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JUST IN: Buhari To Extend Validity Of Old Naira Notes Till April 10 —- Report

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President Muhammadu Buhari is considering extending the validity of old naira notes by 60 days, TheCable is reporting.

This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.

The CBN had insisted that the deadline of February 10 would not be changed but a senior government official told TheCable that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.

The official told TheCable that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.

The governors were then expected to withdraw their case at the apex court.

“The resolution was to give room for President Buhari to make concessions on the monetary policy and make the following announcements public,” the official said.

“One, that the old naira notes of N1,000, N500, and N200 be allowed free movement in and out of the banks for the next 60 days.

“Two, that all three notes will be legal tender during this period, but that any old N500 or N1,000 that goes into a bank will not be sent back into circulation.”

The official said that while others were “on the same page with the president”, Nasir el-Rufai, governor of Kaduna state, insisted on total cancellation of the policy.

Buhari, who had earlier delayed attending the federal executive council (FEC) meeting by 40 minutes to monitor the development at the Supreme Court, was disappointed that the governors reneged on their promise to withdraw the case.

He had, after the meeting on Wednesday, met with Godwin Emefiele, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU), on the need to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.

“The president will not disobey the court. But he is also concerned about the suffering of Nigerians and wants to find a lasting solution to it,” the official further explained to TheCable.

“It is clear that some militancy is being propagated against the people by elite who have the means to secure the new notes no matter what while the people continue to suffer.

“The president will continue to engage and see the way out of the logjam.”

BIG STORY

BREAKING: FG Declares Monday, Tuesday Public Holidays In Celebration Of Eid-el-Kabir

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Monday, June 17 and Tuesday, June 18, 2024, have been declared public holidays by the Federal Government to mark this year’s Eid-el-Kabir festival.

Olubunmi Tunji-Ojo, in a statement on Friday signed by the Ministry of Interior’s Permanent Secretary, Dr Aishetu Ndayako, congratulated all Muslim Ummah both at home and in the Diaspora on the occasion.

Tunji-Ojo called on the Muslim Ummah to continue to imbibe the spirit of peace, kindness and sacrifice, as exemplified by Prophet Ibrahim (Peace be upon Him) and to also use the period to pray for unity, prosperity and the stability of the country.

The statement added, “The minister reiterated that President Bola Ahmed Tinubu’s administration was committed to safeguarding the lives and property of all Nigerians.

“He further enjoined all Muslim faithful and Nigerians in general to support, cooperate and join hands with the president in his sustained efforts to diversify the economy and progressively accelerate the pace of the nation’s economic recovery.

“While wishing the Muslim Ummah a happy Eid-el-Kabir celebration, the Minister advised all Nigerians to take responsibility in the resolve to hand over a prosperous Nigeria to the nation’s children.”

Earlier report had it that President Bola Tinubu would depart Abuja, the nation’s capital, for Lagos State on Friday ahead of the Eid-el-Kabir festival.

In a statement on Friday by his spokesman, Ajuri Ngelale, Tinubu will observe Eid-el-Kabir in Lagos, where he will also spend the Sallah holidays.

It added: “The President will mark the occasion with prayers and reflection on advancing the transformation of Nigeria in line with his Renewed Hope Agenda.”

Earlier reports had reported that the Sultan of Sokoto, Sa’ad Abubakar, declared Sunday, June 16, as Eid-el-Kabir day after affirming that Friday is the first day of Dhul Hijjah.

Sultan disclosed this in a statement on Friday by the Chairman of the Advisory Committee on Religious Affairs to the Sultanate Council, Sambo Junaid, in Sokoto State.

“His Eminence, the Sultan felicitates with Nigeria’s Muslim Ummah and wishes them Allah’s guidance and blessings.

“The Sultan, while urging the Muslim Ummah to continue to pray for peace, progress and development of the country, also wishes all Muslims a Happy Eid-El-Kabir. May Allah (SWT) accept our religious deeds, amen,” the Sultanate council said in the statement.

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SALLAH: Excitement In Odi-Olowo Community As Council Boss Hon. Razaq Ajala Sells Subsidized Rams At N50,000 [PHOTOS/VIDEO]

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The chairman, odi-olowo Local Council Development Area (LCDA), Hon. Rasak Ajala, in his usual empathy, magnanimity and love for the good people of his community, took such a humane and drastic step in helping to enable Muslim faithfuls, within the community, the will to buy and celebrate Sallah in the traditional pleasurable, fun and enough “food and meat to eat” way, marking this year’s Sallah.

Hon. Ajala, who will always go extra miles to alleviate the suffering of the people and ensure every member of the community access basic needs, with regular empowerment, outreach and people’s oriented initiative, sold out “ILEYA RAMS” to members of the Local Government, at an incredible amount of 50k (Fifty Thousand Naira Only) no matter the size or weight of the ram.

Testimonies from residents in the community who had purchased and bought the healthy, well fed and Sallah certified rams could only attest more to the Chairman’s capacity in delivering on his electoral promises and aim at changing the lives of the people for the best.

Photos of the rams, as displayed across social media portals, and buyers from the local government have become a sensation and template for good governance and enviable leadership.

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BUSINESS: Investing In Davido’s Coin Highly Risky, SEC Warns Nigerians

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The public has been cautioned by the Securities and Exchange Commission (SEC) not to invest in the meme coin that is purportedly associated with popular Nigerian artist David Adedeji Adeleke, better known by his stage name Davido.

The commission made this known in a statement published on its website on Friday.

The SEC issued a warning, saying that users of the meme coin do so at their own risk.

“The general public is hereby advised that meme coins lack fundamental value and are purely speculative. The general public is further warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

“Capital market operators are by this notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

“Please note that the commission does not recognise $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronize it, do so at their peril,” the statement read.

The SEC said it will keep a close watch on market developments and is ready to step in with regulatory action as needed.

The commission further explained, “Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements.

“Meme coins are also not intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as a digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.”

The music star unveiled a meme coin called $Davido on Wednesday, May 29, 2024.

However, the meme coin has been widely criticised by Nigerians after its value nosedived just a day after its launch.

Social media was awash with disappointed investors and fans venting their frustration as the coin’s value plummeted, with many expressing their dismay and disillusionment.

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