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Ex-finance Minister Blames CBN For New Naira Crisis

Published

3 years ago

February 18, 2023

A former Minister of Finance, Dr Idika Kalu, has faulted the logistics of the Central Bank of Nigeria for the crisis that has characterized the distribution of new N1000, N500 and N200.

Speaking on Channels Television on Friday, he noted that the new naira scarcity was a result of a huge logistic mistake.

He said, “It is obvious that what we are dealing with is huge logistic mistakes that have been made.”

Kalu added that the CBN ought to have done its preliminary assessment of how long and what it would take to ensure the efficient distribution of the new notes.

“You have to assess the timing, which is predicated on how long it will take to do the exercise that you want to do. So, that is where it is really up to the central bank and its advisers to come up to the government to say, you have agreed we will do this. This is how much time we need, every aspect of it, procuring the papers for printing, whether it is imported or locally made, the printing process itself, the logistics of identifying the various constituencies, the banks, the communities, the rural areas and all segments of this country.

“The people are not interested in all these details but you have to take into account how you are going to deliver. Is it by air, road, train or a combination of all that?,” he added.

He explained that the reason the new notes were not in banks when people needed them was due to poor logistics.

“The logistics have to be very carefully put together. It is very apparent that we did not do that. I think the logistics are really the problem not the question of jurisdiction,” Kalu noted.

He further faulted the CBN’s reasons for redesigning the old notes, stating that countries don’t change their currencies because they want to improve the effectiveness of monetary policies.

He also noted that there were other policies that the CBN and the Federal Government could have introduced if they wanted to tackle corruption and the high amount of currency in circulation.

Kalu also said that the naira redesign plan of the CBN would likely lead to a contraction in the economy.

He further questioned the metrics of inflation used to measure the effectiveness of the naira redesign policy.

“If you curtail the money supply, it will bring down inflation. But they will have to check on what it does to production and employment. So, it is not a one-dimensional measure of success,” he said.

He further described the naira redesign policy of the CBN as draconian, noting that there was something wrong with what the CBN was trying to do.

News

Recruitment: NCS sets Date For Final Exam

Published

1 minute ago

October 10, 2025

Editor

The Nigeria Customs Service (NCS) has announced that the final computer-based examination for all successful Superintendent Cadre applicants will hold on Tuesday, 14 October, across the six geopolitical zones of the country.

According to a statement posted on the NCS recruitment update portal, the examination will be conducted simultaneously in designated states and centres based on candidates’ states of origin.

The service advised shortlisted applicants to log in with their National Identification Number (NIN) at https://updates.customs.gov.ng](https://updates.customs.gov.ng) to access their examination details, including assigned centres. Candidates are required to print their coloured examination slips for presentation at the venue.

The designated centres for the examination include Lagos and Osun (South West), Enugu and Abia (South East), Rivers and Edo (South South), Abuja and Kwara (North Central), Bauchi and Adamawa (North East), and Kaduna and Sokoto (North West).

NCS warned that failure to report at assigned centres could result in disqualification. Further details and specific instructions will be communicated through the recruitment update portal.

The agency stressed that the stage is strictly for successful applicants under the Superintendent Cadre category.

News

AGILE Leads 200 Girls On Road Walk To Create Awareness In Bauchi

Published

4 hours ago

October 10, 2025

Editor

The Adolescent Girls Initiative for Learning and Empowerment (AGILE), has commemorated the 2025 International Day of the Girl Child by leading 200 girls on a walk to the Bauchi State Government House.

The International Day of the Girl Child is an international observance day declared by the United Nations. The day is also called the Day of Girls and the International Day of the Girl.

The observation of the day supports more opportunities for girls and increases awareness of gender inequality faced by girls worldwide based upon their gender.

Speaking shortly before leading the girls on the road walk, Hajiya Ladi Muhammad, the AGILE Project Coordinator in the state, said that since the inception of the project, more girls had been enrolled in schools.

