NEWS
Emefiele Counters Ganduje, Says Currency Swap not Threat to Presidential Visit
The Governor of the central bank of Nigeria (CBN) , Mr Godwin Emefiele, says the excuse of security pushed by Gov.Abdullahi Gaduje of Kano State has no bearing on the ongoing currency swap across the country.
Ganduje had in an interactive session with crtical stakeholders, including scholars, legislators, political leaders and business community in the state, revealed that his administration had requested the president to postpone his official visit to the state.
The governor said the state was deeply concerned about the hardship principally induced by the ongoing cash swap from old to redesigned Naira notes.
He said the decision was taken to avoid any unforeseen circumstance.
However, the CBN governor debunked Ganduje’s assertion, saying: “I don’t understand the relationship between the CBN policy and security challenges in Kano State.”
Emefiele noted that the apex bank had achieved compliance and recorded huge success in the ongoing currency swap across the country.
He noted that all new currencies had security features that make them easy for tracking to bank branches, and the process had begun to deal with defaulters and those who breached the programme.
“Even if they are CBN staff, they will be sanctioned,” Emefiele warned.
Newsmen report that Buhari had earlier on Sunday morning approved extension of the ongoing currency swap by 10 days, moving the deadline from Jan. 31 to Feb. 10.
The president’s spokesman, Mr Femi Adesina, who confirmed this in a statement, said Buhari gave the approval at a meeting with the Governor of the Central Bank of Nigeria in Daura, Katsina State.
He urged more time, discretion and order to enable Nigerians successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas.
Briefing newsmen after the meeting, the CBN governor said the currency swap had achieved more than 75 per cent success rate of the N2.7 trillion held outside the banking system.
According to him, this achievement can be seen with drop in rate of inflation, more stability of foreign exchange rates, and noticeable impact on security, especially in banditry and kidnapping figures.
The CBN governor noted that redesigns were supposed to be every five to eight years.
“First, I will like to thank Mr President for giving the CBN the approval to embark on this ambitious programme because, like I said, in the past, the CBN has not had the opportunity to embark on such currency redesign programme in last 19 years.
”And indeed, let me emphasise that only an incorruptible leader of the President’s stature can give such approval to the CBN,” he said.
“Our aim is mainly to make Monetary Policy Decisions more efficacious and as you can see; we have started to see inflation trending downwards and exchange rates relatively stable.
“Secondly, we aim to support the efforts of our security agencies in combating banditry and ransom taking in Nigeria through this programme and we see that the military are making good progress in this important task,” he added.
The head of the apex financial regulator said available data had shown that currency-in-circulation in 2015 was only N1.4 trillion, while as at Oct. 2022, currency-in-circulation had risen to N3.23 trillion, out of which only N500 billion was within the banking industry.
He said N2.7 trillion was held permanently in people’s homes.
“Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
“So far and since commencement of this programme, we have collected about N1.9 trillion; leaving us with about N900 billion (N500 billion + N1.9 trillion),” the CBN governor said.
According to Emefiele, to achieve effective distribution of the new currency, the CBN has taken some steps.
He said several meetings were held with Deposit Money Banks and they were provided with Guidance Notes on processes they must adopt in the collection of old notes and distribution of the new notes, including directives that new notes should be loaded in ATMs nationwide for equitable and transparent mechanism.
The CBN governor explained that the regulatory body worked with the media, print and broadcast, and the National Orientation Agency for sensitisation of citizens.
He revealed that 30,000 Super Agents were deployed nationwide, particularly in rural areas, regions underserved by banks and to reach the weak and vulnerable for currency swap.
To ensure compliance, Emefiele said staff members, mostly Assistant Directors, Deputy Directors and Directors in Abuja were sent to all CBN branches nationwide to join the mass mobilisation campaign and monitoring programmes.
He said breaches of the programme had been reported to the EFCC and ICPC for further action.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
“Based on the foregoing, we have sort and obtained Mr President’s approval for the following:
”A ten-day extension of the deadline from Jan. 31, 2023, to Feb. 10, 2023; to allow for collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside CBN losses their legal tender status,” he explained.
Emefiele said a seven-day grace period had been given by the President, beginning from Feb. 10 to Feb. 17, 2023, in compliance with Sections 20 (3) and 22 of CBN Act, allowing Nigerians to deposit their old notes at the CBN after the February deadline.
Meanwhile, barely 24 hours after advising Buhari against visiting Kano State on Monday, Ganduje has made a u-turn, saying ”Kano is now prepared to receive the Nigerian leader”.
Ganduje, who led a delegation of critical stakeholders from the state to meet the president in his country home in Daura on Sunday, after which he revealed the change of position to newsmen.
The governor said: ”We are very much ready to receive him and we have a lot for him to commission, including Federal Government projects and state government projects.
