The hope of customers to receive cash across the counter got dashed as commercial banks shut their doors against them.
The bank premises in Dugbe axis were stormed by a crowd of customers in anticipation of changes to their previous experiences following President Muhammadu Buhari’s National Broadcast in the early hours of Thursday extending the validity of the old 200 naira note till April 10 left without a dime.
Some of them who expressed disappointment said the development had compounded their sufferings.
In another development, the entrance of the Central Bank of Nigeria Dugbe Ibadan experienced a large turnout of residents waiting to deposit their old 500 and 1000 naira notes while the CBN are yet to commence the collection process of the old notes.
Some customers however said the collection of the old naira notes should be done at various banks and not at the Central Bank for an easier process
Meanwhile,, a Legal Practitioner, Mr Ayo Arowosafe said the president has acted in contempt of the supreme court by declaring the five hundred naira and one thousand naira as non-legal tender.
The legal practitioner noted that the ruling of the Supreme Court that the status quo of the old naira notes should be maintained till the 22nd of this month was sacrosanct and any objection should be taken to the apex court for review.
He frowned at the pronouncement of the president as it would set a bad precedent which is undermines the nation’s legal system.
The suspected killers of Mr and Mrs Kehinde Fatinoye and their only surviving son have been remanded at the Correctional centre by an Abeokuta Magistrate Court, sitting in Isabo, Abeokuta.
The defendants, Lekan Adekanbi, Ahmed Odetola, Waheed Adeniyi, Temitope Fadairo, Adenike Adekanbi, and Anuoluwapo Owolaja are facing 11-count charges, bordering on conspiracy, murder, felony, arson, stealing and escape from lawful authority, amongst others.
The Police counsel, Miss Oluwatosin Jackson, who moved a motion ex-parte pursuant to Section 306 of Administration of Criminal Justice Laws of Ogun State, prayed for an order of the court to remand the defendants.
Miss Jackson prayed the court to remand the defendants for sixty days, in the first instance, at Oba Correctional Centre, pending legal advice from the office of the State Director of Public Prosecution.
She said that the suspects, Adekanbi, Odetola and Adeniyi, committed the offences on the first of January 2023 at Ibara Housing Estate in Abeokuta.
The police counsel said that the defendants killed Mr Kehinde Fatinoye, by piercing his neck with a knife and Mrs Bukola Fatinoye, by hitting a hammer on her head.
The prosecutor stated that the defendants also killed the only surviving child of the couple, Oreoluwa, by pushing him into Ogun River, which led to his death.
She explained that they also stole six phones, valued at one point five million naira and one Hyundai car, valued at twelve million naira from the couple at gunpoint and later set the couple and their house ablaze.
The Chief Magistrate II, Mrs Esther Idowu, ordered that the five male defendants be remanded at Oba correctional centre while the two female defendants are remanded at Ibara Correctional Centre for 60 days, pending legal advice from the office of the state Director of Public prosecution.
She adjourned the case till 17th April 2023 for mentioning.
President Muhammadu Buhari has extended the validity of the old N200 notes till April 10, 2023. The president announced this in a national broadcast on Thursday Monday. “I am addressing you as your democratically elected President to sympathise with you over the hardship being experienced as a result of the naira redesign policy.” “To further ease the supply pressures, particularly on our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.”
He assured Nigerians that his administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. ” In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks,” he said.
The President further urged Nigerians to bear with the present administration as its monetary policies are aimed at strengthening the economy and blocking all loopholes aiding money laundering.
He further restated that the elections will hold as scheduled thus imploring citizens to come out en mass to vote for the candidate of their choice in the forthcoming Presidential and National Assembly elections coming up on the 25th of February this year.
“I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
“I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.” The President said.
By Olaitan Oye-Adeitan, Oluwayemisi Owonikoko, Maxwell Oyekunle
With the adjournment of the suit on the redesigned naira brought before the Supreme Court by governors of Kogi, Kaduna and Zamfara states against the Federal Government and Central Bank of Nigeria, CBN, to 22nd February 2023, one would have expected reprieve and relief for Nigerians.
But, this has not been the case. Hundreds of customers besieged the Central Bank of Nigeria, Ibadan branch, on Wednesday, 15th February to deposit their old naira notes as commercial banks in the metropolis refused to collect the old notes.
Residents of the city in the past two days had been rejecting the old notes for any transaction at the expiration of the February 10 deadline given by the Federal government.
The Supreme Court had on 8th February, before today, February 15 ruling, temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023, a development which gave Nigerians great relief.
This relief however did not last as Nigerians since the February 10 deadline could no longer spend the old naira notes while the commercial banks also stopped collecting it from customers, despite the fact that the new naira notes were still not sufficient nor available.