According to her, through AGILE, this year’s celebration could be emphasised by showcasing how education equips girls not only to navigate crises but to lead recovery and transformation within their communities.

She explained that the celebration in Bauchi State has the objective of showcasing AGILE’s role in empowering girls through education, life skills, and inclusion programmes.

She added that it was also meant to promote inclusive education for all girls, including those out of school and girls with disabilities as well as demonstrate learning-to-lead pathways through digital literacy, life skills, and climate action initiatives.

“The celebration was further to strengthen engagement between girls, leaders, and policymakers through interactive dialogue.

“Most importantly, it was to raise awareness of AGILE systems, Conditional Cash Transfer and Life Skills that sustain access to quality education and build resilience among girls and their communities.

“The celebration aligns that when girls are educated and empowered, they not only recognise their worth but also become active agents of change, leading responses, driving recovery and building resilience within their communities and beyond,” she said.

Also speaking, Dr Mohammed Lawal the state’s Commissioner for Education, reiterated the state government’s commitment to girl child education and welfare.

He explained that the AGILE project has improved the enrolment of more girls into the schools across the state especially , through the conditional cash transfer system which he said, has mobilised more girls to access education.

Mohammed assured that the government would not fail in creating a conducive atmosphere for the girls to acquire education and attain their potential.

News

Japan In Political Crisis As Coalition Collapses

Published

5 hours ago

October 10, 2025

Editor

Japan’s ruling coalition collapsed Friday as junior partner Komeito quit the alliance, putting in peril Sanae Takaichi’s bid to become the country’s first woman prime minister.

Takaichi became head of the Liberal Democratic Party less than a week ago and had been expected to be approved by parliament as premier this month.

But Komeito’s decision to end the alliance that has governed Japan almost uninterrupted for 25 years plunged Japan into a new political crisis.

The yen dropped against the dollar following the announcement, while the Nikkei closed down 1.0 per cent.

“We want the LDP-Komeito coalition to go back to the drawing board for now and bring an end to our relationship,” Komeito party chief Tetsuo Saito told reporters after talks with the LDP.

“Given that we have not received clear and concrete cooperation from the LDP regarding our demands, and if these reforms prove impossible to achieve, I said (in the meeting) that it would be utterly impossible for us to write Sanae Takaichi’s name in the nomination,” he said.

In particular, Saito told Takaichi that her answers on the LDP’s recent slush fund scandal were unsatisfactory, media reports said.

Saito said, however, that Komeito would still support budget plans and other legislation that the two parties have prepared.

Takaichi was due to replace Shigeru Ishiba, who took the reins last year, but whose coalition lost its majority in both houses of parliament, in part because of voter anger at inflation and the LDP slush fund scandal.

Komeito was reportedly also unhappy about Takaichi’s more conservative politics.

This includes her previous regular visits to the Yasukuni shrine honouring Japan’s war dead, including war criminals.

The last visit to Yasukuni by a serving prime minister in 2013, by the late Shinzo Abe — Takaichi’s mentor — prompted fury from China and South Korea and disquiet from Washington.

Media reports this week said that Takaichi might skip going to the shrine during the upcoming autumn festival, which will be held from October 17 to 19.

Takaichi, 64, whose hero is Margaret Thatcher, had hailed a “new era” Saturday after becoming head of the LDP.

She had won a runoff leadership contest against the telegenic and more socially progressive Shinjiro Koizumi.

Koizumi, 44, would have been Japan’s youngest prime minister in the modern era and represented a generational change for the LDP.

The LDP has been haemorrhaging support as backing grows for smaller parties, including the anti-immigration Sanseito.

If Takaichi becomes premier, she faces a host of complex issues, including an ageing population, geopolitical upheaval, a faltering economy and growing unease about immigration.

One of Takaichi’s first official duties as premier will be receiving US President Donald Trump, who is reportedly set to make a stopover in Japan in late October.

AFP