News

Naira Scarcity: Gov Abiodun calls on Ogun residents to continue spending old notes

Published

1 year ago

February 17, 2023

…urges people not to resort to violence

The Ogun State governor, Dapo Abiodun, has called on the people and residents of the state to continue spending the old Naira notes, saying that it is only the Supreme Court of Nigeria that has the final say in the matter.

Abiodun who made the call in Abeokuta during an engagement with the by Christian Association of Nigeria (CAN), said the Supreme Court has made a pronouncement that the status quo should remain, hence the need for the people to continue with the old notes.

“There is a court order from the Supreme Court, the highest court in our land that says status quo should be maintained on the matter of this new naira. So, I appeal to you not to be violent, but go ahead and spend the old naira notes.

“I want to apologize for the level of hardship that all of us are facing at this point in time in this country, I want you to know that I as your governor, I have no hand in it, neither do I or any of our colleagues have any part to play in this,” he said.

Speaking further on the issue of cash crunch currently ravaging the country, the governor maintained that though the redesigning of the naira is the obligation of the Central Bank of Nigeria, its implementation was not well outlined to ensure that the people get value for their money paid back into the banks.

The state helmsman while noting that the cashless policy and a redesigning policy are two separate exclusive policies that are not meant to be implemented together, said the governors are doing their best to bring the situation under control.

“As good and laudable as the policy is, we are shocked at its implementation. Why should we want to redesign the naira which of course is the right of the CBN, and then turn it into a sort of cash confiscation policy?

“When you want to redesign the naira, you have an obligation to ensure that every naira that is taken, you give the same value back, that becomes your obligation because it is your choice to redesign the naira.

“Nobody says you cannot have a cashless policy, but a cashless policy and a redesign policy are two separate exclusive policies that are not meant to be implemented together”, Abiodun stated

He reiterated his earlier warning to close down and revoke the C of O of commercial outfits that reject the old note.

“If I catch any merchant, super market or filling station in Ogun State that is not accepting the old naira notes until the determination of the suit before the Supreme Court, I will close that shop and revoke their certificates of occupancy,” he said.

While lauding the body of Christ for constantly praying for the peace and unity of the country, Governor Abiodun said his administration would give 60 percent concession to all religious bodies applying for approval to build their worship centres.

While calling on the CAN leadership to urge Christians to come all out and vote for him to continue with his developmental strides, he also appealed to them to vote for the presidential candidate and other candidates of the All Progressives Congress during the forth coming general elections.

He further called on them to continue to pray and have faith in God as the current challenges facing the country are sumountable.

Earlier in his remarks, the President, Christian Association of Nigeria (CAN), Bishop Akin Akinsanya, while noting that the leaders of the Association across the five blocks in the state, had earlier met with Governor Dapo Abiodun where he promised to ensure equal development of the state, without leaving any section unattended to.

Meanwhile, the governor has appealed to the people of the State not to resort to violence over the scarcity of the new naira notes, disclosing that governors in the country are doing their best to lessen the suffering of the people.

Speaking in an interview with newsmen after addressing customers of the Guaranteed Trust Bank, Kuto, Abeokuta, the governor said though the Central Bank of Nigeria has authority over currency regulations, the implementation of the naira swap was not well thought out.

According to the governor, the currency redesigning is a lauded one, but the timing and the haphazard implementation of the policy has brought untold hardship on the people.

“I want to appeal to our people not to take laws into their hands in the form of protest and violence. My colleagues and I are working very hard to address the problem and ensure that our people do not suffer from unnecessary hardship”, he submitted.

News

Nigeria’s money supply dropped to N92.3trn in March – CBN

Published

12 hours ago

May 17, 2024

NewsDirect

Nigeria’s money supply dropped marginally to N92.3 trillion in March 2024 from N93.9 trillion in February.

This is according to recent data from the Central Bank of Nigeria.

Experts have linked the development to CBN’s hike in interest rates.

Demand deposits increased from N26.8 trillion to N28.8 trillion, suggesting a preference among depositors for more liquid forms of money.

