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President Tinubu Nominates New CBN Governor and Management Team for Senate Screening and Confirmation

by ONUAH YVONNE
written by ONUAH YVONNE

President Bola Tinubu has officially nominated Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN). Dr. Cardoso’s nomination is slated for a five-year term in the first instance, pending confirmation by the Nigerian Senate.

This announcement falls in line with the provisions of Section 8 (1) of the Central Bank of Nigeria Act, 2007, which empowers the President of the Federal Republic of Nigeria to appoint the Governor and four Deputy Governors for the CBN, subject to approval by the Senate.

In addition to the nomination of Dr. Cardoso as the CBN Governor, President Tinubu has also put forward four individuals to serve as Deputy Governors at the Central Bank of Nigeria. Their respective nominations are also for a five-year term in the first instance and await confirmation by the Nigerian Senate. The nominees for the Deputy Governor positions are as follows:

  1. Mrs. Emem Nnana Usoro
  2. Mr. Muhammad Sani Abdullahi Dattijo
  3. Mr. Philip Ikeazor
  4. Dr. Bala M. Bello

These nominations are a crucial part of President Tinubu’s Renewed Hope agenda, and they signal the administration’s commitment to implementing critical reforms within the Central Bank of Nigeria. These reforms are intended to enhance the confidence of both Nigerians and international partners in the ongoing efforts to restructure the Nigerian economy for sustainable growth and prosperity for all.

The stage is now set for the Senate to carry out its constitutional duty of confirming these nominees, a process that will play a pivotal role in shaping the future of Nigeria’s financial sector. President Tinubu’s choices reflect his vision for a resilient and thriving Nigerian economy, and the nation eagerly awaits the Senate’s deliberations and subsequent decisions regarding these nominations.

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Tony Elumelu Denies Speculations of Becoming Next Central Bank Governor

by Quicktell News
written by Quicktell News

Billionaire entrepreneur and philanthropist, Tony Elumelu, has refuted recent speculations suggesting that President Bola Tinubu is considering appointing him as the next governor of the Central Bank of Nigeria (CBN).

Addressing the media on Friday, Mr. Elumelu clarified his stance on the matter, putting an end to the swirling rumors that had captured public attention in recent days. He stated that there was no truth to the reports linking him to the prestigious position at the CBN.

“I would like to categorically state that the reports suggesting I am in line for the role of CBN governor are entirely baseless and without merit,” Elumelu asserted. He went on to express his commitment to his current endeavors, including his role as the chairman of the Tony Elumelu Foundation, which focuses on entrepreneurship and economic empowerment across Africa.

The speculations had gained traction amid ongoing discussions about potential appointments and changes within the Nigerian government. Tony Elumelu’s statement has now put an end to these rumors, emphasizing that he remains focused on his philanthropic efforts and various business interests.

The announcement comes as a relief to those who had been closely monitoring developments within Nigeria’s financial sector, as the Central Bank governorship is a critical role with significant implications for the nation’s economic policies and stability.

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CBN Gov. Emefiele Suspended From Office

by Yvonne ONUAH
written by Yvonne ONUAH

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

Emefiele’s suspension is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement from the Office of the Secretary to the Government of the Federation, Mr George Akume.

Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

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Banks Resume Paying Nigerians Old N500, N1000 Notes

by Yvonne ONUAH
written by Yvonne ONUAH

Some banks have reportedly started paying out the old notes, following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December.

According to Daily Trust, some commercial banks in the City of Kano and Abuja have commenced paying out the old N500 and N1000 notes.

While some branches of Guarantee Trust Bank (GTB) issued out old notes, some others like Polaris bank in Abuja had not commenced as of the time this report was filed. 

A member of staff confided to Daily Trust that only the old N200 notes were still being issued, “as we do not have any new directive on what to do yet.” Sources at GTB said they received a directive from their management to begin paying old notes in their vault.

“The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard,” the source said. As of the time of this report, Daily Trust was unable to confirm if the CBN had officially issued a bank-wide circular instructing the Deposit money bank to comply.

Economic experts have asked President Muhammadu Buhari to direct the Governor of the CBN, Godwin Emefiele, to obey the judgment on the validity of the old naira notes.

An economist, Paul Alake, had said there needs to be more clarity on how the old N500 and N1000 notes return into circulation

He said the judgment would not be impactful if the old Notes were not released by the CBN back into the banking system.

