President Muhammadu Buhari yesterday urged citizens to give him a seven-day window to resolve the currency crunch resulting from the implementation of the Central Bank policy to change high-value Naira notes with newly designed ones.
The president said this while speaking to the Progressive Governors’ Forum who met with him at the Council Chambers, where they sought to share with him the negative impact of the Central Bank policy. They told the president that the CBN action was undermining the painstaking efforts put forth by this administration to transform the economy.
According to a statement by presidential spokesman, Garba Shehu, Buhari told the governor that the objective of the policy was not to create hardship, rather, its aim is to provide the economy with much needed revitalisation, adding that the benefits will be borne in the medium to long term.
Unfortunately, he said, inefficiencies and dubious practices by banks as the primary distribution medium have destabilised the smooth and successful execution of the policy.
“Some banks are inefficient and only concerned about themselves,” said the president. “An extension of the time frame within which to complete this process will be made insignificant for as long as greed and selfishness continue to guide our actions.”
Buhari further said he had received and seen televised reports about cash shortages and undue hardships that local businesses and the citizens are being subjected to and gave assurances that the balance of the seven of the 10-day extension will be used to rectify whatever issues pose a threat to successful implementation.
While continuing to monitor the situation, the President assured that he will be meeting with both the CBN and the Security and Minting Company, and that a decision will be taken based on current realities in the best interest of the people.
The Progressive Governors, while briefing the president, reiterated their position: that they are in full support of the policy decision to redesign the currency, and were convinced about the intent behind its thinking, but that they are concernes over the current fallout which has a debilitating impact on their constituencies.
They told the president that as leaders within the party and the government in their various states, they were becoming anxious regarding the economic impact and the potential derailment of the democratic process, particularly the upcoming general elections.
They, therefore, requested that the president direct an adequate injection of the new notes and the continued utilisation of the old ones until the end of the year.
President Buhari told the governors that when considering the policy, prior to its initial approval, he has demanded an undertaking from the CBN that no new notes would be printed outside the country, and that he received firm assurances that there was enough capacity, manpower and equipment for the domestic execution of this exercise.
However, he assured them, he would interrogate these assurances as part of his engagement with the concerned agencies of government.
He thanked the governors for bringing the cries of the people to him, given their proximity to them, and gave assurance that there will be a solution to the problem.
In addition to the leader of the delegation, the governor of Kebbi State, Senator Abubakar Atiku Bagudu, who is the chairman of the Progressive Governors’ Forum, 11 other governors were present at the meeting
CBN Mopped Up N2tr, Printed Only N300bn
Meanwhile , Kaduna State Governor Nasir El-Rufai, who spoke with some journalists in Hausa language after the meeting, said that while the CBN mopped up over N2 trillion of the old notes, it printed only N300 billion, which is not enough.
El-Rufai who was accompanied by his Kano State counterpart, Abdullahi Ganduje, said even if the CBN had wanted to implement the cashless policy, it should have printed at least half of what it mopped up, which is N1 trillion.
He said they appealed to the president to reconsider his stance.
“We the governors of the All Progressives Congress (APC) under the aegis of Progressives Governors’ Forum have met with the president and informed him about the issue that is bothering us and the problems the people are going through because of the currency redesign policy.
“The president explained to us what they have told him, and we have seen that the Central Bank governor (CBN) and the Minting and Printing did not tell Mr. President the truth about the things that are happening in the country.
“What’s the truth? Firstly, we are told that they have mopped up over N2 trillion of the old notes and printed only N300 billion of the new notes. Why will you retrieve such an amount of money and then print only N300billion?
“That is why there are problems, the money is not enough. If you also look at some states and local governments that don’t have banks and the problems they are facing from POS.”
El- Rufai further expressed the fear is that if there is no solution to this problem, it may cause a crisis and derail the general elections.
Asked what the governors want the president to do precisely, he said , “What we, the governors, want is (for President Buhari) to give an extension on this policy so that everyone can exchange their money.
“Because there is nohow N300 billion will be equal to N2 trillion. N1 trillion should be printed not N300,000 billion. The money is not enough; that is the problem. Our advice is that both the old and new notes should be used until the old notes are gradually phased out.
“They should print new notes that will be enough; for now, they are not enough for circulation. Those who say the printed new notes are enough are telling lies to the president.”
The Kaduna governor, however, clarified that he is not being critical of the president.
According to him, “I have never criticised President Buhari; it’s only those working with him who are telling him lies; they don’t tell him the truth, and they don’t tell him what the people are going through on these policies or decisions that are taken.
“What President Buhari brought, we support it. We know the reason he wants to do something but they are not doing it right and they don’t tell him the right thing.
“We the true followers of Buhari are not using him to get money for shopping; we are mandated to tell him the truth, and that’s what we’ve done. President Buhari himself knows me, he knows how we have been together; all these allegations, I’m used to hearing them.”
