Why there is Naira notes scarcity – CBN – Newstrends
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Why there is Naira notes scarcity – CBN

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Why there is Naira notes scarcity – CBN

The Central Bank of Nigeria says the seeming Naira notes scarcity in the country is caused by large volume of withdrawals of cash from various CBN branches by Deposit Money Banks.

The apex bank, which disclosed this amidst
complaints by some Nigerians about scarcity of Naira notes, said there is adequate supply of the currency.

Newstrends reports that many bank customers have raised concerns on scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).

Some officials of Deposit Money Banks (DMBs) also claimed that the DMBs were not getting adequate supply of cash from the CBN.

But, according to a statement issued by the Corporate Communications Department of the CBN, there is no shortage of Naira notes, as there is adequate supply of the currency in the economy.

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It said that panic withdrawals by bank customers was also partly responsible for the seeming scarcity.

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and BDCs in some major cities across the country.

“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.

“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.

“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” it said.

The CBN advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.

It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

Why there is Naira notes scarcity – CBN

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Tinubu appoints new heads for PenCom, ICRC, NPC, 6 others 

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Tinubu appoints new heads for PenCom, ICRC, NPC, 6 others 

President Bola Tinubu has appointed new heads for the National Pension Commission (PENCOM), Infrastructure Concession Regulatory Commission (ICRC), National Agricultural Land Development Authority (NALDA) and the Code of Conduct Tribunal (CCT).

Other agencies with new heads are the National Agency for the Great Green Wall, NAGGW, the Nigeria Hydrological Services Agency, NHSA, among others.

According to separate statements released by the presidential spokesman, Chief Ajuri Ngelale, the appointments take immediate effect.

Tinubu appointed Ms Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission, (PenCom).

Ms. Oloworaran is a finance and banking expert with many years of experience and the appointment is subject to the confirmation of the Nigerian Senate.

The statement added that the “President anticipates a goal-oriented leadership to drive efficiency and superlative performance in the National Pension Commission as the prime regulator of the Nigerian Pension Industry.”

President Tinubu also appointed Mr. Jobson Ewalefoh as the new Director-General of the ICRC.

Ewalefoh is a professional with years of experience in government and development organizations, in addition to expertise in public-private partnerships, public policy reform and development.

The appointment is also subject to the confirmation of the Senate and the President expects absolute dedication and probity in the management of the ICRC and in pursuit of its strategic objective of accelerating investment in national infrastructure through the innovative mobilization of private-sector funding.

For NALDA, President Tinubu appointed Mr. Cornelius Oluwasegun Adebayo as the new Executive Secretary/Chief Executive Officer.

Adebayo is an engineer and also a community and social development expert and the President expects the new Chief Executive Officer of NALDA to deploy his competence and experience in supporting and driving the growth and sustainability of Nigeria’s agricultural sector.

The statement also stated that President Tinubu appointed Dr. Mainasara Umar Kogo as the chairman of the Code of Conduct Tribunal (CCT).

Dr. Kogo is a seasoned lawyer and analyst in the fields of law, security, economy, politics, and international diplomacy.

“The President anticipates professionalism, integrity, and fidelity to the nation in the discharge of the functions of the Office of the Chairman of the Code of Conduct Tribunal (CCT), it added.

Other appointments made include, Mr. Saleh Abubakar as the new Director-General of the National Agency for the Great Green Wall, NAGGW and Mr. Umar Ibrahim Mohammed as the new Director-General of the Nigeria Hydrological Services Agency, NHSA.

The statement said, “Mr. Abubakar is a highly experienced public administrator with decades of experience across several sectors.

“The President expects diligence and dedication in driving the agency’s mandate of empowering communities to combat land degradation, enhance food security, and build resilience to climate change through sustainable interventions and education.”

For the new DG of NHSA, the statement said, ” Mr. Mohammed is an architect, and also, a construction technology and environment professional.

“The President expects improved outcomes in the agency’s objective of operating and maintaining hydrological stations nationwide, as well as carrying out groundwater exploration and monitoring using various scientific techniques to provide hydrological and hydrogeological data needed for planning, design, execution and management of water resources and allied projects.”

President Tinubu has also approved the appointment of Mrs. Mojisolaoluwa Kehinde Alli-Macaulay as the Executive Director (Operations) of the Fund.

Mrs. Alli-Macaulay is a former lawmaker and former Chairperson of the Lagos State House of Assembly Committee on Women Affairs, Poverty Alleviation, and Job Creation.

The President in a statement issued by his spokesman, Chief Ajuri Ngelale, “anticipates a comprehensive re-positioning of the NSITF for enhanced social protection and qualitative service delivery to the Nigerian people

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El-Rufai sues Kaduna lawmaker, Channels TV over N423bn debt probe

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Former Kaduna State Governor, Nasir El-Rufai

El-Rufai sues Kaduna lawmaker, Channels TV over N423bn debt probe

Former governor of Kaduna State, Malam Nasir El-Rufai, has initiated legal action against Henry Marah, a member of the Kaduna State House of Assembly, and Channels TV over alleged defamatory comments made during an interview about the probe of a N423 billion loan.

In a writ of summons filed before an FCT High Court dated July 11, 2024, El-Rufai, represented by his counsel A.U. Mustapha (SAN), contends that the June 5 “Politics Today” interview on Channels TV titled “Investigation of El-Rufai Administration” was “malicious, unwarranted, without justification, defamatory, and greatly injurious to the reputation of the claimant.”

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El-Rufai is seeking N3 billion in damages, jointly and severally, from Marah and Channels TV for the injury, embarrassment, and distress caused by the alleged defamatory publication, which he claims resulted in a loss of reputation and goodwill.

The interview discussed the ongoing probe into El-Rufai’s alleged borrowing of N423 billion during his tenure as governor from 2015 to 2023. During the interview, Marah accused El-Rufai of borrowing funds without due process and failing to account for the money.

Previously, El-Rufai filed a N1 billion suit against the Kaduna State House of Assembly, arguing that he was denied a fair hearing by the Ad-Hoc Committee on Investigation of Loans, Financial Transactions, Contractual Liabilities, and Other Related Matters. This committee was established on April 16, 2024, to investigate financial activities during El-Rufai’s administration from May 29, 2015, to May 29, 2023.

No date has been set for the hearing of the case.

El-Rufai sues Kaduna lawmaker, Channels TV over N423bn debt probe

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Supreme Court judgement on LG autonomy takes effect immediately – AGF

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Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN

Supreme Court judgement on LG autonomy takes effect immediately – AGF

The attorney general of the federation and minister of justice, Lateef Fagbemi, has said the Supreme Court judgement affirming the autonomy of the local government areas will take effect immediately.

Mr Fagbemi, who stated this while briefing state house correspondents after meeting President Bola Tinubu, urged the governors to comply with the judgement.

While expressing his joy, Mr Fagbemi noted that the judgement has emancipated the local government council.

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He said, “Naturally, one will be happy, should be happy, Nigerians are happy about it.

“I call it local government emancipation judgement because it has really emancipated the local government from the shackles of the past and I hope that local government officials will look at it as an opportunity to develop their various local governments.”

On how to ensure compliance to the part of the judgement that requires state governments to conduct elections for government areas, the AGF said: “The ball is in the court of the governors, let us see what they will come out with, but the judgement is clear as to what they should do, the judgement is clear as to what consequences will be attached to failure or refusal to follow the judgement of the Supreme Court, which takes immediate effect.”.

Supreme Court judgement on LG autonomy takes effect immediately – AGF

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