Tag: Naira

  • Naira re-design won’t affect 2023 general election – CBN

    Naira re-design won’t affect 2023 general election – CBN

    The Central Bank of Nigeria (CBN) has said the Naira redesign won’t affect the 2023 general election, as it will provide the required cash and other support needed for the smooth conduct of the poll.

    Prof. Godwin Emefiele, the CBN Governor, said this when he received Prof. Mahmood Yakubu, the Chairman, Independent National Electoral Commission (INEC) and his management team in Abuja on Tuesday.

    Emefiele said that the CBN had always been supportive to INEC in whatever way possible to ensure that it delivered on its mandate of ensuring hitch-free elections.

    “Before now, we have been involved in the storage of INEC election materials and his involved using our armoured bullion vans to transport election materials.

    “We are happy that in the course of this relationship, we have not disappointed you and that is the reason you have come again this time.

    “Now, just aside from the issue of storage of election materials together with transportation of election materials from CBN locations to your own specific or designated locations, I know that just a few months ago, I visited your office.

    “You raised the issue of how foreign exchange can be procured to you to import Bimodal Voter Accreditation System (BVAS) and other forms of election material that need to be imported and I gave you my word that foreign exchange will be provided for that purpose,” he said.

    Emefiele added that CBN would provided all needed support to INEC to ensure credible general election.

    “I stand here to confirm that as at today, all foreign exchange needed to import those items has been provided and those items have been imported. So, it’s all part of our commitment.

    “Now this issue of paying logistics for people who are going to be transporting election materials to wards, certainly I give it to you that because we regarded the INEC project as an urgent national assignment, it cannot fail.

    “The CBN will not allow itself either to be used or to be seen as an agent that frustrated positive outcome of the election.

    “So I give you the commitment that if in this case, after making your electronic payment you require some money to pay transporters, in this case cash, I give to you is that we will make it available,” Emefiele said.

    Earlier, Yakubu said that the visit was to seek for the CBN support toward a hitch-free 2023 general election, especially with the recent naira re-design policy which placed restrictions on cash withdrawal.

    He said that Nigerian election was huge and complex undertaken that required engagement of critical services.

    “In line with the provisions of extant laws and regulations, service providers are generally paid by means of electronic transfer to their accounts.

    “However, there are equally critical areas such as transportation and human support services that have to be immediately remunerated either partially or in full before services are rendered.

    “In addition, emergency situations may arise requiring immediate cash payments. Some of the critical service providers are unbanked.

    “Over the years, we have worked with the CBN and commercial banks to pay for such services seamlessly during general elections as well as off-cycle and bye-election,” he said.

    Yakubu added:“Over the years, the Commission has also migrated all its accounts at National and State levels to the CBN and this arrangement has worked without encumbrances to our activities.

    “In view of the recent policy involving the redesign of some denominations of our national currency, and the limits placed on cash withdrawals, we consider this meeting important in addressing some of the areas of concern with just 17 days to the 2023 General Election.

    “We are confident that arising from this meeting, we can assuage the anxiety expressed by some of our service providers.”

    He said that INEC was determined to make the 2023 General Election one of the best in Nigeria, adding However, that the commission can’t do it alone.

    “That is why the commission is mobilising every critical national institution for the success of the election. This meeting is part of this.”

    Yakubu also led the INEC management to a meeting with the National Security Adviser, retired Maj.-Gen. Babagana Monguno shortly after.

  • A tale told by an ATM cash withdrawer – By Dennis Onakinor

    A tale told by an ATM cash withdrawer – By Dennis Onakinor

    “Professor! Professor! Let’s hear the Professor!” chanted some youths as the bespectacled young man dished out anarchic social commentaries laced with unprintable invectives against what he described as “the ruling oligarchic buccaneers, who are strangulating the suffering masses of Nigeria through the diabolic combination of petrol scarcity and Naira notes shortage.” Others chorused: “Professor is our man! Professor for president!”

    Dressed in tattered sagging Jeans trousers and a red T-shirt, the “Professor” was neither delivering a classroom lecture nor was he engaged in an intellectual presentation. He was only one of a multitude of bank customers that had besieged an Automated Teller Machine (ATM) in the Edo State town of Uromi, amidst the lingering scarcity of new Naira notes occasioned by the Central Bank of Nigeria (CBN) currency redesign exercise launched in December 2022.

