Tag: New naira notes

Isa Abdulmumin appointed as CBN’s spokesman

The Central Bank of Nigeria (CBN) has appointed Dr Isa Abdulmumin as the Acting Director of Corporate Communications Department.

Abdulmumin takes over from Mr Osita Nwanisobi, following the latter’s retirement from the apex bank.

Until his appointment, Dr Abdulmumin was a Deputy Director in the Corporate Communications Department.

His predecessor, Nwanisobi, took over in October 2020 when Mr Isaac Okorafor, retired from service.

Dr Isa Abdulmumin

TheNewsGuru.com (TNG) reports that the apex bank had introduced redesigned naira notes comprising N200, N500 and N1,000.

The redesigned naira notes came into use on 15 December 2022, after they were unveiled by President Muhammadu Buhari on 23 November 2022 in Abuja.

CBN Governor, Godwin Emefiele, had appealed to Nigerians to show understanding adding that the redesigned notes would circulate and be accessible.

Emefiele made the appeal at a special media briefing on the new naira notes in Lagos.

He noted he was seeing the protests and arguments surrounding the difficulty citizens were facing in accessing the new notes.

”I understand the agitation and I’m begging in God’s name, we on our knees begging people to please show understanding. They should be calm.

”In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I’m sure some people will say it is old-fashioned.

”But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.

”By tomorrow, when you come back, they will start from where they stopped, you will not be cheated. Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go round.

”Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past,” Emefiele said.

On high charges by the Point of Sale (PoS) agents on every transaction made by their customers, the apex bank governor urged banks to stop the charges on PoS.

In his words: ”I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

”Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

”But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

”We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.

”But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for away to pay you your money.”

February 25, 2023
NAIRA SCARCITY: Again, protest rocks Ogun, banks burnt (VIDEO)

As naira woes worsen across the country, angry Nigerians again protested in Ogun State, with videos online showing two banks set on fire in the Sagamu area of the state.

The videos shared on Monday showed many residents watching as Keystone and Union banks were set ablaze with some youths holding planks in protest.

TheNewsGuru.com (TNG) had earlier reported how protest erupted in the Mowe-Ibafo area of Ogun State, with many residents blocking the Lagos-Ibadan Expressway in protest of the woes and hardship caused by the lingering scarcity of the naira.

Reactions over another protest in Ogun

Reacting to the development, a Twitter user, @arranowanna wrote, “Kindly advise your friends, families and acquaintances to avoid any protests. Take your frustration to the ballots on Saturday. Don’t burn banks, don’t burn petrol stations, don’t burn government properties.”

Another user, @morningstar_305 wrote, “I just put a call through to the house and it was confirmed to me that keystone bank and union bank at ijoku has been set ablaze by angry citizens.”

While popular tweep, Pooja, wrote, “If you are in Sagamu, be careful cos there is a protest on new naira notes.”

TheNewsGuru.com (TNG) recalls that last week Thursday, President Muhammadu Buhari, in a national broadcast, said the old N500 and N1,000 notes were no longer legal tender in the country, however extending the validity of the old N200 note for 60 days, till April 10, 2023.

Watch the video below

Protest In Sagamu Over Naira Scarcity

Protests erupted in Sagamu, Ogun State, over the scarcity of naira notes in the country on Monday morning. pic.twitter.com/mSefFhUpFy

— Punch Newspapers (@MobilePunch) February 20, 2023

February 20, 2023
“How new naira scarcity made my pregnant wife die in hospital”- Husband laments

A 32-year-old woman, Shema’u Labaran, died along with her nine-month pregnancy at the Abdullahi Wase Specialist Hospital, Kano, following her husband’s inability to quickly pay medical bills in the new naira notes.

Labaran was allegedly left in pain for more than eight hours without attention from the medical personnel on duty.

I spent hours waiting for the cashier to confirm the payment of N8,528 for drugs because the hospital had stopped receiving the old naira notes

Narrating the unfortunate incident that led to his wife’s death, the 42-year-old husband of the deceased, Bello Baffa, explained that his wife (Shema’u) bled to death while he was struggling to settle medical bills at the pharmacy through transfer.

