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Tag: Naira Swap

  • Naira swap mitigated ISWAP/Boko Haram activities in N/East – Army

    Naira swap mitigated ISWAP/Boko Haram activities in N/East – Army

    The Theartre Commander,  North East Joint Task Force, Operation Hadin Kai (OPHK), Maj.-Gen. Ibrahim Ali has said that the Naira swap and cashless policy of the Central Bank of Nigeria (CBN) mitigated violent extremism in the North East.

    He stated this while interacting with members of the Nigerian Union of Journalist (NUJ), Borno State Council, on Tuesday in Maiduguri.

    The commander described the policy as a positive step, adding that it has mitigated terrorists’ activities since inception.

    “The terrorists who had been exposed to hardship living conditions have resorted to kidnapping, seeking for ransom in cash and requesting for food stuff from their victims,” he said.

    He said that the terrorists had also resorted to propaganda on social media in their desperate attempt to remain relevant.

  • NAIRA SWAP CRISIS: President Buhari to address Nigerians

    NAIRA SWAP CRISIS: President Buhari to address Nigerians

    President Muhammadu Buhari will make a national broadcast on Thursday, February 16, 2023 at 7am.

    This was disclosed by a statement issued by the Special Adviser to the President (Media & Publicity), Femi Adesina, late Wednesday night.

    He said Television, radio stations and other electronic media outlets are enjoined to hook up to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast.

    NAIRA SWAP CRISIS: President Buhari to address Nigerians

    TheNewsGuru.com (TNG) gathered that President Buhari’s address to the nation might not be unconnected to the chaos occasioned by the Naira swap policy of the Central Bank of Nigeria (CBN).

    TheNewsGuru.com (TNG) recalls that CBN had accepted culpability for the chaos arising from the redesign of the N200, N500 and N1000 banknotes and the resultant suffering Nigerians are faced with.

    Mr Folashodun Shonubi, CBN’s Deputy Governor in charge of Operations said the apex bank did not anticipate the resultant effects of the Naira redesign and cash withdrawal limits policies.

    Speaking at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers (NSE) in Abuja, Mr Shonubi acknowledged that there was an oversight.

    The lecture held on Thursday, February 9, 2023, was titled, ‘The intricacies of the naira redesign and its benefit to Nigerians’.

    “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.

    “An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

    “So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour,” he said.

    However, Shonubi argued that numerous benefits have been achieved, including the retrieval of N2 trillion to the banking system since implementation commenced.

    He vowed that the CBN will do everything within its authority to ensure that it salvages the current situation and make the challenges become a thing of the past as soon as possible.

    Council of State gives CBN two options to address Naira scarcity
    Meanwhile, the Council of State had presented two options to the CBN with which to address the current shortage of Naira notes in the country.

    TheNewsGuru.com (TNG) reports the National Council of State asked the CBN to print more new notes or recirculate the old Naira notes to ease the current hardship being faced by Nigerians.

    However, the Council of State expressed support for the Naira redesign policy of the apex bank but stressed that the hardship on Nigerians was too much.

    Attorney General of the Federation and Minister of Justice, Abubakar Malami briefed State House reporters on the key issues after the Council of State meeting at the Presidential Villa, Abuja on Friday.

    According to Malami, the Council of State advised the CBN to urgently ensure the availability of Naira notes to douse tension and ameliorate the suffering of citizens across the country.

    “The two major resolutions that were driven by the deliberations of the Council are: one, that we are on course as far as the election is concerned and we are happy with the level of preparation by INEC and the institutions.

    “And then two, relating to the Naira redesign policy, the policy stands but the Council agreed that there is need for aggressive action on the part of the Central Bank of Nigeria (CBN) as it relates to implementation of the policy by way of ensuring adequate provision being made with particular regards to the supply of the Naira in the system,” Malami said.

    While corroborating the comments made by the Attorney General, Gov. Darius Ishaku of Taraba State said the INEC and the Inspector General of Police both gave details of their level of preparedness for the 2023 election.

    He said the governor of the CBN gave details of the Naira redesign policy as well as the merits and demerits of the policy.

    “The Governor of the Central Bank briefed us on the monetary change and issues that have arisen relating to that across the whole States of the Federation.

    ”He gave us the merits of that policy that is being implemented.

    ”What took more time was the monetary issue because of the scarcity of money in circulation but generally the view is that principally the policy was accepted.

    “But the major issue is that of implementation. So many views were proffered particularly that the CBN governor should look into making sure that the new money is available in quantum.

    ”And there were suggestions too that if the new money is not enough or printing them could be difficult, the old currency could be recirculated or pumped into circulation to ease the tension, particularly for the poor people in the society who will need a little money to buy their food or drugs on a daily basis,” he said.

