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Naira Redesign: Confusion As CBN, Banks Issue Different Procedure For Old Naira Notes Deposit

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The Central Bank of Nigeria (CBN) has denied directing banks to collect old N500 and N1,000 notes from members of the public.

It was earlier reported that banks started issuing notice to their customers, informing them to commence deposit of old naira notes up to a maximum of N500,000.

In compliance with a directive from the apex bank, the commercial banks said customers are to come with a code/reference number pre-generated from the CBN portal designated for that purpose.

According to The Cable, Osita Nwanisobi, CBN’s spokesperson, confirmed that banks were indeed given the directive.

“It’s just for amounts N500,000 and below,” he said.

But in a statement issued hours later, Nwanisobi denied the development, claiming that the CBN did not authorise banks to collect the old notes.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes,” the statement reads.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”

BIG STORY

US Agency To Probe Tesla’s ‘Full Self-Driving’ System After Pedestrian’s Death

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The US government is set to launch an investigation into Tesla’s “full self-driving” system following reports of four crashes in low-visibility conditions and the death of a pedestrian.

According to international media, the US National Highway Traffic Safety Administration (NHTSA) made the announcement on Thursday, citing incidents where multiple Tesla vehicles encountered poor visibility environments, including sun glare, fog, and airborne dust.

In addition to the pedestrian’s death, another crash resulted in an injury, the agency stated.

Investigators will examine the capability of “full self-driving” to “detect and respond appropriately to reduced roadway visibility conditions, and if so, the contributing circumstances for these crashes.”

The NHTSA said the probe will cover approximately 2.4 million Tesla vehicles from the 2016 to 2024 model years.

The agency also plans to determine whether any other similar crashes involving “full self-driving” have occurred under low visibility conditions.

The NHTSA is also seeking information from Tesla regarding any updates to the system that may have influenced its performance in these environments.

“In particular, his review will assess the timing, purpose and capabilities of any such updates, as well as Tesla’s assessment of their safety impact,” the agency said.

Tesla has already recalled “full self-driving” twice following investigations by the NHTSA, which in July gathered information from law enforcement and the company after a motorcyclist was struck and killed by a Tesla using the system near Seattle.

Reports from the Associated Press indicated the recalls were due to the system being programmed to run stop signs at low speeds and other violations of traffic laws.

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Students Set Kebbi College Provost’s Residence Ablaze Over Alleged Extortion

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Students at the College of Health Sciences and Technology in Jega, Kebbi State, have “set the residence of the Provost, Alhaji Haruna Saidu-Sauwa, on fire” and “vandalised his vehicle.”

The protest began due to allegations that the college management “extorted N23m from the students” for “index registration for 250 graduating students.”

According to a source, the controversy started with a newly introduced Public Health programme initially affiliated with the Reproductive Health and the Public Health Association of Nigeria.

The college then merged the programme with the Department of Environmental Health, leading to a demand for an additional “N65,000 from each student for index registration,” on top of the “N30,000 already paid.”

In response to the allegations of extortion, the students resorted to violent actions, including “stoning vehicles and setting the provost’s residence on fire.”

Several staff members fled before security personnel arrived.

The provost, Saidu-Sauwa, described the allegations as “fictitious, baseless and mischievous,” denying any involvement in extorting students.

He stated that the college uses a “Single Treasury Account” where all funds are deposited, and “no one has access to the account, including me.”

He further claimed that the protest was fueled by an anonymous source attempting to discredit the college, urging students and staff to “exercise restraint” while the cause of the unrest is fully investigated.

Following the intervention of security agencies, normalcy has returned to the college.

The Kebbi State Police Command indicated that more details will be provided after a report from the Divisional Police Officer in Jega is available.

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Army Seeks Nigerians’ Support In War Against Terrorism, Says “We Can’t Do It Alone”

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The Nigerian army has urged the public to provide support in the fight against terrorism. Christopher Musa, the Chief of Defence Staff, noted that Nigeria is facing “asymmetric warfare” with non-state actors operating in various parts of the country.

In a video message on Friday, Musa emphasized that while the army is dedicated to restoring peace, success requires a “whole-of-society approach.”

He mentioned that Nigeria has a significant history of peacekeeping efforts both in Africa and internationally. Musa outlined the country’s current security challenges, including “Boko Haram and ISWAP in the northeast,” “banditry in the northwest,” “pipeline vandalism and sea piracy in the south-south,” and IPOB’s push for “secession” in the southeast.

Despite these ongoing issues, the armed forces are fully committed to ensuring peace across the nation. Musa also highlighted efforts to enhance “troop welfare” and training, aimed at creating a sense of normalcy in markets, schools, and the economy, especially in affected regions.

He reassured Nigerians that the military is a professional force focused on fulfilling its mission to restore “peace and security.” Musa urged the public to continue supporting the “government, the armed forces, and other security agencies” in this effort.

He concluded by stating, “We cannot do it alone… Together, we will succeed.”

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