”They are state-of-the-art projects
By Johnson Eyiangho, Abuja
The Governor of Oyo State, Seyi Makinde has called on members of the Peoples Democratic Party (PDP) to fix the internal crisis in the party as the PDP is capable of fixing the country.Makinde, who spoke yesterday at the inauguration of the Board of Governors and Unveiling of Roadmap for the Peoples Democratic Institute (PDI), said that as the nation approaches 2027 for another general election, it was clear that the PDP has the capacity to provide direction for Nigerians.
The Oyo State Governor, who was the special guest at the occasion, asked rhetorically, “What would you want to be remembered for? This is a question every politician who has had to serve at any capacity in our great nation should ask themselves. Because players would come and go.”The situation is so dynamic, but you have to be remembered for something.”From 2019, I’ve been benefitting from PDP. So, I want to say thank you to our great party, and all the stakeholders gathered here today, for giving me the opportunity to get not one, but two mandates, back to back, under this umbrella.”The only thing I can promise you is that since I have fetched water from that well I have been drinking since 2019, I will not pollute the well when it is time for me to exit that position.”The journey to this day has not been all smooth, but I’m thankful that we are able to overcome all the obstacles along the way.”On the PDI, Makinde said that with inauguration of the institute Board of Governors, the PDP is moving a step closer to defining the ideology that the party stands for, and cementing what the party as a whole will want to be remembered for.He said, “Let me especially thank all the people that are members of the party that has put aside grievances, and played a role in the re-establishment and revitalisation of the PDI” recalling that the institute was formed during the administration of President Olusegun Obasanjo.”So, one will take a pause and say okay, what happened during the 16 years of PDI in power nationally? “You can see that with the PDI, there is a pivotal rule, and during those years, we can rightly refer to as the golden years, because since we are working through the plan, we got debt forgiveness, we were interacting with everybody around the world, we were not in pariah relations,” he said.He called on members to rally round the party and set aside their differences, saying there was need for true reconciliation and unity to wrestle power from the APC in Ondo State, whose governorship election has been slated for November 16, 2024.In his contribution, former Senate President, Dr. Bukola Saraki, noted that parties are built on ideas, philosophies and policies, stressing the need to move away from building ideas on self and ambition.Sakari said: “We cannot have an ambition if we don’t have a party. We cannot have a party if we don’t have ideas. This is where it starts from. This is the foundation that is important. “Let us desist from talking about who is running for councillor, or who is running for governor, or who is running for president in 2027. Let us talk about what PDP is. What does PDP represent? What are the issues and policies that we must take into account?”This is what is important for us. This is what Nigerians outside want to know. This is what is important.”Earlier the Acting National Chairman of the PDP, Amb Umar Damagum ,who was represented by the party’s National Organising Secretary, Hon. Umar Bature, said there needed to reposition and unite the party to play its opposition role.
From Ene Asuquo, Calabar
Cross River State Governor, Senator Bassey Edet Otu has expressed profound sadness over the sudden death of Lt. General Taoreed Lagbaja, who, until his passing, was Chief of Staff of the Nigerian Army.Describing the death of Lagbaja as a great loss to the Nigerian Army, the military, and the entire nation, Governor Otu, in a condolence message signed by his Chief Press Secretary, Nsa Gill, said: “The late Chief of Army Staff’s untimely departure is a devastating blow and a monumental loss not only to the military but to our nation as a whole.
”Lamenting the painful death of Lt. General Lagbaja while acknowledging his bravery, Governor Otu noted that “he was known for his unwavering commitment, exemplary leadership, and dedicated service to Nigeria. Throughout his distinguished career, he played a crucial role in safeguarding the country’s sovereignty and enhancing the security of our citizens.”The governor praised the fallen Chief of Army Staff and his strategic vision, saying: “His relentless pursuit of excellence in the face of challenges was inspiring to all who served under him.”As the nation mourns the loss of Lagbaja, Governor Otu urged Nigerians to celebrate the late Chief of Army Staff’s legacy of courage, bravery, and dedication, adding that “Lt. General Lagbaja’s service to Nigeria will forever be remembered, and his contributions will continue to inspire future generations of military personnel.”On behalf of the government and the good people of Cross River State, Governor Otu extended his deepest sympathies to Lagbaja’s family and the Nigerian Army, adding: “May his soul rest in peace, and may we find solace in the memories of his service to our nation.”
From Mike Tayese, Yenagoa
President Bola Tinubu on Thursday said the Media has a duty to hold the elected and appointed officials accountable and ensure that they do their work in a manner to strengthen democracy and not weaken it.He said in any thriving democracy, the roles of the government and the media are intertwined, both essential in serving the public interest.
