Naira redesign’ll encourage expanded financial inclusion, electronic transactions- CBN
The Central Bank of Nigeria (CBN) has said the naira redesign will encourage expanded financial inclusion and other forms of electronic transactions.
The Director, Currency Operations of CBN, Ahmed Umar, said this at the 2022 workshop for Business Editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt on Tuesday.
Umar, represented by Amina Halidu-Giwa, the Head, Policy Development Division, Currency Operation Department of the bank, said the redesign would encourage many un-banked people to be included in the financial system.
According to him, it will discourage excessive carrying of cash and encourage other electronic means of transactions.
He said that when the un-banked were fully captured in the financial system, it would help form adequate data for effective planning for greater economic growth.
”Naira redesign will also help in reducing cash management expenditures, give visibility and control and will help the bank to know the volume of money in circulation.
”It will also help in fighting counterfeiting and money laundering,” he said.
The director said that contrary to rumours that the CBN would print other denominations apart from the redesigned N1000, N500 and N200, no other denomination would be printed.
Umar also said that the bank was not making money from the printing of the new notes contrary to insinuations.
He said that it was just a continuous process of printing money by the Nigerian Security Printing and Minting Plc, adding that no contract was given to outsiders for the printing.
Answering questions on why the redesign was so simple, he said, ”we want to solve a problem and we have limited time to do that.
”Redesigning is about change of colour or size. The ink itself is a security feature,” he said.
Umar said that the redesign of the notes were long overdue, noting that the N1000 notes had stayed for 17 years, N500 for 21 years and N200 for 22 years. (NAN)
PDP Crisis: Ortom, Fayose, Anyim, Others Get Soft Landing
…..Party Rescinds Sanctions
The Peoples Democratic Party (PDP) has rescinded sanctions slammed on former governor of Ekiti State, Ayodele Fayose, and ex-Senate President, Pius Anyim, over alleged anti-party activities.
Benue Governor Samuel Ortom, Ibrahim Shema of Kastina state and other party Chieftains also sanctioned got soft landings after a crucial meeting of the national working committee of the party yesterday in Abuja
Recall that the party top shots were suspended by the embattled Iyorchia Ayu leadership over alleged anti party activities
But in a statement issued by its National Publicity Secretary, Debo Ologunagba, yesterday Thursday, March 30, the party announced that its National Working Committee,NWC, has reversed the suspension of the party’s chieftains.
Ologunagba noted that the PDP NWC also reversed Governor Ortom’s referral to the party’s disciplinary committee.
He said: “The National Working Committee (NWC) of the Peoples Democratic Party (PDP) at its meeting today, Thursday, March 30, 2023, extensively discussed recent developments in the party.
“The NWC recognised the imperativeness of a total reconciliation among party leaders and critical stakeholders for a more cohesive Party in the overall interest of our teeming members and Nigerians in general.
“Consequent upon the above, the NWC reverses the referral of the Governor of Benue State, His Excellency, Dr. Samuel Ortom to the National Disciplinary Committee.
“The NWC in the same vein reverses the suspension of the following members of our great party: H.E Ibrahim Shema (Katsina State); Ayodele Fayose (Ekiti State); Sen. Pius Anyim (Ebonyi State); Prof. Dennis Ityavyar (Benue State); Dr. Aslam Aliyu (Zamfara State).
“This decision is without prejudice to the powers of the NWC to take necessary disciplinary action against any member of the party at any time pursuant to the provisions of the Constitution of the PDP (as amended in 2017).
“The NWC charges all leaders, critical stakeholders and teeming members of our party across the country to be guided by the provisions of the PDP Constitution (as amended in 2017) as well as the new spirit and necessity of reconciliation, unity, and harmony in our party at this critical time.
“The PDP must remain focused as we continue to take every necessary action to recover the stolen mandate freely given by Nigerians to our party and presidential candidate, Atiku Abubakar, on Saturday, February 25, 2023, at the Presidential Election Petition Tribunal,” the PDP spokesperson stated.
DSS ING Alarm:Legal Means Can Be Deployed To Stop Tinubu’s Inauguration- HURIWA
Civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA), yesterday said there was nothing wrong in applying legal means to stop the inauguration of the President-Elect, Bola Tinubu on May 29, 2023 because the February 25, 2023 election that produced him is still being actively challenged in court by leading candidates in the poll.
HURIWA, in a statement by its National Coordinator, Comrade Emmanuel Onwubiko, said the so-called alarm raised by the Department of State Services (DSS) on Wednesday that some politicians are plotting an interim government should not be used as an obstacle to stop the petitions filed by Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of the Labour Party (LP) challenging Tinubu’s Victory
The DSS warning followed a petition by the Minister of State for Labour and Productivity, Festus Keyamo that the DSS should invite Obi and his running mate, Datti Baba-Ahmed, over their rejection of Tinubu as the President-Elect.
Similarly, Atiku had earlier in March led a protest to the Abuja office of the Independent National Electoral Commission (INEC) to reject the result of the February 25 poll declared by the electoral umpire.
Both Atiku and Obi alleged electoral malpractices in the poll and are in court to challenge the declaration of Tinubu as President-Elect by INEC.
HURIWA’s Onwubiko said, “The Department of State Services should not rope in powerful opposition forces such as Peter Obi and Atiku Abubakar with a view to finding some frivolous charges to hang on their necks to frustrate their formidable petitions against the outcome of the February 25 presidential poll.
“The DSS must work for all of Nigeria and not work as errand boys of Tinubu and his allies who only recently made claims that some persons want to stop his swearing in. By the way, there is nothing wrong in applying legal means to stop his inauguration because the election is being actively challenged. Nothing should be used as obstacles to obstruct Obi and Atiku’s petitions.
He advised that ,“The DSS should go after arm smugglers, kidnappers, bandits and terrorists and leave politicking for politicians.”
Edo NUJ Felicitates Arase Over Appointment As Chairman PSC
The Nigeria Union of Journalists (NUJ), Edo State Council has felicitated with Solomon Arase, a retired Inspector General of Police on his appointment as Chairman of the Police Service Commission (PSC).
In a statement signed by the union Chairman, Comrade Festus Alenkhe, the union described the appointment as well deserved.
The union expressed optimism that Arase will bring his wealth of experience to bear in his new assignment to his father land.
The union prayed God Almighty to grant him the knowledge and wisdom to reposition the Police Service Commission for better service delivery.
News1 week ago
Ramadan : Church Donates Food, Cash To Muslims
News4 days ago
Of Araraume’s Conundrums And Staying Power
News3 days ago
Ayu Is An Evil That Befell PDP…….. Sen Nnamani
News1 week ago
Breaking: It’s Victory For Ademola At Appeal Court
News1 week ago
Ramadan: Prince Agba Greets Muslim Faithful, Sues For Peace, Religious Tolerance
News4 days ago
Shaibu Mourns Oladipo Diya
….recounts their meeting in detention camp.
News1 week ago
Edo State HoA Election Results : Angry Protesters Storm INEC Office in Benin*
News1 week ago
Just In:CBN Confirms Evacuation of Banknotes to Commercial Banks Nationwide