deadline,” Ari Aisen, the Fund’s Resident Representative to Nigeria, said.
Buhari receives Emefiele, Malami
President Muhammadu Buhari yesterday met with the CBN governor, Godwin Emefiele as well as the Attorney General of the Federation and Minister of Justice, Abubakar Malami at the Presidential Villa, Abuja.
The meeting was held a few hours after the Supreme Court had restrained the federal government from enforcing the deadline of old naira notes.
Daily Trust findings revealed that Emefiele had met with Malami twice on Tuesday ahead of the Supreme Court judgment.
Tinubu/Shettima Campaign Council hails S/Court
The presidential candidate of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu has hailed state governors for standing on the side of the Nigerian people over the CBN new naira policy.
Tinubu in a statement by Bayo Onanuga, the Director, Media and Publicity, APC Presidential Campaign Council, said the governors and especially the APC governors who instituted the suit against the CBN and federal government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of naira redesign policy that has been “poorly implemented.”
Tinubu, a former governor of Lagos State, said the governors have saved the country from needless political and economic crises and miseries, which have clearly become the unintended consequences of the monetary policy of the apex bank.
Also, Governor Nasir El-Rufai of Kaduna State has urged the residents of the state, particularly traders, to stop taking the old notes to bank for deposit.
The governor also urged the people to continue transactions with the old notes, saying nobody can stop them even as the February 10 deadline approaches.
The governor also promised the traders and the people of the state that nobody in the state will lose his hard earned money because of the naira redesign policy.
El-Rufai in a video clip seen by Daily Trust on Social media, made the comment on Tuesday at a meeting with leaders of traders in the state. He told them to pass the message to others in their state to stop taking their money to banks.
“Stop taking your money to banks because when you deposit nine naira only one naira will be given to you because the notes are scarce.
“The law says if you have old notes with you even if it takes 100 years and you take it to the central bank it will be accepted. So keep your money with you even if it will take you 100 years,” he said.
Experts proffer solution as IMF seeks deadline extension
Economists and financial experts said yesterday that the only way to resolve the financial crisis in the country is to restore normal cash flow to restart the economy and ease the pains millions of Nigerians are going through.
The experts told the Daily Trust that the issues could be resolved when the right thing is done.
The CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, welcomed the restraining order of the Supreme Court on the timeline for the currency swap. He said the action will restore normalcy to economic activities, especially in the distributive trade sector, the informal sector and rural economy.
The CPPE reiterates its position that given the huge population of over 200million, the large informal sector, which accounts for over 40% of the GDP, the large rural economy and the over 30 million unbanked Nigerians, the CBN cash swap model and timeline was greatly flawed.
“It is inappropriate to arbitrarily cut down on currency in circulation without due regard to data, empirical studies and global best practices,” he said.
According to Yusuf, “We affirm our position that N2.6 trillion in circulation is not too much for the Nigerian economy with a GDP of about N250 trillion. Any attempt to arbitrarily cut it will create a crisis.
“It is unacceptable that citizens are denied access to their cash deposited for purposes of cash swap. This could undermine the confidence of the citizens in the banking system and pose a major risk to the financial inclusion objective of the CBN.
“In Nigeria, cash to GDP ratio is less than 1.5%; while cash/money supply ratio is just about 5%. These are some of the best currency ratios globally and a mark of the remarkable progress that has been made in cashless policy drive. Cash to GDP in the United States is about 9%; in the Eurozone it is about 10%.
“This underlines the fact that cash is not the problem of the Nigerian economy or monetary policy effectiveness. CBN Ways and Means financing of over N22 trillion is a much bigger problem for liquidity management.
“It is regrettable that a purely monetary policy management issue has been profoundly politicised as witnessed in the past few weeks. This has obscured fundamental economic conversations,” he said.
Also speaking, an economist, Prof. Uche Uwaleke noted that it will be difficult to quantify how much money is in circulation that will determine if Nigeria’s economy is cashless or not. He, however, said that the CBN should increase supply of the new notes and expand its supply channels.
“If CBN says maximum over the counter withdrawals for a week is N500, 000 for individuals, then it should expand the supply chain for the new notes.
