Awareness about phasing out old naira Jan 2025 not enough, Reps tell CBN – Newstrends
Connect with us

metro

Awareness about phasing out old naira Jan 2025 not enough, Reps tell CBN

Published

on

Awareness about Phasing out old naira Jan 2025 not enough, Reps tell CBN

The House of Representatives has tasked the Central Bank of Nigeria (CBN) with the need to sensitise Nigerians about the non-legal tender status of the old naira notes from the 1st of January, 2025.

The resolution was passed in sequel to the adoption of a motion of urgent national importance sponsored by the Leader of the Labour Party Caucus, Hon. Victor Ogene.

In his lead debate, Hon. Ogene recalled with nostalgia “the hardship, frustration, controversy, and chaotic situation occasioned by the CBN change of currency in 2023 that affected the validity of the old N200, N500, and N1,000 Naira notes at the time that resulted in litigation.

“The House of Reps also recalls the current scarcity that led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.

“The House of Reps is aware that, going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.

“The House of Reps is concerned that the Central Bank of Nigeria (CBN) has not shown any sign of sensitisation or kicked off any awareness program to remind Nigerians about this important economic policy in order to make them prepare for the deadline of 31/12/2024.

READ ALSO:

“The House of Reps is worried that Nigerians will be plunged into more chaotic situations than what happened in February 2023, when the old N200, N500, and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services as of January 1, 2025.

“The House of Reps is disturbed that the Central Bank of Nigeria ought to have started public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazine publications, three months before the deadline, but now with about two months to the deadline, yet nothing to show that the apex bank is prepared for the exercise.

“The House of Reps is further worried that the Central Bank of Nigeria is still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new N200, N500, and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing out only the new notes.”

In the bid to avert another financial crisis, the lawmakers urged the Central Bank of Nigeria to issue more new N200, N500, and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.

The lawmakers also tasked CBN to order commercial banks to forthwith stop cash payments to their customers with old N200, N500, and N1,000 notes but instead engage in gradual mopping up of the old notes.

The lawmakers also harped on the need for the apex bank to kick-start awareness programs for Nigerians to be aware and prepare for the deadline of December 31, 2024.

To this end, the House of Reps mandated its Committee on Banking Regulations to ensure compliance and report back to the House within 21 days.

 

Awareness about Phasing out old naira Jan 2025 not enough, Reps tell CBN

metro

200,000 repentant terrorists surrender, drop arms in North East – CDS

Published

on

Chief of Defence Staff, General Christopher Musa

200,000 repentant terrorists surrender, drop arms in North East – CDS

The Chief of Defence Staff, General Christopher Musa, has disclosed that about 200,000 repentant terrorists have so far dropped their arms and surrendered to troops in the North East, noting that the twin strategy of kinetic and non-kinetic operations was responsible for this achievement.

The CDS made this known at the Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in collaboration with the British High Commission, which began at the National Counterterrorism Centre in Abuja on Tuesday.

He disclosed that the theme of the symposium, ”Securing Peace, Ensuring Justice, Protection, Conduct, and Accountability,” speaks volumes about the deluge of security challenges the armed forces and security agencies are facing.

His words, “All the challenges we are facing today have to do with fairness, equity, justice, and accountability.

“There will not be peace without justice, equity, fairness, and accountability. In our operations, we are conducting both kinetic and non-kinetic strategies, which have to a large extent yielded significant successes, and we want to particularly thank the National Security Adviser for his great support in this regard.

“Nigeria is going through so many challenges, and we feel we’re able to address this, and everybody has a sense of belonging. A lot of the security challenges we are having, we are sure, will go down. I want to thank the National Security Advisor for all the support he’s given us, both the kinetic and the non-kinetic.

“We have said it; the kinetic aspect is just less than 30%. The non-kinetic has a lot to play. The non-kinetic, because when you have democracy, people must have the evidence of democracy. As long as it tells people to sleep well and be peaceful, and they are hungry, their children cannot eat, and all this creates more problems.

READ ALSO:

“The issue of informants. We have to look at how we tackle this issue of informants. Because these are the people who have created the issue.

200,000 repentant terrorists surrender, drop arms in North East – CDS

Continue Reading

metro

Robbers kill two members in shoot-out with Delta police

Published

on

Robbers kill two members in shoot-out with Delta police

The spokesperson for the police in Delta State, SP Bright Edafe, has confirmed the death of two robbery suspects in the state.

Mr Edafe, who disclosed this to journalists on Tuesday in Warri, said that the deceased were killed from the bullets shot by their gang members.

According to him, the incident occurred on Wednesday at Effurun, Uvwie Local Government Area of the state.

Mr Edafe explained that the deceased were leading the police surveillance team attached to the Ekpan Division to their hideout when they were caught during a shoot-out.

READ ALSO:

“The suspects were arrested at Effurun roundabout with a bag containing 57 live cartridges and other items. They were leading the surveillance team to their hideout at Warri/Sapele road when their gang members, on sighting the vehicle of the police team, engaged them in a shootout.During the gun duel, the arrested suspects that were leading the police team were fatally wounded by the gun shot of their colleagues. The two injured suspects were taken to the hospital and later died while receiving treatment,” he said.

Mr Edafe said that items recovered from the hoodlums hideout included: one English pump action gun, one locally made cut-to-size gun and eight live cartridges.

Others were: six iPhones, Smart phones and a Rolex wrist watch.

He said that the command had intensified manhunt on the fleeing members of the gang.

 

Robbers kill two members in shoot-out with Delta police

(NAN)

Continue Reading

metro

Akwa Ibom businessman abducted, driver killed, police orderly injured

Published

on

Dr. Samuel Ekerenam
Akwa Ibom businessman abducted, driver killed, police orderly injured
Gunmen kidnapped a prominent businessman, Dr. Samuel Ekerenam and k!lled his driver in Eket town, the headquarter of Eket Local Government Area of Akwa Ibom State.
Ekerena, the owner of Hephzibah Mall, was abducted about 10:00pm on Saturday, 23 November, 2024.
It was gathered that the gunmen trailed the victim to the shopping complex, shooting sporadically to scare the passers-by away before whisking him away to an unknown destination.
READ ALSO:
The body of Ekerenam’s driver was discovered in the pool of his blood, while his police orderly was severely wounded in the gun attack.
The spokesperson of the State Police Command, ASP Timfon John, who confirmed the incident on Monday, November 25, said the Commissioner of Police, CP Joseph Eribo has deployed tactical operatives to comb for the abducted businessman.
The PPRO added that the police were on top of the game and very soon the kidnap victim would be rescued and the perpetrators made to face the full weight of the law.

Akwa Ibom businessman abducted, driver killed, police orderly injured

Continue Reading

Trending