    The “Professor,” a final-year student of political science, had arrived at the ATM location as early as 6.00 a.m., hoping to avoid the snaking queues that often degenerate into mob violence as desperate customers battle each other for the new Naira notes that are in short supply, nationwide. Unfortunately, the ATM failed to dispense a single cash note to any of the multitudinous customers even as the day was far spent, thus occasioning frustration and anger. It was in this circumstances that some youths donned the toga of impromptu politicians, social activists, comedians, conspiracy theorists, etc., all in a bid to ease the simmering tension.  

    Assuming the role of a social crusader, the “Professor” railed against the CBN and the politicians: “Let me make it abundantly clear that the great patriotic masses of Nigeria will not stand idly by while a brood of vipers and black mambas continue to hold our country to ransom. We the great youths will never yield to the evil machinations of the ruling oligarchic predators, who have deliberately orchestrated this Naira notes scarcity as part of their grand design to subjugate, emasculate, and exterminate the downtrodden masses … “

    But for the intervention of a self-appointed “Comedian,” the “Professor” would have continued with his endless rabble-rousing as his fellow youths yelled “More! More! Fire On!” in a manner reminiscent of university students’ union electioneering campaigns. The “Comedian” began his act by teasing the “Professor” about his bombastic oratory, telling him that “big, big grammar does not put money in the pocket,” in a veiled reference to a popular local musician, who once sang that “grammar, grammar, grammar no be success.”

    The ovation that greeted his introductory remarks had hardly died down than the “Comedian” proceeded to inform the crowd about the “actual cause” of the scarcity of the new Naira notes: “Let me tell you what my friend in the EFCC told me yesterday, although he warned me against telling anybody. We are all part of the suffering masses of Nigeria, and we deserve to know the truth. Ten trailer-loads of the new 1000 Naira notes belonging to Bola Ahmed Tinubu were apprehended yesterday by a vigilant team of EFCC officials, who refused to be bribed with two of the trailer-loads. The APC’s presidential flagbearer, popularly known as the Lion of Bourdillon and the Jagaban of Borgu, will soon appear in court.”

    The “Comedian” went further to state the respective roles of Atiku Abubakar and Peter Obi in the new Naira notes scarcity: “If you think Tinubu is the only one involved in the hoarding of the new Naira notes, you better think twice. My EFCC friend also told me that Atiku maintained a secret warehouse loaded with 500 Naira notes, which was uncovered by a crack team of EFCC detectives. The PDP’s presidential candidate is presently helping the EFCC in their investigations. On his part, Peter Obi had requested the MD of a bank to help him with one bullion van of 200 Naira notes, but the MD refused, because he didn’t trust Obi to remain silent in case the bullion van was apprehended by the EFCC. The Labour Party’s presidential flagbearer is too talkative.”

    At some point, the “Comedian” brought out his mobile phone that was held intact with a thick yellow rubber band. He took a long hard look at the screen, shook his head vigorously, and then announced: “I have just received a message from a reliable source in New Zealand, that Tinubu has decided not to spend the Naira during the presidential election coming up on February 25th. Instead, he will be spending only Dollars. But, Atiku has vowed to match every of his Dollar with a Pound Sterling. So, there will soon be a rain of Dollars and Pounds in Nigeria. Anyone who wants to buy Dollars and Pounds should wait till the presidential election is over, because both currencies will be available like the sand of the earth.”      

    As the “Comedian” made further revelations, some people, especially the illiterate women, began to lament the collaborationist attitude of all politicians in the looting of the national treasury. One young woman tearfully said: “Is it now a crime for people to be poor in Nigeria? What have we done that the rich people do not want us to live side by side with them? Is it not the same God that created all of us? Why are they stealing and hiding our money, while we go hungry because of lack of cash to buy basic food items? Now, we know that all politicians are the same; none is different from the other; they are all treasury looters.”

    Realizing the devastating effects of his jokes, the “Comedian” changed tact: “Do you all know that you can dye your old Naira notes to the new colour?” he asked. Obviously, one elderly man had heard enough of his jokes, and he responded angrily: “Young man, you have been talking nonsense. If you are an expert at dyeing old Naira notes, why are you still here? See how you look; like a hungry leopard. You had better go and join Amotekun (the Pan-Yoruba security outfit codenamed ‘Operation Leopard’). They will welcome you very well. Stop disturbing us here. How am I sure you are not one of the Yahoo boys who scam people and steal money from their bank accounts.”

