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Naira Scarcity: Latest CBN News, Update On Naira Notes For Feb. 24, 2023




Naira Appreciates By 0.66% After Emefiele's Suspension

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Malami Speaks On President Buhari’s Directive On Naira Redesign

The Attorney General of the Federation and Minister of Justice, Abubakar Malami on Thursday spoke on President Muhammadu Buhari’s directive on naira redesign.

Malami noted that President Buhari did not breach the Supreme Court’s injunction as regards the Naira redesign and currency swap policy of the Central Bank of Nigeria (CBN).

The minister during the 67th ministerial press briefing at the state house stated that as far as the rule of law is concerned, there are many options available.

Reacting to questions on the allegations of breach of Supreme Court order by the President and his administration, Malami said: “Your question can best be answered within the context of what constitutes a rule of law in the Nigerian situation. Where an order is made by a court, you have multiple options but let me state before even addressing the issue of the options available at our disposal as a government.

“The fact, clearly, that we are not a breach of any order made by the court, inclusive of any order associated with the naira redesign. We are not in breach. I believe I’m not a banker but you have not gone to establish which bank is it that you have gone to present N1000 or N500 notes that have been rejected. So we are not in breach.”

El Rufai Alleges There People In Power Who Are Spending New Naira Notes In Bulk

Governor of Kaduna State, Nasir El-Rufai has claimed that the opposition Peoples Democratic Party (PDP) are behind the Naira redesign policy of the Central Bank of Nigeria.

The governor while speaking in an interview with the Hausa Service of the Voice Of America (VOA), said that the policy was made to prevent the ruling All Progressive Congress (APC) from having cash during elections.

He said: “Those that came up with the policy to stop us from having cash during elections have succeeded since up till now there is no cash on the ground, it has been hidden. 

“But we got the news that PDP candidates are given new currencies and they will all bring them out on election day to give to the people. 

“I’m calling on the people to know that those who give you cash are those that hijacked the cash which was supposed to be given to you, and so I advise that you take action on that.”

CBN Speaks On Shutting Down All Financial Transactions Few Days To General Election

The Central Bank of Nigeria (CBN) has distanced itself from a fake statement alleging that the apex bank will be shutting down all financial transactions across banks for five days ahead of the general elections.

Naija News reports that statements about the apex bank shutting transactions from the 23rd to the 27th of February, in a bid to quell vote buying in the general elections set to hold on Saturday went viral on social media, with many reposting it.

The reports read: “CBN Plans to shut down financial transaction from Thursday 23 of Febuary till 27th of February.

“Go and stock your home. Anyhow, you can get money between today and tomorrow, get and keep it, also whatever transfer you want to do, do it between today and tomorrow, information am hearing is that, as from Thursday, bank network will go off till Sunday or Monday, so that politician will not be able to transfer money to anybody for vote, so buy enough food at hom , do your transfer now. Because the next five days will be difficult. Please.”

But in a swift statement on Wednesday, CBN’s Director of Corporate Communications, Osita Nwanisobi, described the statement as fake.

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