TheNewsGuru

Tag: Cash Crunch

  • No need for violence over cash crunch – Lagos Govt

    No need for violence over cash crunch – Lagos Govt

    Lagos State government on Friday says there is no need for violence over naira redesign as the Supreme Court is looking into it and will make its position known on Feb. 22.

    Commissioner for Information and Strategy, Mr. Gbenga Omotoso stated in Ikeja that the government had noted protests in some parts of the state on Friday with deep concerns.

    Omotoso noted that the protesters were said to be angry over the naira redesign and its consequent scarcity that had caused so much hardship and confusion among the people.

    “Gov. Babajide Sanwo-Olu believes there is no need for violence as the Supreme Court is looking into this controversial matter and will make its position known on Feb. 22.

    “Lagos State has since joined the legal dispute – all in the interest of our people – in the belief that the highest court in the land has the capacity to adjudicate on the matter,’’ he stated.

    According to him, the fuel situation is easing following some steps taken by the government.

    The commissioner commended Lagos residents for showing understanding, in spite of the pains that the Federal Government’s measures had brought.

    He urged residents to continue to be law-abiding, by shunning any form of incitement by mischief makers.

    Omotoso assured that Gov. Sanwo-Olu was working with his colleagues to ensure that the hardship ended.

  • Bankers association directs members to stay off work

    Bankers association directs members to stay off work

    The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) on Friday directed its members in states where banks were being attacked to stay away from work.

    ASSBIFI’s president, Mr Olusoji Oluwole gave the directive in Lagos in a letter to the association’s unit presidents and secretaries.

    He stated that the stay-at-home order would subsist until normalcy was restored.

    “The national secretariat has been inundated with reports of threats and attacks on lives and properties of members and bank branches, and subsequently has been on the field to monitor and confirm the reports.

    “We issued warnings and appeals to government to provide security measures for the safety of lives and properties of our members within and around bank premises.

    “However, regrettably the attacks have continued without any form of security for the safety of our members, the recent being the attack on Feb. 17 on one bank branch at Epe, Lagos State.

    “We cannot leave the lives and properties of our members exposed to obvious danger.

    “Please note, you will be availed further directives as events develop,’’ Oluwole wrote.

  • Cash crunch: Edo Police caution against further violence

    Cash crunch: Edo Police caution against further violence

    Commissioner of Police in Edo, Mr Mohammed Dankwara on Thursday warned against further acts of violence that might lead to further loss of lives and property in the state.

    This is contained in a statement issued in Benin on Thursday by police spokesman in Edo, SP Chidi Nwabuzor.

    The police commissioner’s warning came on the heels of violent protests that took place in Benin on Wednesday which led to the destruction of lives and property.

    The protest was sparked by the inability of people to cash their monies in banks following CBN’s cashless policy.

    The police commissioner noted that the protest by youths was hijacked by armed hoodlums, and it turned violent as the hoodlums attempted to attack and gain access into the Benin branch office of the CBN.

    He added that security personnel on duty responded promptly to the hoodlums, and in the process, two of them were hit by stray bullets and were confirmed dead on arrival at the hospital.

    “The armed hoodlums who capitalised on the protests attacked, looted, and destroyed several banks and private properties in Benin.

    “Banks such as UBA, First Bank, Access Bank, Unity Bank, Keystone Bank, ECO Bank, FCMB, Polaris and Zenith were affected.

    “Properties such as ATM machines, windows, generator batteries, and vehicles were vandalised and looted,’’ he said.

    CP Dankwara also noted that some of the armed hoodlums had been arrested and would be arraigned soon.

    He expressed deep sympathies for the banks whose property were destroyed during the protests.

    He assured residents of Edo that the police and all other security agencies would do everything possible to bring the perpetrators of the violence to justice.

    CP Dankwara enjoined parents and guardians to caution their wards and children against engaging in acts of violence as the law would not spare anyone who violates the peace of the state.

  • New Notes: CBN Governor, President Buhari meet in Abuja

    New Notes: CBN Governor, President Buhari meet in Abuja

    The Central Bank of Nigeria (CBN) Godwin Emefiele today met with  President Muhammadu Buhari  at the Presidential Villa Abuja.

    It was gathered that this is the third time Emefiele would be meeting privately with Buhari  since the cash crunch started in the country.

    The CBN Governor, however, did not speak to journalists as he left the Presidential Villa.

    The agenda of the meeting is, however, unknown at the time of filing the report.
    Since February 10, Nigerians have been hit by Naira scarcity due to the swap of the currency.

    CBN had redesigned N200, N500, and N1000 notes which commenced in December 2022.

    The old notes were meant to cease as the country’s legal tender but checks show that it’s still being used for transaction across the country.

    Recall that the Supreme court ruled last week that the CBN should suspend the February 10 directive it gave for the deadline of the old notes as a legal tender in the country.

    Checks by TheNewsGuru (TNG)correspondent in Ogun state show that many banks are under lock and keys citing scarcity of cash as the reason.

    Meanwhile, it’s also observed that POS agents across the country are charging exorbitantly and still doing business with the old notes.