News
CBN Has My Backing For Redesigning Naira Notes – Buhari
President Muhammadu Buhari Sunday said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value naira notes had his support.
CBN governor, Godwin Emefiele had, during a special briefing in Abuja on Wednesday, disclosed that the apex bank would, following approval by the president, start circulating newly redesigned N100, N200, N500 and N1000 naira notes from December 15.
But the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on Friday during a 2023 budget defence session with the Senate Committee on Finance, countered Emefiele on the proposal, saying her ministry was not consulted by CBN on the planned naira redesigning and that she could not comment on it as regards it merits or otherwise.
The minister had said, “Distinguished Senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of the naira against other foreign currencies.
READ ALSO:
- You lack integrity, stop Ortom, others if you can, Wike dares Ayu
- Lagos commercial drivers begin 7-day strike, say no going back
- Tinubu’s Endorsement: I Warned Fasoranti, Says Adebanjo
“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
But yesterday, Buhari, according to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, emphasised that he supports the CBN’s decision to redesign the naira notes.
The president said he was convinced that the nation would gain a lot by doing so.
Buhari was quoted to have stated these in a Hausa radio interview with a veteran journalist, Halilu Ahmed Getso and Kamaluddeen Sani Shawai for Tambari TV.
The president said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
‘‘People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,’’ he said.
READ ALSO:
- Tinubu to Afenifere: Help me Buhari and northern govs for their steadfastness and for being promise-keepers
- Buhari condoles with South Koreans over death of 151 in Seoul stampede
- Naira Redesign in Overall Interest of Nigerians, Economy – CBN
The president was also said to have, in the interview, addressed issues of food security and national security, among others.
Recall that Emefiele at the briefing in Abuja last week, stated, “In recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
The CBN governor had explained that there was significant hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of monies in circulation were outside the vaults of commercial banks.
“N2.73 trillion out of the N3.23 trillion in circulation exists outside the vault of the commercial banks.
“Evidently, currency in circulation has more than doubled since 2015, raising from N1.46 trillion in December 2015 to N3.23 trillion as at September 2022,” he had said.
He had also said that the apex bank was convinced that the incidents of terrorism and kidnapping will minimise as access to large volumes of money outside the banking sector used as a source of funds for ransom payment will begin to dry up.
Daily Trust
News
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
The Economic and Financial Crimes Commission (EFCC) on Thursday declared former Kogi State Governor, Yahaya Bello, wanted.
The anti-graft agency said Bello is wanted for alleged offences relating to economic and financial crimes to the tune of N80.2 billion.
The EFCC called on Nigerians with information as to his whereabout to report immediately to the Commission or the nearest Police Station.
READ ALSO:
- Chioma attends Davido’s concert amid hubby infidelity allegation
- Court fixes May 9 for Agunloye’s ₦1bn suit against EFCC
- BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
“The public is hereby notified that YAHAYA ADOZA BELLO (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).
Bello, 48-year old Ebiraman, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.
Anybody with useful information as to his whereabouts should please contact the Commission in its lbadan, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; its e-mail address: info@efccnigeria.org or the nearest Police Station and other security agencies, ” a public notice issued by the EFCC read.
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
News
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to submit himself for probe.
News
APC: Reprieve for Ganduje, Federal High Court stops his suspension
APC: Reprieve for Ganduje, Federal High Court stops his suspension
The former governor of Kano State, Abdullahi Ganduje, has secured a court order from a Federal High Court in Kano halting his purported suspension as the National Chairman of the ruling All Progressives Congress (APC).
The order is sequel to an ex parte motion filed by Ganduje seeking to enforce his fundamental right to fair hearing.
According to the certified true copy of the order released on Thursday to journalists, the respondents in the application are the Police, Department of State Services DSS, Nigeria Security and Civil Defence Corps NSCDC and nine other individuals.
Recall the APC executives in Ganduje ward of Dawakin Tofa local government area of Kano State had on April 16, announced the suspension of Ganduje over alleged corruption.
The decision was however quashed by both the State Working Committee of the APC in Kano and the National Working Committee NWC.
READ ALSO:
- Israel halts plan to carry out retaliatory strike on Iran
- JAMB to security agents: Arrest any parent who comes near CBT centres
- Kaduna assembly speaker warns el-Rufai’s son over threats of lawmakers
A judge of the Kano State High Court, Usman Na’abba, had however affirmed the suspension and warned Ganduje against parading himself as head of the NWC and National Chairman of the APC.
However, in the ex parte order delivered on Wednesday by the Federal High Court and made available to journalists on Thursday, A.M Liman, a judge of the Federal High Court in Kano said the suspension should not be implemented until the case is heard and determined.
“That all the Respondents, their servants, agents or privies are hereby restrained from Implementing and/or giving effect to the purported decision reached during the purported emergency meeting of the alleged Executive members of APC Ganduje Ward, held at Ganduje Ward of Dawakin Tofa Local.
“That all the parties are hereby mandated to maintain status quo before the purported emergency meeting of the alleged executive members of APC Ganduje Ward, and to stay action in respect of this matter pending the hearing and determination of the substantive application,” Liman said.
April 30 has been fixed to hear Ganduje’s appeal.
APC: Reprieve for Ganduje, Federal High Court stops his suspension
-
Sports7 days ago
Kane’s three children involved in car crash, hospitalised
-
News5 days ago
FG gives update on where fleeing Binance executive is hiding
-
Entertainment6 days ago
Tolani Baj expresses love for Bobrisky
-
metro5 days ago
Troops neutralise 188 terrorists, rescue 133 hostages in assault operations
-
metro5 days ago
Viral video: Edo CP orders trial of officer threatening people with gun
-
News5 days ago
NLC, TUC jointly propose N615,000 new minimum wage
-
News7 days ago
New electricity tariff may drop if naira rebounds further – Adelabu
-
metro6 days ago
Breaking: Bobrisky sentenced to six months imprisonment without option of fine