    The response to the elderly man came, not from the “Comedian,” but from a shaven-headed muscular youth who cut the image of the character named “Ofoedu,” described in Chinua Achebe’s “Arrow of God” as someone “who was never absent from the scene of a fight.” He glared at the old man and berated him in severe terms: “Old man, you have no shame. It is people like you that are destroying our country. Who gave you the audacity to refer to us as Yahoo boys? Is it that you are too old to realize that we are the great leaders of tomorrow?” 

    The elderly man attempted to explain that the “Comedian” was trivializing a national issue that was occasioning a lot of hardship especially among the poor people, but the muscular youth would have none of it: “Shut up! Who are you to determine what the youths should be discussing? This is how you old people destroyed this country with your old ideas. Maybe you are one of the treasury looters, hence you don’t like our discussion. As educated as we are, are you not scared of referring to us as Yahoo boys? Be careful, or I’ll teach you a bitter lesson.” 

    As further attempts to explain himself were met with increased threats of violence, the elderly man quietly withdrew from the scene. For, it was said in his “Canterbury Tales” by the 14th Century renowned English Poet, Geoffrey Chaucer, that: “He who preaches to those who don’t wish to hear annoys them with his sermon,” and “Where you have no audience, don’t endeavour to speak.” 

    However, a plump young lady, decked up in jeans trousers and jacket, was indignant at the treatment meted out to the elderly man by the muscular youth, and she did not mince words expressing her indignation: “It is this kind of exhibition of thuggery that gives Nigerian youths a bad name. Perhaps, because of your size, you are feeling too big to respect your elders. If you had any home training, you would have known that old age is deserving of respect. There is a parable that says, a youth may run fast but the elder knows the way; and another one also say, an old man sitting down sees farther than a young man standing up.”

    The plump lady’s insinuation that he lacked home training probably irked the muscular youth to the extent that he attempted launching a physical attack on her, but she was unexpectedly too quick for him as she landed a blinding slap on his face. Whether it was premeditated or spontaneous, no one could tell, but what everyone saw was the muscular youth being pummeled to submission by three hefty young men, who were said to be acquaintances of the lady. But for the timely intervention of a team of mobile policemen, the story might have ended differently for the bruised and battered muscular youth. 

    Dusk eventually turned to darkness as the frustrated and disgruntled ATM customers dispersed one after the other. The “Professor” and a group of friends could be heard ruing their fate as they walked away dejectedly, hoping to try their luck the next day. Yours Sincerely walked up to them and interrupted their conversation with a query: “I hope all of you will vote in the upcoming elections so as to try and change the state of affairs in our country.”

    Expectedly, it was the “Professor” who responded: “We’ll surely exercise our inalienable right to vote and be voted for, because we are conscious of the fact that the decadent ruling oligarchy thrives on the politics of immobilism and violence. We’ll ensure that the buccaneers and their neo-imperialist masters fail woefully in their bid to deny us the opportunity to enthrone a people-oriented leadership. We’ll thwart their efforts to sow nationwide chaos and anarchy through this socio-economically debilitating scarcity of new Naira notes and other evil machinations.”

    Quickly, I bid the “Professor” a “good night,” and walk away as fast as I could, so as to forestall another round of verbosity from the young student. Walking home, I realize, albeit regrettably, that no authority has taken responsibility for the crippling nationwide Naira notes scarcity; and of course, none ever will. For, as in Orwellian Animal Farm, things go the way they have always gone in Nigeria, i.e., badly. The situation cannot be much better or much worse. And for the masses, the unalterable law of life is hunger, hardship, and disappointment.