Baffa revealed how he spent hours waiting for the cashier to confirm the payment of N8,528 for drugs because the hospital had stopped receiving the old naira notes.

The bereaved husband regretted that the medical personnel insisted they would not attend to his late wife until he deposited money and provided evidence before his wife would be attended to.

Baffa said he had earlier provided N8,500 old naira notes to the cashier but he was told the hospital management had placed an embargo on the old currency and refused to provide a point-of-sale service except payment through transfer.

According to Baffa, the hospital subsequently requested N4,000 for blood service after he had brought his relatives to donate blood for his wife.

In his words: ”I was told I had to pay an additional N4,000 for blood service, and I quickly rushed out to the payment point. At that time, it was late and (I was) afraid my wife had suffered a lot without medical attention. So after I made the payment and waited for an alert, I had to beg them to issue the payment evidence while my brother would remain with them pending when they would confirm the transfer.

“I also narrated my wife’s condition. They accepted the condition and the receipt was printed. I rushed to the ward again and it was at that moment, getting to 1am, that my wife was taken to the labour room.”

Regrettably, Baffa disclosed that the doctor later came out of the labour room around 3am to break the bad news, ‘your wife and unborn baby could not make it.’

Although the husband said he believed Shema’u would die at an appropriate time, he insisted that the alleged inhumane treatment by the hospital to his wife because of the old naira notes rejection contributed to her sudden death.

Baffa disclosed that he had taken to fate as a Muslim. He, however, urged the government to check the painful policy to save innocent lives from untimely death the way he lost Shema’u.

The spokesperson of the hospital, Ibrahim Abdullahi, who confirmed the incident, stressed that the management had commenced an investigation into the matter.

He noted that the Chief Medical Director is scheduled to brief journalists about the development as soon as the investigation is concluded.

February 19, 2023
Nollywood actress, Omoseyin gets N5m bail over alleged Naira abuse

The Federal High Court in Lagos has granted bail to an actress, Oluwadarasimi Omoseyin, who was arraigned before the court on Monday by the Economic and Financial Crimes Commission (EFCC) for allegedly spraying new naira notes at a party.

Justice Chukwujekwu Aneke who admitted the actress to bail in the sum of N5 million with one surety in like sum, also ruled that the surety must be a public servant in the service of the Federation or the Lagos State Government not below the rank of Grade Level 12, or a holder of a genuine statutory certificate of occupancy of a developed landed property within the Lagos State Municipality.

The court also held that the Certified True Copy (CTC) of the original statutory certificate of occupancy of the landed property is to be deposited with the Registrar of the court and in the case of the public servant, an official letter from his or her head of department stating the status and salary level of the surety.

The surety is also to produce two copies of his recent passport photograph and evidence of tax payment.

The judge also ordered that Omoseyin be further remanded in the Kirikiri correctional facility pending the perfection of the bail terms, before adjourning the matter till April 3, for trial.

On February 13, the EFCC had arraigned the actress before the court on a two-count charge of tampering with the sum of N100,000 issued by the Central Bank of Nigeria (CBN) and dancing on the same at the said occasion.

According to the prosecutor, Sulaiman Sulaiman, the offence was contrary to and punishable under section 21 (1) of the Central Bank Act, 2007.

TheNewsGuru.com (TNG) reports that the actress had denied the allegation and pleaded not guilty to the charge.

Following her not-guilty plea, counsel to the actress, Adenike Goncalves, asked the court to grant her client bail pending the hearing and determination of the case.

Adenike Goncalves also urged the court to remand her client in the EFCC’s custody, pending the perfection of the bail terms, if so granted by the court.

February 15, 2023
CBN clarifies claims on shortage of materials to print new notes

The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials.

Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company (NSPMC).

There have been reports on media quoting the CBN governor, Godwin Emefiele, as attributing the challenge in the distribution of the new notes to shortage of materials.

