Tag: Naira

  • While Nigerians are hungry, govt are thinking of beautifying naira – Adeboye blasts FG

    While Nigerians are hungry, govt are thinking of beautifying naira – Adeboye blasts FG

    The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye has criticized the Central Bank of Nigeria, CBN for redesigning three series of naira notes.

    The clergyman on Friday at the RCCG’s November Holy Ghost Service fumes over the decision by the Federal Government to approve the redesigning, says there’s no sense in beautifying the naira notes when the citizens are hungry.

    “You know what is going on in our country. It doesn’t even make sense anymore. Our naira now is not even worth the paper it is printed on.

    “While people are hungry, trying to find enough money to buy bread to eat, our bosses are thinking of making the naira more beautiful, even if it can’t buy bread, at least, it will look beautiful.

    “We have problems in the land now. Things seem to be getting funnier and funnier. If you don’t learn to laugh in Nigeria now, you will develop hypertension,” Adeboye said.

    TheNewsGuru recalls that the CBN governor, Godwin Emefiele had on October 26 announced the redesigning of N100, N200, N500, and N1000 notes.

  • Why Obasanjo should be on redesigned naira note – Atiku

    Why Obasanjo should be on redesigned naira note – Atiku

    The Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar has stated the reason why former President Olusegun Obasanjo’s image should be on the redesigned naira notes.

    He urged the Central Bank of Nigeria, CBN to put Obasanjo’s face on the naira note due to his efforts in making Nigeria a better place.

    In a tweet, Atiku wrote: “Africa is blessed to have a statesman of such impeccable democratic credentials as Chief Obasanjo. A man whose image ought to be in the redesigned naira note to inspire future generations of Nigerians to sacrifice for their nation and continent.”

    Recently, the apex bank governor, Godwin Emefiele, announced the redesigning of N100, N200, N500, and N1000 notes.

    The CBN boss said the new notes would be released on December 5, 2022.

  • Pharmacist laments soaring price of drugs in Nigeria

    Pharmacist laments soaring price of drugs in Nigeria

    Pharmacist Samuel Adamatie, a drug development expert based in Abuja, the Federal Capital Territory (FCT) has lamented the soaring price of drugs in Nigeria.

    Pharm Adamatie disclosed that the effect of this means that substandard drugs will begin to find their way into the country.

    He stressed that Nigerians would have to rely on lifestyle modifications to stay healthy or make do with herbal medicines, which he cautioned have side effects.

    “Price of drugs are soaring high….. effect and consequences abound…this re-designing of our currency has also contributed to dollar scarcity amongst others and by extension made drug prices soar because of course we import.

    “Substandard drugs will begin to find their way into Nigeria now that the prices of drugs are soaring by the second and people will begin to get substandard drugs, rely on lifestyle modifications alone or return to herbal drugs but all these have their consequences,” Adamatie stated.

    Cautioning on the side effects of substandard drugs, the Abuja-based pharmacist stated: “You have to be cautious. Substandard drugs can lead to a whole lot. They do not give the required response i.e no complete recovery, you think you are well and after some time you are sick again.

    “A substandard drug does not deliver the appropriate quantity to curable/controllable levels. For instance, you need 500mg of a drug and the label says 500mg but its actual content is 250mg. Because it’s cheap, you buy, whereas you are not getting what is needed.

    “A substandard drug can lead to drug resistance making one spend more than even expected normally in terms of money and time to get proper treatment”.

    Adamatie disclosed that not every ailment or sickness that lifestyle modification can help maintain or cure from the onset.

    “So, if you think that since I can’t afford the drugs let me just focus on exercise or what I eat alone then you might just be doing more harm than good. Seek advice before going through that route. Not because drugs are now expensive then you decide to abstain. The consequences might be regrettable.

    “Meanwhile for those who want to return to herbal preparations due to the hike in the price of orthodox drugs, no problem but be cautious. Most kidney failures or diseases are a result of unwholesome use of herbal preparations.

    “So if you want to use one, make sure you are sure of its source, dosage and sure of its content, meaning it should be well labelled by the appropriate authorities,” Adamatie stressed.

    On how Nigerians can help themselves in this period of increase in the prices of drugs, the drug development expert advised citizens to be less prone sickness by practising good hygiene.

    “Watch what you eat. You are what you eat. Reduce junks so you won’t spend money to remove the same junks. You just have to be deliberate. If you don’t exercise then you need to. Preventive medicine is now the way forward. The mind needs to relax too. Anxiety, worries, and stress are not good for your health if not you will require medication.