Meanwhile, following the supreme court order, few banks issued the old naira notes again to customers who from dusk to dawn, had always waited at the ATMs to withdraw money.
The Central Bank insisted the old notes had ceased to be legal tender since the 10th of February and asked customers still having the old notes to visit the apex bank to deposit the old notes with laid down guidelines.
The situation has now generated tension and confusion in the land as Nigerians amidst tears lament the unwarranted untold hardship inflicted on them as captured in the video.
To another resident of the city, Mr Osas, what is happening has been foretold by the Holy Scriptures.
Many are also becoming sceptical about the coming elections which are just at the door if the situation is not remedied.
As at the time of filling this report, a combined team of security personnel including the Nigerian Army and the Police force have been strategically positioned around the CBN while the crowd that earlier besieged the bank had dispersed.
Bank customers on Tuesday, stormed the Akure branch of the Central Bank of Nigeria ,CBN in Ondo State following rejection of the old notes by commercial banks.
The protesters, which included Okada riders, traders, artisans and other residents besieged the CBN office intending to change their old notes to new ones.
Those who spoke with Radio Nigeria said CBN ought to have respected the supreme court order which asked that the apex bank should allow the old and new notes to co-exist.
Radio Nigeria gathered that many commuters including students were stranded as taxi cabs and Okada riders refused taking old notes with complaints that filling stations all rejected the notes while traders followed suite.
Mr Henry Olaoluwa, who described the situation as confusing and chaotic enjoined President Muhammad Buhari to intervene and save the masses from the hardship since many residents still have a lot of old notes owing to bank closure for most of last week in Ondo State.
Also, Ondo NUJ Chairman, Leke Adegbite in a release enjoined Governor Oluwarotimi Akeredolu to intervene and call the banks to order.
A banker, who did not want his name mentioned in a chat with Radio Nigeria exonerated the CBN from the crisis saying the banks and masses should be made to do the right thing.
Meanwhile , economic activities have been grounded in Akoko area of the state due to closure of banks for the fifth day running amidst rejection of old naira notes by residents.
Customers who came for one transaction or the other were stranded.
A community leader Mr Tijani Ganiyu in a chat with Radio Nigeria appealed to government and the CBN to abide by the Supreme Court injunction that old notes should be retained as legal tender.
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank’s new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the helpless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“The Federal Government and relevant stakeholders can now sit down and work out a better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to ensure sufficient availability of Naira notes be it old or new and properly sensitising the public on the ruling and the consequent validity of old Naira.
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Following the protests that rocked Abeokuta, the Ogun State capital yesterday over cash scarcity, Ogun State Governor, Prince Dapo Abiodun has called on the protesters to stop their protests and allow the outcome of his engagement with the Bankers Forum and the Central Bank to yield positive results.
Governor Abiodun made the call during the Statutory meeting of the Council of Obas, held at the Oba’s complex, Oke-Mosan, Abeokuta,
appealed to the protesters to exercise patience.
While pointing out that, the Central Bank of Nigeria was taking steps to address the situation, the Governor said the voices of the protesters had been heard loud and clear.
Governor Abiodun said it was disheartening to see bank buildings being vandalized and people resorting to violence to register their displeasure.
In a remark, the Chairman, Ogun State Council of Obas and the Paramount ruler of Remoland, Oba Babatunde Ajayi commended the Governor for promoting peace and giving priority to the welfare of the people as well as traditional institution in the state.
Ogun State Controller of the Central Bank of Nigeria, CBN, Mr Wahab Oseni says the apex bank has enough cash to disburse to all commercial banks in the state.
Mr Oseni gave the assurance when Governor Dapo Abiodun paid an unscheduled visit to the Abeokuta branch of the bank in view of the hardship faced by residents of the state over the lingering problem of cash scarcity.
The CBN Branch Controller said measures had been introduced to monitor commercial banks’ compliance with the disbursement ratio of 40% cash to money agents, 30% across the counter and 30% through the Automatic Teller Machine.
Mr Oseni who said microfinance banks had also been added to the plan of cash disbursement across the country, gave the assurance that the situation would improve from Tuesday, 7th February.
In response, Governor Dapo Abiodun promised that members of his cabinet would be involved in the monitoring of the cash disbursement to prevent commercial banks or their agents from hoarding the new naira notes.
Governor Abiodun also appealed to residents, especially the youths to avoid any form of civil unrest, noting that such actions would amount to shutting down the economy of the state and could make things more difficult.
Government needs to find an immediate solution to the cash scarcity currently rocking the nation, following the redesigning of some naira note denominations.