     

    • Dennis Onakinor, a global affairs analyst, writes from Lagos – Nigeria. He can be reached via e-mail at dennisonakinor@yahoo.com
  • New Naira Notes: Tinubu, APC are crying; Nigerians angry, frustrated – By Mideno Bayagbon

    New Naira Notes: Tinubu, APC are crying; Nigerians angry, frustrated – By Mideno Bayagbon

    What a week last week turned out to be: Pain and sorrow and blood and the worst of our humanity crawled out of their dingy holes and made life hell for majority of Nigerians. I am talking about saboteurs and government-induced sufferings occasioned by scarcity of the redesigned Naira notes and petrol. Life which hasalready made us natives of the Hobbesian state found a new wickedness, a verve to kick the average Nigerian in the groin, again and again.  Life wore a never-before-seen hopelessness which donned a brutish, nasty and short  cavalier babaringa. I am talking about such hopelessness that will drive a married woman to go completely naked in a banking hall or a fifty-something year old grand father going unclad to protest their inability to withdraw their hard earned money to take care of pressing family needs.

    When I was penning last week’sepisode of An Eye on Politics in which I laid the blame for the shoddy release of the redesigned Naira notes on the banks and collaborating politicians, little did I know that the worst was yet to come. Queues to withdraw the currency notes at ATMs rivalled kilometres long, desperate, snaky car queues searching for fuel. Turning on our comic side, someone wrote: we are queuing all night long at the banks to withdraw money to go and queue all night at the filling stations so we can go and queue to collect our PVCs. Desperation turned to shouting matches, to fisticuffs, to rivers of blood; and death in the banking halls. We are talking of such raging anger that fuels a crowd to descend on armed soldiers who tried to jump the long queue at the ATM, starred bullets in the eye, and beat the hell out of them.

    The Almajiris in Kano were the only ones bold enough to take it out on the high and mighty, pelting the convoy of Mr President, Muhammadu Buhari with stones, to a surprising no repercussion. This was when the president went to commission some projects built by the Kano State Governor, Alhaji Ganduje. Anger, hunger, desperation ruled the land. Neither the old Naira notes nor the redesigned ones were anywhere to be seen except in hidden bank vaults and the sequestered cupboards of the high and mighty who, despite the CBN regulations managed to fill their tills to the brim with the new notes. Late Abami Eda, Fela Anikulapo Kuti, couldn’t have sang it better: it was a week of sorrow, tears and blood for the average Nigerian.

    Predictably, in the cacophony of anguished voices which enveloped the land, amidst hurried ineffectual meetings, which left the substance and solutions, our politicians still managed to make the whole situation all about them. First was the presidential candidate of the All Progressives Congress, Alhaji Bola Ahmed Tinubu, who shouted to high heavens that he was the major target of the redesigned Naira notes and the unending fuel scarcity. Not providing any explanation, he went nevertheless, in the dark of the night to meet with the President. His party and members taking a cue from him have shouted themselves hoarse painting  their candidate with dubious victimhood. They too fail to show in what way their party and their candidate, and not generality of Nigerians, are the major victims. All the APC governors met up and paid the president a visit whose outcome led to the president promising to look into the matter in 10 days, if the  issues around the redesigned Naira notes, getting into the hands of the ordinary Nigerians, have not been resolved by then.

    Then came in the Peoples Democratic Party, PDP, and its candidate into the fray. They pointedly accuse the APC and their candidate of crying foul because the redesigned Naira notes has denied them the ability to use money to buy votes. The roforofo fight is still on, even as the courts have foolishly lend themselves to the politicians to use as their battering rams. One of them has already issued an exparte order granting the wish of some to compel the CBN and the federal government not to extend the expiration date of the old notes. Other cases, in other courts, are urging the contrary, to wit,  that the CBN must be compelled to extend the expiration date. In typical Nigerian fashion, Nigerians are left to lick their wounds while the politicians and government fiddle away.

    PDP TURNS THE HEAT ON WIKE, G5

    Please join me in laughing in Ikwerre and in Igbo, as the the gang of Governors, first known as G5 and later Integrity Group, scamper about looking for a hiding place. The PDP having given up on its errant members in the Integrity Group, of ever coming back into the umbrella’s covering, has brought out the long knives. The party did not even wait until the end of January before it started showing its hands. Recall that Governor Nyesom Nzenwo Wike had boasted, and later recanted, that his group will unveil to the public the presidential candidate it has adopted for the 2023 elections in January, 2023. Suddenly, as January was coming to an end, Wike, not known as a born again Christian started speaking in familial tongues. He claims, unsuccessfully, that he never told anyone the Integrity Group will publicly announce their choice candidate. Only those who should know will be subtly informed, he now says.