    “Finally on this issue of substandard drugs, I will say as a community pharmacist that the bitterness of low quality drug remain long after the sweetness of low price is forgotten,” Adamatie advised.

  • BREAKING: President Buhari wades into new Naira notes controversy

    BREAKING: President Buhari wades into new Naira notes controversy

    President Muhammadu Buhari has waded into the new Naira banknotes controversy between the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance.

    TheNewsGuru.com (TNG) reports President Buhari to have said the decision of the CBN to launch the new Naira notes in December 2022 has his support and is convinced that the nation will gain a lot by so doing.

    Recall that as a means of checking serial abuse of the Naira, the CBN disclosed it has concluded plans to redesign certain denominations of the currency.

    Mr Godwin Emefiele, the CBN Governor, who made this known during a press conference in Abuja recently, said the apex bank had obtained the approval of Buhari to redesign the N200, N500 and N1,000 notes.

    However, the Ministry of Finance, Budget and National Planning said the ministry was not consulted on the new monetary policy.

    Minister of Finance, Mrs Zainab Ahmed, said she received information on the new policy just as other Nigerians, stressing that her ministry, as a fiscal authority, was not part of the process leading to the formulation and announcement of the policy.

    “We were not consulted, it was an announcement that we heard, it was said that part of the reason advocated was that it was one of the ways to mope up liquidity to manage inflation.

    “But there are consequences that we are also looking at, what will the consequences be, there will be some benefits, but there will be some challenges.

    “And I don’t know whether the monetary authorities have actually looked very closely as to where the consequences are and how they can be mitigated. So I still advise that you have that discussion with the monetary authorities,” she said.

    Meanwhile, wading into the controversy, Buhari on Sunday okayed the decision of the CBN to launch the new designs and replace the high-value Naira notes.

    Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday morning, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.

    He said he did not consider the period of three months for the change to the new notes as being short.

    “People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,” Buhari said.

  • We will carry on with redesign of Naira notes – CBN insists

    We will carry on with redesign of Naira notes – CBN insists

    The Central Bank of Nigeria (CBN) has insisted it will carry on with the redesign of some denominations of the Naira notes, saying it followed due process in its decision, adding that the exercise was 12 years overdue.

    The apex bank made this known via its verified Twitter account on Saturday while urging Nigerians to support the measure, stressing that it was in the overall interest of the country.

    The reaction is coming after recent comments by Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, that the ministry was not consulted by the CBN before the decision was taken.

    The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act.

    “The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.

    “The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.

    “The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it said.

    According to the CBN, it had tarried for too long considering that it had to wait 20 years to carry out a redesign.

    “The standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years,” it said.

  • Moghalu lauds CBN’s proposed Naira redesign

    Moghalu lauds CBN’s proposed Naira redesign

    Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) has commended the apex bank on  the  proposed redesigning of  the Naira.

    Moghalu, a Nigerian Political Economist who gave the commendation in a statement on Saturday in Lagos, advocated a 90-day window for implementation.

    He said: “I fully support the Central Bank of Nigeria in redesigning of the Naira. If 80 per cent of bank notes in circulation are outside the banks, that is troubling.

    “The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after Jan. 31 2023.

    “This is also a way to withdraw currency from circulation, an unorthodox way of tightening the money supply since the country is battling high inflation.

    “The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to  the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars.”

    The ex-CBN boss, however, expressed doubt that the step would solve inflation,  “because there also are other major reasons for inflation such as the forex crisis, which this new move can  exacerbate, as well as the impact of the security crisis on food price inflation.”

    According to him, the step, however,  has become necessary for national security but the window for implementation is too short.

    “This will put a lot of operational pressure on commercial banks and the financial system in general.

    “A 90-day window will have been better, but one can understand the need to avoid interfering with the elections,” he said.

    Recall that the CBN on Wednesday,  announced the new monetary policy to redesign N200, N500 and N1000 naira notes with effect from Dec.  15.

    The Governor of the CBN,  Mr Godwin Emefiele had said that the proposed redesigning of the naira could impact positively on its value.

    Emefiele had said that significant hoarding of banknotes by members of the public, worsening shortage of  clean and fit banknotes and increasing cases and risk of counterfeiting informed the decision.

    According to him, statistics show that more than 85 per cent of currency in circulation are outside the vaults of commercial banks.

    Emefiele said the new currencies and the existing ones would remain legal tender and circulate together until Jan. 31, 2023.