“The micro finance banks and more PoS operators should be involved in the supply chain. Also, the lower denominations should be printed more to ensure that the new notes reach Nigerians, especially traders that carry out their functions,” he said.
On the other hand, he urged the CBN to obey the order of the Supreme Court on the February 10 expiration of old notes.
“All over the world, especially where central banks are independent, the conduct of monetary policy is their exclusive preserve- a responsibility not encumbered by either the executive arm or the Judiciary,” he said
‘Extend timeframe for naira redesign implementation’, Governors write Buhari
Tinubu hails govs over S/Court ruling on CBN’s naira swap policy
Last week, Godwin Emefiele said the apex bank was not considering extending the deadline.
The All Progressives Congress (APC) Governors had met with President Buhari over the issue and the president asked them to give him seven days to look into it.
But the governments of Kaduna, Kogi, and Zamfara states headed for the court to challenge the CBN.
In its ruling on Wednesday, a seven-member panel led by Justice John Okoro halted the Federal Government’s move.
The apex court ordered commercial banks and other financial institutions to continue transacting with the old notes pending the determination of the motion at the apex court on February 15.
In a preliminary objection filed on Wednesday through his lawyers, Mahmud Magaji and Tijanni Gazali, the Attorney-General of the Federation (AGF) argued that the Supreme Court lacked the jurisdiction to entertain the matter.
The AGF contended that the plaintiffs have equally not shown reasonable cause of action against the defendant.
A cross-section of Nigerians has reacted to the Supreme Court’s decision to temporarily halt the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 had reported on Wednesday that a seven-member panel led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria.
Mustapha stated that the government’s policy has led to an “excruciating situation that is almost leading to anarchy in the land “.
While he referred to CBN’s statistics which put the number of people who don’t have bank accounts at over 60 per cent, Mustapha lamented that the few Nigerians with bank accounts couldn’t even access their monies from the bank as a result of the policy.
Delivering a ruling in the motion, Justice Okoro held that after careful consideration of the motion exparte this application is granted as prayed, “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
He, however, adjourned to February 15, 2023, for a hearing of the main suit.
However, Nigerians have taken to Twitter to react to the development. Some criticized the Supreme Court’s decision, while others hailed the apex court.
Here are some comments gathered by 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 from Twitter:
@aholagunju, “A win for democracy!
@MaziGomez, “This is the time Buhari should disobey a court order. Not all those ones he’s been doing.”
@KenUttih, “Yet again, the same Supreme Court. We need something beyond the norm to fight corruption in Nigeria. Citizens must play the major role to make it happen no matter the method adopted.”
@OpigoPeter, “This whole new Naira note drama is beginning to look like a comedy show.”
@SkinnyBoi001, “Even if the deadline is extended to December this year, people would still go through what they are going through now.”
@Classic84073745, “Why are all these APC governors taking this money issue very seriously? They never take security and educational matters seriously like this.”
@Danidon, “Clearly, President Buhari is not the strongest person in APC. Why are they bent on stopping this? Why are they not compelling CBN to make the new notes more available instead?
@Mr_temitope, “Nigerian politicians always have their own way. Now, it seems like the court has joined them.”
@Mr_temitope, “Nigeria politicians will always have their way. This is a sad reality.”
@austinemarobe, “If they can do it for old Naira notes, they can do it for Fuel and all other problems we are having in the country.”
@630bbba13a784b7, “Pain relief news, CBN should do the needful by making a new Naira note available for us. People are going through a lot. Only you know.”
Following the protests that rocked Abeokuta, the Ogun State capital, over the cash crunch, on Tuesday, the state governor, Dapo Abiodun, has called on the protesters to stop their protests and allow the outcome of his engagement with the Bankers Forum and the Central Bank to yield fruits.
Gov. Abiodun, who made this known during the statutory meeting of the council of Obas, held at the Oba’s complex, Oke-Mosan, Abeokuta, noted that the Central Bank of Nigeria is doing its best to arrest the situation.
The governor said the matter was being discussed at the highest level with both President Muhammadu Buhari and the CBN governor, Godwin Emefiele, in the quest to resolve the crisis.
