NAIRA SCARCITY UPDATE: WHAT YOU NEED TO KNOW

18/02/2023

SHINA J.O

IMPLICATION OF WHAT PRESIDENT BUHARI SAID ABOUT THE NAIRA SWAP YESTERDAY

***The old 200 naira notes remain a legal tender till April 10yh 2023

***That CBN will release the old 200 notes they have collected back to banks so you can see money to withdraw.

***The old 500 and 1000 naira notes are no longer a legal tender.

***Commercial banks are no longer allowed to collect the old 500 and 1000 notes from customers.

***Those still having the old 500 and 1000 notes are to deposit them at CBN designated points in their states which are the CBN branches across the states.

***This implies that you should Stop accepting the old 500 and 1000 naira notes in your place of businesses or be ready to travel to CBN to deposit them before April 10th.

*** Note that you will have to fill a form online first to generate a reference number before you proceed to CBN to deposit the old 500 and 1000 notes with you and after the deposit, it can take up to 4 weeks for the money to reflect in your bank account and the money would be withheld by CBN if they are unable to verify your identity as the owner of the account you provided. You can avoid all these by simply not accepting the old 500 and 1000 naira notes.

***Stop hoping on the Supreme Court, they are confusing you. Know now that the Supreme Court does not have the power to overturn the President’s policies except when it breaks the law.

So far, this policy has not broken any law, hence the Supreme Court has no power to step in. So stop hoping. The Supreme Court are not there to make or amend policies or laws but are there to protect the law, except the Supreme Court wants to be the one ruling the nation.

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The National Examinations Council, NECO Releases Result Of November/December 2022 Senior School Certificate Examination (SSCE.

17/02/23

SHINA J.O

NECO releases 2022 SSCE external result

The National Examinations Council, NECO, has released the result of the November/December 2022 Senior School Certificate Examination, SSCE.

NECO Registrar, Professor Dantani Wushishi, who made the announcement in Minna, Niger State, on Thursday, said,
59,124 candidates sat for the examination, with 31,316 males, representing 52.96 per cent while 27,808, representing 47.03 per cent were female.

The registrar said the number of candidates that sat for English Language is 58,012 out of which 44,162, representing 76.13 per cent got Credit and above, while the number of candidates that sat for Mathematics is 57,700, out of which 43,096, representing 74.69 per cent got Credit and above.

Wushishi disclosed that the number of Candidates who got five Credits and above, including English Language and Mathematics is 33,914 representing 57.36 per cent.

He said on the issue of examination malpractice, 11,419 candidates were booked for various forms of cheating , as against 4,454 in 2021, which shows a sharp rise in the number of malpractice cases.

He revealed that four supervisors were blacklisted, one each from Rivers and Plateau States and two from Ogun State for aiding and abetting.

The 2022 Senior School Certificate Examination, SSCE, External was conducted by NECO from 21 November to 21 December 2022 and is being released 57 days today after.

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CBN Governor Promises To Ease The Sufferings Currently Being Witnessed By Nigerians Due To Naira Scarcity

16/02/23

SHINA J.O

Allow Naira Redesign policy to work, CBN gov. appeals to Nigerians

Meets Banks executives, direct them to make old N200 notes available

Hours after President Muhammadu buhari ‘s directive to the Central bank of Nigeria to release the Old N200 notes back in circulation, CBN governor Godwin Emiefele says he has met with 15 bank executives and directed them to make the N200 notes available immediately.

Emefiele said this in Abuja on Thursday while speaking with state house correspondents shortly after attending a meeting between President buhari and the House of representatives Adhoc committee on new naira redesign and naira swap policy at the State house Abuja.

He therefore appealed to Nigerians to allow the policy to work which he says will go a longway to help the Nation economy.

BREAKING: PRESIDENT BUHARI ADDRESSES THE NATION ON NAIRA SCARCITY,DIRECTS CBN TO RELEASE OLD #200 NOTES INTO FOR 60 DAYS.

