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Naira Redesign: Tell Nigerians How You’re Obeying Supreme Court Ruling – SERAP Urges Buhari

The Socio-Economic Rights and Accountability Project (SERAP) has called on  President Muhammadu Buhari to tell Nigerians what his government is doing to implement the decision of the Supreme Court, extending the validity of the old N200, N500, and N1,000 notes to Dec 31, 2023.

SERAP also urged Buhari “to disclose the measures that his government is taking to direct the Central Bank of Nigeria (CBN) to immediately re-circulate the Naira notes, as ordered by the apex court.

In the letter dated on Saturday and signed by SERAP deputy director Kolawole Oluwadare, the organization said, “There is an overriding public interest in disclosing the details of the measures your government and the CBN are taking to effectively and satisfactorily obey the Supreme Court decision.

“The public should not be kept in the dark on what your government and the CBN are doing to implement the decision. Widely publishing the implementation measures would also improve accountability of state officials and public confidence in the rule of law and Nigeria’s democracy.”

Recall that the Supreme Court had last week extended the validity of the old Naira notes until 31 December.

The apex court stated that the CBN must continue to receive the old Naira notes from Nigerians.

The Court held that Buhari’s instruction on the redesign of the new Naira notes without due consultation was illegal.

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CBN Appoints Isa Abdulmumin As Spokesman

Dr Isa Abdulmumin has been appointed by the Central Bank of Nigeria, CBN,  as its Acting Director, Corporate Communications Department.

Abdulmumin takes over from Mr Osita Nwanisobi, who has retired from the apex bank.

Until his appointment, Dr Abdulmumin was a Deputy Director in the Corporate Communications Department.

His predecessor, Nwanisobi, took over in October 2020 when Mr Isaac Okorafor, retired from service.

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2023 Elections

INEC Receives Sensitive Materials From CBN For Adamawa Elections

The Independent National Electoral Commission (INEC) in Adamawa state has received sensitive election materials from the Yola branch of the Central Bank of Nigeria (CBN) for the general elections.

The Resident Electoral Commissioner (REC) in the state, Hudu Ari received the items on Thursday, saying they would be taken to the various local government areas for the elections beginning this Saturday.

Ari said, “We have come to the CBN to collect the sensitive and other election materials, and they will be conveyed to the various LGAs.”

Ari had earlier convened a press briefing on Monday and declared that INEC was ready to conduct the February 25 and March 11 elections across the state.

He had said his office had received 4,104 BVAs for the 4,104 polling units in the state where 2,196,556 registered Adamawa voters would be expected to vote.

The state chairman of the Inter-Party Advisory Council of Nigeria (IPAC), Bello Babajo, who was at the CBN branch in Yola when INEC received the election materials, said he believed INEC was prepared for the elections.

“We’ve seen the materials. I think INEC is ready. We the political parties are also prepared for the elections,” Babajo said.

INEC will be conducting elections to fill Electoral offices in 37 constituencies in Adamawa State in the course of the February 25 and March 11 elections.

The constituencies are governorship, one; senatorial, 3; House of Representatives, 8; and House of Assembly (25).

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Banks Shut Branches Early Ahead Of Polls

Deposit Money Banks have made some new announcements.

The banks announced they will be closing early on Friday, a day ahead of the presidential polls holding nationwide on Saturday.

In notices issued by banks to their customers seen by our correspondents, the banks said they would be closing earlier than their 4:00 pm official closing time.

They, however, advised their customers to make use of their alternative banking solutions such as USSD, mobile apps etc.

First Bank in its notice told customers, “Kindly be informed that our branches nationwide will close to customers earlier than usual on Friday, 24 February 2023 by 1:00 pm.”

Stanbic Bank in an email addressed to customers said, “Please be informed that our branches will close by 1pm on Friday, 24 February 2023.

“Our customer contact centre will also not be available on Saturday, 25 February and Sunday, 26 February 2023 to attend to your calls and requests because of the election.”

Access Bank is closing earlier also at 12 noon.

In a circular issued on Thursday via email to customers, the bank said, “Our branches will close early on Friday, February 24, 2023, at 12 noon. This is to allow for the timely departure of customers and staff to their respective locations in preparation for the 2023 general elections scheduled for Saturday, February 25, 2023.”

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2023 Elections

INEC Chairman Confirms Receiving Cash From CBN For 2023 Polls

The Independent National Electoral Commission (INEC) has disclosed it it received a  “substantial part” of the cash it requested of the Central Bank of Nigeria (CBN) amid the naira scarcity in the country.

The Independent National Electoral Commission (INEC) has disclosed it received a  “substantial part” of the cash it requested from the Central Bank of Nigeria (CBN) amid the naira scarcity in the country.

INEC Chairman, Prof. Mahmood Yakubu, confirmed receipt of the funds on Thursday, February 23, during a press conference in Abuja on the commission’s activities before the presidential and National Assembly polls.

Yakubu said;

“The bulk of the small amount of cash that we have requested from the Central Bank of Nigeria is right now being released to the commission’s offices nationwide.

“In fact, a substantial part of it has already been received by our offices nationwide and this has greatly facilitated the movement of sensitive materials yesterday from the branches of the Central Bank to our local government areas.

“By tomorrow, we’ll batch them and then move them on Friday to the registration area centres. And then on Saturday early morning, they’ll be moved to the polling units for voting.”

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Fake News – CBN Denies Plans To Shut Down Financial Transactions From Thursday February 23 Till Monday, February 27

The Central Bank of Nigeria CBN has rubbished a viral Whatsapp message stating that it will be shutting down financial transactions from Thursday, February 23 till Monday, February 27.

According to the viral message, bank networks will be unavailable so politicians will not be able to buy votes.

The apex bank debunked this on its Instagram  page, describing it as fake news.

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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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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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“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.

SUGGESTION: You can get News updates directly on WhatsApp by clicking “HERE”. 

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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