TheNewsGuru

Tag: Naira Notes

  • CBN directs banks to release new naira notes in Zamfara

    CBN directs banks to release new naira notes in Zamfara

    The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) in Zamfara, to release the new naira notes to Point of Sale (POS) operators or face sanction.

    The CBN Controller in the state, Alhaji Buhari Abbas gave the charge on Friday at a sensitisation exercise for POS operators in Gusau.

    He said the measure was imperative to cushion the hardship being experienced by residents and business due low circulation of new naira notes in the state.

    The directive came against the backdrop of public outcry over scarcity of the new bank notes, as traders and businesses in the area refused transaction in old naira notes.

    He said the apex bank would not condone currency hoarding, warning that defaulters would be sanctioned.

    The controller urged the POS operators with banks accounts in Gusau, to access the new notes from the DBMs, and report erring banks.

    According to him, the daily transaction limit for POS operators is N500,000, while N10,000 per individual bank account holders.

    Buhari warned the POS operators to desist from charging customers above normal fee, warning that erring operators would be prosecuted.

    “The old naira notes remain legal tender till midnight Jan. 31,” he said.

    Also, the Chairman, POS operators in the state, Alhaji Kabiru Abubakar lauded the gesture, and promised to adhere to the normal cash withdrawal charge.

    Nigerian standard reports that traders and businesses in Gusau rejected the old naira notes due to the alleged hardship they faced in depositing it in the banks.

    The situation got worse leading to the near collapse of businesses due to the scarcity of new naira notes in the state.

  • 2023: There are plans to scuttle elections – Fani Kayode

    2023: There are plans to scuttle elections – Fani Kayode

    An All Progressive Congress chieftain and  former Minister of Aviation, Femi Fani-Kayode has noted that there are plans by some cabal to mar the forthcoming general elections in the country.

    Fani-Kayode made this comment via his personal Twitter page on Wednesday night.

    According to him, the plans include hoarding of the new Naira notes, fuel scarcity and creating an atmosphere of fear and panic.

    His Tweet reads in part “Whatever your plans are to scuttle this election, whether through new naira notes, fuel scarcity or creating an atmosphere of fear & panic, YOU SHALL FAIL.

    “The cat is out of the bag. We know the plan. We know who you are using. We know who is behind it. We know what to do,” Fani-Kayode wrote.

    Recall that presidential candidate of the All Progressives Congress (APC), Bola Tinubu, holds same views when he told his supporters same thing during his campaign rally in Abeokuta, Ogun on Wednesday.

    Tinubu insisted that “even, if there is no fuel, Nigerians should not worry, nothing can stop the elections from holding. We are going to vote and we are going to win.”

  • Old Naira notes: Ortom backs NASS for extension of deadline

    Old Naira notes: Ortom backs NASS for extension of deadline

    Benue State Governor, Samuel Ortom, has called on the Central Bank of Nigeria (CBN) to extend the deadline for the use of the old naira notes, especially for those in the rural areas.

    Ortom made his feelings known when the Governing Council and Management of the Joseph Sarwuan Tarka University, Makurdi (JOSTUM) paid him a courtesy visit on Wednesday in Makurdi.

    The governor said that since the new notes were not much in circulation, it was not possible, especially for the rural dwellers, to meet up with the deadline, adding that most of them did not even have bank accounts.

    “I join the National Assembly members to prevail on the CBN to extend the deadline of exchange of the old naira notes.

    “If we do not say it as it were we are liars and sycophants. Things are not right in this country.

    “We want to let the President know that people are suffering and something must be done to reduce it,” Ortom said.

    He commended President Muhammadu Buhari for heeding to the demand of immortalising late Joseph Sarwuan Tarka by changing the name of the Federal University of Agriculture, Makurdi to JOSTUM.

    “Tarka had contributed immensely to the development of politics and to humanity within his short stay on earth.

    He fought for the right of minorities. I appreciate Mr President for honouring us not just Tarka but the entire people of the state.