The governor recalled that All Progressives Congress governors had met with President Muhammadu Buhari, pleading that the old naira notes should be allowed to run as legal tender along with the redesigned currency, pending the resolution of the cash crunch crisis.
While calling for calm, the governor said the voices of the protesters had been heard loud and clear and that the government is responding.
“I call on our youths to discontinue the street protests and constructively engage the government in finding solutions.
“It has become necessary to formally appeal to all concerned, having heard from many concerned Nigerians and having conducted series of meetings, along with my brother governors, with President Muhammadu Buhari and the Governor of Central Bank, Godwin Emefiele and security chiefs on the challenges, sufferings and pains being experienced over this cash scarcity and cash swap occasioned by the redesigning of our currency.
“I have also personally had to engage the controller of the Central Bank of Nigeria in Abeokuta and other bank managers to seek relief on the amounts that citizens can withdraw in exchange for deposits made in commercial banks and extracted a commitment that people would have access to their deposited funds without hitches, as CBN will supply adequately to the commercial banks.
“I understand the frustration, disappointments of our citizens queuing at Automated Teller Machines (ATMs), waiting to cash money for hours or entering banking halls only to be turned back or given so little that is not enough to meet their immediate needs”, the governor said.
He added that he does not have a doubt that the intention of this policy was not to unleash hardship and suffering on our teeming populace.
“We will hear from the President as to what steps are being taken to bring succour and relief to Nigerians. My plea to our monarchs being the closest to the grassroots is to ensure the maintenance of peace in their domains with the support of their subjects.
“We will not be where we are in terms of socio-economic development in an atmosphere of insecurity; so we owe a lot to you and my charge to you this afternoon is that you please help us manage this situation.
“Our people will listen to you, they will trust and believe you, please help us to intervene. Ogun State has always had a record of managing our problems in a very different way. When we had #EndSARS, we remained the most peaceful state across the country and I do not have a doubt that in the same manner that we managed ourselves during #EndSARS, we will also do so during this period,” he said.
Governor Abiodun further said it is disheartening to see bank buildings being vandalised and people resorting to violence to register their displeasure.
“We shouldn’t allow our state to descend to that level. We are a peaceful and peace-loving people and the safest state in the country. I want to use this medium to plead with our youths that when there is a problem, the solution is not to hit the streets and to start protest marches; we can not solve a problem with another problem.
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“Civil disobedience will rather exacerbate the anguish in the land. Let us stay away from avoidable loss of lives and properties. Please, let us embrace peace. We are a very peaceful state; we are very orderly and we have spent a lot of time and energy to invest in the peace and security of our people. We must eschew provocation that could lead to a breakdown of law and order.”
In his remarks, the Chairman, Ogun State Council of Obas and the Paramount ruler of Remoland, Oba Babatunde Ajayi, while thanking the Governor for looking after the welfare of the traditional institution in the state, noted that the 2021 Obas law is a comprehensive piece of legislation.
He charged monarchs in the state to go back and look at the laws all over again as it is meant to give a lot of guidance in terms of appointment of Obas and Coronet Obas
President Muhammadu Buhari has disclosed what the late First Republic Aviation Minister, Mbazulike Amaechi told him about Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB.
Buhari disclosed that Amaechi informed him that releasing Kanu would bring peace and stability, and rebuild the Southeast.
He spoke while eulogizing Amaechi, whom he described as a patriot whose character Nigerians should emulate for the peace and growth of the country.
Represented by the Minister of Labour and Employment, Chris Ngige, the president spoke on Tuesday at a ‘Day of Tribute’, organised in honour of Amaechi in Abuja.
The president narrated that Amaechi accommodated the late South African President, Nelson Mandela, in his house in Lagos.
Buhari said that when Mandela was declared wanted by the then-apartheid regime in South Africa, he sought refuge in Amaechi’s house.
He noted that such a gesture stands out the late elder statesman as a patriot and lover of humanity.
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Buhari said Amechi would be missed as his demise would leave a vacuum in the sands of history in the country.
The President said, “Mbazulike Amechi is an epitome of what every Nigerian leader should be aspiring to be. He was a man of peace and did everything possible to ensure that there is unity and peace in every part of the country.
The Supreme Court of Nigeria has restrained the Federal Government from continuing with the full implementation of the demonetization policy.