Saying the alignment enables us to achieve common goals that benefit society at large. Tinubu who was represented by the Minister of Information and National Orientation Hon. Mohammed Idris handed down this during the 20th All Nigeria Guild of Editors Conference at the Banquet Hall in Yenagoa the state capital.He said in the room are many veteran journalists who played very important roles in ushering in the age of enduring democracy in Nigeria. “I salute your individual and collective efforts not just at that time, but even right through to today, as we celebrate a quarter of a century of unbroken democratic experience”.This year’s theme which was titled:”Economic Growth and Development Strategies in a Resource-Rich Country” had in attendance media moguls across the federation.According to the president, “Indeed, our roles are most effective when they are not adversarial but cooperative.By viewing each other as allies in nation-building, we can create an environment where transparency, accountability, and mutual respect thrive. Together, the government and the media can empower citizens, strengthen democratic institutions, and build a more informed and resilient society”.”As editors and media managers, your role in national development cannot be overemphasized. You are the custodians of public perception, the gatekeepers of information, and, importantly, the voice of the people. You have the power to shape narratives that inspire, inform, and engage Nigerians positively and productively. We count on you to report truthfully and to engage constructively to help the public understand not only what this government is doing but also why we are doing it.With a united effort from government, citizens, and the media alike, we can build a resilient, diversified economy that offers security, opportunity, and hope for all Nigerians”.In his opening speech, the host governor senator Douye Diri said, the significance of the media in democratic governance has been recognised since the 17th century. Speaking as the fourth pillar of democracy, the press educates, informs, and entertains, shaping public agenda and debate. Democracy relies heavily on the press to thrive.According to Diri, as ethnic nationalities and diverse interests vie for attention, “your work serves as a beacon of hope, promoting understanding and unity. In these turbulent times around our nation and the world at large, your role as guardians of truth is more critical than ever”.He said integrity remains the cornerstone of the profession, building trust with the public and fortifying the foundations of a healthy democracy.“Economic Growth and Development Strategies in Resource-Rich Country,” your theme for this conference, is both relevant and timely. Therefore, we implore you as editors and influential voices, to advocate for policies that prioritise sustainable development and empower local communities.In his goodwill message, the former governor also of Ogun state, Chief Olusegun Osoba urged the NGE before they leave to set up a committee to look into the crisis brewing in the NUJ, “they are supposed to hold their annual conference but some people are saying that the president has overstayed his tenure and they took him to court. “You are the only united group after the NPAN to intervene in that crisis brewing in the NUJ”.In his speech, the chairman of conference Chief Nduka Obaigbena said, the time is hard but Nigeria journalists are harder so they have to be tough to cope with the time.He said, Nigeria needs to be fixed first if we want to get it right, saying that it is the first thing to do and work hard to ensure that we also protect our Industries.”Are we going to protect Dangote refinery from cheap imports? If Dangote fails then we all have failed. If we are going to use whatever means to deal with the oil mafias, we should keep our refinery alive. If you say you want to stop monopoly then the four refineries must work””Let that four refineries be completed with Dangote so that they can compete. We challenge the Minister of information to get the refineries working. Everybody is feeling the pains in the country”.In his welcome address, the president of Nigeria Guild of Editors, Eze Anaba said, the biggest threat to media survivors today is availability of resource materials. Saying they are here because they recognize the critical role that both a strong economy and a resilient media sector play in fostering a prosperous, informed and democratic society.”Today, as editors, we stand at a crossroads where our decisions, priorities and strategies will shape the future of our country and journalism. The growth of our nation’s economy directly influences every sector, and our industry is no exception. A strong economy fuels consumer spending, drives innovation, and creates opportunities for media organizations to expand and thrive. Yet with opportunities come new challenges.”Media organizations face mounting pressure to adapt to modern trends while staying financially viable and maintaining journalistic integrity. Now, we thought the only challenge facing the media will be adapting to modern trends. But the biggest threat to media survivors today is availability of resource materials to produce our papers or to broadcast on our TV stations.”The growth of our nation’s economy directly influences every sector, and our industry is no exception. Today’s economic landscape demands that we be agile and innovative.”Many media houses are devising different ways to survive. However, as we exploit these strategies, we must keep sight of our mission to provide accurate, trustworthy and independent information to our audiences.”Sustainability is about more than economic survival. It’s about preserving the values and principles that make our profession a pillar of democracy. And there is a constitutional guarantee for that.Section 22 of our constitution challenges us to hold the government to account despite the poverty in our profession today because we are struggling to meet demand conditions.”The Constitution builds on us to hold the government to account. So at the same time, we must consider how we as editors can contribute to broader economic growth. We know that reliable media support informed citizens, foster accountability and encourage investments in democratic institutions.”An informed public is empowered to make decisions that spur economic growth, create jobs and promote sustainability, in this our work is essential not only to our audiences but also to our economic and social fabrics of our country.”
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