  • CBN replies Finance minister on redesign of naira notes

    CBN replies Finance minister on redesign of naira notes

    The Central Bank of Nigeria (CBN) has reacted to reports of not following a due process regarding the redesigning of three series of naira notes.

    The spokesman of the apex bank, Mr. Osita Nwanisobi, said this while responding to the Minister of Finance, Budget and National Planning, Zainab Ahmedwho said her ministry was not carried along.

    When she appeared before a senate committee on Friday, the minister had faulted the process, which she described as ill-timed.

    But Nwanisobi expressed surprise at the minister’s claim, stressing that the CBN remains a comprehensive institution.

    He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

    Urging Nigerians to support the currency redesign project, he said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.

    This trend, he said, should not be encouraged by anyone who means well for the country.

    Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

    Nwanisobi added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, and its efficacy in the conduct of monetary policy.

    On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

    While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

    Nwanisobi, therefore urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.

  • Be politically involved, but stop exaggerating your importance – By Francis Ewherido

    Be politically involved, but stop exaggerating your importance – By Francis Ewherido

    By Francis Ewherido

    The general elections will commence in February 2023. It is an election no Nigerian should be lethargic about. It is our collective future and no one should sit on the fence. You do not have to be a card carrying member of any political party to be involved. The electoral system has been improved on, so the will of the people will likely prevail. There might still be irregularities, but the practice of the past where a political warlord who controls a ward or an area fraudulently determines who wins the election is gone.

    The only area which might be difficult for INEC to control is vote buying. I do not know how INEC will deal with that. In the cities, many people have already decided the candidates they will vote for. Anybody who gives such people money is odiodi (futile exercise). There will be vote buying, especially in the rural areas and poor neighbourhoods. There is a lot of hunger, especially in these areas and the only language they understand is money. “Otarevu” (Stomach infrastructure) is a major consideration of where votes swing in these areas. INEC has its work cut out.  Voting for the wrong people because of financial inducement is like someone who defecated in the front of the bush he is clearing. He will meet his sh*t as he goes on, so our people need to shine their eyes. But will hunger allow them to realize that? We shall find out in February and March 2023,

    I see some irritating trends, especially among young people. You needed somebody’s help at a time and he said he had no money. You felt he was just being mean because he was living in a big house with a fleet of cars. Now he wants to contest elections, it is payback time. You will not vote for him, no problem, but must you also rubbish him in the social media? Have you not heard of the phrase “asset rich and cash poor?” Don’t you know that some people might be worth billions of Naira in assets, but at some point might not even have N200,000 cash?

    When your wife delivered your baby, your acquaintance did not help out with the medical bills. Now he is contesting election, it is payback time. Na im you rent the prick when you take give your wife belle? Is nine months not enough time to plan for the arrival of your baby? You pursued a girl with another guy 15 years ago in the university and the guy won. Now he wants to contest election, you want to avenge the defeat he inflicted on you 15 years ago. Please go and cast your vote for his less competent opponent, but he will still win if he is destined to. “What’s gonna be is gonna be.” Too many people behave like demigods on social media and I am pissed off.

    This brings me to the so-called influencers, media warlords and the rest of them. In the 80s when we started our media careers, my former classmate and friend, no brother, Emma Esinnah, stumbled on an information that thoroughly deflated our ego: Communications professionals (advertising and public relations practitioners, to be precise) thought they were demigods. They decided to conduct a poll to confirm their demigod status. To their shock, they found out they were not even admired or hated – they were simply by the IGNORED by the public! Okay the study is over 50 years old, predates social media and is therefore archaic. But some things are basic: the media will inform, remind, persuade voters to vote for your candidate; they might also convince and swing votes of undecided voters during elections, especially in the US. There is no report I know of in Nigeria where social media swing votes or decide elections.

    Now look at political posts on Facebook and twitter. Go through the responses to the posts. Some who belong to your line of thought will affirm, while those with contrary opinion will contradict you. Some will even use your post to promote their candidates in your comment section. Again, how many people have access to social media? How many of over 30m Nigerians with Facebook accounts are active? How many see   your page? How many of those who have accounts have money for data?  When they go online, what do they do with their phones? How many people in the rural areas can read and write? For many of them, the phones are just for receiving and making calls. Not all of them can even make calls. Do not get me wrong, the media still have impact. If not, candidates, companies, etc., would have dispensed with their services. The candidates need the media, they need the visibility, they need voters to constantly know that they are still very much in the race. After being in the media for almost 40 years, I can confirm that the media are powerful, but do not exaggerate your power.