Three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.
A 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc, from implementing the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15. By the ruling, the old Naira notes continue to be legal tenders in Nigeria.
The ruling All Progressives Congress (APC) and the major opposition Peoples Democratic Party (PDP) have been engaged in a war of words over the prolonged scarcity of new Naira notes which has led to an economic downturn, especially with small businesses.
Bola Tinubu, the presidential candidate of the APC, was accused by the PDP presidential council of hoarding new notes in order to allegedly engage in vote-buying during the elections.
Speaking on this issue, the PDP campaign spokesperson, Kola Ologbondiyan, in a statement on Tuesday, insisted that “the Tinubu campaign is desperate to mop up new naira notes by allegedly swapping them with their ill-gotten old notes stashed away in secret vaults, because, they had relied solely on alleged vote-buying.
“We find it disheartening that Tinubu and his allies are taking Nigerians from APC-induced seven years of weaponised hunger to a wholesome poverty by triggering this alleged unbearable cash scarcity that has wrecked small businesses, destabilised homes and sunk millions of Nigerians into deeper financial abyss,” he said.
However, the APC fired back, asking the opposition’s council to provide evidence over the hoarding allegations.
The Director of Media and Communication for Tinubu-Shettima Presidential Campaign Council, Bayo Onanuga, said, “Let them provide the evidence if they uncovered such. It is not enough to dish out cock and bull stories in the name of press releases.”
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“Making senseless allegations every passing day which has become the hallmark of PDP campaign is not how to win election.
“Nigerians can’t forget a party of people that looted over $2bn dollars meant for arms procurement when Boko Haram was killing our citizens and almost took over three states in the North-East.
“We challenge the PDP to bring out any evidence of their latest allegation otherwise the party of looters should hide its ugly face in perpetual shame.”
“This Little Baby Boy was abandoned by the road side.The Police picked him and handed him over to the Social Welfare Department and the department handed him over to an Orphanage;I’m now the father and named him Jordan.Mrs Grace by my side is the proprietor of the Orphanage.”
A human rights group, International Society for Civil Liberties and Rule of Law, Intersociety, has demanded the removal of the Resident Electoral Commissioner, REC, in charge of Lagos State, Olusegun Agbaje.
The group made the demand in a letter to the Independent National Electoral Commission, INEC, Chairman, Prof. Yakubu Mahmood.
Intersociety anchored its stand on claims that the REC was taking actions capable of inciting genocide and ethnic cleansing targeting Ndigbo in Lagos.
The letter was signed by Emeka Umeagbalasi, Board Chair, Intersociety, Chinwe Umeche, Head, Democracy and Good Governance Program, Obianuju Joy Igboeli, Head, Civil Liberties and Rule of Law and Chidinma Udegbunam, Head, Campaign and Publicity Department.
This came in reaction to the statement made by the REC while featuring on Channels television’s programme.
Intersociety said it was strongly calling for the immediate removal of the REC based on “live and verifiable video clips which saturated the social media spaces showing systematic and orchestrated plots by the REC to deprive the Nigerian citizens of South-East resident in Lagos their PVCs and rights to participate and vote in the Feb 25, 2023 Presidential Poll.”
It said, “apart from genocidally referring to them as ‘South-East migrants’, the REC did not hide his hatred of the South-East residents in Lagos by denying them PVCs under frivolous circumstances.
“As if these were not enough, the REC ended up vicariously, if not directly, inciting native residents preparatory to unleashing ‘Election Day and Post-Election Day’ ethnic cleansing against the South-East residents in the State.
“He also hatefully lied unpardonably by describing the decades-old South-East residents in Lagos as ‘those that migrated and settled in Lagos to escape insecurity in the South-East’.”
The group further claims that “not long ago, batches of carefully sorted out PVCs with ethno-religious marks bearing Igbo and other Eastern names were carted away from INEC custody and scattered and dumped in large numbers inside gutters and streets along Lagos-Ibadan Expressway.
“In 2015 and 2019, organized group violence was unleashed on Igbo citizens’ resident in Lagos by loyalists of the leading political actors in Lagos for conscientiously voting for candidates of their choice.
