NEWS
Why I Approved Redesign of Naira notes locally – Buhari
President Muhammadu Buhari has inaugurated the new Naira banknotes, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) Plc.
Speaking at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.
According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
He added that the new banknotes would help CBN to design and implement better monetary policy objectives, as well as enrich the collective memory of Nigeria’s heritage.
Buhari commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative.
He equally thanked the Managing Director, Executive Directors and staffers of NSPM PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”
According to him, international best practice requires central banks and national authorities to issue new or redesigned currency notes every five to eight years.
Buhari said that it was now almost 20 years since the last major redesign of the country’s local currency was done.
The president said that implied that the Naira was long overdue to wear a new look.
‘Buhari said: ‘A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes.
”It is also aimed at mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.
‘‘As is known, our local laws, specifically the Central Bank of Nigeria Act of 2007, grants the CBN the power to issue and redesign the Naira.
‘‘In line with this power, the bank’s Governor approached me earlier in this year to seek my permission to embark on a currency redesign project.
”I considered all the facts and reasons presented before me by the Central Bank.”
Buhari, therefore, expressed the hope that the new notes would address the urgent need to take control of currency in circulation.
He said that it would also address the menace of hoarding Naira banknotes outside the banking system and curb the shortage of clean and fit banknotes in circulation.
Buhari added that the redesigned notes would also address the increase in counterfeiting of high-denomination Naira banknotes.
”It is on this basis that I gave my approval for the redesign of the ₦200, ₦500 and ₦1000 banknotes.
‘‘While this may not be apparent to many Nigerians, only four out of the 54 African countries print their currencies in their countries, and Nigeria is one.
”Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
‘‘That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by NSPM Plc,’’ he said.
In his remarks, Emefiele thanked the president for his unwavering support for the redesign and distribution of the new notes.
According to him, the new notes will control inflation, make policies more effective, ensure financial inclusion and fight corruption.
The CBN governor also said that by international best practice, the redesign of notes should be every five to eight years.
He said,” and the currency in circulation had been in use for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.”
Emefiele also appreciated the president for his insistence that the initial notes must be designed and produced within the country, further placing confidence in NSPM Plc.
“Mr President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.
Emefiele listed more benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage. (NAN)
The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays.
This is contained in a statement signed by the Ministry of Interior’s Permanent Secretary, Dr Magdalene Ajani, on Monday in Abuja.
According to Ajani, the Minister of Interior, Olubunmi Tunji-Ojo said that the public holidays were to enable citizens to celebrate Christmas, Boxing Day and the New Year respectively.
“The Christmas season is a good moment for both spiritual reflection and national renewal.
“As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the Minister.
Tunji-Ojo emphasised the importance of the season as a time to foster harmony and to strengthen bonds across families and communities.
He assured citizens of the federal government’s continued commitment to ensuring peace, security, and prosperity across the nation.
He further expressed confidence in the renewed hope agenda of President Tinubu’s administration for a better and prosperous economy in 2025.
The Minister, on behalf of the federal government sent warm greetings to all Nigerians, urging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.(NAN)
Some suspected hoodlums on Saturday attacked the palace of Etsu Lokoja, Chief Emmanuel Dauda-Shelika, Nyamkpa IV, burning properties within the premises, including a vehicle.
The palace, located on plot 306, New Layout, Lokoja, was allegedly attacked by hoodlums at about 1:00 am on Saturday.
The Nupe Natives of Lokoja Development Union were planning to host the 2nd edition of the Nupe Natives end-of-the-year event, tagged “Lokoja ’24 Nupe Cultural Fiesta,” on Dec.
21, 2024, before the incident occurred.The event was, however, aborted due to the unfortunate attack.
Dauda-Shelika said this on Monday in Lokoja that he heard a big bang on my door at around 1 am.
“I woke up to check through the window, wondering what could have happened.
“Then, I suddenly saw wildfire coming out of my car that was set ablaze by attackers.
“I knew it was an attack on the palace, and therefore I could not come out because of fear of being attacked. So, I managed to come out through the back door and scaled the fence to escape for my life.
“Thereafter, I came out to the road and realised that all my neighbours in the community were on the ground trying hard to quench the fire, but unfortunately the car was burnt as well as other properties inside it.”
The traditional ruler appealed to the government and security agencies to investigate the cause of the attack and bring perpetrators and their sponsors to justice.
He admonished Nupe natives in Lokoja to avoid any reprisal attack but continue to remain peaceful and law abiding and allow the government and security agencies to conduct a thorough investigation of the attack.
“We are appealing to Gov. Ahmed Ododo and security agencies to please use their good offices to investigate this unfortunate incident and bring to justice whoever is concerned, whether directly or indirectly.
“We also want the government to kindly visit our issues by recognising and grading the stool of Etsu Lokoja, which had been in existence before colonisation,” he said.
He stated that the Lokoja Local Government Area chairman and his security team came for an on-the-spot assessment that Saturday morning, as well as the police and other security outfits.
The National President, Nupe Natives Union Lokoja, Alh. Abubakar Ndashite, said the event scheduled for Saturday was a celebration of Nupe cultural heritage and not any form of coronation as being insinuated from some quarters.
Ndashite, who doubles as the chairman of the planning committee, said the aborted event was to project the Nupe spirit and culture as well as the rich history of the diversely composed Lokoja community and the peaceful and harmonious coexistence among her.
He expressed his displeasure over the aborted cultural event, noting that the union had expended so much on it, and urged the government to bring perpetrators to book. (NAN)
The Abia Sector Command of the Federal Road Safety Corps (FRSC) has confirmed the death of eight persons with two others injured in a road traffic crash that occurred along the Bende-Ohafia Road.
A statement by the Sector Commander, Mrs Ngozi Ezeoma, on Monday in Umuahia said that the crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.
She said the crash involved a Trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board.
“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.
“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.
Ezeoma said that preliminary investigation revealed that the crash was caused by dangerous driving and excessive speeding. (NAN)
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