According to a statement by Osita Nwanisobi, CBN’s Director, Corporate Communications Department, at no time did Emefiele make such disclosure during his presentation to the National Council of States during its meeting on Friday.

“What the CBN governor told the meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians,” Nwanisobi said.

He expressed CBN’s appreciation to various stakeholders for the concern about their distribution of the Naira.

He, however, said that the apex bank was alarmed at the extent at which vested interests were attempting to manipulate facts and pitch the public against it.

“For the avoidance of doubt, the CBN remains committed to performing its monetary policy function as stipulated in the CBN Act.

“We also wish to reiterate that the NSPMC has capacity and enough materials to print the required indent of the Naira.

“The CBN, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint,” he said.

He said that the apex bank was working assiduously to increase the circulation of new notes in the country.

Similarly, Nwanisobi debunked a misleading voice note on social media alleging that the CBN planned to shut down some Deposit Money Banks (DMBs), particularly in a certain geopolitical region of the country.

“We wish to state unequivocally that there is no such plan. The claims are illogical and do not comform with the workings of the Nigerian banking system.

“The public is, therefore, advised to ignore such recordings as they do not represent the policy thrust of the CBN,” he said.

February 11, 2023
NAIRA NOTES: “Supreme Court only paused the implementation of the deadline”- Prof Ozekhome SAN

A constitutional lawyer and Senior Advocate of Nigeria, Prof Mike Ozekhome, has explained that the Supreme Court only paused the implementation of the February 10 deadline given by the Central Bank of Nigeria (CBN) on naira notes, to listen to parties in the suit.

TheNewsGuru.com (TNG) reports that CBN had given February 10 ultimatum for the old N200, N500 and N1,000 banknotes to cease being legal tender in the country.

Explaining the Supreme Court’s judgement on Channels Television, Wednesday night, Ozekhome said the Supreme Court only paused the implementation of the deadline saying the apex court had not decided on the matter.

He further explained that the apex court gave the judgement so as to prevent the subject matter of the suit from being truncated.

Explaining the development, Ozekhome said, “The Supreme Court has not decided the matter. All it has done is to fall back to a decision like Kotoye vs CBN, that in matters of extreme urgency, you can grant an interim order, even if it be an ex-parte, to prevent the subject matter of the suit being truncated.

“If, for example, the Supreme Court, did not make that order, and the only order existing is that of the High Court, it means that the CBN, by 10th of this month, will stop the use of all old notes.

“But what the Supreme Court has said is, ‘Just wait, let us listen to you people,’ not that it has decided that Zamfara, Kogi and Kaduna states have any valid case that is actionable because the action is already being challenged with a preliminary objection.

“It is another way of saying, ‘Let us first drive away the fox before we blame the fowl for wandering too far into the forest,’” he said.

Recall that a seven-man panel of the Supreme Court on Wednesday, led by Justice John Okoro in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the CBN’s February 10 deadline for the swapping of the old naira notes with the new ones.

A judgement that followed a motion ex-parte on behalf of three northern states Kaduna, Kogi and Zamfara , who on February 3rd filed a suit seeking to halt the implementation of the CBN’s policy.

TheNewsGuru.com (TNG) earlier reported that a Federal High Court in Abuja stopped the President, Major General Muhammadu Buahri (retd.) alongside the CBN and commercial banks from interfering, suspending or extending the terminal date of February 10 for the expiration of the old naira notes.

Again, Ozekhome explained that other lower courts could not interfere when decisions were being debated at the apex court.

“Notwithstanding the fact that a high court or Federal High Court had granted an order telling the CBN, ‘You can stop this naira swap policy on the 10th of February as you have decided to do’, the Supreme Court today said, ‘Hello? Don’t do that! Allow it to continue. Come back on the 15th of February and let us hear you people,’” he added.

