Lifestyle

Yet We Survived

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By Olaitan Oye- Adeitan

Time it was when Coronavirus was ravaging violently and it appears as if there would be no end. Then, nose masks became a significant part of dressing, coming in all shades and styles. Sellers made huge profits, selling a piece of nose mask for five hundred naira in the very outbreak of the virus.

Time it was when you could not gain entrance into shopping malls, business organizations, churches, mosques, classrooms, and any public gathering without having your nose masks on, hands washed, sanitized and body temperature checked.

Where are the nose masks today? 

Time it was when the naira became a scarce commodity and naira was used to purchase naira. Oh! what a field day it was for  Point of Sale operators, POS.

Individuals couldn’t access the money in their bank accounts due to a sudden naira redesign policy from the Central Bank of Nigeria, CBN, by its former governor, Godwin Emefiele under the immediate past administration of former president, Muhammadu Buhari.

It was like putting corn in a corked glass bottle while a fowl watched helplessly.

Indeed, time it was when obtaining a tally number was the prerequisite to gain access to the banking hall or ATM machines before you could withdraw.

Time it was again when you found yourself on the queue for fuel, cash, or the Permanent Voter Card, PVC.

Time it was, when people kept vigil in either bank areas or filling stations without the assurance of getting cash or fuel.

What about daily complaints of dispensing errors, debit errors, and uncontrollable crowds that besieged the banks daily accompanied by an outrage of anger? 

And once was the time when business transactions were majorly online due to the scarcity of physical cash. What a time for market traders who did not have bank accounts!

After much resistance to the reality on ground, traders could not but open accounts online or use their family members account for transactions. It was really a time of season dramas in the markets, especially with those selling perishable food items.

Mr. Network could Indeed not be hurriedly forgotten at those times as it did not make itself available all the time while you just have to target some hours to transact, especially early in the morning or late at night when there would be less traffic.

Nigerians would never forget in a hurry the unwarranted rivalry that arose between the old and new naira notes as a result of policies from the CBN.

Suddenly, the once admired, easy to get and spend old 200, 500 and 1000 naira notes became an old stuff that is never wanted by bank customers. It was so much detested that people rejected the old notes even when given as gifts in any of the denominations for fear of rejection in the market.

The moment a customer tenders the old note to purchase any product, traders or commercial drivers vehemently resisted it as if it was an excreta.

Today, it almost appears unbelievable that the ATMs are now dispensing with no appearance of the usual queue.

The once rejected old and new naira notes have now fallen back in love in the hands of the people.

POS operators are back in their kiosks charging a hundred naira over five thousand as against the previous one thousand naira over five thousand naira.

Also, the queues are no more in the filling stations despite the increase in fuel pump price.

In all of these experiences, it tells us that absolutely nothing or no situation lasts forever.

Similarly, “every seasonal situation can bring with them lessons that can last a lifetime” says,Mandy Hale.

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Economy

Govs Declare Rejection of Old Naira Notes Illegal

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Lagos State Governor, Babajide Sanwo-Olu has called on residents, business owners, and especially retailers to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement which ruled that the currency remains legal tender until December 31, 2023.

Sanwo-Olu made the call in a statement through the Commissioner for Information and Strategy, Gbenga Omotoso, yesterday.

The statement read in part, “The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.

“The apex court declared that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.

“The court maintained that the policy has impeded the functions of State governments, pointing out that the directive that stops the use of the old notes is illegal, unconstitutional, null and void.

“Governor Babajide Sanwo-Olu has, therefore, called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.

“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”

Similarly, the Governor of Anambra State, Chukwuma Soludo, has urged the state residents to transact with the old naira notes and report banks that refuse to accept the notes.

Making the announcement on his Facebook page on Monday, Soludo noted that the CBN governor, Godwin Emefiele, confirmed to him that commercial banks could dispense and accept old notes from customers.

He wrote, “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive the same as deposits from customers. Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.

“Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.

“Residents should report any bank that refuses to accept deposits of the old notes. The Anambra State Government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch.”

Vanguard/Punch/Simeon Ugbodovon

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Economy

‘Why Do You Have to Make Us Suffer?’ – Nigerians Lament, Storm CBN, Banks Shut, Youths Protest

By Web News 580 2

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.

Endless Scramble for Sparse New Notes as Hands Reject the Old

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.

News

Security Agencies Wade into Fuel, Naira Crises

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By Rasheedah Makinde

As part of efforts to reduce challenges posed by the scarcity of fuel and new naira notes, the police in Oyo State have met with some stakeholders to find a lasting solution to the menace.

The security summit held at police headquarters, Eleyele comprises representatives of all security agencies, CBN officers, IPMAN and other security personnel.

Oyo state Commissioner for Police, Mr Adebowale Williams said the security summit became imperative as part of measures to reduce the crises caused by the non-availability of cash and fuel before they escalated to a bigger problem.

Mr Adebowale who said the duty of the Police was to enforce laws, peace, and arrest perpetrators of crime and prosecute them, noted that, the recent events in the country call for an extension of the cooperation and understanding being enjoyed in Oyo State to help improve upon the duties of protection of lives and property and as well as preserve law and order.

” Today, as a family we collectively have pressing issues at hand which undoubtedly needs our highest level of attention for consideration and action in order not to engulf our socio-economic existence of the Pacesetter State, top of which has been induced by the Scarcity Of Fuel & Paucity Of Cash For Dispense, hence the need for this strategically planned pally”.

“It is worthy to consider that while the Police and other Security agencies have the mandate to maintain law and order, “the public” her right to peaceful assembly, bankers and other law-abiding residents of the State reserve their rights to the dignity of their labour”.

