Tag: CBN

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News

CBN To Arrest, Prosecute Anyone Spreading Fake News About New Naira Policy

Anyone spreading fake new about the naira redesign police will be arrested, investigated and prosecuted, the Central Bank of Nigeria has announced.
The apex bank issued the threat in a statement on Tuesday jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu, and Director, Corporate Communications, Osita Nwanisobi.
The CBN in reaction to a purported press release shared on the Instagram page of the First Lady, Aisha Buhari, that said the old N500 and N1000 notes should remain legal tender for the next 70 days, till May 1, 2023, vowed to fish out the purveyor of the release.
In the statement, the apex bank stressed that it would only abide by the directive of the President, Major General Muhammadu Buhari (retd.) to re-issue old N200 notes as legal tender until April 10, 2023.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank to the effect that President Muhammadu Buhari has approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.
 
“For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr. President, only N200 old notes are to be reissued and to circulate concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.
 
“The Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news. Please be guided accordingly.”
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News

Falana Gives CBN 7-Day Ultimatum Over Details Of New Naira Notes

Femi Falana, the foremost right activist and Senior Advocate of Nigeria, has sent out a message to the Central Bank of Nigeria, CBN.

He wrote the CBN demanding details of the new naira notes disbursed to commercial banks nationwide.

Falana also demanded that the CBN provide the list of customers who have withdrawn more than the N100,000 maximum sum required by the CBN.

Recall that the apex bank had maintained that it printed enough new N200, N500, and N1,000 notes to go around, with claims that politicians are hoarding the new notes.

But, in a letter from Falana Chambers signed by Femi Adedeji, ESQ, dated February 16, 2023, Falana demanded that the CBN provide details on how the new notes were disbursed to commercial banks.

According to Falana, there is an unprecedented social dislocation, pains and pangs for the masses of Nigeria at the present time as a result of the twin problem of currency and fuel scarcity.

“In other to bring the situation under popular control, it is considered imperative for the CBN to urgently disclose the amount of new currency notes printed and distributed through the commercial banks for public knowledge, on the following grounds,” he stated.

The letter partly reads, “Our attention has been drawn to your statement wherein you claimed that some unnamed politicians have mopped up the new naira notes made available to all commercial banks by the Central Bank of Nigeria.

“We are compelled to request you to furnish us with information concerning the amount of the designed notes of N200, N500, and N1,000 denominations made available to each commercial bank by the Central Bank of Nigeria.

“Furthermore, we also request you to furnish us with the list of customers of the commercial banks who collected more than N100,000 approved by you from the commercial banks,” it stated.

Falana also threatened to take legal action should the CBN fail to provide the information in seven days.

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within seven days of the receipt of this letter.

“TAKE NOTICE that if you fail or refuse to furnish us with the requested information before the deadline of seven days we shall not hesitate to pray the Federal High Court to compel you to accede to our request.”

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2023 Elections

Gov. Emiefele tells INEC that the CBN will not be used to sabotage the 2023 elections.

The governor of the Central Bank of Nigeria, Godwin Emiefele, has stated that the CBN will not be used to sabotage the upcoming general elections.

The governor of the Central Bank of Nigeria, Godwin Emiefele

Emefiele spoke on Tuesday, February 7, during a meeting with Mahmood Yakubu, chairperson of the Independent National Electoral Commission (INEC)/ Their meeting was held at the CBN headquarters in Abuja.

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Speaking at the meeting, Yakubu said while service providers needed for elections are generally paid by electronic transfer, there are critical areas such as transportation and emergency situations where cash payments will be required.

Responding, Emefiele said:

“This issue of paying logistics for people who are going to be transporting election materials to wards, certainly I give it to you that because we regard the INEC project as an urgent national assignment, it cannot fail.

The central bank will not allow itself either to be used or to be seen as an agent that frustrated positive outcome of the election.

If you require cash to pay some of your service providers, we will make it available to you.

I will make sure that we will not allow ourselves to be seen as an agent that frustrated a positive outcome of the election.”

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News

“I urge Nigerians to bear with the CBN” — Peter Obi

Peter Obi, the presidential candidate of the Labour Party, has urged Nigerians to bear with the CBN amid the ongoing Naira note scarcity.

The presidential candidate made this known in a statement via Twitter as the unrest for the new Naira note in Nigeria increases.

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According to Peter Obi, currency redesign always comes with stiff adjustments globally and the benefits in the long term are worth it.

He further advised the CBN and the Federal Government of Nigeria to make conscious efforts to ease the struggles of her citizens.

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News

The CBN has extended the deadline for the expiration of old Naira notes.

The Central Bank of Nigeria (CBN) has extended the deadline for exchanging old N200, N500, and N1,000 notes from the three series of Naira until February 10th, 2023.

The CBN responded to pressure from concerned Nigerians following the disruption caused by the introduction of the redesigned currency.

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This was announced in a statement by CBN Governor, Godwin Emefiele, on January 29th, 2023. The original deadline of January 31st, 2023, was set after the introduction of redesigned notes in December.

The extension has, however, been made to accommodate the collection of more old notes as there is a shortage of the redesigned notes currently in circulation.