In the final analysis, the solution to the current impasse is for the bank to make more money available. The allegations of diversion or not making the ...
It does not require a high level of intelligence for the bank to print new money or for Nigerians to pay in old notes with the expectation of getting new notes. They have deployed at the instance of the bank and are chasing imaginary enemies of the state. Strictly speaking, these objectives stated by the bank in the currency redesign are not part of monetary policy provisions of the Act. The online money transfer mechanisms are overwhelmed while the bank keeps lying that it had supplied enough money to the money deposit banks. Evidently, from the experience of Nigerians so far, the bank through its leadership pronounced the policy without thinking it through and was more interested in its dictatorial directions, with a “no going back” mindset even if the heavens are falling. The allegations of diversion or not making the money available to Nigerians can only arise due to scarcity of the new money. Several justifications have emanated from the bank, which are not part of the monetary policy remit of the bank. The bank also has a developmental banking role as envisaged in S.31 of the Act. In the final analysis, the solution to the current impasse is for the bank to make more money available. By S.18 of the Act, the bank is empowered to (a) arrange for the printing of currency notes and the minting of coins; (b) issue, re-issue and exchange currency notes and coins at the bank’s offices and at such agencies as it may, from time to time, establish or appoint. It will be recalled that the bank requested Nigerians to pay in the old currency to money deposit banks so that they would eventually get new notes when they need their money. This is coming against the background of the difficulties and challenges which ordinary Nigerians have experienced while cooperating with the bank.
The Central Bank of Nigeria (CBN) gave a 10-day extension until Friday for citizens to turn in 1000 ($2.17), 500 and 200 naira notes, after which they will ...
The Central Bank of Nigeria (CBN) gave a 10-day extension until Friday for citizens to turn in 1,000 ($2.17), 500 and 200 naira notes, after which they will cease to be legal tender. Kaduna, Kogi and Zamfara state governments in northern Nigeria filed a suit in the Supreme Court on Monday saying the cash swap had caused restiveness among Nigerians and that this would "degenerate into the breakdown of law and order." Most transactions in Nigeria are still in cash.
Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court, has stopped the Central Bank of Nigeria (CBN), President Muhammadu Buhari and 27 ...
[Atiku Abubakar](https://www.channelstv.com/2023/02/01/naira-notes-vote-riggers-pushing-cbn-for-extension-atiku/); and Labour Party, [Peter Obi](https://www.channelstv.com/2023/02/05/new-notes-bear-with-fg-cbn-peter-obi-urges-nigerians/), have shown support for the CBN. The move has, however, [created hardship among Nigerians](https://www.channelstv.com/2023/01/26/naira-redesign-rural-communities-will-be-affected-by-cbn-deadline-says-el-rufai/) who have struggled to lay hands on the new notes as the [February 10th deadline](https://www.channelstv.com/2023/01/29/breaking-cbn-extends-old-naira-deadline-till-february-10/) for the currency swap inches closer.
A legal practitioner based in Lagos State, Jiti Ogunye has asked the Nigerian Central Bank to extend the suspension of old Naira notes by six months.
To get PVC was a problem. To get NIN was a problem. To get Driver’s License is a problem .To get a Passport is a problem. “To get BVN was a problem. To get new Naira Notes is a problem. “A ruler regularly portrayed as a forthright but manipulable head who is taken advantage of by dishonest subordinates, feeding him wrong advice, thus making him take wrong decisions, is a weak and incompetent ruler.
By John Ikani The Federal High Court sitting in Abuja has delivered a ruling restraining the Central Bank of Nigeria from extending the deadline for the use ...
A federal capital territory (FCT) high court has compelled the Central Bank of Nigeria (CBN) to go ahead with full implementation of the naira redesign.
The judge also made an order of interim injunction “directing and mandating the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever described to comply with, implement and give effect to the currency redesign and restructuring of the old N200, N500, and N1000 bank note on or before the last day of 10th of February, 2023, pending the hearing and determination of motion on notice”. “An order of interim injunction is hereby made restraining the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February, 2023, pending the hearing and determination of motion on notice,” the court held. Delivering a ruling on Monday in a suit marked FCT/HC/CV/2234/2023, the court restrained the CBN from extending the deadline on the use of old naira notes.
By Collins Nnabuife - Abuja A group, Pro Nigeria Group has alleged that some politicians are behind the scarcity of the newly designed naira notes by.
“This is not the first time that our currency is being changed or redesigned, it has happened in India and other parts of the world. “We are here as concerned Nigerian citizens, we are here to talk about the monetary policy issue in the Central Bank of Nigeria. The issue of vote buying is a major problem that has destroyed Nigeria.
The court ordered President Buhari and the CBN to ensure the enforcement of the 10 February deadline for the old currency notes.
