Tag: Naira redesign

Court stops CBN, Buhari from extending deadline for old Naira notes

Aminu Imam

A High Court sitting in the Federal Capital Territory, (FCT), has restrained President Muhammadu Buhari, the Central Bank of Nigeria, (CBN), its Governor, and 27 listed commercial banks from suspending, stopping, extending, or interfering with the currency redesign Feb. 10 terminal date, or issue any directive contrary to that date. In a Motion by five of the eighteen political parties, the Court, presided over by Justice Enenche also granted an order directing the Chief Executive Officers (CEO’s) of the banks and their alter egos to show cause why they should…

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Cashless Policy: 3 Northern Govs. take Buhari to Supreme Court over Naira scarcity

Aminu Imam

The governments of Kaduna, Kogi and Zamfara States have filed a lawsuit against the Federal Government before the Supreme Court, seeking a restraining order to halt the full implementation of the Central Bank of Nigeria (CBN)’s naira redesign policy. This comes amid the hardship that Nigerians go through in efforts to meet the deadline for the new naira notes exchange. In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the Northern States urged the Supreme Court to give them an interim injunction stopping the Nigerian Government…

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Naira Scarcity: Sales of Made-in-Nigeria goods may drop by 25% – MAN

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has emphasised the need for the Central Bank of Nigeria (CBN) to intensify efforts at ensuring a seamless transition from old naira to new naira notes. Its Director-General, MAN, Segun Ajayi-Kadir, who stated this yesterday, said that anything to the contrary would be inimical to manufacturing. According to him, should the current hardships being experienced in accessing money persisted for the next three weeks, there would be a possible 25 percent drop in monthly sales of Made-in-Nigeria goods. He noted that as purchases from…

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“Naira scarcity pain a temporary sacrifice for a saner economy” – FG

Aminu Imam

The Federal Government has explained the persisting cash scarcity and its attendant pains by Nigerians as a result of the introduction of redesigned naira notes should be seen as a temporary sacrifice to achieve long-term economic sanity. Minister of Finance, Budget and National Planning, Zainab Ahmed, who stated this when she appeared as the 65th guest on the Ministerial Briefing, organised by the Presidential Communication Team at the State House in Abuja, also said President Muhammadu Buhari is not happy about the situation. Ahmed likened the current situation being experienced…

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Naira Redesign: “Banks will accept old currency notes after deadline” – Emefiele

Aminu Imam

The Central Bank of Nigeria (CBN) yesterday assured the members of the public that nobody will lose money, as deposit money banks will continue to accept old Naira notes after its deadline for the currency swap. The CBN Governor, Godwin Emefiele, gave the assurance in Abuja, during an interactive session with the House of Representatives ad-hoc Committee on the Currency Redesign and Naira swap policy. Recall that the CBN on Sunday extended the deadline for the phase-out of old naira notes by 10 days from January 31, 2023 to February…

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‘Why Buhari approved old naira deadline extension’ — Emefiele

Aminu Imam

President Muhammadu Buhari, yesterday, in Daura, Katsina State, approved the Central Bank of Nigeria (CBN)’s request to extend the deadline for swapping old naira notes with the redesigned notes from January 31, 2023, to February 10, 2023. Buhari also approved a seven-day grace period, which runs from February 10 to February 17, to allow Nigerians to deposit their old notes at the CBN after which the old notes cease to be legal tender. The CBN governor, Godwin Emefiele, disclosed these to State House correspondents shortly after he met the President…

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“Naira redesign targeted at elites hoarding illicit funds, not common man”, Says Buhari.

Aminu Imam

The Presidency has for the first time made an attempt to explain the idea behind the hurried redesign of some naira notes, saying it was mainly targeted at frustrating some elite Nigerians who hoard illicit cash. The President’s Senior Special Assistant on Media and Publicity, Garba Shehu, in an issued statement yesterday, said contrary to insinuations, it is not targeted at the common man in the streets. According to the presidency, the Government is not resting on its oars to see that citizens’ businesses are safe. It regretted the disruption…

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“Investigate killing of pastoralists in Nasarawa”, MACBAN urges Human Rights Commission

Aminu Imam

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), has called on the National Human Rights Commission to investigate the killing of 27 pastoralists in an ‘airstrike’ in Doma local government area of Nasarawa State. The association’s National Public Relations Officer, Muhammad Abdullahi, made the call in an issued statement on Friday, in Abuja. Recall that the Nasarawa State, Police Command, on Thursday confirmed the alleged killing of 27 pastoralists in an ‘airstrike’ in Doma local government area of the State The MACBAN spokesperson, who said that the killings constitute…

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Naira Notes Swap: Atiku calls for ‘slight’ extension of deadline 

Aminu Imam

Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has asked the Central Bank of Nigeria (CBN) to extend the deadline for the validity of old naira notes. There has been increased tension in the country as Nigerians scramble to meet up with the deadline amid poor circulation of the redesigned N200, N500 and N1,000 series. This has led to several calls for the extension of the January 31 deadline — but the CBN has insisted that it will not shift ground. In a broadcast yesterday, Atiku said a…

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Redesigned Cash Policy: Reps. read Riot Act to CBN Governor, others

Aminu Imam

The leadership of House of Representatives on Wednesday read Riot Act to the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and its management team over the public outcry on the 31st January, 2023 deadline issued on the cash withdrawal limit and cash-swap policy. Chairman, Ad-hoc Committee investigating the policy, Hon. Alhassan Ado-Doguwa, stated this while briefing members on the communication from CBN on the inability of the CBN management to attend the investigative hearing. While noting that the CBN Governor and other Directors are employees of Nigerians, Hon.…

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