He explained that the apex court’s judgement allows the old and new naira to be in the same position, adding that any decision arrived at by the Supreme Court, will not only affect the three state governments that dragged the FG to court, but all the states of the federation and their attorney-generals.

Ozekhome therefore submitted that, “this is the type of matter in which the Supreme Court should also suo motu, even if they did not apply to be joined, join all the attorneys-general of the federation, so that the matter could be decided once and for all.”

February 9, 2023
Camera captures bank workers scale fence to evade aggrieved customers

A video has surfaced online of some officials of a Nigerian bank scaling a barbed wire fence to escape angry customers.

Varied reactions by Nigerians have trailed the scarcity of the new Naira notes which were introduced last year.

Numerous videos have shown some Nigerians waiting hours on long queues to use the ATM, while others have resorted to sleeping over to catch a spot the next day.

More extreme and intense reactions have also been recorded as some residents have stormed banks to destroy the properties both of the bank and its workers.

To avoid falling victim of being manhandled by some aggrieved customers, some bank officials resorted to scaling the bank’s fence with a ladder.

Although it is not known where the incident occurred, a viral video online captured the staff taking turns climbing a fence.

TheNewsGuru.com (TNG) had earlier reported that the scarcity of the new naira notes and the difficulty in accessing the few available ones are proving to be a daunting experience for Nigerians across the country.

The challenges thrown up by the scarcity of the new notes were visible in banks across the nation as hordes of residents who had gone to banks to withdraw some cash were left stranded.

Many begged to be given the old naira notes in the absence of the new ones, to enable them to attend to pressing needs requiring funds, but banks did not yield to their appeal.

At the Bank road of Agbara, Badagry LGA area of Lagos, customers/Nigerians were seen waiting at various banks (Union Bank, First Bank, GTCB, Access Bank, FCMB) as they could not get money from inside these banks and their ATMs.

February 7, 2023
Guests at Port Harcourt event receive new naira notes, tubers of yam

Amidst scarcity of the new Naira notes across Nigeria, guests at a recent occasion in Port Harcourt were reportedly given new naira notes and two tubers of yam each.

In the photos making the rounds online, the chairs at the venue were carefully arranged and two tubers of yam together with new naira notes were spotted on the chairs.

This is happening amid the naira scarcity and struggles Nigerians have been facing since the release of the newly designed naira notes.

Reacting to this, @nwabundo51 wrote: “They created this chaos so that they can easily learn the people with this cuz they know that a lot of people are hungry”

@Enoredia said: “Wow I thought they turned people to yam ?.”

@prince_chinedu_stephen wrote: “What’s happening here??? don’t tell me if politicians hand work.”

Guests at Port Harcourt event receive new naira notes, tubers of yam

TheNewsGuru.com (TNG) reports that the CBN governor, Mr Godwin Emefiele, in a public announcement, extended the deadline for legal tender status of the old N200, N500 and N1000 notes from 31 January to 10 February.

The extension followed a public outcry that greeted the scarcity of the new naira banknotes. The CBN governor announced the extension after meeting with President Buhari, and directed banks to receive the old bank notes even after the deadline.

Meanwhile, a new generation bank in Ekiti on Sunday ran into trouble waters as the Central Bank of Nigeria, uncovered N6 million of new naira notes hoarded by its branch along bank road, Ado-Ekiti.

The Apex bank Deputy Director, Oluwole Owoeye uncovered the hoarded newly redesigned currencies while leading a team of officials on monitoring exercise in the state.

Owoeye accused the bank of deliberately hoarding the new banknotes it had collected from the CBN for almost two weeks.

The Deputy Director who said there was no excuse for keeping the money, saying Deposit Money Banks are sabotaging the apex bank’s efforts in making the new notes available for Nigerians.

His words, “I’m currently at the Bank, Ado-Ekiti as part of this monitoring compliance with the guidelines by CBN. They have six million which they have collected from the bank for almost two weeks. They have not dispensed any. They said they are yet to configure their ATM.

“I don’t know why. I have brought their attention to the penalty clause of one million per day. They have five ATMs. They don’t have any reason for keeping this money.

