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CBN Speaks On Naira Notes Redesign, Says ‘We Had Limited Time’

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The Central Bank of Nigeria (CBN) has explained the reason for the “simplicity” of the naira redesign.

Ahmed Umar, director for currency operations, CBN, spoke at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.

Umar was represented at the event by Amina Halidu-Giwa, head, the policy development division, and currency operation department of the apex bank.

Last week, President Muhammadu Buhari unveiled the redesigned naira notes.

However, many Nigerians expressed dissatisfaction over the new notes, saying that the naira was only repainted, not redesigned.

Fielding questions about the simplification, Umar said the apex bank had limited time to tackle the problem of counterfeiting currency hoarding, among others.

“We want to solve a problem and we have limited time to do that,” NAN quoted Umar as saying.

“Redesigning is about change of colour or size. The ink itself is a security feature.”

Umar said that the redesign of the notes were long overdue, adding that the N1000 notes had been in existence for 17 years, N500 for 21 years, and N200 for 22 years.

The CBN director said that contrary to rumors that the apex bank would print other denominations apart from the redesigned N1000, N500, and N200, no other denomination would be printed.

He said the naira redesign would encourage many unbanked Nigerians to be included in the financial system.

According to him, it will discourage excessive cash-carrying and encourage other electronic transactions.

He said that when the unbanked population is fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.

“Naira redesign will also help in reducing cash management expenditures, give visibility and control, and would help the bank to know the volume of money in circulation,” Umar said.

”It will also help in fighting counterfeiting and money laundering.”

BIG STORY

JUST IN: Chaos At PDP Caucus Meeting As Security Operatives Forcefully Eject Members [VIDEO]

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The caucus meeting of the Peoples Democratic Party (PDP) turned chaotic on Monday after security operatives forcefully removed some members from the national executive committee (NEC) hall.

The meeting was scheduled to take place at the NEC hall of the party’s headquarters in Abuja, with members already arriving at the venue.

Two individuals were ejected by security personnel following claims by some protocol officers that they had no authorization to be present at the meeting.

During the confrontation, a glass door was broken while the members were being dragged out.

“Are you NWC member?” shouted Chinwe Nnorom, national director of publicity, before the individuals were taken out of the venue.

Earlier in the day, security personnel had taken control of the PDP headquarters and stopped members of the board of trustees (BoT) from accessing the NEC hall for their scheduled meeting.

As a result, the BoT moved their meeting to the Yar’Adua Centre located in the central business district of Abuja.

In recent weeks, the PDP has been embroiled in increasing drama and new developments amid its internal crisis.

Watch VIDEO HERE

 

More to come…

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BIG STORY

BREAKING: Security Operatives Block PDP BoT From Meeting At Party Headquarters

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Security operatives have barred members of the Peoples Democratic Party (PDP) Board of Trustees (BoT) from holding their meeting at the party’s national headquarters in Abuja.

The security personnel stopped the BoT members from accessing the National Executive Committee (NEC) hall where the meeting was scheduled to take place on Monday morning.

The BoT has subsequently relocated the meeting to the Yar’Adua Centre in Abuja’s Central Business District.

 

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Nigerian Medical Student Hails “Inspiring” Encounter With President Tinubu, St. Lucian PM Pierre

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For Nigerian medical student Bob Chikwem Amadi, what started as a routine work assignment turned into an unforgettable experience with two world leaders — President Bola Ahmed Tinubu of Nigeria and Prime Minister Philip J. Pierre of Saint Lucia.

Amadi, currently studying medicine at the American International University in Saint Lucia, was part of the service team present during President Tinubu’s courtesy call to Prime Minister Pierre’s official residence on the second day of the Nigerian president’s state visit to the Caribbean nation.

Originally from Rivers State, Amadi has lived in Saint Lucia for ten years and recently completed the four-year basic phase of his medical education. He is now preparing to begin his clinical training.

Alongside his studies, Amadi also works part-time as a talent and brand manager with a local catering and entertainment company — a role that brought him close to the high-level diplomatic event.

During the visit, Prime Minister Pierre was informed by his aides that one of the staff members was a Nigerian student.

Taking a brief moment before his official engagements began, the prime minister introduced Amadi to President Tinubu.

The president, known for his engaging nature and interest in Nigerians living abroad, took time to speak with the young student, asking about his name, background, and academic journey.

Tinubu extended his best wishes and words of encouragement, praising Amadi for his dedication to his studies overseas.

Describing the experience, Amadi said it was “an inspiring moment” for him.

“Saint Lucia is an amazing island. I will describe it as a wonderful place. They are a very contented society and things are relatively calm”, he said.

The moment was capped off when Amadi was invited to join President Tinubu and Prime Minister Pierre for a group photograph — a symbolic and memorable close to a chance meeting with two major political leaders from Africa and the Caribbean.

Amadi also reflected on the strong historical and cultural ties between Nigeria and Saint Lucia.

“We have always hoped that there are many opportunities between Saint Lucia and Nigeria. We share similar food crops and culture, and the connection is deep”, he said.

President Tinubu’s visit to Saint Lucia marks the beginning of a broader diplomatic tour of the Caribbean and South America, focused on enhancing trade, cultural ties, and diplomatic collaboration between Nigeria and Caribbean countries.

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