Category: News

The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu and the Progressive Governors Forum (PGF) on Sunday called for compliance by the Federal Government to the Supreme Court order on the controversial naira swap policy.

The call comes on the heels of a meeting between Adamu and the APC governors in Abuja over a policy that seemingly deepens the rift between the Presidency and governors under the party.

The Supreme Court granted an interim injunction suspending the Central Bank of Nigeria’s February 10 ultimatum for the old N200, N500, and N1,000 as legal tender, though the CBN Governor, Godwin Emefiele, insisted on the deadline.

However, President Muhammadu Buhari announced last Thursday that only the old N200 notes would be allowed to remain in circulation with the new denominations for only 60 days, a position that has drawn criticism from members of the President’s own cabinet.

Some of the APC governors who have led the charge against Buhari’s stance are Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), Bello Matawalle (Zamfara), Abdullahi Ganduje (Kano), and Dapo Abiodun (Ogun).

The APC chairman, read the resolution of the meeting with the PGF, saying, “We note very seriously that the currency redesign is causing tremendous difficulty to Nigerians.

“We urge the Attorney General of the Federation and the Central Bank Governor to respect the supreme court order of interim injunction which is still subsisting.

“The meeting is urging President Buhari to intervene in resolving the issues causing great difficulty to Nigerians.”

The policy spearheaded by the CBN seeks to alleviate vote-buying and tackle hoarding of illicit funds with its issue of the redesigned N200, N500 and N1,000 banknotes.

The three-month notice for Nigerians to exchange the old currency for the redesigned notes was undercut by an interim injunction of the Supreme Court suspending the implementation of the policy.

Amid the standoff between the governors and the Federal Government, currency scarcity has led to riots breaking out across the country, as crowds inundate branches of the apex bank in an attempt to turn in their old notes.

(Channels TV)

Ebonyi State Governor, Dave Umahi, on Friday explained why the state-owned security outfit, Ebubeagu will not function in the South-East state.

In a state-wide broadcast to Ebonyi State at the Government House in Abakaliki, Umahi said Ebubeagu won’t be operational until the stay of Execution is granted and appeal is entered.

Few days ago, a Federal High Court sitting Abakaliki disbanded the security outfit and ordered that its arms and ammunition and other properties be withdrawn from them with immediate effect.

“On the issue of Ebubeagu, I have directed that Ebubeagu will not function in the State until the stay of Execution is granted and appeal is entered,” the governor said.

“This is in obedience to the rule of law and respect for our Judiciary which I have great respect for, whether the judgement is good for our people or bad, it is the judgement of the Court”.

The governor also thanked House of Assembly for passing into law another two sets of vigilante outfits for Ebonyi State whose process started in 2021 but they graciously passed it a few days ago and that is Ebonyi State Neighbourhood Watch.

He explained that the state has had the Neighbourhood Watch even before now as far back as 2015, adding that it worked so tremendously very well.

(Channels TV)

The Vice-Presidential candidate of the Labour Party, Datti Baba-Ahmed on Friday described as “treasonable” the comments of Governor Nasir el-Rufai of Kaduna State on the Naira redesign policy following the nationwide broadcast of President Muhammadu Buhari on the issue.

El-Rufai in a state broadcast on Thursday faulted the President for his directive to re-introduce just the old N200 banknote as part of measures to curb the cash crunch in the country.

On the same Friday, a fresh round of protests erupted in Lagos, Ogun, Oyo and Rivers states, triggered by the inability of residents to access the new notes, the hardship caused by the Naira redesign policy, and President Buhari’s broadcast, which contrary to expectations, approved the return of only old N200 notes while the old N500 and N1000 notes were invalidated.

El-Rufai, who said during his broadcast that the old N1000 and N500 were still legal tender in his state, stated further that the aim of the Naira redesign was to scuttle the general elections in order to allow an interim government led by a retired army general.