“In the 2019 Presidential Poll, Igbo properties including homes and market stores as well as polling units in their areas were targeted, attacked and wantonly destroyed, including being razed or set ablaze; and as if these were not enough, millions of South-East voters were denied PVCs by INEC under the Lagos REC in the just conducted PVC distribution in the State.
Totality of these is, therefore, tantamount to ethnic profiling with intent to instigate incitement, genocide and ethnic cleansing against the South-East residents in Lagos State. “Intersociety hereby makes bold to say that the Lagos REC is unfit to continue as Lagos REC and must be redeployed as a matter of uttermost immediacy.
“INEC must also thoroughly investigate REC Olusegun Agbaje including looking into massive denial of PVCs to South-Easterners in Lagos State, including Igbo residents in Oshodi-Isolo, Mafoluku-Oke Afa, Ijora Badia, Amukoko, Alaba, Surulere, Orile, Itire, Ijesha, Cele, Okota, Ajegunle, Olodi Apapa, Coconut, Ojokoro-Ijaiye, Agbara, Ojo, Okoko, Satellite Town, FESTAC, Mushin, Ojuelegba, etc.”
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Meanwhile, Intersociety has cried out that there was a massive poll rigging plan ahead of the presidential poll through disenfranchisement of citizens of voting age on the grounds of their ethnic identity, religion, place of work, gender and class.
It claimed that there were also estimated four million fake names compiled from booklets of passport photographs, posters of dead persons and fake names and images from outside the country presently stored in the National Register of Voters.
“What concrete measures are being put in place by INEC to ensure that the deployment of IReV, BVAS and PVC accreditation/voting technologies, processes and procedures are done across board in the 36 States and the FCT on Feb 25, 2023 Presidential Poll without discriminatory recourse to dual policies of sticking to or insisting on IReV, BVAS and PVC accreditation/voting technologies, processes and procedures in the South and substantially collapsing same and allowing manual voting in the North, especially in the States of Kano, Katsina, Kaduna, Jigawa, Kebbi, Sokoto and Zamfara in North-West; Borno, Bauchi, Yobe and Adamawa in North-East; and Niger State in North-Central,” it queried.
An emergency meeting of the Council of State, convened by President Muhammadu Buhari will hold on Friday to discuss national crises including petrol and naira scarcity, insecurity and others, ahead of the general elections.
The national crises had led to protests in various parts of the country.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 gathered that the governor of the Central Bank of Nigeria (CBN) is expected to provide an update on the new currency redesign policy scheduled to take place at the Council Chambers, Presidential Villa, Abuja, at 10 am.
Credible Presidency sources told this paper that the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu as well as the Inspector General of Police (IGP), Usman Alkali Baba, will brief the council on the preparation for the February 25 presidential and National Assembly elections as well as March 11 governorship and state houses of assembly polls.
The meeting, 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 learnt, will take major decisions to douse tension ahead of elections and avert a potential national crisis given anger over the scarcity of new naira notes. The National Council of State is an organ of the Nigerian government whose functions include advising the executive on policy making.
Membership of the Council comprises President Buhari, Vice President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, former presidents, former heads of state, former chief justices of Nigeria, President of the Senate, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, governors of the 36 states of the federation and the Attorney General of the Federation, Abubakar Malami (SAN).
Afenifere sets agenda for council
Pan Yoruba socio-political group, Afenifere, Tuesrday set the agenda for the Council of State ahead of its meeting.
Coming against the backdrop of the naira scarcity and fuel shortage, which has crippled businesses, the group said there must be solutions to the current challenges from the Council of State meeting.
National Publicity Secretary of Afenifere, Comrade Jare Ajayi in a chat with Daily Trust, said Nigeria is in a critical moment and tasked members of the council to come up with pragmatic solutions to the crises at hand.
He said, “This is a momentous period in Nigeria given the number of lives that have been lost, given the number of businesses that have collapsed and are in danger as a result of the unavailability of naira, people are queuing in the banks to get the cash they don’t get the cash.
“A lot of lives have been lost in the process and of course, a lot of people are queuing in the petrol stations, they are not getting fuel.