Similarly, currency outside banks surged from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the apex bank’s controversial new naira note policy.

The naira has continued to depreciate against the dollar despite the CBN’s policy intervention. On Thursday, it further dipped to N1533.99 per dollar.

News

Naira appreciates against dollar, ends week on good note

Published

12 hours ago

May 17, 2024

NewsDirect

The Naira appreciated against the dollar at the foreign exchange market barely 24 hours after depreciation.

FMDQ data showed that the N1497.33 appreciated against the dollar on Friday

This represents an N33.66 gain against the dollar compared to N1497.33 traded on Thursday.

Similarly, at the parallel market, the Naira appreciated to N1475 per dollar on Friday from N1555 on Thursday.

This showed that the Naira ended the week well after days of depreciation.

The country’s currency continued to experience instability since mid-April when it recorded months of appreciation.

Meanwhile, the Bureau De Change Operators had blamed forex scarcity for the continued depreciation of Naira.

News

Police dismiss inspector for N29.8m theft, kidnapping

Published

12 hours ago

May 17, 2024

NewsDirect

The Nigeria Police Force has dismissed one of its officers identified as Adabo Mohammed for criminal conspiracy and armed robbery, among others.

Mohammed, who was an Inspector, alongside five others was said to be a member of an armed robbery gang allegedly responsible for the stealing of N29.8 million from a victim in Gwagwalada, Federal Capital Territory.

This was disclosed by the Force Public Relations Officer, Olumuyiwa Adejobi, in a statement issued at the Force Headquarters in Abuja on Friday.

The statement, titled, ‘Police speak tough on indiscipline, misconduct,’ noted that in a move to uphold professional standards within the Force, the Inspector-General of Police, Olukayode Egbetokun, stressed the Force’s intolerance to any form of indiscipline.

The statement read partly, “In a decisive move to uphold the highest standards of professionalism and integrity within the Nigeria Police Force, the Inspector General of Police, IGP Kayode Adeolu Egbetokun, has emphasised his administration’s zero-tolerance policy towards any form of indiscipline. He stressed that the mandate of the police is to serve and protect with honour and integrity, and as such all breaches of the core values of the NPF will be met with decisive action to maintain public trust and ensure justice.

“In line with this policy, all cases reported against personnel have been creditably attended to, and justice has been done appropriately. Many of the erring officers have been sanctioned, while some cases are still at the orderly room trial level, and will soon be concluded.

“For instance, a police inspector has been dismissed from service while three others were demoted to their previous ranks following thorough investigations which confirmed their involvement in various acts of indiscipline/crime.”

Adejobi added, “One Inspector Adabo Mohammed was dismissed for the offences of criminal conspiracy, armed robbery/kidnapping, and corrupt practice. The dismissed officer, along with five others were members of an armed robbery gang responsible for the robbery of the sum of N29.8 million from a victim in Gwagwalada, FCT as well as the kidnap of one Ikechukwu Emmanuel Okafor in Tunga Manje, and the collection of ransom sum of N4.4m. The ex-officer has been charged to court accordingly.

“Similarly, the trio of Inspectors Osagie Efford, Semiu Agbekin, and Francis Ahuen, attached to the Special Tactical Squad (STS), have been demoted to their previous rank of Sergeant for the extortion of some motorists in Abuja. The trio intercepted an unregistered Mercedes Benz at Gwarinpa, Abuja, and forced the occupants to part with the total sum of N29.4m.

“The matter when reported by one Harrison Gwamnishu (#HarrisonBBi18) via the social media platform ‘X’, was taken up and properly investigated. While the monies have been returned to the complainants, the officers were subjected to orderly room trial in line with extant laws, and have been demoted.”

The FPRO noted that some senior officers have “been subjected to the Force Disciplinary Committee hearings” to “scrutinise and address allegations of misconduct against higher-ranking officers of the Force.”

He assured the public that “these measures are taken with the utmost seriousness and are integral to restoring and maintaining their trust. He re-emphasised that the NPF is dedicated to fostering a culture of accountability and respect within all ranks to ensure that police officers serve with integrity.”