    That was just before he started crying that a case he instituted against the APC and LP in Port Harcourt, was thwarted by the National PDP whose legal adviser wrote to discontinue the case since only the national body has the legal teeth to so institute a case. Sensing the door about to slam in his face Wike rushed to the Federal High Court, in Abuja, begging that PDP should be compelled not to expel or suspend him. The hunter has suddenly turned the hunted and Wike’s bravado is evaporating and a wimp is emerging therefrom. But there is no doubt now that he is all for the APC candidate, Tinubu. This has made Rivers State a three horse race from which I suspect Bola Tinubu will get at least a mandatory 25 percent but might still come third in the state.  PDP is the traditional party in the state while Peter Obi’s  Labour Party has developed a strong following in the state. If Wike thinks he can deliver the state for Tinubu in the sweeping form the PDP used to, then like I wrote last week, he has a dirty slap heading his way.

    While it was purely unexpected that the hand picked PDP governorship candidate in Abia state wouldsuddenly fall ill, felled by a stroke, a fatal heart attack which took him to England, in a desperate search of a cure and eventually death, Governor Okezie Ikpeazu has found himself castrated. Spineless groveling has become his lot. PDP national holds him in a very bad place: they are the only one who can conduct  and did conduct the new primary to choose Professor Uche Ikonne’s replacement. The national chairman must sign the letter nominating the new candidate, Governor Ikpeazu’s former Chief of Staff, Okey Ahaiwe, to the Independent National Electoral Commission, INEC. Ikpeazu has been forced to eat his vomit.

    As Fela Anikulapo Kuti would say, for the G5 Governors and their Integrity Group, yeye don dey smell. They have boxed themselves into a rabbit hole and there appears to be no way they can dig themselves out.

     

    Mideno Bayagbon: mideno@thenewsguru.ng

  • Lagos APC forced to suspend campaign

    Lagos APC forced to suspend campaign

    The Lagos State All Progressives Congress (APC) has announced the suspension of its campaign activities ahead of the forthcoming elections due to fuel scarcity and cash crunch occasioned by the Naira redesign.

    The State Chairman of the party, Pastor Cornelius Ojelabi, made the announcement in a statement by the party’s Publicity Secretary, Mr Seye Oladejo, on Tuesday.

    Ojelabi said the decision was reached due to the scarcity of fuel and pain caused by the Naira redesign.

    The chairman said that the party empathised with the general public, especially the downtrodden who were at the receiving end.

    According to him, it will be insensitive to forge ahead with the various rallies with the situation of things.

    Ojelabi said that members of APC were not immune against the development, adding that he had been inundated with several complaints.

    “I joined my voice with those of other well-meaning Nigerians to call for the review of the Naira redesign policy to give it a human face and ameliorate the suffering of ordinary Nigerians,” he said.

    The chairman appealed that petroleum products should be made available in order not to jeopardise the preparation for the elections and reduce the negative economic impact.

    He enjoined all Lagos residents to remain law abiding as all issues would be resolved in due course.

    The Central Bank of Nigeria (CBN) on Oct. 26, 2022, announced the introduction of redesigned N200, N500 and N1,000 notes into the financial system.

    The scarcity of the new notes and fuel scarcity has continued to disrupt business activities across Nigeria.

  • CSOs barricade CBN gate in Benin over cash crunch

    CSOs barricade CBN gate in Benin over cash crunch

    A coalition of Civil Society Organisations (CSOs) on Tuesday barricaded the main entrance gate to the Central Bank of Nigeria (CBN) office complex in Benin to protest the scarcity of new naira notes in the country.

    The protesters chanted solidarity songs, calling on the bank to make the new naira notes available to reduce the sufferings of Nigerians.

    The protest caused traffic gridlock around Akpakpava, forcing motorists to negotiate their ways through the adjoining streets.

    The leader of the protest, Mr Agho Omobude, said that the cash crunch had brought untold sufferings to millions of Nigerians.

    According to him, it is inhuman to continue to allow Nigerians to remain in this suffering.

    Briefing newsmen at the end of a closed-door meeting with the management of the bank, Omobude said the bank had shown understanding with the group’s concern.

    He said: “We are tired of the crisis the shortage of the new naira notes is causing.

    “We reached an agreement with the CBN to disburse the smaller denominations across the counter, with each customer getting N20,000.