Many who cannot access the machines have been paying exorbitantly to be paid by Point on Sale (POS) retailers. Good journalism costs a lot of money. The extension followed a public outcry that greeted the scarcity of the new naira banknotes. [filed a suit at the Supreme Court challenging](https://www.premiumtimesng.com/news/580278-three-apc-states-sue-federal-govt-over-scarcity-of-new-naira-notes.html) the deadline set by the CBN to phase out the old naira notes. The court restraining the CBN and other respondents in the suits from tampering with the deadline would last for seven days, a copy of the order seen by PREMIUM TIMES shows. [Central Bank of Nigeria](http://cbn.gov.ng) to ensure the enforcement of its 10 February deadline on the validity of the old naira notes.
... * Summons bank chiefs over alleged economic sabotage. Alex Enumah in Abuja. A High Court of the Federal Capital Territory Monday, issued a restraining ...
Delivering ruling in a motion exparte dated and filed February 6, 2023, Justice Eneche restrained the respondents from “stopping, extending or interfering with the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 date”. A High Court of the Federal Capital Territory Monday, issued a restraining order on President Muhammadu Buhari, the Central Bank of Nigeria (CBN), CBN Governor, Godwin Emefiele and 27 commercial banks from suspending the demonization policy of the federal government. [Alex Enumah](https://www.thisdaylive.com/index.php/author/enumah/) [CBN: Propriety of Taking Directives from the Federal Government](https://www.thisdaylive.com/index.php/2023/02/07/cbn-propriety-of-taking-directives-from-the-federal-government/)
A High Court of the Federal Capital Territory in Nigeria, has stopped President Mohammadu Buhari, the Central Bank of Nigeria, its governor.
An High Court of the Federal Capital Territory (FCT), on Monday, restrained President Muhammadu Buhari, Central Bank of Nigeria (CBN), the Governor of CBN ...
Groups such as Arewa Consultative Youth Movement, Ohanaeze Youth Movement, and Oduduwa Youth Assembly have hailed the FCT High Court order. Arewa Youths said that looters of the commonwealth of the people have lost out while Ohanaeze Youths insisted that vote buyers and election riggers have been relegated just as Oduduwa Youth held the view that kickbacks will be very difficult now, corruption greatly limited and chance for money laundering made slimmer. An High Court of the Federal Capital Territory (FCT), on Monday, restrained President Muhammadu Buhari, Central Bank of Nigeria (CBN), the Governor of CBN and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date of February 10 or issue any directive contrary to the said deadline.
Three states in Nigeria have asked the country's highest court to stop the federal government and central bank from ending the use of old naira currency ...
Some ruling party officials have publicly accused the CBN of a plot to turn voters against its presidential candidate in the Feb. Register for free to Reuters and know the full story ABUJA, Feb 6 (Reuters) - Three states in Nigeria have asked the country's highest court to stop the federal government and central bank from ending the use of old naira currency notes this week, saying this was causing hardships, ahead of an election later this month.
ABUJA – A High Court of the Federal Capital Territory, presided over by Justice Eneojo Eneche has restrained President Muhammadu Buhari, the Central Bank of ...
“A declaration that the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that reasonable notice must be given before such a policy. “Whether the demonetisation policy of the federation viz: the withdrawal of the old N1000, N500 and N200 bank notes being carried out by the Federal Government of Nigeria through the Central Bank of Nigeria, under the directive of the President of the Federal Republic of Nigeria, does not directly interfere with the powers and functions of the plaintiffs and the welfare of the citizens of the plaintiffs’ states? “Whether the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which the old bank notes shall cease to be a legal tender, satisfies the provision of section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that “reasonable notice” be given by the central bank before it can call in its banknotes and after which same cease to be legal tender?
Azura laon: A team of senior World Bank chiefs came to Abuja last week amid rising worries on an impending default on payment of about $1m.
According to one analysts, “if it is true that Nigeria has reserves in excess of $34 billon, why is it struggling to pay a mere $100 million? It will mean that Nigeria’s credit rating downgrade by Moody’s to its lowest as well the rating action by Standard & Poors could now open the door to a significant loss of confidence for Nigeria which will, in turn, have a chilling effect on credit flows to Nigeria. Many analysts see the actions of the CBN as truly baffling. Following the visit of the World Bank delegation, our reporter learnt that about $50 million was delivered by the central bank on Monday. But no delivery was made on this date. Azura is meant to collect cash for the power it generates in Nigeria and the Central Bank of Nigeria (CBN) is then expected to provide it with the required foreign exchange to meet its obligation to foreign lenders that funded the construction of the plant that produces over 10 percent of Nigeria’s grid power.
FCT High Court has barred the CBN and President Muhammadu Buhari from suspending or interfering with the currency redesign terminal date.
Meanwhile, Kaduna, Zamfara, and Kogi States have dragged the Federal Government to Supreme Court over the scarcity of old and new Naira notes due to the Central Bank of Nigeria (CBN)’s naira redesign policy. Earlier, 13 political parties out of the 18 political parties in Nigeria have threatened to withdraw from participating in the February 25 and March 11, 2023, general elections, if the Central Bank of Nigeria (CBN) extends the February 10 deadline for the naira swap. The Federal Capital Territory (FCT) High Court has barred the Central Bank of Nigeria (CBN) and President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10 or issuing any directive contrary to the said date.