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Panic, Confusion as Count Down to The Deadline For Nigerian’s New Naira Notes Nears

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Godwin Emefiele

Across the country, Nigerians are living in uncertain times regarding their money, both the cash at hand and the one they have saved in the banks as the Central Bank Governor, Godwin Emefiele insists that the January 31st deadline for the usage of old currency notes remains sacrosanct.

“As things stand, the N200 denomination is scarce. We rely a lot on N200 notes, but we don’t have it. I still have lots of N200 in my box,” Dolapo Michael, a trader in Yaba area in Lagos State, told DAILY POST.

Mrs Michael’s predicament is not in isolation as many Nigerians are faced with uncertainty over the latest policy by the CBN. While the apex bank insisted that the policy is targeted at mopping up cash into the banking sector, however, it has become a political issue.

Bola Tinubu, the presidential candidate of the All Progressives Congress (APC) at the party’s campaign rally in Abeokuta, the Ogun State capital, alleged that the policy was targeted at him.

The two chambers of the National Assembly also asked the CBN to as a matter of urgency extend the period by 6 months; however, the CBN boss insisted that there shall be no extension.

Even the threat of a warrant of arrest has not swayed the CBN boss as he shunned the invitation of the House on two occasions.

The lawmakers are insisting that section 20 of the CBN Act mandates commercial banks to continue to accept the old notes even after the expiration of the deadline.

“The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall. Notwithstanding the deadline imposed by the Central Bank of Nigeria(CBN), this House will see to it that this provision of the law is honoured in full,” Femi Gbajabiamila, the Speaker of the House said on Thursday.

However, banks have insisted that they will comply with the directive of the CBN on the subject matter.

On Friday, First Bank announced that it will no longer accept the old notes by 1st of February, therefore, urging its customers to take advantage of the weekend to deposit their old currency.

“This is to notify the general public that all our branches will be open on Saturday and Sunday just to receive cash.

“All old Naira notes of series 200, 500, and 1000 will cease to be in use from the 31st of January,” he said.

On Thursday, during a meeting between the banks and the committee of the House, bankers acknowledged that the new notes are not sufficient to meet the demand of Nigerians.

The representative of Sterling Bank, Orlando Umoren informed the lawmakers that the CBN rationed the money to different banks, but it was not sufficient to meet their needs.

He stated that Sterling Bank gets N150 million weekly for its branches in Kaduna, while N100m is shared among all its branches in Kano metropolis.

Also, the representative of Access Bank, Hadiza Ambuza said the bank is only able to disburse 10% of the total money it collects from customers.

“We are paying as much as we get. We are collecting the money and loading it at the ATM as quickly as we get it. Unfortunately, we are not getting them quickly. We have gotten about 10 percent of the total money. That is a challenge that we have. We are doing the best we can up until the deadline,” she said.

Despite the low circulation, the banks are following the directive of the CBN on the deadline.

The House of Representatives has insisted it will suspend its planned recess to address the issue and is willing to issue a warrant of arrest on Emefiele and speak with President Muhammadu Buhari.

Hakeem Liadi, a resident of Isanlu, in Kogi State, told DAILY POST that due to activities of armed robbers along the Kabba-Ilorin road, most banks have shut down and they rely on POS.

“In some instances, POS operators now charge as much as N100 on every N1,000 for Nigerians to get new notes,” Leadi said, adding that “We use POS for our transactions, it is like our own bank. With the rush, POS are also struggling to get the new notes. So, when they charge extra, we cannot complain.”

Lekan Olaleye, an economist, who spoke to DAILY POST, said the policy may be conceived with good intentions, however, the implementation may cause a significant impact on the economy.

“The CBN must understand that Nigeria is far from a cashless economy. Perhaps, they are overestimating data from POS terminals. As it stands, POS in Nigeria are for withdrawal of money not payment for goods. This economy still relies heavily on cash.

“By Monday, most commercial drivers may not want to accept the old note in fear of the deadline, but from findings, the new money is not circulating well enough. The CBN should have used the POS agents to speed up the circulation,” he noted.

When Mr Olaleye was asked about the intent of the CBN to curb kidnapping and vote buying by politicians, he said the mischief the bank seeks to curb may create a bigger problem.

“Poison is not the cure for cancer. Can the banks cope with the demand for money on February 1st? Apart from that, a large percentage of daily transactions still involves cash,” he said.

Source: dailypost

In other news – Kano Govt stops President Muhammadu Buhari’s visit over new naira note crisis

Kano State Governor, Abdullahi Umar Ganduje has revealed that the State wrote to the Presidency that the visit of President Muhammadu Buhari to commission some projects be postponed.

