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Tag: emefiele

  • Naira Policy: CBN Governor, Emefiele recommended for sack

    Naira Policy: CBN Governor, Emefiele recommended for sack

    The Central Bank of Nigeria, (CBN) governor,  Godwin Emefiele has been recommended for sack over his recent policy in the country.

    The call was made by Bayo Onanuga, the Director of Media and Publicity to Bola Tinubu, the President-elect, asking  President Buhari  to do the needful via a post on Monday.

    According to Onanuga,  the CBN Governor, should not be occupying the office  after he scrapped the cashless policy.

    In a tweet, Onanuga: “I am surprised Godwin Emefiele is still sitting pretty in office, without contrition, after he was forced to scrap his ghastly cashless policy.

    “President Buhari should suspend him from office. Emefiele should go NOW.”

    The cashless policy introduced by the CBN in December 2022 had led to the suffering of Nigerians.

    The CBN policy was contested by some state governors in court, prior to the presidential election.

    The Supreme Court declared that the old notes remained legal tender till December 31, 2023.

  • CBN denies Emefiele’s involvement in plot against Tinubu

    CBN denies Emefiele’s involvement in plot against Tinubu

    CBN governor, Mr Godwin Emefiele, has no involvement in politics, especially as regards the March 18 governorship election in Lagos State, the bank stated on Monday in Abuja.

    Its acting Director, Corporate Communications, Mr Isa AbdulMumin, made the declaration in reaction to a newspaper report entitled: “Emefiele launches fresh plot against president-elect, Tinubu.’’

    The newspaper reported that Emefiele gave money to a certain candidate in the Lagos State governorship election to spite the president-elect, Sen. Bola Tinubu.

    According to AbdulMumin, the story is completely false and malicious as Emefiele has never met nor spoken to the said governorship candidate.

    “We wish to reiterate that the CBN governor does not take part in politics, and therefore, urge anyone with contrary information to provide them,’’ he stated.

    He urged politicians to allow the CBN and its management to concentrate on the statutory mandate of the bank.

  • Only N200 old notes to be reissued, circulated – CBN

    Only N200 old notes to be reissued, circulated – CBN

    The Central Bank of Nigeria (CBN) says only N200 old notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.

    The bank restated this in a statement jointly signed by Mr. Edward  Adamu, Deputy Governor, Corporate Services, and Mr. Osita Nwanisobi, Director, Corporate Communications, CBN, on Tuesday in Lagos.

    The CBN said that Buhari had not given any approval for the old denominated notes to be reissued and re-circulated as legal tender for 70 days up to May 1, as stated in a fake press release.

    “The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank.

    “The fake press release purported that President Muhammadu Buhari had approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.

    “For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr. President, only N200 old notes are to be reissued and to circulate concurrently with the new notes.

    “Members of the public are therefore advised to ignore this fake news,” it said.

    It added that the bank was working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.

    The statement urged Nigerians to be guided and to ignore the fake press release credited to the President.

  • Naira redesign: Reps panel wants intervention to cushion Nigerians’ hardship

    Naira redesign: Reps panel wants intervention to cushion Nigerians’ hardship

    The House of Representatives ad hoc committee on naira redesign has called for an intervention to mitigate the hardship being faced by Nigerians due to the policy.

    Rep. Ado Doguwa, the Chairman of the committee said this in a statement in Abuja.

    Doguwa acknowledged that President Muhammadu Buhari had good intentions in wanting to use the policy to tackle insecurity, reduce corruption and engender the global best practice in fiscal policy management.

    He, however, said, that Nigerians were being subjected to unwarranted and avoidable hardship due to wrong timing of the implementation coupled with the

    actions of suspected criminal elements in the banking system.

    Doguwa said that the ripple effects of the policy could jeopardise the 2023 general election.

    “We also urge Nigerians to continue to be calm and pursue their lawful businesses within the ambit of the law.

    “We will continue to explore available opportunity to make sure that government does only what is right and in the overall interest of our people,” he said.

  • Banks not authorised to accept old N500, N1,000 notes – CBN

    Banks not authorised to accept old N500, N1,000 notes – CBN

    The Central Bank of Nigeria (CBN), has described as false, news going round that it authorised Deposit Money Banks (DMBs) to accept the old N500 and N1,000 banknotes.

    The news that the apex bank authorised DMBs to accept the old notes broke on Friday and went viral.

    According to CBN’s Director, Corporate Communications Department, Mr Osita Nwanisobi, the news is false.

    “The attention of the CBN has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the DMBs to collect the old N500 and N1,000 banknotes.

    “For the avoidance of doubt, and in line with Mr President’s broadcast of Feb. 16, the CBN has been directed to only reissue and recirculate the old N200 banknotes.

    “This is expected to circulate as legal tender for 60 days up to April 10.

    “Members of the public should therefore disregard any message and information not formally released by the CBN on this subject, ” he said.

    He advised media practitioners to verify information from the appropriate sources before publication.

  • 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.