“If the money is not released in the financial sector by the Central Bank of Nigeria, the judgment may not have any effect.”

In a unanimous judgement, a seven-member panel of justices presided by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council (FEC) and the National Council of State and other stakeholders, was unconstitutional.

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

-DAILY TRUST

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EXPOSED: How CBN Reversed Itself On Old Notes But Accused Media Of Fake News

by Yvonne ONUAH
written by Yvonne ONUAH

Following the directive of President Muhammadu Buhari that Nigerians should take old N500 and N1000 notes to the Central Bank of Nigeria (CBN), many thronged offices of the apex bank across the nation on Friday.

According to Daily Trust, Kaduna resident, Badamasi Aliyu, said he was forced to relocate to a hotel close to the CBN office the night before so he could get there early enough.

However, Aliyu, who got to the CBN office at 3am, said he was given number 134 tag.

The exercise got seemingly out of hand and the bank officials found it difficult to control the crowd that kept increasing with time. Hence people were asked to return to their respective Deposit Money Banks (DMBs) to store old notes.

The CBN subsequently issued a directive to commercial banks to start collecting old N500 and N1000 notes.

“I am directed to convey Management of Central Bank of Nigeria directive that, all Deposit Money Banks to commence collection of old naira notes of N1000 and N500 from their customers with immediate effect.

“Please note that customers with amount of up to N500,000.00 and below can deposit into their bank account with their commercial bank. Any customer with amount more than N500,000.00 should be directed to CBN for deposit.

“Kindly comply accordingly. Thank you,” the CBN memo sighted by Daily Trust, addressed to Branch/Operational Managers of banks read.

To verify the authenticity of the memo, journalists had reached out to Osita Nwasinobi, Director, Corporate Communications Department, CBN, who confirmed that the directive was clear.

Moments after Nwasinobi confirmed the development, the report went viral on social media. Some Nigerians heaved a sigh of relief, saying they would move to their banks the next day.

Meanwhile, commercial banks had issued public noticed to customers to bring old notes, with effect from Saturday.

“Dear Valued Customer,

This is to inform you that our branches shall receive old N500 and N1000 notes of up to a maximum of N500,000 (Five Hundred Thousand Naira) after registration on the CBN portal. Please note that deposits of more than N500,000 (Five Hundred Thousand Naira) should be taken to the nearest CBN location.

“In addition, our branches will be open tomorrow, Saturday 18 February 2023 to receive old notes,” a notice issued by one bank read.

However, in less than an hour, Nwasinobi issued a statement claiming that the CBN did not authorise banks to accept old notes.

He not only reversed himself but accused the media of spreading falsehood.

“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorized messages quoting the CBN as having authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023. Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject,” his statement read.

While the media was taking the heat as a result of wrong labelling by the CBN spokesman, commercial banks who had posted the notice on social media started pulling them down, triggering confusion.

A bank official, who spoke on condition of anonymity, said: “I don’t understand their denials. The communication is genuine. Banks received the same directive from CBN. We are even directed to work Saturday and Sunday except on election weekend.”

A customer who had earlier filled the portal ahead of depositing old naira notes showed a message he received from CBN, directing him to go to Stanbic IBTC bank to deposit the money which was less than the amount being collected at CBN branches.

“The total amount you have specified is less than or equal to #500,000. Kindly note that you are required to take the notes to your specified deposit money bank (STANBIC IBTC BANK PLC),” read the message from CBN.

Efforts made to reach Nwasinobi for further comments did not yield result at the time of filing this report as his line rang out.

-DailyTrust

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Naira Scarcity: Ogun Residents Protest Scarcity of New Naira Notes

by Yvonne ONUAH
written by Yvonne ONUAH

Some residents of Abeokuta, the capital of Ogun state, have taken to the streets to protest the lingering scarcity of naira notes.

The protesters also set bonfires on the highway causing a serious traffic gridlock.  Motorists including travelers and commercial buses that normally ply the road were forced to turn back.

In 2022, the Central bank of Nigeria (CBN) had announced its plan to redesign the N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

However, the apex bank adjusted the deadline to February 10, yet Nigerians have found it difficult to obtain the new re-designed naira notes.

Following the growing frustrations over the scarcity of naira caused by the Central Bank of Nigeria (CBN) currency redesign policy, it has stirred pandemonium in various parts of country such as Lagos, Edo, and Ondo states.

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