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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

FG Revokes 924 Inactive Mining Licences — Solid Minerals Minister Alake

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924 inactive mineral licences have been withdrawn by the Federal Government via the Ministry of Solid Minerals Development.

Dele Alake, the Minister of Solid Development and Minerals, revealed this information on Wednesday in an Abuja press conference.

There are 273 small-scale mining licences, 101 quarry licences, 20 mining leases, and 528 exploration licences among the revoked permits.

November of last year saw the ministry withdraw 1,633 mineral titles that had been issued to mining corporations that had not complied.

In order to make the solid minerals industry more competitive internationally, the minister also pledged to clean it up and asked all parties involved to start acting morally again.

But speaking at the briefing, Alake said the ministry decided after identifying a problem of licence racketeering among players in the sector.

He said, “In line with constitutional provisions, we ensured that adequate notice was given to the concerned parties through the official gazette of the Federal Republic of Nigeria no 227 which was published on December 27, 2023.

“This notice gave all concerned parties 30 days to regularise their status including clarifications on what caused the licence to be dormant.

“In view of the above, which shows our adherence with due process and fair consideration and in line with the standard policy of use it or lose it, I hereby revoke the 924 dormant licences with immediate effect.

“These include 528 exploration licences, 20 mining leases, 101 quarry licences and 273 small-scale mining licences.”

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An Icon Of Service: NATCOM Boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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JUST IN: FG Grounds All Dana Air Operations Following Tuesday’s Incident At MMIA

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There were hints, on Wednesday, that the nation’s Minister of Aviation, Festus Keyamo, might have halted Dana Airline operations.

The instruction was issued in response to the April 23 incident involving a Dana Air aircraft at Lagos airport, which compelled aviation officials to reroute flights from the local airport to the international one.

According to earlier reports, on Tuesday at the Murtala Muhammed International Airport in Lagos, one of the airline’s aircraft, registered under the registration number 5N BKI, went off the runway.

While the details surrounding the incident were not readily available as at press time, no casualty was recorded, as passengers safely disembarked using the front exit door.

The last time the airliner nearly got into major accident was on May 3, 2022, when no fewer than 50 passengers who were onboard a Lagos-bound aircraft were rescued after its tyres caught fire.

The airplane involved was scheduled to take off from Port Harcourt International Airport enroute Lagos. As in that incident, there were no casualties also.

 

More to come…

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