Nation

Scarce New Naira Notes After CBN Deadline Creates Uncertainty

Published

2 years ago

February 13, 2023

Nigerians have continued to face challenges in their financial transactions due to inadequate circulation of the newly redesigned Naira notes.
This follows the February10 deadline for the legal tender status of the old notes which expired on Friday.
The Tide source reports that stakeholders across the country are expressing frustration in accessing the new Naira notes.
While traders and other small business owners have stopped accepting the old Naira notes across the country, Nigerians who are still in possession of the old notes are left stranded.
This is in spite of a Supreme Court ruling, which urged the Federal Government to accept the old notes as legal tender until Feb. 15.
The apex court’s ruling was on a suit brought before it by the governors of Kaduna, Kogi and Zamfara states, seeking to halt the Naira redesign policy.
The Supreme Court had in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the Central Bank of Nigeria (CBN’s) Feb. 10 deadline for the swapping of the old naira notes with the new ones.
A financial expert, Mr Okechukwu Unegbu, urged the government to obey the ruling.
Unegbu, who is a past President of the Chattered Institute of Bankers of Nigeria (CIBN), said there was no need for Nigerians to panic.
He said the law mandates the CBN to accept the old Naira notes in exchange for the new ones anytime they were presented.
He urged the apex bank to obey provisions of the act that set it up, adding that the Naira redesign policy and currency swap were supposed to be long term projects.
“The President should imstruct the CBN governor to hold on until when the Supreme Court will consider the matter on February 15.
“The apex bank should also obey Section 20 of the CBN Act, which provides that it should continue to accept the old notes for swap, even when they cease to be legal tender,” he said.
Meanwhile, the National Council of State on Friday, urged the CBN to immediately make enough of the new Naira notes available to Nigerians or resort to circulating the old notes.
Rising from a meeting presided by President Muhammadu Buhari, the council, however, declared its support for the Naira redesign policy.
It said that there was the need for the CBN to ensure adequate provision of Naira notes in the system.
The CBN has also assured Nigerians of its capacity to meet the country’s Naira demand.
It denied a report that had gone viral on the Internet that the Naira shortage was due to challenges faced by the Nigeria Security Printing and Minting Company (NSPMC).

According to a statement by Osita Nwanisobi, CBN’s Director, Corporate Communications Department, at no time did the apex bank make such disclosure.

“What the CBN governor told the National Council of State meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians.

“For the avoidance of doubt, the CBN remains committed to performing its monetary policy function as stipulated in the CBN Act.

“We also wish to reiterate that the NSPMC has capacity and enough materials to print the required indent of the Naira,” he said.

He said that the apex bank was working assiduously to increase the circulation of new notes in the country.

Similarly, the NSPMC also expressed its capacity to produce and circulate adequate quantities of the new notes.

According to a statement by the company’s Managing Director, Ahmed Halilu, NSPMC has made adequate arrangement to continously produce redesigned banknotes as well as other denominations in line with the CBN indent for the year.
###

Nation

NUJ backs proposed strike by Lagos-owned media workers

Published

2 days ago

January 10, 2025

The Tide

The Nigeria Union of Journalists (NUJ) Lagos State Council has thrown its weight behind the proposed industrial action by the Lagos State-owned media organisations.

The proposed industrial action is set to begin on Monday, Jan. 13.

In a letter jointly signed by the Lagos State NUJ Chairman, Mr Adeleye Ajayi, and the Secretary, Mr Tunde Olalere, on Thursday, the union expressed its support for the strike.

The letter, dated Jan. 9, was addressed to the General Manager of Lagos Television, Agidingbi, Ikeja.

The NUJ, along with the Radio, Television, Theatre and Arts Worker’s Union (RATTAWU) of the Lagos State Broadcasting Corporations, including Lagos Television, Radio Lagos/EKO FM, and Lagos Traffic Radio, had announced the proposed strike.

They said this was in response to the non-payment of the minimum wage and integration into the Oracle database by the state government.

The union leadership stated that it was fully aware of the several discussions, congresses, and notices given to the state government regarding the need for state-owned media house workers to be integrated into the Oracle database.