This is the submission of a group of Nigerian youths who stormed the Ibadan Office of the Central Bank of Nigeria, CBN, in Dugbe, Ibadan to express their grievances concerning the hardship they are facing in the process of trying to get the new naira notes.
The youths numbering about 50, carried placards bearing inscriptions, such as “Give us our money”, “2000 naira isn’t enough”, “Enough is Enough”, “This wahala is too much”, “We have a right to our money” e.t.c.
One of the youths who spoke for the group urged the government to quickly find a solution to the matter adding that, if the people got too frustrated it could lead to undesired consequences.
There was a heavy presence of security operatives, including the police and the military around the CBN complex during the protest to forestall the breakdown of law and order.
In an effort to decongest long queues and difficulties being experienced by residents at ATM points across banks in Lafia, the Nasarawa state capital, the Central Bank of Nigeria, CBN, has deployed POS agents for easy withdrawal and swap of the old naira notes with the redesigned ones.
Speaking with newsmen, CBN Director of security services, Atiku Mohammad Nasir said the engagement of POS operators was aimed at decongesting the banks, especially ATM points and ensuring easy withdrawal by customers.
Atiku Mohammad said the apex bank had engaged the services of EFCC and DSS to keep an eye on the banks to avoid racketeering and other misconduct.
He said the measure followed several complaints from customers of the non-availability of the new notes in banks and the subsequent long queues at ATM points as well as alleged hoarding of the new notes by banks officials.
According to Atiku Mohammad Nasir, the apex bank is not happy with the attitude of some banks for lack of cooperation, and compliance with CBN directives and promised that measures are being put in place to address the current hardship faced by Nigerians. .
In an interview, some bank customers in lafia described the move as a welcome development.
Meanwhile, some customers have continued to complain over the failure of Automated Teller Machines ATM to dispense money.
The central bank of Nigeria, CBN had in the past two weeks commenced nationwide sensitisation of residents on the new naira notes.
Nigerians appear to be biting more than they can chew now with the myriad of challenges daily being encountered.
Is it the lingering fuel crisis or the difficulty in accessing the new naira notes or collection of PVC?
Many people never envisaged that the fuel crisis which resurfaced in November, last year would spill over till the New Year, 2023.
The thought of many was that the problem would have been addressed before Christmas but lo and behold, events proved the contrary.
The picture became more glaring since the wake of the New Year when long queues, some abnormally long, resurfaced at filling stations, and to cap it all, with an astronomical hike in the fuel pump price.
As at December 2022, motorists bought fuel between the range of 200 and 220 naira, but in January 2023, the price spiked to between 350 and 400 naira per litre.
Citizens are baffled that, even the hike in the fuel price could not rid the filling stations of the excessively long queues and chaotic scenes, amidst frustrations and angst.
And when temper boils over, anger is most times let loose among motorists as they all struggle for the commodity, leading to fisticuffs.
So what could be wrong? The situation has become a repeated decimal, so long too long.
It is in the midst of this that the new naira note palava surfaced.
The Central Bank of Nigeria had announced last year that the new naira notes would be released into circulation in December 15, 2023, while emphasizing that the old notes would cease to be legal tender by January 31st 2023.
New Naira Notes
However, the hopes of many Nigerians were dashed as the banks did not dispense the much-expected new naira notes.
Less than a week to the deadline, the Apex bank and the commercial banks began to trade blame.
While the CBN insisted the banks did not come for the new notes, some banks claimed it was the CBN that had not released the money.
As of today, 26th January, customers have been besieging banks in Ibadan, Oyo State, besides the throng queuing at ATM points under the scorching sun for the new naira notes.
And the machines have been dispensing them, a departure from weeks back when the machines were dispensing the old notes, or were practically empty, leaving customers baffled.
Operators of Point of Service, POS were also found to be attending to customers giving old currency. Some of them claimed the banks were yet to give them the new notes.
Aside these are also the electorate confronted with the challenge of collecting their permanent voter cards, though some had no struggle having theirs.
It is just one month to the general elections, any solution in sight?
The Central Bank of Nigeria, CBN, has cautioned supermarkets and commercial outlets to desist from the indiscriminate rejection of old naira notes before the January 31st deadline.
The Branch Controller, CBN, Ibadan Zone, Mrs Olufolake Ogundero gave the caution in an interview with a Radio Nigeria correspondent.
Mrs Ogundero who frowned at some commercial outlets reportedly declining transactions with the old naira notes noted that the act violated the CBN cash policy as it remained a legal tender till the deadline date.
The apex bank chief explained that it had carried out sensitisation to the residents on the return of old naira notes across the zones of Oyo State to ensure that none is left out in the CBN policy.