    Ishaku said all deliberations at the Council were advisory, but the president would take the final decision.

    Gov. Babajide Sanwo-Olu, who also briefed newsmen, assured that the president would take the right decision at the end of the day for the benefit of all Nigerians.

    “All we said or discussed were advisory and the president will retire back to his office and I think with all of this advice, the executive knows what to do as we move on.

    ”I’m sure the president will make his thoughts and views known to the nation,” he added.

    TNG reports present at the Council of State meeting are former presidents Goodluck Jonathan, Yakubu Gowon and Abdulsalami Abubakar, Olusegun Obasanjo, who joined the meeting virtually.

    Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, the CBN Governor, Godwin Emefiele, and the Inspector General of Police, Usman Baba were also present to brief the council.

    The Council of State is an organ of the Federal Government of Nigeria that advises the executive on key policy making.

    This would be the first Council of State meeting held in 2023, coming 14 days to the presidential elections and amid the twin crisis facing the economy: fuel scarcity and a cash crunch occasioned by the CBN’s Naira redesign policy.

     

  • Naira swap/cashless policy may affect troops in the fields – NSA

    Naira swap/cashless policy may affect troops in the fields – NSA

    The National Security Adviser (NSA) Maj.-Gen. Mohammed Monguno (rtd), has said that the change of currency and cashless policy of the Central Bank of Nigeria (CBN), if not well thought out, may affect operations of troops in the field.

    Monguno made the observation when he appeared before an Ad hoc Committee of the House of Representatives on change of currency and cashless policy on Thursday in Abuja.

    Represented by the Head of Defence Unit, Rear Admiral Abubakar Mustapha, the NSA said that even in advanced countries, such policies could affect operations of troops if not well implemented.

    “Because of the sensitivity of some of this information that will come and bordering on security, there are things we cannot say in the media.

    “Globally, military operations, even in first world countries, such policies, if not well properly thought out, will affect some certain operations.

    “Some of our soldiers are deployed in places where they cannot actually access digital means of paying for their daily subsistence; that is the main issue that NSA has been talking about.

    “It is important that this committee sits down and articulates better ways of actually addressing these issues,” he said.

    Earlier, the Chairman of the committee, Rep. Ado Doguwa (APc-Kano) said that the committee was intrested in the implications of the policy on national security.

    He said that the committee would interface with major stakeholders to determine the effect of the policy on the economy.

    Doguwa said that from what the committee had so far gathered, the policy posed a challenge to agriculture, economy and security.

    According to him, it is unpopular among the people, it has caused hardship and it may affect the forthcoming election.

    Doguwa adjourned the meeting to Feb. 10 for the committee to meet with the Minister of Finance and the leadership of Printing and Minting as well as INEC boss.

  • Old Notes: AGF asks Supreme Court to dismiss suit challenging February 10 deadline

    Old Notes: AGF asks Supreme Court to dismiss suit challenging February 10 deadline

    The Attorney-General of the Federation (AGF), Abubakar Malami, has appealed to the Supreme court to dismiss the suit filed by three state governments challenging the naira redesign policy of the Central Bank of Nigeria (CBN).

    According to the Malami and his team of lawyers, the Mahmud Magaji and Tijanni Gazali, the Federal Government argued that the Supreme Court does not have the  jurisdiction to entertain the suit.

    In court filings dated February 8, 2023, the AGF contends that “the plaintiffs have equally not shown reasonable cause of action against the defendant.”

    The AGF and his men are of the opinion that Supreme court should strike out the suit for lack of jurisdiction.

    Citing grounds in support of the objection, they argue that the State Governments’ suit challenges the Federal Government through its agency, the CBN, to withdraw old banknotes from the financial system and introduce new ones.

    With reference to Section 251 of the Constitution, the defence lawyers argue that the suit falls within the exclusive jurisdiction of the Federal High Court in matters of monetary policy of an agency of the Federal Government.

    “The claims or reliefs are not against the federation, but the Federal Government and its Agency, the Central Bank of Nigeria.

    “The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the Federation of Nigeria.

    “This suit has disclosed no dispute that invokes this (Supreme) Court’s original jurisdiction as constitutionally defined,” the AGF added.

    Recalled that three state governments – Kaduna, Kogi and Zamfara –  had sued the Federal Government over the naira redesign policy of the CBN.

    In the suit filed on February 3, the states urged the Supreme Court to compel President Muhammadu Buhari, the CBN and commercial banks to rescind the February 10 deadline for the old N200, N500 and N1000 banknotes as Nigeria’s legal tender.

    Ruling on an ex parte request by the plaintiffs, the Supreme Court, ordered the Federal Government to halt the implementation of the currency redesign policy pending the determination of the substantive suit.