    He, however, alleged that the host community of the school was shortchanged, adding that the money that was released for compensation did not get to them.

    “So, relocation of the people to other areas became a problem. That is why they are still laying claims to the land.

    “We have formed a committee and we will bring in the management of the school into it. This will enable us to see how we will have a win win situation for both the host community and the institution,” Ortom said.

    Also, the Chairperson of the council, Mrs Edith Uwajumogu, said she was grateful to God for making her the first female Pro-Chancellor of the university since its inception.

    Uwajumogu disclosed that their interest was to see that the school became greater, adding that the name of the school had been changed but it had not gone conventional yet, expressing optimism that it would be done pretty soon.

    She appealed to the state government to rehabilitate the road from the SRS junction to the school.

    The Pro-chacellor also demanded for vehicles to ease students transportation challenges.

    She said the institution was too large, therefore, students trekked long distances to attend lectures.

    Acting Vice Chancellor (VC), Prof. Paul Anune, said they were grateful to Ortom for his willingness to partner with the institution.

    Anune informed the governor that encroachment on the institution’s land by the host community was still prevalent.

    “We wanted to open up a road from the school to Agan gate and build a perimeter fence round the school but the host community attacked the workers.

    “We are seeking the intervention of the state government in order to put the matter to rest permanently,” Anune said.

  • How embattled CBN gov, Emefiele scored ”away goal” with visit to Presidential Villa

    How embattled CBN gov, Emefiele scored ”away goal” with visit to Presidential Villa

    President Muhammadu Buhari in the course of the week received briefing from the embattled Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in the Presidential Villa Abuja.

    The CBN governor updated the president on the activities of the apex bank contrary to some media reports that Emefiele was under security surveillance.

    Emefiele’s visit to the Presidential Villa, which had so far doused the tension in the apex bank, was the first since he resumed work at the CBN after his leave on Jan. 12, 2023.

    It was speculated that the CBN governor travelled out of the country amidst fears he would be apprehended by operatives of the Department of State Service (DSS) over several allegations against him, including terrorism financing.

    However, the DSS dismissed such allegations, including online reports that its operatives on Jan. 16  invaded the headquarters of the CBN and took over the office of the governor of the apex bank.

    The CBN governor is believed to have presidential backing on the Naira redesign and withdrawal limit policy introduced by the apex bank in December 2022.

    Buhari had earlier in the week departed for Nouakchott, Mauritania, where he received “African Award for Strengthening Peace’’.

    The President was honoured for his leadership role in promoting peace on the continent, through regular inventions, counsels and conciliatory position.

    Apart from the international recognition for serving Nigeria and the larger interest of peace in Africa, the Nigerian leader also participated in the Programme of the Third Forum of the African Conference for Peace.

    While in Mauritania, the president hosted Rashad Hussain, United States Ambassador-at-Large for International Religious Freedom at Nouakchott

    Buhari recounted his private meeting at the White House with former President Donald Trump.

    He recalled Trump asking him: “why are you killing Christians in Nigeria,” and how he proceeded to tell him that the issue in the country was not religious but rather criminal, and a usage of religion by some elements to further their economic, and sometimes, political interests.

    Buhari also met with President of the Abu Dhabi Peace Forum, Shaykh Abdullah Bin Bayyah, on the sidelines of the African Conference for Peace, held in Nouakchott, Mauritania.

    Shaykh Bin Bayyah commended the efforts of the Nigerian leader to eradicate religious extremism, stressing that ”it is something the world must collaborate to do.

    “You are doing a great job in that regard, and it is something we need to do wherever such rears its head round the world.”

    NAN

  • Advocacy: Olubadan supports CBN over redesigned Naira notes, accepts deadline

    Advocacy: Olubadan supports CBN over redesigned Naira notes, accepts deadline

    The CBN has enlisted the support of the Olubadan of Ibadanland, Oba Lekan Balogun and Olubadan-in-Council, on the advocacy of the newly designed naira notes in Ibadan.

