TheNewsGuru

Tag: Naira

  • President Buhari leaves Naira notes hardship to God’s will

    President Buhari leaves Naira notes hardship to God’s will

    President Muhammadu Buhari has said the current hardship being faced by Nigerians as a result of the scarcity of Naira in the country will ease through the will of God.

    TheNewsGuru.com (TNG) reports President Buhari disclosed this in a terse statement shared via his official Facebook page.

    Buhari appealed for further patience, saying appropriate measures to ease the hardship is being taken and that he is aware of the hardship.

    In the statement, the President called for support for the presidential candidate of the All Progressives Congress (APC), Bola Tinubu.

    He described Tinubu as reliable and said he trusts the APC presidential candidate will build on his achievements.

    The statement reads: “Fellow Nigerians, I want to use this opportunity to once again thank you for electing me to be your President on two occasions.

    “I am not a contestant in this election, but my party, the All Progressives Congress (APC), has a candidate in the person of Asiwaju Bola Ahmed Tinubu. As I mentioned before, Tinubu is a true believer in Nigeria, who loves the people and the development of our country.

    “I am calling on all of you to vote for Asiwaju Bola Ahmed Tinubu. He is reliable and I trust he will build on our achievements.

    “Finally, I want to once again assure you that I am fully aware of the current hardship you are facing as a result of some policies of the government which are meant to bring overall improvement to the country.

    “I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel”.

  • Kaduna Govt insists on use of old Naira notes

    Kaduna Govt insists on use of old Naira notes

    The Kaduna State Government has insisted on the use of old Naira notes in the State, directing all agencies of the State Government to accept payments in old and new notes.

    TheNewsGuru.com (TNG) reports Muyiwa Adekeye, Special Adviser to the State Governor on Media and Communication made this known in a statement on Sunday.

    The statement reads: “In line with the subsisting order of the Supreme Court, the Kaduna State Government has directed its ministries, departments and agencies to ensure that their collection agents continue to accept payments made in all denominations of the naira, old and new.

    “The laws of Kaduna State do not allow personnel of government agencies to be involved in cash collection of revenues. The collection agents authorised by state government agencies do offer citizens a route for cash payment, and are expected to comply with the subsisting court order”.

    Govt warns against breakdown of law and order

    Meanwhile, the Kaduna State Government says it has received credible intelligence reports of plans by various groups to deliberately disrupt public peace, by organizing street protests.

    This was contained in a statement on Sunday by Samuel Aruwan, the State Commissioner for Internal Security and Home Affairs.

    The government in the statement reminded citizens in the State that protests remain strictly prohibited.

    “Citizens are strongly advised to avoid all actions remotely capable of inciting a breakdown of law and order,” it reads.

    The government empathized with citizens who have been placed in untold distress as a result of the CBN cash swap policy.

    “Residents must shun the baitings of mischievous groups hoping to ride on these hardships and incite violence.

    “The Government of Kaduna State, and other concerned state governments, are deploying the full instrumentality of the law to attain a proper resolution, and thus bring relief to citizens.

    “Government is also studying options for addressing challenges being faced by citizens with regard to transport to their places of work.

    “Any resort to unruly or violent conduct is illegal and against the public interest which values law and order. Security agencies have been placed on high alert and have been directed by the Government to decisively uphold law and order.

    “Citizens are therefore urged to maintain calm, and to remain peaceful and law-abiding as they prepare to exercise their civic franchise in an atmosphere free of all forms of threat,” the statement reads.

  • Cash crunch: Violence isn’t the answer – Sanwo-Olu begs Lagosians

    Cash crunch: Violence isn’t the answer – Sanwo-Olu begs Lagosians

    Gov. Babajide Sanwo-Olu of Lagos State on Saturday appealed to residents to remain calm, even in the face of the difficulties and frustrations due to cash shortage.

    Sanwo-Olu made the appeal while addressing newsmen at Lagos House, Marina, on the current situation caused by Naira redesign in the country.

    He urged Lagos residents to avoid all forms of violence, arson and rioting, as sure were not the solutions to the difficulties and frustrations being presently experienced.

    ”Let me thank you, the good people of Lagos for your patience and unwavering perseverance even in these challenging times.

    ”My fellow Lagosians, this is a heartfelt call to you, as your Governor, to please remain calm at this time, and avoid all forms of violence, arson and rioting.

    ”Even in the face of the difficulties and frustrations being faced by all, violence and destruction should not and will never be the answer.

    ”We know that there are unscrupulous persons who want to sow seeds of violence and discord by their very utterances and actions, all with the view of robbing you of the chance to cast your votes in the Feb. 25 Presidential and National Assembly elections.

    ”Do not allow them to use you to achieve their evil intentions,” the governor said.

    According to him, there is no justification whatsoever for attacking public or private property.

    He said that the law enforcement agents had received clear instructions to take full control and ensure zero tolerance for any and all acts of arson, violence and destruction.

    Sanwo-Olu enjoined all law-abiding residents to carry out their lawful activities without fear.