  • Emefiele is targeted by desperate politicians, pray for him – Ben Bruce raises alarm

    Emefiele is targeted by desperate politicians, pray for him – Ben Bruce raises alarm

    Senator Ben Murray-Bruce has raised alarm for the safety of the governor of the Central Bank of Nigeria, Godwin Emefiele, as he is allegedly being targeted by desperate politicians.

    Emefiele has come under strong criticism by many politicians who are against his Naira redesign policy.

    In a post shared on Twitter, Murray-Bruce said that Emefiele is ??God-sent” and that for the first time, vote buying will be eliminated.

    He said: “Godwin Emefiele is a God sent to this nation. For the first time in forever, vote buying will be almost eliminated. In a country with 130 million multidimensionally poor people, this is a giant step for democracy”.

    “I urge all patriotic Nigerians to pray for his safety as he is targeted by desperate politicians”.

    See Tweet:

  • CBN clarifies claims on shortage of materials to print new notes

    CBN clarifies claims on shortage of materials to print new notes

    The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials.

    Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company (NSPMC).

    There have been reports on media quoting the CBN governor, Godwin Emefiele, as attributing the challenge in the distribution of the new notes to shortage of materials.

    According to a statement by Osita Nwanisobi, CBN’s Director, Corporate Communications Department, at no time did Emefiele make such disclosure during his presentation to the National Council of States during its meeting on Friday.

    “What the CBN governor told the meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians,” Nwanisobi said.

    He expressed CBN’s appreciation to various stakeholders for the concern about their distribution of the Naira.

    He, however, said that the apex bank was alarmed at the extent at which vested interests were attempting to manipulate facts and pitch the public against it.

    “For the avoidance of doubt, the CBN remains committed to performing its monetary policy function as stipulated in the CBN Act.

    “We also wish to reiterate that the NSPMC has capacity and enough materials to print the required indent of the Naira.

    “The CBN, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint,” he said.

    He said that the apex bank was working assiduously to increase the circulation of new notes in the country.

    Similarly, Nwanisobi debunked a misleading voice note on social media alleging that the CBN planned to shut down some Deposit Money Banks (DMBs), particularly in a certain geopolitical region of the country.

    “We wish to state unequivocally that there is no such plan. The claims are illogical and do not comform with the workings of the Nigerian banking system.

    “The public is, therefore, advised to ignore such recordings as they do not represent the policy thrust of the CBN,” he said.

  • BREAKING: Council of State endorses CBN cash swap

    BREAKING: Council of State endorses CBN cash swap

    The Council of State meeting, presided over by President Muhammadu Buhari, on Friday, approved the Central Bank of Nigeria, CBN cashless policy with a proviso that the apex bank must make available enough new notes to ease the pains of Nigeria.

    The meeting which lasted for over four hours at the Council Chambers, Presidential Villa, Abuja, had in attendance former heads of state and president Gen. Yakubu Gowon (retd), Gen. Abdulsalami Abubakar (retd) and Goodluck Jonathan, while former President, Olusegun Obasanjo, joined the meeting virtually.

    Two former Chief Justice of the Federation, Alfa Belgore and Mahmud Muhammad, were also in attendance.

    Jointly briefing State House correspondents at the end of the meeting, Governors of Taraba, Darius Ishaku, Lagos, Babajide Sanwo-Olu, and the Attorney General of the Federation and Minister of Justice, AGF Abubakar Malami, said generally the policy was accepted by members but raised concerns about the implementations.

    Ishaku said: “The CBN was advised to make money available in quantum. The old money can also be recirculated to ease the suffering of the poorest of the poor.”

    Sanwo-Olu, on his part said that Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and Inspector General of Police (IGP), briefed the council on a state of preparedness for the 2023 general elections, and assured that they were fully prepared.

    Malami said: “We are on course as far as election preparedness is concerned.”

  • CBN will not be used as agents to frustrate 2023 elections – Emefiele

    CBN will not be used as agents to frustrate 2023 elections – Emefiele

    Governor of the Central Bank of Nigeria (CBN) Godwin Emiefele has assured that the apex bank will not be used to frustrate the forthcoming general elections.

    Emiefele, who spoke when the Chairman of the Independent National Electoral Commission (INEC) Prof Mahmood Yakubu led 11 National Commissioners on a visit to the Bank, said the CBN will make available every cash needed to pay logistics for the success of the elections.

    He was responding to a request from Yakubu that the CBN should find a way of addressing scarcity of currency across the country 17 days to the Presidential and National Assembly elections since some service providers to the commission were “unbanned”.

    He said: “The CBN will not allow itself to be used as agents to frustrate the forthcoming election which is a positive assignment.

    “If you require cash to pay some of your service providers, we will make it available to you. We will not allow ourselves to be seen as agents that frustrate a genuine assignment”.

    The INEC chairman had told the CBN Governor the 2023 polls will be the best in Nigeria’s history, adding that concerns have however been raised about the processes leading to the elections.

    He said while the Commission has transfered all its accounts at the state and national level to the apex bank, some of the services being rendered to the Commission need to be paid for in cash.