    Mrs Olufolake Ogundero, the CBN Ibadan Branch Controller, told said this after an advocacy visit to the Olubadan on Saturday at his Alarere Palace, in Ibadan.

    Newsmen reports that the apex bank’s sensitisation train, which took off from the popular Dugbe Market on Thursday, had visited major markets across the state and other important institutions.

    It would be recalled that the CBN Governor, Mr Godwin Emefiele, had announced the introduction of redesigned N200, N500 and N1000 notes with a directive that all old notes would be out of circulation by Jan. 31.

    Ogundero said that the CBN had disbursed enough of the redesigned notes to banks in the country.

    She said that heavy sanction awaited any commercial bank that hoarded or engaged in any sharp practice on the newly introduced naira notes.

    The branch controller said that the apex bank had provided sufficient liquid cash for the smooth running of the nation’s economy.

    “We have also disbursed adequate newly redesigned naira notes to all banks in Nigeria. They have no excuse not to pay customers or load it in their ATMs.

    “We are tracking and monitoring these banks on compliance and commensurate sanctions awaits any bank or individual that is found engaging in any sharp practice,” she said.

    Ogundero said that they were at the palace on the instruction of the CBN governor to sensitise the Olubadan-in- Council and seek their valuable support for the newly redesigned Naira notes.

    She reaffirmed that the Jan. 31 deadline for the legal tender of the old naira notes remained sacrosanct.

    Ogundero encouraged Nigerians not to wait until rush hour to deposit their old notes, saying there would be no extension beyond Jan. 31.

    “We have come here on the instruction of the CBN governor, Godwin Emefiele to sensitise the Olubadan-in-Council and seek their valuable support for the newly redesigned Naira notes.

    “We are also using this occasion to reaffirm that the Jan. 31 deadline for the legal tender of the old naira notes remains sacrosanct.

    “These new notes are available in the ATMs and there is no limit for the amount of deposit and no charge or charges for the deposit made by bank customers,” she said.

    The Olubadan said that some banks were still dispensing old notes in their ATMs, urging the CBN to ensure banks paid customers with new notes.

    Oba Balogun, who spoke through the Otun Balogun of Ibadan, High Chief Tajudeen Ajibola, expressed readiness to sensitise and create more awareness on the part of Ibadan indigenes as well as residents.

    Among those who joined the Olubadan in receiving the CBN delegation were Osi- Balogun, High Chief Gbadamosi Adebimpe; Osi-Olubadan, High Chief Eddy Oyewole; Ashipa-Balogun, High Chief Kola Adegbola and Maye-Olubadan, Senior Chief Lekan Alabi, among others.

  • Truck load full of rotten N1,000 notes found in North (VIDEO)

    Truck load full of rotten N1,000 notes found in North (VIDEO)

    A broken down truck loaded with N1,000 notes has been spotted on social media and alleged to have emanated from North as people seen speak Hausa.

    The development came as the Central Bank of Nigeria,  CBN, began plans to redesign certain denominations of the naira notes from December 15, 2022.

    According to people in the video, the broken-down truck is the third they had seen loaded with Nigerian currencies looking for where to offload them.

    The video showed what seems to be naira notes, especially N1,000 denominations badly defaced, which those in the video claimed may have been kept in a place where they became damaged and now the owners are looking for where to exchange them.

    Truck load full of rotten N1,000 notes found in North (VIDEO)

    TheNewsGuru.com (TNG) reports that the glut of the naira in the market has crashed the currency’s value, which traded at N900 to a dollar in the black market and N442 to a dollar.

    The CBN appears set to implement the Naira change as banks begin compliance with its directive to get ready for a smooth transition to the new currency note.

    Last weekend all the commercial banks opened shops for customers, a development which may have helped some depositors to begin the process of aligning their cash holdings with the expected withdrawal of old Naira notes in the weeks ahead.

    Some banks are already reporting rising cash deposits though it was not yet clear the sources of those deposits.

    There is also no sign of rush or banking hall surge as would have expected if the experience of 39 years ago when the last Naira change happened, was anything to go by.