Also speaking, a Deputy Director at the CBN in the zone, Mr Taiwo Oladimeji hinted that the apex bank had kick-started its cash swap initiative to enable the rural dwellers who have no bank account to exchange their old naira notes before the deadline.
Mr Oladimeji explained that designated agents were contracted and deployed to rural communities so as to meet the desires of targeted groups.
The Central Bank of Nigeria, CBN, is to impose a one million naira fine on commercial banks per day for each box of new naira notes they refused to pick and disburse to their customers ahead of Tuesday next week’s deadline.
The CBN Deputy Director in charge of Research, Mr Adeleke Adelokun made this known at the Ayegbaju Market, Osogbo during a sensitisation programme organized for Osun market women on the new naira notes of N200, N500 and N1000 denominations.
Mr Adelokun noted that the apex bank had printed enough new naira notes, but the commercial banks had refused to pick them up.
According to him, “CBN has printed enough new naira notes but we discovered that most of the banks have not collected the money. When we discovered that they refused to collect the new naira notes we put sanctions on the bank with a fine of 1 million per box per day depending on the number of days”.
“We also mandated the banks to put new naira notes in the ATM machines all over Nigeria so that Nigerians will have access to the new notes.”
Also speaking, the Branch Controller of CBN, Osogbo Branch, Mr Madojemu Daphne who was represented by Mrs Adebayo Omosolape alleged that Nigerians hoarded the old naira notes to the tune of two point seven trillion naira.
He noted that 84.71 per cent of the country’s currencies in circulation were outside the vaults of commercial banks across the country.
“Statistics shows that N2.72 trillion out of the N3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public.” Mr Daphne added.
Ahead of the deadline announced by the Central Bank of Nigeria, CBN, for the mopping up of old naira notes, mixed reactions have continued to trail the process.
A number of people who spoke with Radio Nigeria in Ogun State expressed concern about the time-frame as the an end of old notes as legal tender was too short while others maintained that the compliance level among the stakeholders would reach the peak before the deadline.
The situation was viewed differently by the people, depending on their area of engagement.
To a group of youths encountered by Radio Nigeria at one of the popular ATM galleries in Abeokuta, the approaching deadline was an avenue to catch fun as they took turns in trying out the cash machines to check if they dispensed the old or the new notes.
The youths who referred to their action as “catching cruise” disclosed that they had gone round the city to find out that most banks only partially complied with the directive of the CBN as the ATMs were loaded with a mixture of old and new notes.
Another resident, Mrs Tinuola Akinola was full of excitement about the new currency which according to her, was colourful and beautiful to behold, stating that touching the new money always gave her the feeling of holding international bills.
In separate reactions, traders who spoke with Radio Nigeria at some markets in Abeokuta, Ilaro, Sagamu, Ota and Ijebu-Ode complained that the new notes were scarce but expressed the hope that the relevant authorities would ensure the availability of the newly introduced notes before the CBN deadline.
Similarly, Mr Aminu Ibrahim and Mr Samuel Olanipekun who said they were yet to set eyes on the new money, 10 days to the CBN’s deadline appealed to the apex bank to shift the set date for the mop up of the old notes.
In a contribution, a communication consultant, Mr Bolaji Adeniji, urged the stakeholders to cooperate with the CBN to ensure that the redesigned naira notes achieved the purpose of bridging the inflation gap in the nation’s economy.
Responding to the people’s reactions, the Abeokuta Branch Controller of the CBN, Mr Wahab Oseni advised customers to report any bank whose ATMs failed to dispense new notes at the office of the Central Bank in Abeokuta.
Mr. Oseni who explained that the bank had embarked on sensitisation campaigns among the market men and women across the state about the new cash policy, advised the people not to reject the old currency for their business transactions until the last day, on the 31st of this month.
The Central Bank of Nigeria CBN, says plans have been concluded to engage services of major POS operators across the country to commence issuance of the new naira notes as the deadline for deposit of the old currency approaches.
The move follows complaints by Nigerians of inadequate supply of the redesigned naira notes in banks and in circulation
Governor of the Central Bank, Godwin Emefiele announced this at the end of a three-day sensitisation campaign in Lafia the Nasarawa capital.
Represented by the Director Security Services, Atiku Mohammad, the CBN governor said the measure was aimed at making accessible deposit points for the old notes and receiving the new ones immediately and reaching out to the rural populace that is yet to open an account.
Mr Emefiele, explained that there was no going back on the January 31 deadline for the deposit of the old naira notes despite calls for extension, and emphasized that the CBN had distributed enough new notes to banks to issue to customers.
