Connect with us

Nigeria News

Naira Scarcity: Latest CBN News, Update On Naira Notes For March 12th, 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).

Gov Oyebanji Issues Directive On New Naira Notes, Warns Ekiti Residents

Governor Biodun Oyebanji of Ekiti State has urged the people of the state to continue to accept the old and new naira notes as legal tender in line with the ruling of the Supreme Court, which extended the validity of the N500 and N1000 old notes till December 31, 2023.

The governor, in a statement on Saturday, by his Special Adviser on Media, Yinka Oyebode, titled, “Oyebanji urges Ekiti residents to accept old naira notes’, appealed to all businesses operating in Ekiti State to remain law abiding and accept the old naira notes.

He also urged banks to make the naira notes available in all their branches and pay points and to all traders, business owners, service providers, okada riders, drivers, filling stations, gas plants, supermarkets, schools, hospitals, POS operators, to start accepting the old notes forthwith.

“To do otherwise would amount to defying the ruling of the highest court in the country and thwarting government efforts at reducing the hardship of the people,” he said.

While stating that the government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes, the governor warned that it is unlawful for any business owner or service provider to reject them.

He expressed concern over complaints that many business concerns in the state refused to accept the old naira notes as means of transaction.

Naira Scarcity Worsens As Major Banks Exhaust Cash

The crisis rocking the nation over the controversial naira redesign and cashless policy introduced by the Federal Government through the Central Bank of Nigeria (CBN) may worsen in the coming weeks.

Recall that the Supreme Court had extended the validity of the old naira notes until December 31st, but the silence of President Muhammadu Buhari on the judgment of the apex court had fuelled the rejection of the remaining old N1,000 and N500 as legal tender. Some banks had on Monday commenced paying customers the old notes in partial compliance with the Supreme Court judgment, but by Wednesday, the banks stopped disbursing the old notes as the CBN insisted that it had not given any directive to that effect.

It was gathered on Friday that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.

A branch manager of a Tier-1 bank revealed that his branch last received cash last Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.

Osun Lost Billions Of Naira Through Illegal Mining – Adeleke

The Governor of Osun State, Ademola Adeleke on Friday disclosed that the state has lost billions of Naira that should have been earned as Internally Generated Revenue (IGR) to illegal miners.

Adeleke alleged that the administration of Gboyega Oyetola wasted resources in the way the Ilesa Water Project was executed.

Naija News learnt that Adeleke stated this as he addressed academic and non-academic staff during an unscheduled visit to the Osun State College of Education, Ilesa.

The Osun State Governor during the visit informed the people of Ijesha about the Ilesa Water Project.

He also spoke on the effect of illegal mining activities in the region under the previous administration in relation to water pollution, environmental degradation and income leakage.

The issue of illegal mining and the upgrade of the College of Education, Ilesa, has been a source of contention between the Adeleke administration and Oyetola’s government.

close button