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Naira Scarcity: Embrace eNaira, Internet Banking As Alternatives To Cash — CBN To Nigerians

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The Central Bank of Nigeria (CBN) has asked Nigerians to embrace eNaira and internet banking as alternatives to cash transactions.

Speaking at the recently concluded 44th Kaduna International Trade Fair, Osita Nwanisobi, director of corporate communications, CBN, said the Nigerian payment system infrastructure could handle the surge in transaction volumes across all payment channels.

The CBN director spoke against the backdrop of the struggle faced by citizens to get naira notes from banking halls and automated teller machines (ATMs) following the implementation of the naira redesign policy.

Nwasinobi was represented at the event by Mohammed Abbah, director, capacity development department of CBN.

On the naira redesign policy, he said the initiative was not aimed at any individual as being insinuated in the public domain.

“The CBN Governor, Mr. Godwin Emefiele, has always said that the policy is not targeted at anyone or any group of persons, rather, it is derived from the bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions,” Nwanisobi said.

“The principal aim of the bank, with the currency redesign initiative, is to make our monetary policy decisions more efficacious.

“Nigerians will observe that there has been a downward trend in inflation, and the exchange rates have been relatively stable.

“Furthermore, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.

“Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this programme.”

The CBN director said the apex bank was aware of the challenges some citizens have had to face in the past few weeks in efforts to get money from their banks.

He said that there have been reports of occasional transaction failures on alternative payment channels.

“However, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels,” Nwanisobi said.

“We, therefore, urge Nigerians to embrace alternative payment channels, such as e-Naira and internet banking, as we embrace the cashless policy.”

Nwanisobi said the apex bank, in line with its developmental function as stipulated in the CBN Act, 2007 (as amended), has been at the vanguard of promoting quality export through its produce, add value and export (PAVE) concept.

He said PAVE was similar to the export-led industrialisation policy of south-east Asia, which elevated the economic fortunes of the Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan.

Through PAVE, he said the CBN sought to create a proper linkage between agriculture and the manufacturing sectors of the Nigerian economy while also providing a cushion against the volatility in crude oil production and export.

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Tinubu To Hold First Presidential Media Chat Tonight

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President Bola Tinubu’s inaugural media chat is set to be broadcast on the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).

In a statement, Bayo Onanuga, the presidential spokesperson, confirmed that the media chat will be aired at 9 p.m. today.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria,” the statement reads.

All television and radio stations are encouraged to tune in to the broadcast.

This marks Tinubu’s first media chat since he assumed office on May 29, 2023.

During the chat, Tinubu will respond to questions from a panel of journalists on national matters, including his economic policies, security, and other key issues.

The tradition of presidential media chats began during the tenure of former President Olusegun Obasanjo.

The practice was continued by the administrations of Umaru Musa Yar’Adua and Goodluck Jonathan.

However, under the administration of former President Muhammadu Buhari, the frequency of the presidential media chats declined.

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IGP Didn’t Ask Nigerians To Beat Up Officers During Stop-And-Search — Police

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The Nigeria Police Force (NPF) has clarified that Kayode Egbetokun, the inspector-general of police, did not instruct Nigerians to pummel officers during stop-and-search operations.

In a statement on Monday, Muyiwa Adejobi, the force spokesperson, emphasized that Egbetokun has never endorsed violence against law enforcement agents.

Adejobi added that the blog post suggesting otherwise was entirely fabricated.

“The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has instructed citizens to physically assault and throw stones at police officers who request to search their phones,” the statement reads.

“This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers.”

“Instead, he has called on citizens to report instances of police misconduct through appropriate channels.”

“This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.”

“Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram.”

“Citizens can also contact us by mail through; [email protected] and reach us through the police website at npf.gov.ng.”

Recently, Egbetokun instructed police officers to stop arbitrary arrests and cease searching the smartphones of Nigerians.

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Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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