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BIG STORY

CBN Delivers More New Notes To Banks

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With rising concerns around the seeming disappearance of newly redesigned notes, the Central Bank of Nigeria has said it is supplying more quantities of the new notes to banks.

This was according to a statement by the CBN’s Acting Director, Corporate Communications, Dr Isa AbdulMumim.

Banks are expected to disburse the new currencies to their customers via over-the-counter payments and Automated Teller Machines.

The statement by the CBN read, “We wish to reiterate that the new and old currency notes have been circulating side by side just as the bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company Limited.

“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy. We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.”

The CBN re-stated that the redesigned and old notes would continue to be accepted as legal tender and circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out.

Earlier report had it that the currency in circulation in the country jumped by N701.4tn in one month to hit N1.6tn in March 2023 after the CBN reversed its policy on the naira redesign.

According to the CBN, currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks.

The currency in circulation in the country had dipped by 235.03 per cent to N982.09bn as of the end of February from N3.29tn as of the end of October 2022, on the back of the naira redesign policy of the CBN.

Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review.

The hardest hit by the policy had been the most vulnerable members of the population (the poor, the unbanked and the rural dwellers), the report added.

The Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.

The governor decried the challenges associated with currency management, including the hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks.

BIG STORY

BREAKING: Court Finds Natasha Guilty Of Contempt, Fines Her N5 million

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The Federal High Court in Abuja on Friday convicted the senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, for contempt over a satirical apology she posted on her Facebook page on April 27.

Justice Binta Nyako, delivering judgment in the suit filed by Senator Akpoti-Uduaghan challenging her suspension, began with the contempt application submitted by the Senate President, Godswill Akpabio.

Akpabio, in his application, argued that the senator’s social media post breached an earlier court order that restrained all parties from speaking to the press or posting on social media about the matter.

Akpoti-Uduaghan’s counsel contended that the post was unrelated to the court’s order on her suspension but was about a separate matter involving sexual harassment claims against the third respondent (Akpabio).

However, Justice Nyako ruled that after reviewing the post and the application before her filed by the third respondent, she was convinced it was connected to the suspension case before the court and therefore declared the plaintiff guilty of contempt.

The judge directed Akpoti-Uduaghan to publish an apology in two national newspapers and on her Facebook page within seven days. She also imposed a fine of N5 million.

 

More to come…

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BIG STORY

BREAKING: Court Orders Senate To Recall Suspended Natasha Akpoti

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A Federal High Court sitting in Abuja on Friday ruled that the Nigerian Senate exceeded its powers by suspending Senator Natasha Akpoti-Uduaghan for six months, ordering her to be immediately recalled to the Red Chamber.

Justice Binta Nyako, delivering the judgment, described the suspension period as “excessive” and lacking a solid legal basis.

The court stated that both Chapter 8 of the Senate Standing Orders and Section 14 of the Legislative Houses (Powers and Privileges) Act, which the Senate relied on, do not specify a maximum suspension length. Therefore, their application in this situation was considered overreaching.

The judge noted that since the National Assembly is only mandated to sit for 181 days in a legislative year, suspending a lawmaker for about the same length of time effectively silences an entire constituency, calling it unconstitutional.

“While the Senate has the authority to discipline its members, such sanctions must not go so far as to deny constituents their right to representation,” Nyako ruled.

However, the court agreed with Senate President Godswill Akpabio on a different issue, ruling that his decision to prevent Akpoti-Uduaghan from speaking during a plenary—because she was not in her designated seat—did not violate her rights.

Nyako also dismissed Akpabio’s argument that the judiciary should not interfere in what he described as an “internal affair” of the legislature, saying fundamental rights and representation fall squarely within the court’s jurisdiction.

In a separate twist, the court imposed a monetary penalty on Akpoti-Uduaghan for violating an earlier court directive that barred both parties from making public comments about the ongoing legal proceedings.

The fine amounts to millions of naira.

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BIG STORY

COALITION: We’ll Register New Party As Backup To ADC — El-Rufai

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A leader of the Social Democratic Party, SDP, and an important figure in the opposition coalition, Nasir El-Rufai, stated that a new political party would be registered as a backup for the African Democratic Congress, ADC.

El-Rufai explained that the new party would serve as an alternative option to guard against potential infiltration by the All Progressives Congress, APC, into the ADC.

The opposition coalition had chosen the ADC as its platform on Wednesday.

However, El-Rufai noted that there is a possibility the APC could spark a crisis within the ADC by turning old members against the new leadership.

He revealed this during an interview with Radio France International (RFI) Hausa Service on Wednesday night.

“Those who refuse to join the APC face threats of investigations by agencies like the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC), or Code of Conduct Bureau (CCB).

“The opposition parties’ alliance in the ADC is temporary, and we may register a new party as a second option, which we will move to should the ADC be instigated into crisis by the government,” the former Kaduna governor stated.

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