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New Naira: 10 Takeaways From Buhari’s Nationwide Address

Published

1 year ago

February 16, 2023

President Muhammadu Buhari on Thursday morning addressed the nation in a televised broadcast where he addressed the naira crisis plaguing the country.

In his address, the president apologised for the difficulties experienced across the nation in accessing the scarce new naira notes.

Here are 10 major takeaways from the president’s address

New naira has come to stay

The president has defended the naira redesign policy of the Central Bank of Nigeria. In his address, he said the policy became necessary noting that the proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. He said as of October 2022, the currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation.

Old N200 note will remain legal tender till April 10

The president, in an effort to cushion the effect of the new naira policy on the citizenry, approved the continued use of the old N200 as legal tender for the next 60 days. This means that till April 10, Nigerians will be able to trade with the old N200 banknote. However, it will also cease to be legal tender after its 60 days of grace elapses.

Old N500, N1000 notes no longer legal tender

On the contrary, the president had nothing much to say about the old N500 and N1000 bank notes, which indicates that they are no longer legal tender in the country, as he said the old N200 will circulate alongside the new N200, N500 and N1,000 notes.

He however added, “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”

Buhari apologises for difficulties

Speaking on the difficulties Nigerians have experienced since the naira redesign, the president said he was deeply sorry for the hardship caused.

In his words, “I am deeply pained and sincerely sympathise with you all over these unintended outcomes. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal needs to ensure that our citizens are adequately educated on the policy , enjoy easy access to cash withdrawal through availability of appropriate amounts of currency and availability of currency.”

Why naira was redesigned

In a bid to enlighten Nigerians on why the naira was redesigned, Buhari said, “I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep firm control over the money in circulation.

b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022, thereby distorting the financial policy and efficient management of inflation;

c. The huge volume of banknotes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

What new naira policy will achieve

The president highlighted the expected short, medium and long terms goals the policy is supposed to achieve as; a strengthening of our macroeconomic parameters; reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; Collapse of illegal economic activities which would help to stem corruption and acquisition of money through illegal ways; Exchange Rate stability; availability of Easy Loans and lowering of interest rates; and greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.

Saboteurs of naira policy will face the law

Buhari said he has directed the CBN to intensify collaboration with anti-corruption agencies, “so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

He added, “I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.”

Buhari appeals for understanding

Insisting that the naira redesign policy is for the economic best of the nation, the president pleaded with Nigerians for understanding. he said, “I seek your understanding and patience during this transient phase of implementation,” adding that “I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”

Next administration will benefit from naira redesign

On the fast-approaching general elections, the president said, “On the 25th of February, 2023 the nation would be electing a new president and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.”

Shun electoral violence

Buhari further urged every citizen to “go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count. I however admonish you to eschew violence and avoid actions capable of of disrupting the electoral processes. I wish us all a successful general election.”

Headline

JUST-IN: 34 Dead, 16 Missing In Indonesia Floods

Published

2 mins ago

May 12, 2024

Editor

At least 34 people have died and 16 more were missing after floods on Sumatra island in western Indonesia, the spokesperson for the West Sumatra disaster mitigation agency said Sunday.

“Until now our data shows that 34 people died: 16 in Agam and 18 in Tanah Datar. At least 18 others are injured. We are also still searching for 16 other people,” Ilham Wahab told AFP, referring to two districts in West Sumatra province.

Details later…

AFP

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Failure To Prosecute Deborah’s Killers Two Years After, Reinforcement Of Impunity – Amnesty International

Published

3 hours ago

May 12, 2024

Editor

Amnesty International has condemned the Nigerian authorities for their failure to bring the murderers of Deborah Samuel to justice.

Deborah, a Christian and a second-year student of Home Economics at Shehu Shagari College of Education, Sokoto, was lynched by Islamic extremists and subsequently set ablaze on May 12, 2022.

This occurred after she had advised her classmates against posting religious materials on their WhatsApp page.

In a press release made available to newsmen on Saturday, the director of the human rights organisation, Isa Sanusi, stated that the failure to bring Deborah’s killers to justice serves as a reinforcement of impunity.

Sanusi said, “On the day Deborah was killed, in a flagrant show of utter disdain for the sanctity of life and impunity, a video footage of a raging fire and a man facing the camera, bragging that he killed and burnt Deborah Samuel — while also brandishing a matchbox — was widely shared on social media.

“Even though the suspects were arrested but in what appears to be an encouragement for impunity suspected killers were not properly charged and were ultimately set free — going away with blood on their hands.

“By failing, again and again, to ensure that those suspected of responsibility of killing(s) over alleged blasphemy are brought to justice, the Nigerian authorities continue to create a permissive environment for brutality.”

Sanusi emphasised that the reluctance of the government to address violence perpetrated in the name of religion has effectively conveyed the message that individuals can commit egregious abuses under the guise of religion and evade accountability.

“It is never too late for the Nigerian authorities to rearrest those suspected of killing Deborah Samuel and ensure that they face justice through fair trial.

“Nigerian authorities have an obligation under Nigerian and international human rights law to protect lives and to uphold the rule of law,” Sanusi added

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Nine-year-old Stabs Pupil,10, To Death On While Returning From School In South Africa

Published

23 hours ago

May 11, 2024

Editor

A nine-year-old boy stabbed a 10-year-old boy to death after they got into a fight while on their way home from school in Brandfort, Free State, South Africa.

South African Police Service (SAPS) Free State spokesperson, Captain Stephen Thakeng, who confirmed the incident on Friday, May 10, 2024, said the nine-year-old boy went to his house to retrieve a knife, returned and stabbed the deceased to death.

“It is alleged that two schoolboys, from different schools, were on their way to their respective homes on 08 May 2024 at about 16:00 when a fight reportedly broke out between them,” he said.

“Preliminary investigations reveal that the nine-year-old boy went to get a knife from his home nearby and returned, stabbing the 10-year-old boy.

“Police were informed about the incident and upon arrival, found a 10-year-old boy still in school uniform lying inside the ambulance with a stab wound on the left side of his chest.

“The paramedics pointed out a silver stainless steel knife with a black handle on the ground.

“The boy was certified dead at the scene in one of the streets of Nomzamo Park, Majwemasweu, Brandfort. The mother identified the deceased as her son.

“Both are Grade 4 learners in different primary schools in Brandfort. An inquest has been registered and the nine-year-old child was handed over to his parents to be referred to social workers.” he added.

Also confirming the incident, the Free State Education MEC, Makalo Mohale, identified the deceased as Kamogelo Leepile, a learner at WSM Malotle Primary School in Brandfort.

This incident happened in full view of other learners who were on their way home.

Mohale said that Kamogelo Leepile was stabbed three times by the grade 4 learner from Monamodi Primary School.

The Free State Education Spokesperson Howard Ndaba said the suspect who according to his mother, has complained of consistent bullying by the deceased and his brother was taken to the police station on Thursday morning 9 May.

MEC Mohale has called on schools to be safe spaces for both learners and teachers.

Mohale said the incident can only be described as “ abhorrent and travesty “.’

“We strongly condemn any acts of learner misconduct including bullying and relentlessly appeal to parents in assisting to enforce discipline in and outside the school environment.”

Psycho-social services have been sent to both schools to provide counselling.