He reminded market women and men who are yet to open an account to do so without delay as the world was becoming Internet-driven and cash money would sooner or later be regarded as old fashion.
CBN Controller, Lafia Branch, Shehu Yakubu, advised those without a bank account to open one for easy business transactions.
Most of the marketers that spoke at the event appealed for an extension of the deadline for the deposit of the old naira notes to enable those in rural areas to do so.
Central Bank of Nigeria has called on commercial banks customers in Ogun state to make formal complaint of non issuance of redesigned naira notes by any bank Automated Teller machines.
Such bank according to the apex bank would be adequately sanctioned with laid down rules.
Abeokuta branch controller of Central Bank, Mr. Wahab Oseni made the call while addressing market men and women at Awolowo Market in Sagamu, during a sensitisation campaign of the bank on the redesigned naira notes.
The central bank branch manager who noted that ninety five percent of commercial banks in already visited areas of the state were dispensing the redesigned Naira notes advised customers to report erring banks at the state central bank office in Abeokuta.
Mr. Oseni stated that the policy was not aimed at punishing any group of people but to allow redundant cash to be injected into the economy.
He advised the people not to reject the old currency until the last hour of 31st of this month.
During the sensitisation, Officials of Central Bank explained to market men and women, the essence of redesigning the three denominations of two hundred, five hundred and one thousand naira and urged the traders to return the old notes to banks.
The officials also encouraged people to embrace keeping their money in the bank for and advised market men and women to form cooperative groups to enable easy deposit of the old bank notes at the commercial banks.
The Iyaloja of Awolowo Market, Sagamu, Chief Esther Oshinusi, said the traders were prepared to comply with central bank directives on the redesigned naira notes.
One of the traders, however pleaded with the central bank of Nigeria for the extension of the deadline for the phasing out of the old naira notes.
The Central Bank officials during the sensitisation acknowledged and commended the Awolowo Market traders for high level of cashless transactions occasioned with volume of point of sales machines within the market.
Residents of Ibadan, the Oyo State capital, today besieged banks’ Automated Teller Machines, ATM points with excitement to withdraw new naira notes but were disappointed as they were paid with the old notes.
Our Correspondent, Olukemi Akintunde who moved around commercial banks and ATM points in the Dugbe axis to ascertain compliance with CBN’S policy on the circulation of new naira notes with effect from Thursday 15th December, reports that customers were seen making transactions with the old naira Notes instead of the new one.
Some customers at the ATM point who were anxious to withdraw new notes alleged that commercial banks were hoarding the new notes.
“One of the residents said, “Am not surprised this is Nigeria, the apex bank that promised the new naira notes in circulations today had failed because this is almost noon and am yet to receive new notes.”
“This is my second bank ATM point today and am yet to get new naira notes”. She said
“Another customer complained that commercial banks will not give them rather for those who are in the naira mint business “
They appealed to Apex bank to monitor the compliance of commercial banks on the policy.
In an interview with security personnel of a commercial bank at the ATM point who craved anonymity said the machines were pre-loaded with old notes the previous day, hence the reason for dispensing the old notes.
“If you want new notes, you will get it at the counter, even someone gave me one thousand naira this morning as a gift. “
A commercial bank staff, who does not want her name mentioned explained that they were unable to pay with New notes because the CBN was yet to hand over the new notes to their branch, stating that customers would get the new notes as soon it is handed over to them.
…Banks begin reconfiguration of ATMs to recognise new naira notes
The newly redesigned naira notes will go into circulation on Thursday with Deposit Money Banks releasing the bills to their customers via over-the-counter payments.
This came about three weeks after President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa.
The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.
The Governor of Central Bank of Nigeria, Godwin Emefiele, had in October announced that the apex bank would release re-designed naira notes by December 15, 2022.
Top officials of commercial banks confirmed to newsmen on Wednesday that they had received the new notes from the CBN a couple of days ago, adding that the redesigned currency would be released to their customers effective Thursday.
“We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday,” a top official of a commercial bank who spoke on condition of anonymity on Wednesday because he was not authorised to speak on the matter said.
Multiple banking sources also said the new notes had arrived and were being kept in their vaults.
“The new notes have arrived, it will be made available to customers from tomorrow (Thursday)” an official of Polaris Bank who pleaded anonymity also said.
Similarly, a manager at First Bank Plc who was not authorised to speak on the matter said, “We have the funds from the CBN now. It came in some days ago but it will be made available to customers from tomorrow (Thursday).”
However, some bank officials claimed the amount of the new notes available to the various bank from the CBN was small.
According to them, most OTC payments will still have to be made using the old notes because the amount of the available new notes is still small.