“And within the next few weeks, we would be undergoing elections. We are calling on President Muhammadu Buhari and all the past presidents and heads of state as well as governors and retired chief justices and all those who are members of the Council of State to realise that this is a crucial moment in the annals of Nigeria.
“We are saying that first, CBN must flood the commercial banks with cash, especially new currencies. Two, the deadline must be extended. February 10 is certainly unrealistic. It must be extended for at least the next three months.
“Afenifere is insisting that February 10 is unrealistic for Nigerians to be able to get the currencies.
“On the issue of fuel scarcity, NNPCL must be geared up. What we are experiencing is not what we should be experiencing given the fact that God endowed us with crude oil. We shouldn’t be suffering and coming at a time when we are facing this election, it is also something terrible about our country. So the petrol scarcity and currency crunch must be addressed.
“Also the need to ensure free, fair and credible elections must attract the attention of the council of state. So that tomorrow we would hear that the president has extended the deadline for the currency swap from February 10 to at least the next three months and then, of course, all necessary machinery must be put in place to ensure free, fair and credible elections.”
Efforts to get the northern elders to set agenda ahead of the council meeting yielded no result.
We need cash to conduct elections – INEC
The Central Bank of Nigeria (CBN) has assured the Independent National Electoral Commission (INEC) as well as Nigerians that the apex bank would not do anything inimical to the success of the 2023 general elections.
The CBN governor, Mr. Godwin Emefiele, gave the assurance on Tuesday when he hosted the INEC management led by its chairman, Prof. Mahmood Yakubu, at the CBN headquarters in Abuja.
Yakubu who spoke earlier told the CBN governor of the impact of the naira redesign policy on the successful conduct of the elections.
The INEC boss, therefore, requested concessions regarding the naira redesign policy with specific reference to the limitations placed on cash withdrawals and the need to make some cash available for some peculiarities that cannot be met with electronic transfer of monies.
According to him, some of the service providers, especially transporters are required to be paid in cash and aside from that, experience has shown that emergencies do arise on election day, which could demand the use of cash by the commission.
“I am encouraged by the continued willingness of the apex bank to support the commission’s determination to deliver credible elections on February 25 and March 11, 2023. Particularly, the facilitation of activities necessary for the success of the election, in an area where the CBN has exclusive responsibility.
“Nigerian election is a huge and complex undertaking that requires the engagement of critical services and in line with the provisions of the extant laws and regulations, service providers are generally paid by means of electronic transfer to the accounts.
“However, there are equally critical areas, such as transportation and human support services that have to be immediately remunerated, either partially or in full before services are rendered.
“In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked. Over the years we have worked with the CBN and commercial banks to pay for such services seamlessly during general elections, as well as off-cycle and bye-elections.
“Over the years, the commission has also migrated all its accounts at the national and state level to the CBN. And this arrangement has worked without encumbrances to our activities. In view of the recent policy, involving the redesign of some denominations of our national currency and the limits placed on cash withdrawals and availability. We consider this meeting important in addressing some of the areas of concern with just 17 days to the 2023 general election.
“We are confident that arising from this meeting, we can assuage the anxiety expressed by some of our service providers who are determined to make the 2023 general election one of the best-organised elections in Nigeria, but we cannot do it alone. That is why the commission is mobilising every critical national institution for the success of the election. This meeting is part of this effort,” Yakubu said.
Responding, Emefiele said he would ensure the CBN is not seen as an agent to thwart the forthcoming general election, assuring that the apex bank would provide INEC needed naira notes as required.
“The relationship between the CBN dates back to even before I became the governor and that relationship, I will say, borders purely on trust and confidence.
“We also appreciate and truly do appreciate the fact that the INEC supported by the Nigerian populace has the trust and confidence in the ability of the central bank in playing the roles that we have played for you so far to ensure that our elections hold without any hitches. Before now, we’ve been involved in the storage of INEC election materials and involved using our armoured bullion van in transporting electoral materials.
“I know that just a few months ago, I visited your office and you raised the issue of how foreign exchange can be procured for you to import Bimodal Voter Accreditation System (BVAS) and other forms of election material that need to be imported and I gave you my word that foreign exchange will be provided for that purpose. I stand here to confirm that as of today, all dollars that are needed to import those items have been provided and those items have been imported.