16/2/23

SHINA J.O

President Muhammadu Buhari says he identify with Nigerians over the sufferings being experienced as a result of the nationwide naira scarcity.

,The President Muhammadu buhari also directed the Central bank of Nigeria (CBN) to release the old N200 bank notes back into circulation and should 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 ceases to be legal tender.

The President announced this during a Nationwide broadcast to the nation on Thursday morning.

The President who expressed sympathy with Nigerians over the current cash crunch in the country explained that since the commencement of the program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

President buhari also directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

He directed that the CBN to intensify collaboration with anti-corruption agencies, so as to ensure that any institution or persons found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.

On the 2023 General elections, The President said he his aware that the new monetary policy has also contributed immensely to the minimization of the influence of money in politics in the country.

He described it as a positive departure from the past and represents a bold legacy step by his administration, towards laying a strong foundation for free and fair elections.

The Nigerian leader urged Nigerians to go out to vote for their candidates of choice without fear adding that security shall be provided and vote shall count.

The President however admonish Nigerians to eschew violence and avoid actions capable of disrupting the electoral processes.

OLD NAIRA NOTES DEADLINE : Protester Shot Dead In Benin As Residents Moved To CBN Office Over Naira Scarcity

15/02/2023

SHINA J.O

One person has been shot dead Wednesday in Benin City, Edo State capital following a protest that engulfed several parts of Benin City over the scarcity of new redesigned naira notes and alleged rejection of the old notes by the Central Bank of Nigeria,CBN.


The Angry protesters who stormed the Benin office of the central bank of Nigeria barricaded all entrances around the Central bank
They expressed their disappointment and anger over their inability to get the new naira notes in exchange for their old ones despite assurances by the apex bank .

The situation which started with complaints later became tensed and chaotic as the protesters demanded to see the officials of the central Bank to get answer after being directed by their banks to their Office.
They prevented vehicles from getting into the CBN or even assessing roads around the area with bonfires and other gadgets.

As of the time of writing this report, a protester was seen being carried away alleged to have been shot by security operatives as the protests had spread to other parts of Benin city.

Also In Delta State,Pockets of Protest have been reported that resulted in the burning of access bank

Breaking:Supreme court has Fixed 22 Of February to Hear Suit On Monetary Policy Between Some State Government & Federal government

14/02/23

SHINA J. O

Supreme court has fixed 22 of February to hear suit on monetary policy instituted by some states over the naira redesign policy by the Central Bank of Nigeria (CBN).

Seeking to join the suit is Lagos, Katsina, Cross-River, Ogun, Ekiti, Ondo, kogi , Kaduna, Zamfara, states are represented in court seeking to be joined as co-plaintiffs in the suit.

Bayelsa and Edo states are seeking to be joined the federal government supporting the federal government

Meanwhile, the previous interim order on the extension of old Naira notes as legal tender beyond 10th February, 2023 subsists.

In a motion ex parte filed before the supreme court, Kaduna, Kogi, and Zamfara represented by Abdulhakeem Mustapha, had prayed the court to grant an interim injunction stopping the CBN from ending the timeframe within which the old N200, N500, and N1,000 notes will cease to be legal tender.

On February 8, the court restrained the apex bank from giving effect to the February 10 deadline.

The federal government has also filed a preliminary objection to the suit, arguing that the supreme court lacks the requisite jurisdiction to entertain the matter.

Governor of kogi, Yahya Bello and it’s counterpart, Nasiru Elrufai the governor of Kaduna state were physically present in court.

4 POS OPERATORS ARRESTED OVER HIGH CHARGES

4 POS OPERATORS ARRESTED IN BENUE

15/02/23

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Four POS operators in Makurdi have been apprehended for allegedly trading in the new naira notes.

The four accused who were picked at the nortbank area were issuing the notes to customers above the expected charges with some collecting as high as two thousand naira for ten thousand naira withdrawal.

The operation was led by a Deputy Director with the Apex bank, Harry Agbo.

Scarcity of the redesigned naira notes has continued to bit harder with residents having to source for money from any available outlets and sometimes at an extra cost with point of sale operators seemingly being the greatest culprits.