    “The bank management also said that the new notes would be made available and disbursed across the counter and Automated Teller Machines in all the banks.

    “They have also accepted to include the CSOs in the monitoring team set up by the apex bank to ensure monies given to banks are disbursed,” Omobude said.

  • When government prompts the citizenry to violence – By Owei Lakemfa

    When government prompts the citizenry to violence – By Owei Lakemfa

    A Lebanese man on September 16, 2022, wielding a gun, held up the Byblos Bank in Ghazieh, Southern Lebanon. No, not to rob the bank or its customers. Just to retrieve part of his money trapped in the country’s banks!

    So, to retrieve part of his money, he had to hold up the bank and take hostages. As news of the holdup spread, crowds gathered in front of the bank to cheer him on.

    Two days earlier, there had been two other holdups in Beirut and the town of Ale. Although all the weapons turned turned out to be toy guns, but nobody will confront a desperate armed man believing the gun he is carrying is a toy.

    In August, 2022, a man held up a Beirut bank just to withdraw his own funds to treat his sick father. He went home a free man when the bank dropped its lawsuit against him. Also, a Lebanese woman seized a bank in Beirut demanding her frozen deposits in order to pay the medical bills of her sister.

    These were surreal images and I felt sorry that Lebanon, once considered the banking capital of the Arab world, which was why it was called the “Switzerland of the Middle East”, could have become a failed state.

    Never in my wildest imagination could I have conceived not too dissimilar scenes in Nigeria just four months down the line. This was because I did not reckon with a man called Muhammadu Buhari, a retired general and former Military dictator who runs the regime in Nigeria as elected President and Commander-in-Chief of the Armed Forces.

    His regime decided to change the three highest denominations of the Naira with effect from December 15, 2022. The end date was fixed at January 31, 2023. While in compliance, the populace returned the old bank notes to the bank, the new notes did not flow in sufficient quantity. The mass media quoted Kaduna State Governor, Nasir el-Rufai as claiming that while the Central Bank mopped up N2 trillion old notes, only N300 billion new notes were in circulation. Whether this claim is true or not, the fact is that a financial crisis is sweeping through the country and Lebanon-like scenes are being enacted. Although guns have not surfaced in bank halls, they have in the streets where armed policemen engaged citizens protesting the cash shortage and the failure of banks to pay customers.

    Also in the historic city of Benin where protesters had taken to the streets, armed soldiers have had altercations with the students of the University of Benin over access to Automated Teller Machines, ATM, which has become the primary means of collecting money.

    In Abuja, I saw the trending video of a naked, elderly man in a bank weeping inconsolably because he could not retrieve his money to take care of his family. He ignored the entreaties of bank officials. Rather, he demanded to be killed: “Make dem shoot me make I die. Make I forget my children, make I forget my wife(shoot me and let me die, kill me and let me forget my children, let me forget my wife)”, he wailed in Pidgin English.

    Some days earlier, a lady stripped to her under pants in a bank hall, demanding access to her money so her daughter can return to school. In another bank, a man climbed the counter, removed his top and decided to sleep there unless he was given some of his money. In another bank hall, a machete-wielding man was said to have been subdued.

    In some cities, angry Nigerians took to the streets in protest, leading to the burning of some ATMs and banks buildings.

    What is going on is the undisguised sale of the Naira to buy the Naira. As at Sunday February 5, 2023 in Abuja, the Point-Of-Sale, POS, operators were charging at least 15 per cent of whatever money customers were withdrawing.

    Also, the POS in almost all fuel stations were non-functional. I observed fuel station operators who insist on cash, counting whatever money they make, and selling the currency to Nigerians at 15 per cent interest rate!

    The mass media reported that as at Saturday in Lagos, N5,000 old notes attracted a N1,000 commission while N6,000 new notes attracted as much as N2,000 commission; that is, a Nigerian is forced to lose one third of his money just to have the Naira in his hands!

    The Central Bank of Nigeria, CBN, claimed enough new bank notes have been given to banks. It followed this up with some clips of its officials leading security men to exposing some banks hoarding the new notes. If this was a serious move, then over 75 per cent of the bank managers would have been behind bars.