President Muhammadu Buhari4

He made this known during his interactive session with scholars, legislators, political leaders and business community in the State at the Government House, Kano, on Friday. He noted that the decision was taken to avoid any unforeseen circumstance. Learn more

Nigeria Breaking News

Bad leaders making life of Nigerians miserable – Pastor Giwa

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Adewale Giwa

The senior pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, on Sunday, lamented that the economic situation in Nigeria has gone from bad to worse under President Bola Tinubu. The clergyman noted that bad leaders were intentionally making life miserable for Nigerians.

Speaking with DAILY POST, Giwa said Buhari’s utterances that Nigerians will appreciate his administration when he’s gone is being fulfilled under Tinubu’s government. According to Giwa: “Nigerians found themselves in the hands of bad leaders having passed through the worst experience under former President Muhammadu Buhari.

“The success of a nation is determined by the kind of leaders you have. When the biblical Jeroboam became leader of Israel he led people to sin and we all know what happened.

“What Nigerians are presently going through makes me remember what Buhari said that ‘Nigerians will appreciate his government after his tenure’.

“If Buhari, the worst leader in history, could say Nigerians would appreciate his government then what should we say is currently happening in Nigeria under Tinubu? I wonder why in Nigeria, a leader will take over power and situations will get worse. Is it not better if we don’t have a nation called Nigeria or have a nation where the citizens continue to wallow in abject poverty and penury?

“For now, Tinubu’s government has fared worse than Buhari’s government because under Buhari there was nothing like subsidy removal. We all know how much a litre of petrol was during Buhari’s administration. We can now see how much it is under Tinubu, so I can’t say Tinubu’s government is better than Buhari’s government. In all fairness and coupled with the present events, the present political leaders are intentionally making the lives of Nigerians miserable.

Source: Dailypost

In other news – Police vow to tackle vandalization of public facilities in Akwa Ibom

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Police

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. Read more

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Nigeria Breaking News

Police vow to tackle vandalization of public facilities in Akwa Ibom

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Police

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs.

The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town. Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.

The DPO said that it was wrong to steal or vandalise public facilities, saying,” Those who do so are agents of underdevelopment”. We have observed that acts of vandalism are happening in some areas in Eket. We have begun our surveillance, we shall get hold of them,” he said. Ekpoudom urged residents of Eket to support the support with credible information to tackle the ugly menace.

”We need the cooperation of the community, you have to work with the police to tackle this challenge. We are committed towards tackling vandalism and other unlawful activities in the area. We shall apprehend them,” he added.

Earlier, the community Youth Leader, Mr Willie Mbong, described the issue of public facility vandalism in the area as worrisome. That water fountain is adding to the aesthetic beauty of the town. It is a bad thing to vandalise and steal some of its components.

”We shall take this issue seriously by reporting it to the appropriate authorities. Those behind this act must be unmasked.” He assured that the community would do everything possible to support the Police towards apprehending those involved in the act.

Source: Dailypost

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Nigeria Breaking News

Court Fixes May 27 to Hear Applications on Ganduje’s Suspension

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Abdullahi Umar Ganduje

A Kano State High Court has set May 27, 2024, for the commencement of hearing in the case of the alleged suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.  The court, presided over by Justice Usman Malam Na’abba, will hear three applications: a preliminary objection, a joinder application, and an application challenging the court’s jurisdiction.

The applicants, Haladu Gwanjo and Laminu Sani Barguma, are seeking an order of interim injunction on Ganduje’s suspension from the APC.Counsel for the applicant, Ibrahim Sa’ad, requested a new date to respond to the counter affidavit filed by the respondents. Counsel for the respondents did not object to the request.

Counsel for the fourth respondent, Lydia Oyewo, informed the court that her client was not served with the court processes. Parties seeking to be joined in the case also informed the court of their position.

Justice Na’abba fixed May 27 for the hearing to allow all parties to serve their processes and respond to the applications.

Source: sunnewsonline

In other news – Military forcefully took away suspected oil bunkerers from police custody – IGP tells court

The Inspector-General of Police, IGP, has told a Federal High Court in Abuja that the military forcefully took away some suspects allegedly involved in oil bunkering from police custody.

Military

 

Counsel to the IGP, Idris Mohammed, revealed this to Justice James Omotosho when the matter was called for the alleged oil bunkerers to take their plea in a five-count criminal charge filed against them. The IGP had, in an earlier charge marked: FHC/ABJ/CR/60/2024, listed 19 alleged oil bunkerers for prosecution. Read more

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