As part of measures to reverse this worrisome trend the central bank of Nigeria led a sting operation targeted at point of sale operators in the State capital.

These four were caught in the act and handed over to relevant authorities.

Meanwhile the apex bank has placed a notice asking the general public to bring in old currency from Wednesday the 15 of February.

UPDATE ON NEW NOTES: FG, CBN To Decide On Old Naira Notes Today After Supreme Court Hearing

15/02/2023

SHINA J.O

The Presidency says neither the federal government nor the Central Bank of Nigeria (CBN) had taken a pre-emptive position on the legality of the old N200, N500 and N1,000 notes in view of the case pending before the Supreme Court, which comes up for hearing on Wednesday.

A statement issued by the senior special assistant to the president on media and publicity garba shehu on Wednesday said the federal government’s position on the currency swap would be made public after the determination of the suit.

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The statement read, “Following series of enquiries, we wish to state that it is not true that the federal government or the CBN has taken a pre-emptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

Supreme Court had in a ruling on February 8 suspended the CBN’s February 10 deadline to stop the use of old currency notes.

The bank had ordered citizens to swap out old N1, 000, N500, and N200 banknotes for a redesigned currency by the deadline. But the apex court, ruling in an ex parte application by three states – Zamfara, Kogi and Kaduna – stopped the CBN from banning the old notes pending the hearing and determination of the case. It fixed February 15 for hearing.

Naira Notes Swapping:Emefiele Meets Diplomatic Corps, Says No Going Back On February 10th Deadline

SHINA J.O


14/02/23

Emefiele Meets Diplomatic Corps, Says old notes Deadline Extension Is Not Necessary

The Central Bank of Nigeria (CBN) says there is no going back on the February 10, 2023 deadline for the swapping of the old N1,000, N500, and N200 notes.

While there has been controversy over the deadline with some governors dragging the apex bank to the Supreme Court and the court restraining the bank from implementing the deadline, the CBN maintained that the date remains sacrosanct.

The CBN Governor Godwin Emefiele said this on Tuesday during a meeting with members of the diplomatic corps in Abuja.

He acknowledged the inconveniences caused by the naira redesign policy including hoarding and an elevated agitation but called on Nigerians, especially those in authority, not to exaggerate it so as not to create panic.

Acknowledging that the transition to embracing the new naira notes may be challenging, the CBN boss reiterated that the benefits are enormous and will lead to a cashless policy.

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The CBN boss also vowed to prosecute point-of-sales (PoS) operators who collect exorbitant charges for transactions.

Emefiele reiterated the benefits of the naira redesign, arguing that it has helped in reducing inflation and is leading to a moderation in exchange rates.

He also told the members of the corps how the nation’s economy is faring but shared concerns about increasing inflation which he attributed to insecurity, elections spending, and the effect of the global market on the economy.

According to him, the nation’s growth rate is at 3.6 percent for 2023, noting that the economy will experience what he called subdued growth owing to the scarcity of petroleum products, increased spending which is being curtailed, and increasing debt levels.

CUSTOMERS NARRATE ORDEAL AS BANKS TURN DOWN OLD NAIRA NOTES,NUJ CALLS FOR SOLUTION

14/ 02/23

SHINA J.O

Residents of Ondo state are lamenting the refusal by banks to accept the old naira notes and Scarcity of the Redesigned currency.

Some of the customers who spoke to Journalists in Akure Ondo state capital revealed that the banks stopped collecting the old notes since Monday this week.

We observed Many of the customers trooping to the commercial banks located at the Alagbaka axis in Akure with the aim of returning their old notes for the new ones.

Some of the bank Customers also complained that the Automated Teller Machines (ATM), of the commercial banks, were still dispensing the old notes.

Meanwhile The Nigeria Union of Journalists (NUJ), Ondo State Council has urged the federal government to prevail on the Central Bank of Nigeria and commercial banks in the state to rescind their decision of rejecting old naira notes from members of the public.

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