“No one is allowed under the ambits of the law to deny another of his/her rights and conscious efforts must be made to prevent the societal disposition from becoming a “State of War for all and against all”.

He added that though people have the right to protest peacefully, there are times when people crossed certain lines, especially when given into agents of violence and anarchy to hijack the process for obvious reasons of criminally profiting from the situation and unknowingly handing these unscrupulous elements undeserving relevance.

” while appealing that we all exercise mutual respect and understanding for ourselves at these troubled times, it is important to re-iterate that attacks on Policemen and other law enforcement shall not be tolerated, especially when law enforcement has intelligence that the process is a “deliberate scripted strategy” by agents of mischief to provide misleading narratives on the social media space in order to unnecessarily heat-up the polity”

” In conclusion, let us all have a clear understanding that we are all Stakeholders in Oyo State. We must say no to agents of disintegration in our midst and continue maintaining our renowned reputation as a State with a relatively peaceful ambience. Remember we are always stronger together and whenever the need arises, don’t be a Stranger as “the Police remain your friend.”

On her part, the State Zonal Coordinator of the Central Bank of Nigeria, CBN, Mrs Foluke Oluduro said it was sad that people were facing a lot before they could have access to their money.

She noted that the CBN was doing all it could to reduce the hardship citizens are battling with every day. 

Mrs Oluduro who urged people to remain calm said the Apex Bank has re-strategised its plans to ensure more money is released to the public.

The Chief of Staff of Independent Petroleum Marketers of Nigeria, IPMAN, Ibadan depot, Mr Bayo Adeyemo said they have to rely on Lagos State depot before they could get petrol which has not been easy for them.

He said all the heads of IPMAN in Oyo state were in Lagos struggling to ensure the availability of premium motor spirit, PMS for members of the public 

On his part, the Oyo State Chairman of point of sales, POS, and operators, Mr Adeyemo Sherif said they use money commission to buy cash from bankers and this was why they charge their customers before they could give out money.

The POS operators, therefore, called on the banking industry to ease their pain by reducing the commissions they collect from them before they could dispense money.

The event was graced by representatives of other security agencies, the National Orientation Agency, Baba and Iya Loja, the Association of Okada riders, Artisans and the Police Community Relations Committee PCRC. 

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Politics

2023 Elections; Naira Notes & Fuel Palava

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By Olaitan Oye-Adeitan

It’s less than three weeks to the general elections in Nigeria with the presidential and national assembly elections coming up on the 25th of  February, 2023.

However, as the day approaches, Nigerians are still in the daily struggle to recover their purchasing and have easy access to fuel.

Despite the fact that the supreme court had ordered the Federal government to halt the ban on old naira notes, Nigerians are still queuing for money at the ATMs.

This has generated concerns among the people who are thinking the situation may affect the conduct of the forthcoming presidential and governorship elections on February 25 and March 11.

Reacting to the insinuation, Chairman Independent National Electoral Commission (INEC), Mahmood Yakubu, says the forthcoming elections will hold as planned.

Yakubu spoke in Abuja after a meeting with the Federal Executive Council (FEC) presided over by President Muhammadu Buhari.

  • INEC Chairman, Mahmood Yakubu

“I can tell you two of these challenges quickly. The first one is the availability of petroleum products. We had a meeting with the National Union of Road Transport Workers and they raised that as an issue of concern,” he said.

 “Immediately after that meeting, we interfaced with the leadership of the Nigerian National Petroleum Company Limited (NNPC) and right now there’s a technical community working.

“The idea is for them to avail us the use of their over 900 land mega stations as well as floating mega stations nationwide for the purpose of stocking products to ensure that the commission doesn’t suffer any encumbrances in the movement of personnel and materials for the elections.

The second one is the currency issue. Again, we had an engagement yesterday with the Governor of the Central Bank of Nigeria. And he assured us that the commission will not suffer encumbrances on that score. Fortunately for us, all our accounts, national and state are with the apex bank. So, we raised those challenges and we have found a solution to those challenges”. Yakubu said.

Already, INEC in Oyo State on Saturday conducted a  mock verification and accreditation exercise for residents of the state where the INEC Resident Electoral Commissioner in the state, Dr Adeniran Tella, also lent a voice to the fact that nothing would stop the elections from holding.

https://radionigeriaibadan.gov.ng/wp-content/uploads/2023/02/Oyo-INEC-Rec-Election-Made-with-Clipchamp.mp4
Oyo REC, Dr, Adeniran Tella

Dr Tella gave assurance that, with the commitment and synergy of stakeholders in the electoral process, INEC would deliver a credible, free and fair election in the coming polls.

It would be recalled that the collection of the PVC had ended on the 5th of February.

Economy

Expert Advocates Proper Handling of the Naira

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A financial expert has advocated for proper handling of the nation’s legal tender.

The expert, Mrs. Debola Osibogun stated this while speaking with Radio Nigeria in Ibadan.

Mrs. Osibogun condemned some factors responsible for the circulation of mutilated Naira notes, which include writing on the money, hawking at a premium, spraying at parties, among others.

Mrs. Osibogun advised Nigerians to cultivate the habit of the sequential arrangement of money in their purses, wallets and other proper areas to help maintain a proper and neat appearance of the notes.

She urged Nigerians to always approach commercial banks with their rough or torn Naira notes for an exchange to neat ones.

It would be recalled that the Central Bank of Nigeria, CBN, had cautioned against mal-handling of the Naira notes with a stern warning that culprits would be prosecuted, fined or jailed for six months.

Taiwo Akinola