News
New Naira Notes: FG Kicks,Warns CBN On Consequences
The Federal Government has kicked against Central Bank of Nigeria, CBN’s plan to redesign some denomination of the country’s naira notes
The Apex Bank had fixed December 15, this year for the exercise
Minister of Finance, Budget and National Planning, Hajia Zainab Ahmad, who disclosed this at the 2023 budget defence session with the Senate Committee on Finance, warned the apex bank of consequences that may arise from such a policy.
She noted among several considerations that the new policy portends serious consequences on value of Naira to other foreign currencies.
Zainab waa responding to a question raised by Senator Opeyemi Bamidele who observed that barely two days after the new policy announcement, there was dire effect on value of Naira to US dollar
“Just two days after announcement of the policy, value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of starched naira notes for foreign currencies, particularly dollar.
“To me, the policy may be a well conceived one, but the timing going by realities on ground, is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy,” Senator Bamidele said.
Responding, the minister declared that her ministry was not aware of the policy, but only heard of it from the media.
“Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time, portends serious consequences on value of Naira to other foreign currencies.
“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she said.
The CBN Governor, Godwin Emefiele had on Wednesday said that the apex bank would redesign the country’s N200, N500 and N1,000 currency notes.
He said that the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
The planned policy, he added, was in line with Sections 19, Subsections (a) and (b) of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.
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THE Federal Government has approved free internet services worth N24.2 billion naira at 20 selected airports, 43 universities and six markets across the country.
The Minister of Communications and Digital Economy Isa Pantami, disclosed this after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari yesterday
Pantami said that the airports were selected from the six geo-political zones.
“Certain intervention projects are going to be implemented by the Federal Government of Nigeria through the Nigerian Communications Commission of providing Internet in 20 selected airports in Nigeria and higher institutions of learning and also some markets to support micro small and medium enterprises.
“In each geopolitical zone, you have around three airports. In the South-West, we have Lagos and Ondo. For the South-East, we have Anambra and Enugu.
“For the South-South, we have Port Harcourt and Akwa Ibom. For the North-Central we have Abuja and Ilorin. In the North-West, we have Kano, Sokoto and Kebbi. For the North-East we have Yola, Maiduguri and Gombe.”
The minister said the markets and 43 institutions which include universities and polytechnics were also drawn from the six geopolitical zones, adding that it will ease e-learning in schools and also enhance the transition to a cashless economy.
President Muhammadu Buhari yesterday approved the appointment of six new permanent secretaries in the Federal Civil Service
The appointments followed after a recent conducted selection process.
The Head of the Civil Service of the Federation (HOCSF),Dr Folasade Yemi-Esan, made this known in a statement by Mohammed Ahmed, Director of Communications of the Office of the HOCSF,
The appointees and their states of origin are Esuabana Asanye (Cross River), Mahmud Kambari (Borno), Richard Pheelangwah (Taraba), Lamuwa Ibrahim (Gombe), Yakubu Kofar-Mata (Kano) and Oloruntola Michael (Ogun).
The Department of State Security Service has said that the plot to Instal interim government was real
DSS noted that the plot was “by some key players” to install an interim government and stop Bola Ahmed Tinubu from being inaugurated as president.
A statement on Wednesday, by Peter Afunanya, the public relations officer of the secret police, said: “The Department of State Services (DSS) has identified some key players in the plot for an Interim Government in Nigeria.
“The Service considers the plot, being pursued by these entrenched interests, as not only an aberration but a mischievous way to set aside the constitution and undermine civil rule as well as plunge the country into an avoidable crisis.
“The illegality is totally unacceptable in a democracy and to the peace loving Nigerians. This is even more so that the machination is taking place after the peaceful conduct of the elections in most parts of the country.”
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