    ”As a government that fully understands the challenges that you are faced with, with regards to access to cash, we are working very hard to provide palliative measures to lessen the burdens being faced.

    ”As part of these measures, I have already approved an immediate reduction in transportation charges for public-owned transport, across the Lagos State public transport system: our buses, ferries and taxis.

    ”We are also equally in discussion with private transport operators not to hike fares at this point of time, given the difficult circumstances in which many Lagosians find themselves.

    ”We have also since commenced the distribution of food packs, to the most vulnerable citizens, the people most impacted by this disruption in the supply of cash.

    ”We will continue to highlight more vulnerable groups within our distribution channels who would benefit from the palliatives.

    ”As we scale up the rollout of these palliatives, we ask for your continued patience and understanding. Remain calm and go about your lawful activities and duties,” he said.

    The governor said the Lagos State Government under his watch would continue to stand by, with and for the ordinary people of Lagos.

    He thanked the Police and other security agencies/operatives that had been working round the clock to maintain the peace, law and order in the state.

    ”We owe you a debt of gratitude. May I also use this opportunity to ask you not to relent in your efforts at continuing to keep the peace in and around the metropolis,” Sanwo-Olu said.

  • Naira crisis: MURIC seeks Buhari’s intervention

    Naira crisis: MURIC seeks Buhari’s intervention

    The Muslim Rights Concern (MURIC) has appealed to President Muhammadu Buhari to intervene in the Central Bank of Nigeria (CBN) Naira redesign policy.

    The group’s Director, Prof. Ishaq Akintola, made the appeal in a statement on Saturday in Lagos.

    Akintola also urged the president to abide by the pronouncement of the Supreme Court on naira swap.

    “Millions of Nigerians have been going through excruciating pain, hunger and starvation since the Nigerian fiscal crisis began.

    “Movement from one place to another has been extremely difficult and outrightly impossible in some cases. Patients in both public and private hospitals are finding it difficult to pay for their treatment.

    “Parents and students suffer psychological trauma due to difficulties in money transfers. The poor masses are the worst for it.

    “Thousands of Nigerians are, therefore, forced to go without food. Transporters have refused to take the old notes and commuters are stranded,” he said.

    Akintola called on the presidency to call the CBN to order without further delay.

    “It is obvious that this institution has failed to effectively distribute the new notes as well as monitor its disbursement to members of the public.

    “Apart from this, Mr President must find a way of abiding by the decision of the Supreme Court which earlier ruled that the old and new currencies should run parri passu.

    “Notwithstanding these inconveniences, we appeal to Nigerians to bear with patience and fortitude.

    “This cup will pass. Any resort to violence will only cause more harm to the poor masses and struggling businessmen and women,” he said.

    He called on religious leaders to intensify prayers for the nation.

    “Prayer points should include peaceful 2023 elections, smooth transition, political stability and economic buoyancy for our dear country, Nigeria.

    “Pray for Nigeria’s political leaders that Allah may imbue them with the wisdom necessary to steer our ship of state to safety.

    “Pray for the youth to engage only in those things that will make this country great,” 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.

  • Buhari has spoken, banks will release all N200 notes – Emefiele

    Buhari has spoken, banks will release all N200 notes – Emefiele

    Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said commercial banks across the country will release all old N200 notes, following approval by President Muhammadu Buhari.

    TheNewsGuru.com (TNG) reports Mr Emefiele made the disclosure on Thursday while addressing Statehouse Correspondents after a closed-door meeting with President Buhari on Thursday in Abuja.

    Emefiele disclosed he has directed all commercial banks to adhere to Buhari’s directive to make available old N200 notes for circulation.

    Emefiele said he met with about 15 commercial banks and directed them to ensure that the old N200 note remained a legal tender from now till April 10.

    He explained that the meeting with the bank executives was to ensure sufficient supply of the old N200 notes to alleviate the sufferings of Nigerians.

    “The truth is that we are all servants. We are serving Nigerians. As far as we are concerned the Attorney General has spoken on this matter and the president has sealed the whole issue this morning in his broadcast.

    “I think I can only just appeal to Nigerians, let’s allow this policy to work. This policy is one policy that goes to reduce the problem of corruption and illicit financial flows; this policy goes to resolve some of the problems in the economy.

    “This policy also goes to reducing the level of insecurity in the country. So, these three issues which are the tripod of this administration’s policy are all embedded in this policy.

    “We should just allow it to work. We keep saying this, there are some temporary pains, but I can assure Nigerians that the long-term benefit to Nigeria is overwhelming and we should just give it a chance to work,” he said.

    In a similar development, the Majority Leader of the House of Representatives, Ado Doguwa, who also spoke to State House correspondents after his closed-door meeting with the president expressed reservations over the implementation of the naira redesign policy.

    According to him, the way and manner the policy is being implemented is making the ruling All Progressives Congress (APC) unpopular towards the general elections.

    Doguwa is the Chairman of the Special Adhoc Committee on Naira Redesign, Cashless Policy, and Naira Swap.

    He said the committee came to see the president in spite of his broadcast and his directives to the CBN governor to commend him for that but to also tell him that “It is not yet Uhuru.”