The big question on the lips of analysts last night regarding the el-rufai broadcast is: Can a sitting governor instigate a coup and claim immunity?

However, speaking during a press conference in Abuja on Friday, the LP Vice-Presidential candidate said the governor’s comment amounted to treason and wondered why the presidency was silent.

He argued that there is only one authority in Nigeria which is the president and wondered how a governor could counter the directive of the president.

“Anybody who commits this kind of indiscipline under our leadership would bear the full weight of the law. We have been more than bewildered at the failures we have witnessed in the past few days. However, it is more of an act of treason; so to say, it is an act of treason. If an elected governor of a constituent part of a sovereign country will give direct instructions to the contrary of what is the exclusive preserve of the federal government.

“Why as a Commander-in-Chief you give a clean executive constitutional order and a state governor goes out to say that you should continue to exchange those currencies? This is to say that there are two authorities in a country,” Baba-Ahmed said.

El-rufai said the development was meant to ensure that the presidential candidate of the ruling APC, Bola Tinubu, and other candidates of the party lose.

He claimed that those who lost out in the party’s primaries were behind the plot.

He said, “It is important for the people of Kaduna State, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, this policy was conceived and sold to the President by officials who completely lost out in the gubernatorial and presidential primaries of the APC in June 2022.

“Once Asiwaju Bola Tinubu emerged as the candidate in June 2022, and subsequently did not pick one of them as his running mate, this currency redesign policy was conceived to ensure that the APC presidential candidate is deprived of what they alleged is a humongous war chest.

“They also sought to achieve any one or more of the following objectives: create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the party in all the elections; ensure that the cash crunch is so serious, along with the contrived and enduring fuel shortage existing since September 2022, that the 2023 elections do not hold at all, leading to an Interim National Government to be led by a retired Army General; sustain the climate of shortage of fuel, food and other necessities, leading to mass protests, violence and breakdown of law and order that would provide a fertile foundation for a military take-over.”

Meeting with APC Governors

The National Chairman of the APC, Senator Abdulahi Adamu will on Sunday hold an emergency meeting with the governors of the party.

The National Publicity Secretary of the party, Felix Morka in a statement issued on Friday said the meeting would be held at the National Secretariat of the party in Abuja.

However, the meeting may not be unconnected with the opposition of the APC governors to the Naira redesign policy of President Buhari.

Fresh Protest in Lagos, Rivers, Ogun, Oyo

A fresh round of protests erupted on Friday morning in Lagos, Ogun, Oyo and Rivers states, triggered by the inability of residents to access the new notes, the hardship caused by the Naira redesign policy, and President Buhari’s Thursday morning’s broadcast, which contrary to expectations, approved the return of only old N200 notes while the old N500 and N1000 notes were invalidated.

The CBN had in October 2022 announced the redesign of N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023 when they would cease to be legal tender. The deadline was shifted to February 10 following difficulties obtaining the new notes.

But the challenges of getting the new notes persist, leading to protests across Nigeria.

On Friday in Lagos, protests broke out very early on the Lagos-Ikorodu Road, Agege, Iyana-Ipaja, Igando, where roads were blocked and vehicles damaged. In Mile 12, Ketu and Ojota areas, vandals took to the road, attacking commuters and creating chaos.

In Epe, Lagos East, hoodlums vandalised some banks during the protest.

In a press statement Friday, Lagos State Governor Babajide Sanwo-Olu called for calm, saying there was no need for violence.

The governor assured that he was on top of the matter to ensure that the hardship caused by the naira redesign policy of the CBN did not persist.

The statement signed by Commissioner for Information, Gbenga Omotosho, read, “Governor Babajide Sanwo-Olu believes there is no need for violence as the Supreme Court is looking into this controversial matter and will make its position known on February 22.

“Lagos State has since joined the legal dispute – all in the interest of our people – in the belief that the highest court in the land has the capacity to adjudicate on the matter. The fuel situation is easing following some steps taken by the government.”

