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New naira notes to be printed locally, says CBN
•Policy targeted at opposition, says Obaseki
There is no plan to print the proposed new naira notes outside Nigeria, a Central Bank of Nigeria (CBN) Board member has said.
“All the new currency notes are printed in Nigeria by the Nigeria Security, Printing and Minting Company (NSPMC), so I do not envisage printing outside the country,” the Board member told The Nation in confidence.
He, however said that he has no idea of the cost for printing the new currencies for now. But he assured that the cost is “something that can be accommodated in view of the expected benefits of the re-designed notes”.
According to CBN Governor, Godwin Emefiele, the N1000, N500 and N200 are to wear new looks soon.
Shedding light on the communication or lack of it between the CBN and the minister of finance on the decision to redesign some denominations of the naira, the CBN Board member insisted that “the CBN Governor did not take the decisions on currency redesign alone”.
According to the Board member, “at present, the Board of the CBN has not been inaugurated even though the Senate has confirmed the re-appointment of the members. Until the Board is inaugurated, it cannot sit”.
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He went on to add that “in the interim, the President who is the Supervisor of the CBN, acts on behalf of the Board. This is why the Governor went directly to the President for approval of the redesign.
But Edo State Governor Godwin Obaseki yesterday read political meaning to the proposed naira redesign.
He claimed that the move was a ploy by the All Progressives Congress (APC)-led Federal Government to sway voters ahead of the 2023 general elections.
Obaseki spoke at the inauguration of Edo State Peoples Democratic Party’s (PDP’s) Women Campaign Council at the presidential campaign secretariat of the party on Sapele Road, Benin, the state capital.
He said: “The redesigning of the nation’s currency should not be a priority, as the majority of citizens are suffering from hunger, poverty and economic hardship.
“They say we should all bring our naira and give it to them, because they want to change it for us. Is that our priority now?
“Does changing of currency reduce the price of food in the market? They say they want to change our currency, and dollars are going higher every day. We cannot even see dollars again.
“I am an economist and I can tell you categorically that this policy by the CBN and Federal Government has no basis in Nigeria’s economy. There is no reason to do this. The move is purely political, as there is no urgency in changing our currency.”
Edo governor was of the opinion that putting food on the table of Nigerians ought to have been given priority attention by the Muhammadu Buhari’s administration.
He said: “The urgency is on how to get food for our citizens to remove starvation and hunger from the land. The urgency is on how to maintain discipline in our monetary policy. So that we can manage our foreign exchange rate, because we are import dependent.
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Former CBN Deputy Governor Prof Kingsley Moghalu said the CBN did no wrong by not personally informing Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed.
Moghalu said: “The CBN only needs the approval of President Muhammadu Buhari for this particular exercise. There are only three issues on which, in the CBN Act of 2007, the CBN should obtain external authorisation, and only from the President of Nigeria, for its operations: any alterations to the legal tender (the naira); any investment of the bank’s funds outside Nigeria; and the Bank’s annual report.
“Outside of these, the only approving authorities for CBN operations are its Committee of Governors consisting of the Governor and the four Deputy Governors, and the Board of Directors of the CBN, which includes the Governor, the four Deputy Governors, and seven external members which include the Permanent Secretary of the Federal Ministry of Finance and the Accountant-General of the Federation.”
Moghalu alleged that Emefiele was politicising “the central bank by routinely subjecting its operations to the whims and caprices of the Presidency far beyond what is the appropriate relationship, and compromised the independence of the CBN as a result. That is why the finance minister erroneously feels entitled to be informed or consulted”.
He called on the apex bank to “focus hard on the implementation of this policy. It will impose huge pressures on the banking system.
“How can the woman frying bean cake in the rural area, who keeps most of her cash under her pillow, be aided to come into the banking system under this new policy? There are others as well whose monies are outside the banking system for reasons that are not negative”.
The Nation
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NURTW scribe felicitates Nigerians on Xmas, urges caution
NURTW scribe felicitates Nigerians on Xmas, urges caution
The General Secretary of the National Union of Road Transport Workers (NURTW), Comrade Kayode Agbeyangi, has enjoined Nigerians to imbibe the virtues of peace, love and compassion as taught through the birth of Jesus Christ.
He stated this in his Christmas and end of the year goodwill message to felicitate members of the union and Nigerians in general.
Agbeyangi urged Nigerians to use the festive season to reflect on the values of love, compassion, and sacrifice that Jesus Christ embodied.
“This period is not for merry making alone; we should also spare time to reflect on the birth and life of Jesus Christ.
“His birth teaches humility, love compassion and sacrifice. As Nigerians, we must show love to our fellow county men. We must love our country. As Nigerians, we must be ready to make sacrifices for the nation.”
The NURTW scribe also used the opportunity to appeal to members of the union and other road users to always exercise caution and adhere to all safety protocols while travelling during the festive season.
“As we celebrate, let us not forget the importance of road safety. The roads can be treacherous, especially during the festive season.
“I urge our members and all road users to drive safely, avoid overspending, overtaking at dangerous bends and overloading, and be courteous to other road users,” he stated.
He also advised drivers that all their vehicle papers should be up to date to avoid embarrassment from law enforcement officers on the highways.
Comrade Agbeyangi prayed for a peaceful and joyous celebration, and wished members of the union and Nigerians, a happy prosperous New Year.
metro
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody. The banner became a source of controversy after a picture of it was shared on social media, with many calling it an…
The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody.
The banner became a source of controversy after a picture of it was shared on social media, with many calling it an attack on the Christian faith.
Addressing his congregation, Jamiu said the banner was displayed to educate Muslims.
He said, “When you come to Lekki Central Mosque, at least you should learn something. You pass by the banners outside, you look here and there, you learn something because Islam treasures knowledge.”
The Imam said all the banners displayed outside the mosque contain Quran and Hadith verses.
He said after a photo of one of the banners went viral, he “received calls from the government, local government, and area command appealing to us to please remove the banners because of the festive period.”
He said the display of the banners was not to provoke anyone, noting that there’s a difference between propagation of Islam and provocation.
“It was not placed there just yesterday. It has been there for about two months or thereabout. We are peace loving people, we don’t provoke anyone. We only propagate our name,” he said.
Jamiu further stated that nobody can monopolise Jesus because Muslims also have what they believe about him as backed by the Quran which calls him Isah.
“If you don’t believe in Jesus, you are not a Muslim. We are Muslims and anything we believe must be in consonant with the Quran and the Quran says Jesus Christ is not God, he’s a messenger of God. We quoted this verse in the banner. Is there anything wrong if we paste what we believe on our territory to educate our congregation? It’s a verse of the Quran. This is freedom of religion, freedom of speech,” he said.
On the removal of the banner, Jamiu said he received multiple calls ascribing the gesture as cowardice.
“It is not cowardice. We removed it to let peace reign, to obey our government because we are peace-loving people and also because we know it’s a festive period, people may think it was actually calculated to enrage others. We are going to modify it and put it back. We are not cowards,” he said.
The banner has since been replaced with another which says “A
llah is the lord of Jesus.”
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
metro
CBN fines bank found hoarding cash N150m
CBN fines bank found hoarding cash N150m
The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).
This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.
Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.
A staff member of the CBN stressed that the apex bank would not tolerate such practices.
“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.
To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.
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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.
“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.
Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.
Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.
“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.
CBN fines bank found hoarding cash N150m
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metro4 hours agoWhy we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam