metro
Cash in circulation to rise 20% to N3.8trn, scarcity ends April – Rewane

Contrary to speculations that the Central Bank of Nigeria (CBN) has burnt the old naira notes it withdrew from the system, Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited said, “total cash in circulation could increase by 20 per cent if all old notes are returned back to the economy.
Rewane who made this known in FDC’s post MPC report, explained that N3.2 trillion of old notes are expected to be added to N600 billion new naira notes printed by the apex bank. This, he said, will bring the total cash in circulation to N3.8 trillion.
“Before the next MPC meeting in May, we expect cash in circulation to increase, enabling business and consumer transactions. ATM queues will begin to reduce and over the counter cash will be available at banks”, said Rewane.
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He warned that, with the ongoing, confidence in the banking system will remain weak, there will be increase in inflationary pressure, while the velocity of circulation will stay low.
Rewane noted that the Monetary Policy Rate (MPR) has been jerked up by 650bps since 2022, and warned that, there are consequences.
For one, he said, there will be marginal propensity to consume will decline, by about 0.8 per cent.
He added that the increase will make the naira stronger, increase the lending rates of banks to the economy, reduce stock prices, If treasury bill rates and savings rate increase. He said, average lending rates will be approximately 28-30 per cent per annum.
Expatiating, he said the hawkish stance, which mirrors global trends, is premised on cooling inflation that inched up marginally by 0.1 per cent to 21.9 per cent in February and protecting the naira’s peg to the US dollar as the Federal Reserve shows no sign of letting up its tightening stance.
metro
Police recover bodies of father, son after mysterious death

Police recover bodies of father, son after mysterious death
Authorities in Ebonyi State have recovered the remains of a man and his son who were found dead under unclear circumstances in the Ebebe Junction area of Abakaliki.
State Police Command spokesperson, SP Joshua Ukandu, confirmed the evacuation to the News Agency of Nigeria (NAN) on Friday.
Ukandu said the deceased, identified as Mr. Light Nwodor and his son Miracle, were found lifeless, prompting swift action by officers in the area.
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“When I was called by an individual about the incident, I quickly called the Divisional Police Officer (DPO) in the area,” he said.”They swung into action and the dead bodies have been evacuated.“The police have launched investigation into the matter.”The command will definitely inform the general public on completion of investigation.“Right now, nobody knows what caused their deaths,” he added.
He also noted that no updates had been received from the DPO regarding any arrests linked to the case.
Initial unconfirmed reports circulating online suggested that the deaths may have resulted from eating food prepared by a woman who is allegedly now at large.
Police recover bodies of father, son after mysterious death
metro
Many missing, one killed in Ebonyi community clash

Many missing, one killed in Ebonyi community clash
One person has been shot dead, two injured and many people missing in Ndiagu Amagu, Ikwo in Ikwo Local Government Area of Ebonyi State following a leadership tussle. The deceased, Nwoyika Ugbaloke and Thomas Ngaragu were reportedly attacked by some gunmen, but Ugbaloke couldn’t survive the attack.
Many people are said to be missing in the attack.
It was gathered that trouble started when a faction in the community imposed N40, 000 level on all the adults in Nduche Umuomara in the community, which did not go down well with another faction in the area.
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It was also gathered that the faction that imposed the N40,000 levy on the adults was also selling lands belonging to the faction that opposed the levy.
A son of the deceased, Nwoyika Kingsley Emeka, lamented the killing of his father and called for arrest of his killers. He said the killers were moving freely in the community, sealing people’s farmlands with palm fronds and warning them never to set their feet on the farms until the fines were paid.
He alleged that the perpetrators were being protected by some highly placed persons in the community.
When contacted, the state Police Public Relations Officer, SP Joshua Ukandu said he had not received any report on the incident.
Many missing, one killed in Ebonyi community clash
metro
EFCC declares four persons wanted over CBEX scam

EFCC declares four persons wanted over CBEX scam
The Economic and Financial Crimes Commission (EFCC) has declared eight suspects wanted in connection with the alleged loss of approximately N1.3trillion to Crypto Bridge Exchange (CBEX).
Apart from two of the suspects based in Ibadan, the rest six were said to be from Idimu-Egbeda Road in Lagos.
But the EFCC has held on to two suspects it earlier arrested.
According to a notice by the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale, all the suspects are wanted for “fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).”
The first set of suspects, who are Nigerians, include, Oloyede, Emmanuel Uko, Adefowora Oluwanishola and Adefowora Abiodun Olaonipekun.
The foreigners are Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera and Serah Michiro.
The Adefoworas and Michiros are suspected to be couples.
The statement described the second set of suspects as “foreign accomplices wanted by the EFCC. “
The statement added: “The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).
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“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies.”
Asked about those two earlier arrested, a source in EFCC said: “They are still in custody. “
The Director-General of the Security and Exchange Commission (SEC), Dr Emomotimi Agama has said CBEX is unregistered with it.
He said the commission cannot be of help to the victims.
He said: “There is nothing the commission can do”.
“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.”
SEC said preliminary investigations revealed that CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.
It said: “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.”
EFCC declares four persons wanted over CBEX scam
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