Lagos-Ibadan Expressway

Vehicular movement on Lagos-Ibadan Expressway came to a halt for several hours on Friday as protesters took over several sections of the road.

The gridlock spread from the Mowe area of Ogun State inwards the Long Bridge area of Arepo. Many vehicles had to turn back in an attempt to escape the chaos ahead. The protesters were seen chanting, “Old naira notes”

The protest spread further to the Magboro axis of the highway with travellers and road users turning around to the Lagos end of the road.

The Lagos State Rapid Response Squad eventually arrived in the Ibafo area of Ogun State to clear the protesters off the road.

Ibadan Protest

Protesters took over the streets of Ibadan in Oyo State for several hours on Friday over the scarcity of the new Naira notes and the ban of the old N500 and N1000 notes by the CBN.

The protest began in Iwo Road where gunshots were heard and escalated to other areas of Ibadan.

People were seen running for their lives at the sound of gunshots, as vehicular movement in parts of the state were affected.

Banks Vandalised in Port Harcourt

The protests took a dangerous turn in Port Harcourt, Rivers State on Friday as hoodlums vandalised two commercial banks.

The affected banks are First Bank in Churchill and Keystone Bank along Aggrey Road.

The First City Monument Bank at Rumuokoro in Obio/Akpor Local Government Area of Rivers State was earlier destroyed by angry members of the public on Thursday.

First Bank at Churchill was the most affected, as the Automated Teller Machines were destroyed and stones were thrown into the premises, destroying several facilities.

Not satisfied with the damage, the hoodlums pulled down the gate of the bank, and forced their way into the banking hall as bank staff ran for their lives.

The hoodlums then looted computer monitors, desktops, water dispensers and other items inside the bank, but their hope of finding cash was unsuccessful.

At the Keystone Bank along Aggrey Road, only the two ATMs were destroyed.

Following the rampage and destruction, markets, shops, boutiques and business premises hurriedly closed for the day, while residents ran into their houses and looked out from their windows.

Three police patrol vans were stationed in front of First Bank to avoid further attacks, as it was learnt that the hoodlums had finalised arrangements to set fire to the bank.

The policemen shot sporadically into the air and chased the hoodlums into the Abuja, Bishop Johnson and Ibadan Waterfronts.

(Arise News)

…El-Rufai alleges plot to install interim government

Governor of Kaduna State, Nasir el-Rufai, says old and new naira notes remain legal tender in the state pending the supreme court’s decision on the matter.

In a broadcast on Thursday, el-Rufai assured residents of the state of efforts to ease the hardship caused by the scarcity of naira notes.

He also alleged that the scarcity of naira notes and petrol shortage is part of a plot to disrupt the forthcoming elections in order to ensure an interim government takes over.

Recall that in a televised address on Thursday morning, Nigeria President Muhammadu Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.

The president also said all existing old N1,000 and N500 notes will remain redeemable at the CBN and designated points for 60 days.

This came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by several states — including Kaduna — challenging the deadline on the old notes till February 22.

However el-Rufai said: “On behalf of the government of Kaduna state, I wish to express my deepest regret at the needless suffering you are enduring as a result of the prolonged fuel shortage and the difficulties occasioned by the so-called ‘currency redesign’ policy of the Central Bank of Nigeria.

“We understand your pain. I assure you that as your state governor, I have been working with my other colleagues to do everything in our power to end these pains.

“Therefore, as your governor, I wish to assure you that the Kaduna state government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf into the new ones immediately after the elections.

“We will also ensure the delivery of your new notes to your various locations without any hardship or expense on your part. We shall save you any panic and the stress of a long journey from your community to the CBN office in our state capital, from March until December 2023 if need be.

“For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise.

“I therefore appeal to all residents of Kaduna state to continue to use the old and new notes side by side without any fear.

“The Kaduna state government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.

“While urging you all not to fall for these antics of the enemies of Nigeria, please be patient and continue to exercise resilience in the face of open provocation and deliberate disinformation.”