    The House leader said he told President Buhari that the Committee would continue to interface with the CBN on the implementation of his directives.

    He added that the Green Chamber would not hesitate to invoke the instrumentality of law to call the CBN boss to order if he derailed from implementing the directive.

    “One important thing I want to stress is that Mr. President has addressed most of the issues we want to raise with him in the national broadcast this morning.

    “But that notwithstanding, Mr. President allowed us to meet him believing the fact that the commiiee coming to him represents the institution of the National Assembly.

    “And when you have issues to do with policies of government, you have matters that border on lives and livelihood of our people, the best institution to speak for Nigerians is this institution, the National Assembly and in this case, the House of Representatives.

    “What excites us is that when we met Mr. President, he was already on ground with those agencies that have something to do with this issue of naira redesign and naira swap.

    “The CBN governor was there at his instance, the representative of the Ministry of Finance was there, the AGF was also represented there, the inspector General of Police was also there,” said Doguwa. 

  • 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.

  • CBN embarks on cash-out exercise in Delta

    CBN embarks on cash-out exercise in Delta

    Officials of the Central Bank of Nigeria (CBN) have embarked on a cash-out exercise to ameliorate the sufferings of the people in Delta.

    Mr Sunny Daibo, Leader of the CBN sensitisation team on the redesigned Naira notes in Delta, disclosed this to newsmen on Thursday in Warri.

    Daibo, who represented the CBN Governor, Mr Godwin Emefiele, in the ongoing exercise is also the Deputy Director of Finance of the bank.

    He said that the team visited some micro finance banks, petrol stations and supermarkets to ensure compliance with the cashless policy.

    He said that the banks complied with the directives and paid their customers directly over-the-counter and through their Automated Teller Machines (ATMs).

    The team leader said that they had four microfinance banks within their purview.

    “We went out to monitor and ensure that the banks complied with the directives and they are actually complying.

    “We visited Amju Unique and New Golden Pasture Microfinance Banks in Warri South and they were paying customers through ATMs and over-the-counter.

    “We also visited two filing stations and supermarkets to ensure they complied with the cashless policy. The customers were using PoS to make payments and not cash,” he said.

    The CBN director said that the team thereafter proceeded to the riverine areas having serviced the upland enough, so that the people could enjoy cash-out.

    He said the cash was within the range of N5,000.

    “We are done with cash swap, now we are doing cash-out. We visited Ode-Itsekiri and attended to all the people that needed money.

    “From there, we moved to Ogbe-Ijoh in Warri South-West and the people were happy. We went to Ugbuwangue jetty and serviced the people with the cash we were left with,” he said.

    Daibo suggested a cash-out method as possible solution to the current cash problem in the country.

    “The communities were not happy because they were using money to collect money from the PoS agents. But now, we are bringing the cash to them at their domains,”

    Speaking on exorbitant charges by PoS operators, Daibo said an agent told him they usually paid for the naira notes which they normally got from different filling stations.

    He, however, urged Nigerians to be patient with the CBN, adding that violence do not bring solution. He assured that the situation would be restored very soon.

  • What I thought Buhari wanted to tell Nigerians – Gov Wike

    What I thought Buhari wanted to tell Nigerians – Gov Wike

    Rivers State Governor Nyesom Wike has expressed his displeasure over Thursday morning’s national broadcast by President Muhammadu Buhari.

    TheNewsGuru.com (TNG) reports Governor Wike to have said President Buhari should have obeyed the Supreme Court order and announced the extension of the use of old Naira notes.

    “If you say [old] N500 and N1000 notes can no longer be used, only [old] N200 notes, it means you have forgotten that the highest court of the land has made a temporary pronouncement.

    “I thought what the President would have said is that this matter is in court; we want to obey what the Supreme Court has said. Because the Supreme Court has said this, we will not interfere.

    “Let the old currencies still be in circulation. That is what I thought the President wanted to tell Nigerians. I am not quite happy,” Governor Wike said.

    The Rivers State Governor went further to say that Buhari’s broadcast shows how politicians in Nigeria do not obey the rule of law.

    “At this level, the person of Mr President should have known better. As far as I am concerned, this is complete interference, which is not good for our democracy,” Wike said.

  • New Naira notes: Buhari orders arrest, prosecution of saboteurs

    New Naira notes: Buhari orders arrest, prosecution of saboteurs

    President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to intensify collaboration with anti-corruption agencies, in checking the activities of those bent on frustrating the smooth implementation of the currency re-design policy.

    The president gave the directive while addressing Nigerians on the CBN currency swap policy and State of the Nation on Thursday in Abuja.

    He called on the apex bank to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

    The president said: ”I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy.

    ”I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

    ”To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

    ”I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

    The Nigerian leader maintained that during the extended phase of the deadline for currency swap, he listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

    ”Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.

    ”Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened.

    ”In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

    ”I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.

    On the forthcoming Feb. 25 presidential election, the president affirmed that the new monetary policy had also contributed immensely to the minimisation of the influence of money in politics.

    According to him, this is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.