“The amount given to us is small compared to what we need. For example, what is available to my branch is less than N1m. This is nothing compared to what we need. But I believe it will increase with time,” an official of FCMB in Lagos who pleaded anonymity told one of our correspondents.
Also, multiple banking sources confirmed they have started to reconfigure their ATMs to identify the new naira notes.
A top bank executive said, “Most of the banks have started reconfiguring their ATMs so that they can identify the new notes of N1000, N500 and N200.”
Meanwhile, findings from the CBN show the total amount to be released into circulation may not be much as the sum previously in circulation.
A top official of the CBN, who spoke on condition of anonymity, said the CBN was planning to increase electronic payments and not cash transactions.
According to him, the CBN will not be printing large amounts of the new notes.
He said, “The CBN has been disbursing the new naira notes to the banks but does not intend to disburse large quantities because it wants to boost electronic payments.
“Don’t expect that there will be a large circulation of the new notes in the economy. There are different electronic channels that people should be using.”
In the meantime, the House of Representatives is expected to grill Emefiele over the new cash withdrawal limits policy which restricts OTC payments for individuals and companies to N100,000 and N500,000, respectively on Thursday.
The CBN had, in a memo introducing the policy, said third-party cheques above N50,000 would no longer be eligible for OTC payment while extant limits of N10m on clearing cheques still remained.
The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawals from ATM to N20, 000 per day. Withdrawals from PoS terminals were also limited to N20,000 daily.
The policy, which will become effective on January 9, 2023, has generated criticisms but the CBN clarified last Wednesday that PoS operators could apply for a waiver.
The House had last Thursday summoned the CBN governor to appear before it to explain the policy.
House of Representative sources told newsmen on Wednesday that Emefiele was being expected in the chamber as planned.
Meanwhile, the Senate on Wednesday called on the CBN to review the newly introduced cash withdrawal limits policy.
It also directed its Committee on Banking, Insurance and other Financial Institutions, to embark on an aggressive oversight of the central bank.
The Chairman of the committee, Senator Uba Sani (APC Kaduna Central), had in the report argued that the proposed cash withdrawal limits policy was well conceived by the CBN for the transformation of the nation’s economy, noting that the action falls within the mandate of the apex bank as provided for in Section 2(d) and 47 of its extant Act.
The Central Bank of Nigeria, CBN, says it will not be rigid on cash withdrawal limits.
The Governor of the apex bank, Godwin Emefiele made the pledge in a chat with newsmen in Daura, Katsina State, after briefing President Muhammadu Buhari on the status of the economy and the performance of the bank.
Mr Emefiele said the policy on cash withdrawal limit was “not meant to hurt anybody”, but to “strengthen the nation’s economy”.
The CBN governor, who said President Buhari was “delighted” with the proposed enforcement of the cashless policy, appealed to Nigerians to embrace the policy as presented.
He attempted to allay fears being expressed in some quarters about difficulties that could face people in rural areas as a result of the policy, saying their situation has already been taken into cognisance, as 1.4 million super agents have been deployed across the country to “deepen the payment system infrastructure”.
“I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents,” he promised.
“Having a super agent, which is different from the banks which is different from microfinance banks, which is different from other financial institutions; having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services,” he stated.
“We think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy,” the CBN governor continued. “We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone into cashless.
“I said it at different fora, that this is not targeted at anybody; it’s just meant for the good and development of the Nigerian economy, and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse; it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them. We will do so because we are humans, we want to make sure that we make life good for our people.
“We do not want to make life difficult for them. So there is no need for anybody to worry: the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities, and we will do what is right for Nigeria and Nigerians.”
Appealing for “calm”, Mr Emefiele assured Nigerians that “it will go round”.
“The old currency continues to be legal tender till January 31, 2023,” he stressed.
Attempting to “crack a joke”, the CBN governor added: “Both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again; so please take it to your bank as quickly as possible.”
On the amount of the old notes the Central Bank has been able to get back to the vaults, he said the Bank has so far taken in more than “half a trillion Naira”.
“But what we have done in the Central Bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible, and from there, banks can now move what they have with them,” he explained.
He harped on some of the issues “bothering the currency”, assuring Nigerians, at the same time, that “only yesterday, the new currency reached the commercial banks”, who are expected to begin distributing “these currencies” to members of the public who are their customers.
This, Mr Emefiele said, would assure President Buhari that things were “going on well” with the currency, as well as issues bothering the cashless policy.
Reactions have continued to trail the new monetary policy of the Central Bank of Nigeria limiting over-the-counter cash withdrawals to 100 thousand naira per week.
The policy according to CBN takes effect nationwide on January 9, 2023.
The issue has generated divergent opinions as some residents of Ibadan expressed their concerns.