    In Nigerian politics, you need the substructure and superstructure to win an election. Social media belong to the super structure. The super structure is very important, but elections results are determined by the substructure, including owenewene (I do not know the translation) in those days. As they say all politics is grassroot, it is a field activity, every other thing is support activity. The media are important, but you cannot compare the effect of the media in Nigeria as we have it the UK and the US. And I am even talking more of traditional media, not social media that is an all-comers affair.

    Finally, let me just touch on the dangerous trend of blackmailing people contesting elections. Ordinarily, making a choice of who to vote for is your right, but no one likes being rejected. That is the problem those of us who come out openly to support a candidate face. But when you add blackmail, you go into dangerous territory. All humans, especially politicians are like the anus. Every anus has some sh*t. Yours too has, remember that. Two, blackmail has ifuen (antidote). You might not know how potent the ifuen of the person you are blackmailing is. Three, some Davids still defeat Goliaths today, but there are many more Davids in the “graveyard” today than there are Goliaths. Our local rabbits or bush rat, whatever you call them, have escape routes when endangered; where are yours (alternative sources on income, etc).

    You are young men/women just coming up. Use and dump is popular among politicians. Once election are over and the candidate loses, the tap of free money will dry up. The bridges you burnt today can stop you from crossing to an important destination tomorrow. Every boxer has a team he works with, but no one follows him into the ring. He takes the beating and punishment alone. Hyena and leopards walk away from confrontations, is not out cowardice, but self-preservation. Getting injured in such confrontations can be like signing your death warrant in the jungle. Be careful of those urging you on in this dangerous game of blackmail.

    Young people, be wise. It is a crucial election not a do or die affair. Participate, work for a candidate you believe in, but remember you have a whole future ahead of you to make or mar by your actions and inaction, sins of omission and commission today. May God guide us in our choices. A better society is what is paramount to me.

  • UBA adjusts banking hours for return of old Naira notes

    UBA adjusts banking hours for return of old Naira notes

    The United Bank for Africa Plc (UBA) has adjusted its banking hours to provide a seamless transition process for its customers to return old Naira notes in their possession.

    TheNewsGuru.com (TNG) reports that this is contained in a statement released by the bank following a recent development at the Central Bank of Nigeria (CBN).

    Recall that the CBN had on Wednesday announced the introduction of new Naira notes which will come into circulation on December 15th 2022, whilst existing Naira notes will remain legal tender until January 2023.

    To help its customers through the transition, UBA in the statement disclosed that its branches will open on Saturdays for cash deposit only from 10:00 am to 2:00 pm.

    The bank urged its customers to start depositing their existing Naira notes into UBA branches closest to them.

    “Don’t panic, we are adjusting our branch opening hours for your convenience. Zero charges will apply for all cash deposits.

    “Remember, present notes can still be used for the purchase of goods and services until cut off date in January,” the statement reads.

    For enquiries, the bank disclosed that its customer experience experts are available to answer all questions on 07002255822 or via email: cfc@ubagroup.com.

  • EFCC hails CBN’s move to clampdown on currency hoarders

    EFCC hails CBN’s move to clampdown on currency hoarders

    The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Nigerian currency, the Naira.

    The CBN Governor, Godwin Emefiele, on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new N200, N500 and N1000 notes.

    According to Emefiele, the new notes will come into circulation by Dec. 15, 2022 while the old notes will no longer be accepted after Jan. 31, 2023.

    The EFCC Chairman, Mr Abdulrasheed Bawa hailed the move as “a well-considered and timely response” to the challenges of currency management in the country.

    Bawa said in a statement issued by Mr Wilson Uwujaren, EFCC’s spokesperson on Wednesday in Abuja, that the challenges of currency management has negatively impacted the country’s monetary policy and security imperatives.

    “The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment.

    “It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria”, he said.

    Bawa called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN  to ensure seamless withdrawal of the old currency.

    He warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise.

    The EFCC chairman also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering proceeds of crimes through their system.

    Bawa pointed out that the objectives of the CBN’s currency  redesign and reissuance were in tandem with the provision of the Money Laundering Prevention Prohibition Act 2022.

    The Act criminalises the conduct of cash transactions above a certain threshold.

    ISection 2 (1) of the Act states that, “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding N5,000,000 or its equivalent in the case of an individual or N10,000,000 or its equivalent, in the case of a body corporate.”

    He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions.

    Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria.

    “It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.”

    He noted that currency hoarders readily made their hoard available to criminal enterprise.

    Bawa, therefore, said that the commission would spare no effort in bringing to book, any financial services operator who runs foul of extant laws and regulations.