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Monday, 13 February 2023 03:42

Govs warn FG of ‘great damage’ to economy due to Naira scarcity

Nigeria Governors’ Forum (NGF) has advised the federal government and the Central Bank of Nigeria (CBN) to address the concerns raised over the naira redesign policy. The policy, which has been followed by scarcity of naira notes, has led to protests in parts of the country. In a communiqué issued at the end of a meeting held on Saturday, the governors said the hardship brought on by the scarcity of naira notes could have been avoided. While noting that the scarcity of naira notes could lead to a “CBN-induced recession”, they also urged the apex bank to take urgent measures…

Monday, 13 February 2023 03:41

Despite FG’s ‘acceptance’ of Supreme Court order, Nigerians no longer accept old Naira notes - Report

Many business operators in the Federal Capital Territory (FCT), have started rejecting the old Naira notes in spite of a Supreme Court order temporarily halting the ban on their use. Following the redesigning of N200, N500 and N1000 notes by the Central Bank of Nigeria(CBN), Jan. 31 was announced as the deadline for use of the old notes. The Jan. 31 deadline was, however, met with outrage from Nigerians, forcing the apex bank to extend the deadline to Feb. 10 after which the notes would seize to be legal tender. Meanwhile, governors of Kaduna, Kogi and Zamfara states approached the…

Monday, 13 February 2023 03:38

Death toll in Turkey, Syria earthquake tops 33,000

Turkish authorities are targeting contractors allegedly linked with buildings that collapsed in the powerful Feb. 6 earthquakes as rescuers found more survivors in the rubble Sunday, including a pregnant woman and two children, in the disaster that killed over 33,000 people. The death toll from the magnitude 7.8 and 7.5 quakes that struck nine hours apart in southeastern Turkey and northern Syria rose to 33,185 and was certain to increase as search teams find more bodies. As despair bred rage at the agonizingly slow rescues, the focus turned to assigning blame. Turkish Justice Minister Bekir Bozdag said 131 people were…

Monday, 13 February 2023 03:37

What to know after Day 354 of Russia-Ukraine war

WESTERN PERSPECTIVE FORMER ITALIAN PM SILVIO BERLUSCONI BLAMES UKRAINIAN PRESIDENT FOR WAR WITH RUSSIA Ukrainian President Volodymyr Zelenskiy said power workers had done such a good job repairing the damage caused by Russian missile and drone strikes on Friday that most people had not had to face too many outages on Saturday and Sunday, but cautioned it was too early to declare victory on the energy front. FIGHTING * Ukraine's forces are holding their defences along the front line in the eastern region of Donetsk, including the besieged town of Bakhmut, with the fiercest battles for the cities of Vuhledar…

Sunday, 12 February 2023 05:58

We have capacity to print more Naira notes, meet demand - CBN

PRESS RELEASE The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc. We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023. For the records, what Emefiele told the meeting was that the NSPMC was working on printing…

Sunday, 12 February 2023 05:57

Supreme Court lashes out at critics, says Justices not politicians

Supreme Court has warned those criticising it over its recent pronouncements on political matters. In a statement, which its Director of Press and Information, Festus Akande, issued on its behalf, the court kicked against what it described as “unwarranted attacks on judicial officers.” The statement reads, “We have watched with utter dismay some unfortunate events that have been unfolding in the country, particularly within the political landscape, for some days now. “It is so disheartening to learn that some individuals and groups of persons who ought to know better and even assume the revered positions of role models to a…

Sunday, 12 February 2023 05:54

What to know after Day 353 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukraine's Zelenskiy sacks top official, says clean-up drive continues Ukrainian President Volodymyr Zelenskiy on Saturday issued a decree sacking a senior security figure and said separately that his drive to clean up the government would continue. Authorities have dismissed dozens of officials in recent weeks and opened probes as part of a widespread drive against wrongdoing. The European Union says addressing corruption is a requirement for Ukraine joining the 27-member bloc. Zelenskiy dismissed Ruslan Dziuba as deputy commander of the National Guard, according to a brief decree issued by the presidential office. It did not give any reasons…