The Kaduna Statd governor also said the current cash scarcity is part of moves to ensure that Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), loses the election.

“It is important for the people of Kaduna state, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, this policy was conceived and sold to the President by officials who completely lost out in the Gubernatorial and Presidential Primaries of the APC in June 2022,” el-Rufai said.

“Once Asiwaju Bola Tinubu emerged as the candidate in June 2022, and subsequently did not pick one of them as his running mate, this currency redesign policy was conceived to ensure that the APC presidential candidate is deprived of what they alleged is a humongous war chest.

“They also sought to achieve any one or more of following objectives: Create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the Party in all the elections;

“Ensure that the cash crunch is so serious, along with the contrived and enduring fuel shortage existing since September 2022, that the 2023 Elections do not hold at all, leading to an interim national government to be led by a retired army general;

“Sustain the climate of shortage of fuel, food and other necessities, leading to mass protests, violence and breakdown of law and order that would provide a fertile foundation for a military take-over.”

Kaduna is one of the states challenging the deadline on the old naira notes, in a suit filed before the supreme court.

Jigawa Govt Vows To Enforce Supreme Court Order On Naira Redesign

The Jigawa State Government has vowed to enforce the Supreme Court order restraining the Federal government from banning the old naira notes as legal tender.

This was contained in a public notice made available to newsmen by the Jigawa State Commissioner for Special Duties Auwal Sankara.

According to the public notice, commercial banks, corporate organizations, ministries, agencies, and traders must accept the old notes or face sanctions from the state government.

“It has come to its notice some individuals and corporate bodies are rejecting the now-old N200, N500, and N1,000 notes. The Jigawa State Government is concerned about the conduct of such individuals, ” it read.

The statement added “Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardships to the people of Jigawa State.

“Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria.”

The Supreme Court of Nigeria earlier issued an order “restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria CBN and/or commercial banks, ministries, parastatals, organizations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on the 10th of February, 2023 the time frame within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender pending the hearing and determination of the notice”.

(Arise News/Channels TV)

The Speaker of the House of Representatives, Femi Gbajabiamila, has criticised the declarations made by President Muhammadu Buhari on new and old naira notes in a national broadcast on Thursday morning as negating the ruling by the Supreme Court.

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, on Thursday, said since President Muhammadu Buhari announced his latest directive on the new Naira policy, he has met with the leadership of about 15 commercial banks.

The CBN governor stated this when he visited the presidential villa for a meeting with the President and the House of Representatives Special Ad Hoc Committee on Naira Redesign Policy, Cashless Policy, and Currency Swap on Thursday, hours after the nationwide televised broadcast where Buhari announced that only the old N200 note will remain a legal tender until April 10, 2023.

Emefiele said the meeting with the bank executives earlier on Thursday was to ensure ample supply of the old N200 notes to alleviate the sufferings of Nigerians.

In a chat with State House Correspondents, Emefiele who described himself as a servant appealed to Nigerians to allow the policy to work because he believes it will bring advancement to the nation’s economy when the challenge of illicit financial flows and insecurity is resolved.

The CBN Governor stated that the hardship and temporary pains due to the policy are regrettable, but assured that the apex bank will continue to work to ease the sufferings of Nigerians owing to the cash crunch.

(Channels TV/Vanguard)

President Muhammadu Buhari addresses Nigerians on Thursday, February 16, 2023.

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023

My Dear Compatriots,

I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.

5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.

7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4trillion.

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;

c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:

a. A strengthening of our macro economic parameters;

b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;

c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;

d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;

e. Exchange Rate stability;

f. Availability of Easy Loans and lowering of interest rates; and

g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.

11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

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

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

14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation.

15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

16. To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.

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

19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.

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

21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.

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

23. I urge every citizen therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.

24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.

Thank you for listening. God bless the Federal Republic of Nigeria.