Connect with us

News

CBN Confiscated, Didn’t swap Currency, Says El-Rufai

Published

on

The Kaduna State Governor, Nasir El-Rufai, on Sunday, alleged that the Central Bank of Nigeria embarked on currency confiscation rather than the announced currency swap policy as approved by the President, Major General Muhammadu Buhari (retd), for currency redesign.

The naira crisis worsened last Thursday when the President in his nationwide broadcast ignored the apex court by extending the validity of old N200 notes while insisting that old N500 and N1,000 remained illegal.

Buhari in his state broadcast said the old N200 note would be legal tender for the next 60 days, till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the CBN.

Advertisement

READ ALSO: JUST IN: APC Backs Governors On Naira Redesign Policy – Adamu

Not satisfied by Buhari’s broadcast, El-Rufai slammed the President over his directive which he said was in disobedience to the February 8 Supreme Court Order restraining the Federal Government from ending its cash swap policy on February 10.

Meanwhile, in defiance of Buhari’s directive that the old N1,000 and N500 have ceased to be legal tender, the El-Rufai-led Kaduna government directed ministries, departments and agencies to accept payments in the old naira and new notes.

Advertisement

The governor asked residents of the state to continue using the old naira notes.

But in a series of tweets on his Twitter handle on Sunday, the Kaduna governor said the bank only confiscated the currency as against what was obtainable in the currency swap policy.

He wrote, “Currency redesign was approved by the President and announced. Currency recoloring resulted.

Advertisement

“Currency swap was envisaged by s.20(3) of the Central Bank of Nigeria Act as approved by PMB. Swap means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less.

“During implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect, currency confiscation was then unilaterally and unlawfully implemented by the CBN. Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.

READ ALSO: New Naira: How My Pregnant Wife Died In Kano Hospital – Husband

Advertisement

“The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.

“Some State Governments had no choice but to approach the Supreme Court for adjudication. The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed, and full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.”
PUNCH

 

Advertisement

 

News

Tinubu Unveils Plan To Restart Oil Production In Ogoniland

Published

on

By

President Bola Tinubu has moved to restart oil production in Ogoniland in Rivers State.

The president disclosed this on Wednesday when he conferred posthumous national honours of Commander of the Order of the Niger, CON, on the late Ogoni four; Albert Badey, Edward Kobani, Theophilus Orage, and Samuel Orage.

Conferring the honours at the Presidential Villa in Abuja, Tinubu urged the Ogoni people to embrace reconciliation and unity after decades of division.

Advertisement

READ ALSO:Teacher In Police Net For Tying, Beating Pupil In Bauchi

He assured them of his administration’s support for peace, environmental remediation, and economic revival in the land.

“I am encouraged by the overwhelming consensus of the Ogoni communities to welcome the resumption of oil production.

Advertisement

“The government will deploy every resource to support your people in this march towards shared prosperity,” he said.

READ ALSO:Nigeria Ready, Willing To Host Commonwealth Games — Tinubu

The president directed the National Security Adviser, NSA, Mallam Nuhu Ribadu, to begin engagements between Ogoni communities, NNPCL, and other stakeholders to finalise modalities for restarting operations.

Advertisement

Earlier in his report, the NSA stated that the consultations engaged all four Ogoni zones and the diaspora, capturing demands for structured participation in oil production, accelerated cleanup, and sustainable development.

Continue Reading

News

Former Oyo Police Commissioner Is Dead

Published

on

By

A Former Commissioner of Police in Oyo State, Abiodun Odude is dead.

The shocking news of his death was shared by the Chairman, Ibadan branch of Government College, GCI Old Boys Association, Akin Orowale on the Association’s platform.

Abiodun Odude, an old boy of GCI, served as Oyo CP between 2017 and 2019.

Advertisement

In the meantime, reactions have continued to trail the death of Odude.

READ ALSO:Saudi Arabia’s Grand Mufti Is Dead

A former Director General, Oyo State Signage and Advertisement Agency (OYSAA), and GCI OBA stalwart, Dr Yinka Adepoju posted this on platform.

Advertisement

Hmmm, another deep cut in the GCI Old Boys Association and Boys of 71 Set in particular!

“May the Soul of Biodun rest in peace as l pray that the Lord comforts all members of this Great 71Set and his entire family members, ‘Yinka Adepoju @71, 2356# Grierson”

So sad to lose such a personality NOW. But what can we do? Nothing absolutely than to wish him eternal rest and divine consolation to the loved ones left behind, particularly his immediate family and GCIOBA,” another old boy, who is an Ibadan based politician, Mr Adeniyi Adeoti said.

Advertisement

The late Odude served in the Intelligence Department, Zone 2, Lagos State as Deputy Commissioner of Police, CID, Panti, Yaba; he was Commissioner of Police, Administration; Department of Finance and Admin., Force Headquarters, Abuja.

Continue Reading

News

Lagos Govt Gives Computer Village Traders Ultimatum To Relocate To Katangowa

Published

on

By

The Lagos State Government has given traders at the popular Computer Village in Ikeja an 18-month deadline to move to a new permanent site at Katangowa, in the Agbado/Oke-Odo Local Council Development Area.

The Permanent Secretary of the Ministry of Physical Planning and Urban Development, Gbolahan Oki, disclosed this during a stakeholders’ engagement with market leaders and traders on Tuesday.

According to him, the state government has provided the necessary infrastructure and facilities at the Katangowa site to ensure a conducive business environment once the relocation takes effect.

Advertisement

READ ALSO:Lagos Begins Monitoring As Schools Resume

The government wants your cooperation to ensure the relocation comes to pass. The time is now. We have to make the project a reality. The relocation period is 18 months,” Oki said.

He explained that Computer Village currently sits on land originally designated as a residential area, which over time was converted into a bustling commercial hub without formal approval from the government.

Advertisement

Oki also revealed that plans to move traders from Ikeja to Katangowa have been in the works since 2006 but were stalled due to delays in completing the new site.

READ ALSO:Police Reveal Cause Of Death Of Bodies Found On Lagos Riverbank

Emphasizing Governor Babajide Sanwo-Olu’s commitment to inclusive governance, he noted that the stakeholders’ meeting was convened to carry traders along in the government’s plans.

Advertisement

“The governor is passionate about infrastructure development and the welfare of Lagosians. Katangowa has been designated as the permanent site for this market. It sits on 15 hectares of land, well-planned and strategically located near essential resources for your businesses.

“The present location in Ikeja was never meant to serve as a trading hub. What we are offering at Katangowa is a structured market environment that supports growth while addressing environmental and urban planning concerns. We want to work with you and jointly plan this relocation,” Oki said.

Advertisement
Continue Reading

Trending

Exit mobile version