Saturday, 11 February 2023 05:48

Print more new Naira notes or recirculate old notes, Council of state tells CBN

Members of the council of state have expressed support for the naira redesign policy of the Central Bank of Nigeria (CBN). The council however asked Godwin Emefiele, the CBN governor, to make new naira notes available or recirculate old notes to ease the suffering of Nigerians. The meeting, held on Friday at the presidential villa, was presided over by President Muhammadu Buhari. Darius Ishaku, governor of Taraba; Babajide Sanwo-Olu, governor of Lagos; and Abubakar Malami, attorney-general of the federation and minister of justice, jointly briefed state house correspondents on the outcome of the meeting. They said although the council of…

Saturday, 11 February 2023 05:47

CBN explains why new Naira notes can’t be printed to meet demand

Central Bank of Nigeria (CBN) has said that it cannot print adequate naira notes to replace the old N200, N500 and 1,000 notes because the Nigerian Security Printing and Minting Plc (The Mint) is suffering from capacity constraints. CBN Governor, Godwin Emefiele, stated this on Friday when he briefed the emergency meeting of the National Council of State. President Muhammadu Buhari convened the meeting to discuss issues of national importance among which is the threats posed by the shortage of naira. There are reports of social disobedience at many banks, a development forcing banks to shut down across the country.…

Saturday, 11 February 2023 05:46

Kano drags FG to Supreme Court, says Buhari lacks power to direct CBN to withdraw old notes

Kano state government has filed a suit against the federal government over the naira redesign by the Central Bank of Nigeria (CBN). The suit marked SC/CS/200/2023, was filed before the supreme court on Thursday. The state’s attorney-general, through his lawyer, Sunusi Musa, is arguing that President Muhammadu Buhari cannot direct the CBN to recall the old N200, N500 and N1,000 banknotes without first consulting the federal executive council and the national economic council. Kano is seeking an order of the court mandating the federal government to reverse the policy to recall the old N200, N500 and N1,000 notes from circulation.…

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Saturday, 11 February 2023 05:44

What to know after Day 352 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russia to cut oil production in response to Western sanctions Russia will voluntarily reduce oil production in March by 500,000 barrels per day as it halts sales to buyers complying with a Western-imposed price cap, Russian Deputy Prime Minister Aleksandr Novak announced on Friday. Novak said the move should help restore market relations shattered by the price ceiling, which he branded “illegal.” “Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West,” the deputy PM said in…

Friday, 10 February 2023 05:23

Buhari prepares to hand over power, establishes Presidential Transition Council

President Muhammadu Buhari has approved the establishment of a Presidential Transition Council, to facilitate and manage the 2023 transition programme, in line with the country’s Transition Law. To that effect, the president signed an executive order number 14, 2023. A statement by Director, Information, Office of the Secretary to the Government of the Federation, said the Council will be inaugurated on Tuesday, February 14 at 12 noon at the Conference Hall of the SGF. A key feature of the Presidential Executive Order No. 14 of 2023 is the institutionalization of a legal framework that would enable a seamless transition of…

Friday, 10 February 2023 05:22

CBN explains why Naira scarcity may not ease up anytime soon

Central Bank of Nigeria (CBN) has attributed scarcity of the redesigned naira notes to hoarding by citizens. Rashidat Monguno, director, consumer protection department of CBN, spoke on Thursday in Kwara state while monitoring the compliance of microfinance banks to the apex bank’s naira redesign policy. She said the redesigned notes were made available by the CBN but hoarding made the currency scarce. She said Nigerians now throng banks to collect money almost at the same time. “Because of the attitude of some Nigerians in hoarding the money, even those that don’t really need the money are rushing to get it…

Friday, 10 February 2023 05:20

FG directs closure of universities for elections

National Universities Commission (NUC) has directed Vice-Chancellors of Nigerian Universities to close universities during the upcoming 2023 elections. This was contained in a letter directed to all Vice Chancellors dated 3rd February and signed by the Deputy Executive Secretary (Administration) for Executive Secretary, Chris J. Maiyaki. “In view of the foregoing and concerns expressed on the security of staff, students and properties of the our respective institutions, Minister of Education, Adamu Adamu has, following extensive consultations with the relevant security agencies, directed that all Universities and Inter University Centres be shut down and academic activities be suspended between 22nd February…

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