“The zonal service manager, Mr Tunde Onipede promised that by 10am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN”.

February 7, 2023
Tinubu commiserates with downtrodden Nigerians over fuel, naira scarcity

Following the lingering fuel and new Naira notes scarcity across the country, the presidential candidate of All Progressives Congress, Asiwaju Bola Tinubu, on Tuesday, sympathized with Nigerians, especially the poor masses, and appealed to them to remain calm and allow the Federal Government to proffer solutions.

The scarcity of the new naira notes and the short deadline issued by the Central Bank of Nigeria has generated tension in the country.

In the last one week, protests have broken out in various states and cities across the country, with many lamenting the hardship Nigerians are being subjected to.

Viral video clips of half-clad customers breaking down bank gates and threatening to beat officials have also surfaced on social media space.

However, addressing journalists in Abuja on Tuesday, Tinubu sympathized with Nigerians, especially the downtrodden, who he said have been made to bear the brunt of the new Naira policy by the Central Bank as well as the irregular supply of petrol that has combined to inflict avoidable pains on the masses.

Tinubu commended the Nigerian National Petroleum Corporation Limited for the fuel supply relief being enjoyed in the Federal Capital Territory and urges the company to step up its act to bring relief to other parts of the country.

He also urges the CBN not to be dogmatic in the deadline it has fixed for the transition from old Naira notes to the new one, especially as the unintended consequence of the policy has been massive pain on our people.

According to him, he is distressed by the news of cash-strapped farmers having to sell their products excessively cheaply to avoid losing all.

He said, “This is a challenging period in the life of our country when our people are made to stay on the line for hours to get fuel and even get their own money from the banks. I empathize with Nigerians across the country especially the poor masses who have been made to bear the brunt and pains of the CBN Naira policy and fuel scarcity the most.

“While the government continues to work to solve these problems, let’s stay calm, maintain the peace and continue to shun and avoid any act capable of causing civil unrest and disharmony. What the opposition and enemies of democracy want is to create a state of national siege and tension that can disrupt the coming general elections and create an atmosphere of strife in our country.

“We must say no to them. We must be resolute and stand firm to protect our democracy by ensuring we hold our elections in a peaceful and orderly manner. I am in this race to bring renewed hope and prosperity to all Nigerians.

“There are no challenges that will be difficult for us as a people to surmount when we stand in the unity of purpose. When you elect me, I will work to ensure security, economic prosperity, national unity and cohesion and we will together build a country that will be a source of joy to us all and pride to every black person everywhere in the world.”

February 7, 2023
13 political parties threaten to withdraw from 2023 election, if ….

At least, Thirteen political parties, out of 18, that are to participate in the 2023 general elections, which are scheduled for February 25 and March 11, have threatened to withdraw from the election, if the Central Bank of Nigeria, CBN, extends the deadline for naira swap.

This threat was issued in a statement by National Chairman of the Action Alliance, Kenneth Udeze, on Monday, February 7, 2023.

Udeze noted that this was necessary for the event that the Central Bank of Nigeria extended the February 10 naira swap deadline.

The redesign of the N200, N500, and N1,000 banknotes was lauded by the coalition of political party chairmen, who also urged that the policy must remain in place.

Udeze at a press briefing, said, “We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation from the electoral process if this currency policies are suspended or cancelled or if the deadline is further shifted.”

TheNewsguru.com (TNG) reports that CBN had already stated that it is not planning to extend the deadline for the use of old naira notes.

Speaking during a briefing on Friday at the apex bank’s office in Lagos, Godwin Emefiele, CBN governor, said the CBN, as well as deposit money banks (DMBs) were working to address the current challenges with the circulation of the new currency notes.

The CBN had issued a deadline of January 31 for the use of the old naira notes, but it was recently extended to February 10.

Speaking on the issue, Emefiele said “I want to say unfortunately again, this time, we will not be looking at extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges.”

February 6, 2023