A POS operator, Miss Tobi Adebogun said, “the order is going to serve as a restriction to my business but there’s nothing the public can do since it is a government decision”.
A trader at Dugbe market, Mrs Adeola Abass explained that “the decision will have a negative effect on citizens especially people at the grassroots that do not even know how to make an online transaction.”
Another businessman, Abdulrasheed Latinwo was of the opinion that it is a welcome development to curb crime and “we have to support the government”.
On his part, Mr Ifeoluwa Ayodele noted that the new policy will make “banks more crowded without considering the time wastage of the customers”.
They appealed to the apex bank to give more publicity on the issue to reach those in the rural areas about the new policy.
Commenting on the policy, an economist, Mr Michael Abegunde enumerated the prospects in the cash withdrawals limit policy by the CBN.
“That decision will help to reduce the level of inflation, help government to have control on the money in circulation, it will also help to reduce crime and people will no more going about with the big money”.
Mr Abegunde said the apex bank’s decision would increase the unemployment level, as it would lead to a reduction in the volume of daily financial transactions for POS operators.
“That will reduce the patronage of POS machines and it will make the POS machine become a less-profit business and as a result of that many people will go out of the business.” He said
While commending the apex bank, Mr Abegunde appealed to Nigerians to be mindful of fraudsters who might want to utilise the opportunity to defraud them, urging people to be cautious when undertaking financial transactions.
The Central Bank of Nigeria (CBN) has received a total of 165 billion worth of Naira notes so far, following its call on Nigerians to deposit all old notes in circulation.
CBN’s Director of Currency, Rasheed Adams made the confirmation on Wednesday at a post-briefing of the Monetary Policy Committee (MPC) meeting in Abuja.
The director explained that the figure is far beyond the expectations of the apex bank, one month after the announcement was made.
Mr Rasheed expressed concern that a few Nigerians had applied despite various concessions by the apex bank on deposits, emphasizing that there would be no extension on the January 31, 2023 deadline.
The Central Bank of Nigeria also noted that a total of N2.7 trillion is currently outside the banking system.
Key players in the agricultural sector have identified the need for more Nigerians, especially the youths to tap into the lucrative prospect of the sector’s value chain in their bid to boost wealth creation.
They made the submission as discussants at an Agro-allied exhibition, organized in Abeokuta by the Ogun State Ministry of Agriculture as part of activities to commemorate the 17th anniversary of Oba Aremu Gbadebo as the Alake and paramount ruler of Egbaland.
An investor in the Cassava Value Chain, Mr Goke Adeyemi while speaking on Agro-processing and Agro-Cultural space, said the available natural resources in the country were enough to grow sector all sectors of the economy and urged the youths to explore the values of cassava processing.
Also, the Ogun State Secretary of the Poultry Association of Nigeria, Mr Oludare Kuforiji called on the government to invest more in agriculture to better the lot of Nigerians.
A representative of the Central Bank of Nigeria, CBN, Dr Yemisi Olukoya said the federal government through the bank had initiated the Agricultural Credit Guarantee Scheme among other interventions to enable farmers to access loans from commercial banks.
Dr Olukoya tasked the Ogun State government, private investors and other development partners to key into the various agricultural programmes of the federal government to enhance the nation’s food production capacity.
Addressing the people, the Alake of Egbaland, Oba Aremu Gbadebo called on the CBN to sustain the tempo of interventions in the agricultural sector and urged beneficiaries of government’s loans to pay back promptly in the interest of others.
Ogun State Commissioner for Agriculture, Dr Adeola Odedina who took the dignitaries at the event on an inspection of the agricultural exhibition, said the event was part of efforts aimed at repositioning the sector.
The Central Bank of Nigeria, CBN, says the new and existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender in Nigeria.
The Nigeria Apex Bank announced this during a sensitisation, enlightenment and Bank Fair exercise held in Osogbo.
In a keynote address at the event, The CBN Director of Corporate Communications, Mr Osita Nwanisobi enjoined Nigerians to as a matter of policy return all the current N200, N500, and N1000 banknotes to their banks before the expiration of the deadline.
Speaking through the Acting Director, Corporate Communication of the Bank, Mr Akpama Uket, Mr Nwanisobi said the Naira remains a symbol of the country’s national pride which must be treated with utmost dignity.
The Director also urged Nigerians not to spray, squeeze, or counterfeit the Naira, as default goes with consequences.
According to him “As you all may be aware, the Central Bank of Nigeria, riding on international best practice and Section 2 (b) of the CBN Act 2007, which stipulates currency management as one of its key functions, has announced the plan to redesign, produce, release, and circulate the new series of three banknotes, out of the existing eight banknotes, comprising N200, N500, and N1000 denominations respectively, effective 15th December 2022; after its launch by President Muhammadu Buhari.”