    Truck load full of rotten N1,000 notes found in North (VIDEO)

    According to bank officials, such surge may not happen given the new banking environment which is now heavy on cashless transaction. They expect more transactions to be happening on electronic channels as the process of implementing the currency redesign gathers momentum in the weeks ahead.

    The bankers noted that they do not expect much challenge with the fears that criminals would besiege the banking halls with large volume of cash they had kept away due to the nature of the source of the money.

    See video below:

    https://youtu.be/c4d2AKFb4K4?t=28

  • “Prophet” in viral men and women naked bath for money ritual videos to be arrested

    “Prophet” in viral men and women naked bath for money ritual videos to be arrested

    The prophet seen in the viral videos of naked men and women performing money rituals in an Anambra state river is to be arrested and prosecuted if the threat, yesterday, by Anambra State Government is carried out. The state government has threatened to arrest the “prophet” popular known as ‘Onyeze Jesus’ over indecent practices and for desecrating the Naira.

    The said prophet is based in the Idemili Local Government Area of the state.

    The state Commissioner for Information and Public Enlightenment, C-Don Adinuba, disclosed this in a statement on Monday in Awka, the state capital.

    He accused the prophet of “criminal and indecent conduct in the name of religion.”

    Adinuba said the prophet’s conduct had portrayed Anambra State in bad light to right thinking people.

    The statement read in part, “The Anambra State Government is in possession of some videos produced by one person, who goes by the name of Onyeze Jesus, based in Nkpor, Idemili North Local Government Area of the state.

    “He not only claims to change the economic status of his adherents by magical means, but also throws a lot of Nigeria’s currency notes into the river and compels his adult followers, both male and female to bath naked in the river and records them on video which he distributes gleefully to all manner of people through the Internet and other means.

    “The state government is appalled by the conduct of this man. Anambra people are famous throughout the world for their industry, knowledge, ingenuity, perseverance, a high savings rate and an infectious business drive, all combined to enable them to achieve tremendous success in various fields. Their success is not overnight nor through magic.

    “Onyeze Jesus promotes superstition and strife in society. By telling his gullible and brainwashed followers that their misfortune is caused by family members, relatives, friends and business associates through magical powers, he is fomenting serious troubles and instigating eternal enmity in various places and businesses. Some of these troubles can lead to physical fights, bodily injuries and even deaths.

    “By throwing naira notes into the river regularly as part of sacrifice to the river goddess and filming it and distributing the film to the whole world, he has brought Anambra State into global ridicule and, worse, gregariously committed a criminal offence.

    “Burning or destroying the naira through any means is an offence criminalised by the Central Bank of Nigeria Act of 2007, and the offender is liable to imprisonment.”

  • CBN opposes moves to remove Arabic inscriptions from Naira notes

    CBN opposes moves to remove Arabic inscriptions from Naira notes

    The Central Bank of Nigeria (CBN) has opposed a suit seeking to remove the Ajami (Arabic) inscriptions on naira notes.

    It told the Federal High Court that it would cost the country a “colossal sum of money” to discard the existing notes and print new ones without Ajami.

    The CBN said Ajami is not a symbol or mark of Islam but an inscription to aid non-English speakers who are literate in and use Ajami for trade.

    The apex bank made the submission in a counter-affidavit to a suit filed by a Lagos-based lawyer, Chief Malcolm Omirhobo, before Justice Mohammed Liman.

    Omirhobo argued that the Arabic inscriptions on the naira notes portray Nigeria as an Islamic state, contrary to the country’s constitutional status of a multi-religious state.

    He contended that this violates sections 10 and 55 of the Constitution, which makes the country a multi-religious state.

    Section 10 reads: “The government of the Federation or of a state shall not adopt any religion as state religion.”

    Omirhobo prayed the court to restrain the CBN from “further approving, printing and issuing naira notes with Arabic inscriptions, bearing in mind that Nigeria is a secular state”.