    Meanwhile, some bank officials are feeding the ATMs with Naira in wraps so currency cannot be dispensed. Many banks are also debiting customers without remitting their money or reversing the transactions. So, what is going on is the mass robbery of Nigerians with no government or security agency to defend them.

    The induced currency crisis has crippled small businesses while the Manufacturers Association of Nigeria, MAN, says if the currency crisis persists for another three weeks, there is the likelihood of a 25 per cent monthly drop in sale of locally produced goods.

    Eleven governors elected on the platform of the ruling All Progressives Congress, APC, on Thursday met President Buhari to work out an urgent solution, including the concurrent use of the old and new notes till the end of the year. Buhari, while having no solution, requested that the current state of anarchy be allowed to continue for another one week when the old notes would have ceased to be legal tender. As usual, he blamed others for the failures of his government.

    Thirty nine years ago, as Military Head of State, Buhari carried out a similar currency change which was disastrous for many Nigerians. In his 1984 album titled: ‘Owo Tuntun’ (New Money) which is now trending on the internet, Fuji musician, Alhaji Kollington, the Kebe Kwara, sang: “I no longer understand the world. We have ended the new currency swap on May 6 (1984). The currency change has been effected, yet we are all still hungry…A lot of people queued at the banks for 7-8 days without being able to change to the new currency…All times the sinner is made to pay for his sins, the innocent is also made to suffer.”

    Africans have a saying that a god that cannot better the lot of the people, should at least not worsen it; the lot of Nigerians under Buhari has worsened. But I am confident that collectively, we shall survive his regime.

  • Bank manager arrested in Abuja for hoarding new Naira notes

    Bank manager arrested in Abuja for hoarding new Naira notes

    An Operations Manager of an undisclosed commercial bank in Abuja, the federal capital territory (FCT) has been arrested for hoarding the Naira notes redesigned by the Central Bank of Nigeria (CBN).

    TheNewsGuru.com (TNG) reports the Operations Manager was arrested on Monday by operatives of the Economic and Financial Commission (EFCC).

    The Operations Manager, whose identity is yet to be ascertained, was arrested for refusing to load the Automated Teller Machines (ATMs) of the bank despite having N29 million of the redesigned Naira notes in the branch’s vaults.

    Before he was whisked away for further questioning, operatives of the EFCC ordered the loading of all the ATMs and the payment of the stipulated amount across the counter to the delight of the distraught customers who had spent hours in queues without getting the new notes.

    This discovery, which indicates a sabotage of the government’s monetary policy by some banks, was made by the EFCC in continuation of the ongoing surveillance and visit to banks across the country to access their vaults and verify whether they were deliberately refusing to dispense the redesigned Naira notes.

    More than five bank branches were covered today by the operatives in Abuja. Similar exercises were ongoing in Zonal Commands across the country, the EFCC disclosed.

    “The operation will continue until normalcy is restored to the banking system. Nigerians finding it difficult to access their funds at any bank and suspects foul play should contact the commission, for immediate intervention,” the antigraft agency stated.

  • Kaduna, Kogi, Zamfara Govts sue FG over Naira redesign policy

    Kaduna, Kogi, Zamfara Govts sue FG over Naira redesign policy

    Kaduna, Kogi and Zamfara states have instituted a suit against the Federal Government seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN).

    In a motion ex-parte filed before the Supreme Court, the three states are praying the court to grant an interim injunction stopping the CBN from ending the timeframe within which the old N200, N500, and N1000 notes will cease to be legal tender.

    They submitted that the 10-day extension is insufficient to address the challenges plaguing the policy.

    The plaintiffs also filed a motion on notice to abridge the time within which the respondent may file and serve a counter-affidavit for an accelerated hearing.

    The states are seeking a declaration that the demonetisation policy of the CBN is not in compliance with the extant provisions of the constitution, and the CBN Act, 2007.

    The plaintiffs said since the announcement of the policy, there has been an acute shortage in the supply of the new naira notes in Kaduna, Kogi, and Zamfara states.

    They added that citizens who have dutifully deposited their old currency notes have increasingly found it difficult and sometimes next to impossible to access the new notes for their daily activities.

    Asides from the unavailability of the new notes, the plaintiffs also submitted that the notice period given by the federal government was inadequate.

    They are also seeking a declaration that the three months notice given by the federal government through the CBN is in gross violation of the provisions of Section 20(3) of the CBN Act which specifies that reasonable notice must be given.