Mr Nwanisobi also added that “some of the Bank’s interventions which have recorded significant successes in providing the needed support for businesses to grow include the Anchor Borrowers Programme (ABP); the Micro, Small and Medium Enterprises Development Fund (MSMEDF), which has supported entrepreneurship development with over N39.26 million.
Also “the Real Sector Support Facility (RSSF) through Differentiated Cash Reserve Ratio (DCRR), where disbursements to 426 projects across the country stood at N2.10 trillion as at September 2022; and the 100 for 100 Policy on Production and Productivity (PPP) with cumulative disbursement of N93.39 billion to 62 projects within the aforementioned period.
Others include the Tertiary Institutions Entrepreneurship Scheme (TIES), which has recorded total disbursement of N332.43 million; the Healthcare Sector Intervention Facility (HSIF) with cumulative disbursement of N130.54 billion for 131 projects, comprising 32 pharmaceuticals, 60 hospitals, and 39 other services.”
The CBN Director advised Nigerians to embrace the E-Naira system for their daily transactions saying the scheme has recorded over 700,000 transactions worth about N8 billion within its first year (October 2021 – October 2022)
He however, stressed that Thirty-three banks have been fully integrated and are live on the platform, while over one million customers have been onboarded and over 3,305 merchants successfully registered on the E-Naira platform across the country.
Nwanisobi pointed out that Mr Godwin Emefiele, and his team are resolute in steering the ship of Nigeria’s economy to prominence saying the focus of the Bank is macroeconomic stability – which entails building a strong, stable, and resilient economy that is self-sustaining
and able to weather unanticipated shocks.
In his welcome address, the CBN Branch Controller, Osogbo, Mrs Daphne Madojemu said the programme aimed to sensitise Nigerians on the activities of the Bank in promoting the country’s economic stability.
The controller who was represented by Acting Branch Controller, Osogbo, Mr Anthony Okoro noted that this year’s CBN Fair was unique because it was informative and well articulated on all the bank’s policies, especially on the newly introduced electronic Naira and the plan to redesign some of the bank’s notes.
Speaking at the programme, the Iyaloja General of Osun State, Mrs Hawawu Asindemade urged the Apex bank to be liberal in terms and conditions attached to facilities to women to enable them to meet their obligations, while she also pleaded that such Programme should reach the grassroots.
Reactions have continued to trail the Central Bank of Nigeria, CBN decision to redesign some naira notes, remove the old ones and also to control the currency in circulation.
Speaking on the development, some residents of Ibadan in an interview with Radio Nigeria attributed their not depositing money in the bank to challenges of financial transactions and trading in cryptocurrency.
According to them, staying long in the queue was time-wasting besides the issue of customer relations, while they also see the emergence of crypto-currency as an avenue to avoid using the banks.
A financial expert, Mr Michael Abegunde described the decision of the Central Bank of Nigeria, CBN, to redesign some naira notes as a step in the right direction.
Mr Michael Abegunde pointed out that redesigning and issuing new 200, 500 and 1000 naira notes would help call money back as people had stockpiled them for political ends, noting that the mop up of excess money in circulation in the economy would also force down the inflation rate.
He, however, said that the move could weaken the value of the naira against the US dollar in the short term while attempting to convert the naira to the dollar might make a demand on the dollar high.
Mr Abegunde advised Nigerians to deposit their money in the banks before the January 31, 2023 deadline by the Central Bank.
CBN Governor, Mr Godwin Emefiele recently said Nigeria had not redesigned its currency in the last twenty years.
Olukemi Akintunde
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House of Representatives has passed a Bill for a second reading to add more stringent conditions for the appointment or cessation of appointments of the Governor of Central Bank of Nigeria, CBN, Deputy as well as Directors of the Bank.
The sponsor, Mr Sada Soli stated that the Bill seeks to amend the CBN Act 2007, to add more conditions to disqualification and appointment of Governor, Deputy Governor, or Director of the Central Bank of Nigeria.
According to the lawmaker, the amendment is not prejudiced against anybody but because the Act was tested and it was found weak, and therefore needed to be amended to strengthen the Apex Bank and restore its credibility from the shock it has suffered in the cause of interpreting the law.
“Why am I doing this? Because there was a time CBN Governor went to court seeking an interpretation of whether he can participate in partisan politics.
“We need to address that. Today the credibility of CBN in the custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of CBN”.
The Bill was later passed for second reading after a voice vote put by the Deputy Speaker, Ahmed Idris Wase who presided over the plenary.