    He also prayed the court to order the CBN to replace the Arabic inscriptions with either English language, which is the country’s official language, or any of Nigeria’s three main indigenous languages – Hausa, Yoruba or Igbo.

    But in its counter-affidavit deposed to by Abiola Lawal, the CBN argued that “the Ajami inscriptions on some of the country’s currencies do not connote any religious statements or Arabian alignment”.

    The apex bank maintained that contrary to Omirhobo’s claim, the Arabic inscriptions were not a threat to Nigeria’s multi-religious status.

    It said: “The inscriptions on the country’s currencies do not and at no time have they threatened the secular statehood of the nation, nor have they violated the Constitution of Nigeria, as every design and inscription was finalised with the approval of the relevant government bodies.”

    The apex bank explained that the “Ajami inscriptions” on the naira notes date back to the colonial era “and they do not imply that Arabic is an official language in Nigeria”.

    It added: “The naira notes retained the inscriptions with Ajami since 1973 when the name of the Nigerian currency was changed to naira from pounds.

    “The Ajami was inscribed on the country’s currency by the colonialists to aid those without Western education in certain parts of the country, who, back then, constituted a larger part of the populace.

    “The Ajami is not a symbol or mark of Islam but an inscription to aid the populace uneducated in Western education in ease of trade.”

  • VIDEO: Lady allegedly vomits naira notes after losing pants to ritualists

    There was confusion in several parts of Warri and environs on Sunday when a lady was said to be vomiting money around Effurun market area of Uvwie local government area after her pant was allegedly stolen at her residence few weeks ago.

    The news of the lady vomiting money spread to several parts of Warri, with friends calling the other to alert of the development. Some of those who called were not sure of where it happened.

    Some persons said the lady was seen vomiting dollars while others said she vomited high denomination of naira notes.

    According to a report making the rounds on the internet, at Effurun market , a lady said it took the extra effort of a Pastor to pray for several hours before the lady stopped vomiting the money.

    When pressed for photographs those who gave the story at the market said good neighbors around Ogaga street where the incident allegedly happened covered her face with wrapper while the prayer lasted.

    Meanwhile, the fear of Yahoo boys in Warri is the beginning of wisdom as speculations are rife in the city that the boys now use ladies pants for rituals. “They buy pants and even mobilise people to go steal pants which they buy and use for rituals. The pants cost as high as N250,000”

    See video below:

     

    View this post on Instagram

     

    Confusion as lady vomits a bucket of money during deliverance in Urhumarho, Delta State. [Swipe]

    A post shared by Instablog9ja (@instablog9ja) on

  • Spraying, hawking naira notes will land you in jail, Bankers Committee warns

    The Bankers Committee on Friday warned against bastardising the national currency, saying those who spray and hawk the naira notes at parties risk going to jail.
    TheNewsGuru (TNG) reports mobile courts are to try those bastardising the national currency, and if found guilty, sent to jail.
    Issuing the warning after its meeting in Lagos, the Bankers Committee said the mobile courts would be deployed nationwide to try those mishandling the currency.
    Spokesman of the Central Bank of Nigeria (CBN), Isaac Okoroafor, said the Police and Ministry of Justice would be involved in the operation.
    “If a celebrant is dancing and you spray him/her, you may go to jail from the party venue because the law enforcement agents will be there, waiting to arrest you.
    “It is the duty of law enforcement agencies to catch offenders and take them to court. Our collaboration with the police will intensify as we move to implement the mobile court for offenders,” he stated.
    Admonishing Nigerians on how to give cash gifts at parties, Okorafor said: “If you want to give, put the money in an envelope, and give it the celebrant”.
    “Let’s know that anybody hawking and writing on the naira will face six months in jail or N50,000 or both,” he added.
    Mrs. Handa Ambah, Managing Director of First Securities Discount House (FSDH) Merchant Bank, said people selling naira notes would be punished severely.
    “We need to let them know that this is money. The fact that you cannot spray money at parties does not mean that you cannot put money in an envelope and pass it to the celebrants,” she said.