“So, it’s all part of our commitment. Now this issue of pain and logistics for people who are going to be transporting election materials, certainly, the assurance I give to you is that because we regard the INEC project as a topmost or an urgent national assignment, and therefore, it cannot fail and the central bank would not allow itself either to be used or to be seen as an agent that frustrated a positive outcome of that election.”
President meets Tambuwal, Bagudu, CBN gov, others at Aso Rock
Meanwhile, President Muhammadu Buhari Tuesday held a closed-door meeting with the Chairman of the Nigeria Governors’ Forum (NGF), Governor Aminu Waziri Tambuwal of Sokoto State as well as the Chairman of the Progressive Governors’ Forum (PGF), Governor Atiku Bagudu Abubakar of Kebbi State at the Presidential Villa, Abuja.
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The meeting was attended by the Secretary to the Government of the Federation (SGF), Boss Mustapha and Chief of Staff to the President, Professor Ibrahim Gambari, governor of CBN, Godwin Emefiele and the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.
Last Friday, the president had implored citizens to give him a seven-day window, which lapsed on February 10 to resolve the currency crunch that had emanated from the implementation of the Central Bank policy to change high-value naira notes with newly designed ones after a meeting with the All Progressives Congress (APC) governors.
Buhari had equally assured that he would be meeting with both the CBN and the Nigeria Security Printing and Minting Company and a decision would be taken based on current realities in the best interest of the people.
The governors of the ruling party had asked that the president direct an adequate injection of the new notes and the continued utilisation of the old ones until the end of the year.
The governments of Kaduna, Kogi and Zamfara states have sued the federal government and the CBN before the Supreme Court over the currency redesigning and “de-monetisation” policy.
However, an FCT High Court had on Monday restrained the CBN, President Buhari and 27 commercial banks from extending or sabotaging the currency redesigning and cash withdrawal limit policy in the country.
President Muhammadu Buhari has approved the Central Bank of Nigeria’s (CBN) request for the extension of the deadline for swapping of old Naira notes to the redesigned ones.
A seven-day grace period, beginning on February 10 to February 17,2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
10-day extension of the deadline from January 31, 2023, to February 10, 2023; to legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their Legal tender Status.”
Whiile, “A 7-day grace period, beginning on February 10 to February 17,2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”
This followed the President’s meeting with the apex bank’s governor, Godwin Emefiele, in his country home in Daura, Katsina State on Sunday.
Emefiele briefed correspondents after the meeting, revealing that 75 percent of the N2.7 trillion held outside the banking system has been recovered.
He said, “We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
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Based on the foregoing, we have sought and obtained Mr President’s approval for the following:
Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free the implementation of this very important process for program.”
The Federal Government has blamed opposition parties for “restricting” President Muhammadu Buhari from putting an end to the sufferings Nigerians are going through due to the cash crunch resulting from the naira redesign.
Minister of Information and Culture, Lai Mohammed, who made the accusation at the 23rd edition of Buhari’s administration scorecard series (2015-2023) on Tuesday in Abuja, said the Federal Government was not unmindful of the inconveniences being faced by Nigerians because of the redesigning of the naira notes and fuel supply disruptions, but said attempts by Buhari to ameliorate the pains have been truncated by unscrupulous opposition parties.
The Minister said it was however, surprising that some opposition political parties ran to court to “obtain an injunction restraining the President and and the Central Bank of Nigeria from extending the February 10 deadline for Nigerians to swap their old notes for new ones.”
“The court action came after a number of opposition parties threatened to boycott the 2023 general elections if the deadline was extended,” he said.
“These curious actions by the parties concerned are clear evidence that the opposition has turned this whole issue into a political game, preferring to make Nigerians suffer more on the altar of an unconscionable political gamesmanship.
“Or how else can one explain the fact that these unscrupulous opposition parties don’t want any action that could reduce the pains being experienced by Nigerians?” Mohammed queried.
![Buhari, Emefiele extends naira swap from February 10. [See new deadline]](https://newsworthy3news.files.wordpress.com/2023/02/screenshot_20230207-172244-01-1.jpeg?w=400&h=300&crop=1)
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