    They also want the court to declare that by the express provisions of Section 20(3) of the CBN Act, the FG through the CBN has no power to issue a timeline for the acceptance and redeeming of banknotes issued by the bank, except as limited by section 22(1).

    Consequently, the plaintiffs want the court to direct the immediate suspension of the demonetisation policy until the relevant provisions of the law are complied with.

    No date has been fixed for hearing.

  • Naira redesign: Oshiomhole flays CBN Gov, Emefiele

    Naira redesign: Oshiomhole flays CBN Gov, Emefiele

    Former Governor of Edo State, Adams Oshiomhole has said the Naira redesign policy by Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) is play to scuttle the forthcoming general election.

    Oshiomhole, who is a former President of the Nigeria Labour Congress (NLC), accused Emefiele, of taking advantage of President Muhammadu Buhari’s anti-corruption stance to pit him against Nigerians.

    He stated this on Sunday while speaking on a Channels TV programme, The 2023 Verdict.

    “I am sorry to say that it is not a secret that he wanted to contest for the APC presidential ticket.

    “He bought N100 million APC nomination form and the President directed that all those who wanted to contest for the presidential ticket should resign their appointments.

    “I remember that during that time he went to the Villa, I believe, he went to consult and when they asked him if he had been cleared to proceed on his political ambition, he said, there will be big news soon.

    “The only news we have heard is this change of currency. We have not heard the news of why he didn’t proceed with his political ambition.

    “We didn’t hear anything from him. The only news we heard is the naira redesign. Emefiele could have chosen a policy that will discredit the party.

    “And unfortunately, everybody knows that President Buhari’s constituency in Nigeria is the army of the poor.

    “The elite have never supported him. And it is these poor people who are hit the most by this policy.

    “When you talk about vote buying, we have moved from a situation that all you need is to compromise the police and the INEC, then, you write the results and they are declared and you start balancing the ballot paper later.

    “You can see that the tension in the bank is not to eliminate abuses, but to prevent the election from taking place.

    “The policy will hurt the election process as the INEC will have to revise its budget as the allocated funds to buy PMS and to bring election materials cannot meet that need now.

    “It is in that context that whoever scuttles the election would have scuttled the chances of the APC winning the election.

    “I am happy that the National Assembly captured the mood of the people. This is because what separates dictatorship and democracy is the presence of the parliament.

    “They live and represent 360 constituencies across the 774 local government areas in Nigeria. They are in touch with their people and they have spoken”.

    On the redesigning of the naira, Oshiomhole said: “I believe that Emefiele, knowing the posture of the President against corruption, used that to achieve other objectives.”

  • Naira redesign: CBN Gov, Emefiele is fighting back – Gov Ganduje

    Naira redesign: CBN Gov, Emefiele is fighting back – Gov Ganduje

    Governor of Kano State, Abdullahi Ganduje has alleged Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) is fighting back with the Naira redesign policy.

    TheNewsGuru.com (TNG) reports Governor Ganduje made the allegation in a statement on Sunday by his Chief Press Secretary, Abba Anwar.

    Ganduje alleged the untimely implementation of the Naira swap policy was deliberately done by Emeifiele as a fighting back strategy for failing to get the presidential ticket under the ruling All Progressives Congress (APC).

    “The CBN Governor is only doing this to cause confusion in the forthcoming elections for no just reason. He has not been in good mood for long, because he failed to secure the presidential ticket on the platform of our great party, the APC,” Ganduje said.

    Insisting that the Kano State Government and APC in the State are totally against the action of the CBN Governor, the Kano State Governor said “currency redesign is done across the globe, but not in the way we are witnessing in our country. The timing is wrong, the deadline given is very wrong and deliberate”.

    Meanwhile, Anwar in the statement revealed part of the measures taken by the State Government to cushion the effects of the hardship caused by the Naira swap.

    “We will summon bank managers very soon to interrogate the shortage of new Naira notes in banks. They should come over and explain to us, why our people are still suffering over this issue of Naira Swap. And I will go to them individually to supervise what is happening and why.

    “We have a plan in the pipeline to start distributing palliatives very soon across all the 44 local governments, to cushion the effect of the hardship caused by the CBN Governor, to our people,” the statement reads.