“You will agree with the union that these were enough notices given to address the issues at stake,” the letter read in part.

The leaders recalled that an initial 10-day ultimatum was issued, followed by a 21-day ultimatum, and finally, a seven-day final ultimatum.

“It is imperative that our members working in the state-owned media organisations should also enjoy the new minimum wage like other workers of the state,” the NUJ stated.

The union further noted that the revenue generated by state-owned media organisations could no longer sustain the payment of workers’ salaries and benefits, highlighting the urgent need for the state government to intervene for their survival.

“The welfare of our dear members is paramount and this is why the union deems it fit to support and pledge solidarity with our members going on strike,” the union stated.

The union also acknowledged the commitment and dedication of protesting workers to their duties in propagating state government policies and activities, stating that such dedication should be rewarded by the state government.

“The union, therefore, advises that only an amicable resolution and approval of the demands of our members can stop the industrial action,” the union stated.

Nation

New Rivers CP assures of non partisan …moves against human rights violation

Published

1 week ago

January 1, 2025

The Tide

The new Rivers state commissioner of police ,CP Olugbenga Adepoju has assured that his administration will remain apolitical in the discharge of his duties in the state.

Adepoju who officially assumed office last Friday as the 47th police commissioner of police stated this during his median press briefing held at state police command over the weekend in Port Harcourt.

He assured that under his watch as the police helmsman in the state his administration will ensure protection of human rights and warn that any police officer who violate the rights of people will be sanctioned in accordance with the police act and
urged Rivers people to hold the Police accountable, share view of people with police.

“We are committed to transparency.

My priority is to ensure safety, security and welfare of all residents in the state.
Being an economic hub of the country,the state faces challenges of crisis from political interest, economic sabotage illegal oil bunkering.

“I will ensure Rivers people sleep with their two eyes close. I have what it takes to keep the command safe.We do Intelligence gathering work with community and public engagement to proactively prevent crime.We have meetings and seminars with members of the public.”

“We will enforce discipline and ensure zero tolerance for corruption.I have my team.I will put them to work.There will be improvement on the part of my officers.

“We will Combat youth restiveness and cultism, oil theft, environmental crime. we will work with other agencies to ensure is reduce to the barest minimum.

“We will enhance response time and police visibility. We do all we can for our men to respond to distress call in time. We will deploy more men in metro. More visibility policing.

“We will address land grabbing issues.We will work with our legal team. If we have to partake in any execution order, we will look at it critically.

“We will enforce all vehicle regulations with human face. Especially tinted glasses. We may excuse those that have it from the factory. Either the vehicle will be impounded, the tinted glass removed or they are charged to court.

“Our men will not violate rights of citizens. If there is any violation of rights, it should be reported to the police for necessary actions. Our men will be more professional and polite to the people “he stated

CP Adepoju however urged residents of the state,the media and all necessary stakeholders to give the Police the relevant cooperation and support for effective policing of the society.

Akujobi amadi

Nation

Police invites assaulted female victim, assures of protection

Published

1 week ago

January 1, 2025

The Tide

The Rivers State Police Command says it has acknowledged a social media report on alleged assault of a lady by police officers along Evo Road, Port Harcourt.

A statement signed by the police public Relations Officer (PPRO),SP Grace Iringe Koko in Port Harcourt, yesterday said the police acknowledged the report of such alleged assault and invite the lady involved to visit the command so as to enable the command to commence investigation with a view to apprehend the officers involved.

“We urge the lady involved to visit the Police Headquarters to enable a thorough investigation into the matter. This step will assist us in identifying the officers involved and ensuring that appropriate actions are taken.”

“The Command appeals to members of the public to cooperate with police officers during stop-and-search operations, as these measures are essential in combating crime and maintaining security.”

“We also encourage residents to report any misconduct by police officers through the following channels:
• PPRO: 0816 135 5218
• Control Room: 08032003514, 08098880134
• Complaint Response Unit (CRU): 07057605256, 08120822987, 07072323049, 07057605209”

“Your cooperation is vital in helping us maintain accountability and professionalism within the Rivers State Police Command.
Thank you.”

Akujobi Amadi