El Rufai also stated that he is not seeking to work in Asiwaju Bola Ahmed Tinubu’s administration should the APC presidential candidate win the election.
“Whicn godfather am I looking for? Asiwaju Bola Ahmed Tinubu is our presidential candidate, we want him to win the election. I have told Asiwaju Bola Ahmed Tinubu ten times I don’t want government work, I don’t want to work with him. He is the one saying he wants to work with them at all costs.
“I swear I’m bigger than saying he is my godfather. I’m not seeking work; I’m not seeking shopping money; what I am seeking is from God and not man,” he added .
Sale, Abuse Of Naira: IGP Orders Arrest, Prosecution Of Violators
The inspector-general of police, IGP Usman Baba, has ordered the deputy inspector-general of police in charge of the Force Criminal Investigations Department (FCID) and the assistant inspector-general of police in charge of the Force Intelligence Bureau (FIB) to place officers and men of the department and the bureau across the nation on high alert and to carry out the arrest and subsequent prosecution of all individuals engaged in the sale or abuse of the naira notes issued by the Central Bank of Nigeria (CBN).
The IGP has similarly directed all supervisory assistant inspectors-general of police and commissioners of police in charge of police commands and formations to carry out full enforcement of the provisions of Sections 20 and 21 of the Central Bank of Nigeria Act, 2007 which criminalises, amongst other things, the hawking, selling or otherwise trading, spraying of, dancing or marching on Naira notes, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, and tampering with the coin or note issued by the CBN.
Force PRO, CSP Olumuyiwa Adejobi, said the IGP reiterated the mandate of the Nigeria Police Force to enforce all laws and regulations without any prejudice to the enabling Acts of other security agencies and urged all and sundry to cooperate with the Nigeria Police Force as it brings the long arm of the law to bear upon all violators of the provisions of the CBN Act, and other extant statutes in Nigeria.
CBN Faults Commercial Banks In Naira Notes Swap Exercise
Meanwhile, the Central Bank of Nigeria (CBN) has expressed worry that most of the commercial banks it gave the new naira notes as of Tuesday had stocked them in their banks’ vaults without necessarily disbursing them to their registered agents.
“Like in some of the banks, we have seen over 80 – 90 percent of what was disbursed to them still in their vaults”, the CBN deputy director, Currency Operations, Elizebeth Amos, told the press in Bauchi yesterday.
Amos, who led a team to Bauchi, comprising of officials of the CBN, EFCC and ICPC, said they were in the state to monitor activities concerning the quantities of the redesigned naira notes the CBN disbursed to the commercial banks.
“What we do is that we look at the allocations given to the banks, trace it to their books, see how much was loaded into their ATM machines, and how much money they gave to their agents,” she said.
“We are also looking at the ATM machines, looking at the records of how much each of the ATMs carries, and look at the total amounts withdrawn by individuals.
“The team is also to look at the spreadsheets in their system and see if what was loaded was actually what was drawn by the customers. If there are areas of discrepancies, we ask questions and seek clarifications,” she said.
The CBN deputy director disclosed that the team was able to track much of the monies.
“But we also have some issues that we will take up with them. We queried them for not giving to their agents these monies they were supposed to give them. These monies are supposed to be given to their agents that are listed and registered with them to carry out this swap, but to our dismay, most of the banks we visited have not been forthcoming in the swap.”
Cash Scarcity: CBN Begs for Calm, Says Abusers of Naira Being Prosecuted To Ask Telcos, MMOs To Stop Charges
As Nigerians groan with pain over the scarcity of cash with, the situation escalating into violence in some parts of the country, the CBN has appealed for calm among bank customers, as it assured that the people seen in the video abusing the naira have been caught and will be prosecuted.
The CBN governor, Godwin Emefiele, stated this last night at a press conference in Lagos. Feilding questions from journalists, the CBN governor said, “The ICPC, EFCC are on alert and have captured and are persecuting some of these culprits.”
On the scarcity of cash in the system, Emefiele said “there will be some transient or temporary pain but are we are begging, we are on our knees begging people to please show understanding. They should be calm.”
This is as he said the apex bank and the deposit money banks in the country will be meeting with mobile money agents and telcos to stop charges on Point of Sale transactions and probably refund some of the charges.
LEADERSHIP Weekend reports Nigerians in some parts of the country had taken to the streets to protest the lack of cash in the banking halls as well as in the ATMs. Several videos circulating on social media show individuals getting violent in the banking halls and some destroying bank properties.
However the CBN governor, who pleaded for calm, said: “We are appealing , please we understand the pain. I have received several calls myself. Some members of my family themselves have complained.
“It does not mean that when you queue and it does get to you, you do not begin to descend to wanton destruction of bank properties. At this time that we are facing this temporary and transient situation, we crave everybody’s understanding. Please be calm. We are monitoring all institutions 24/7 on both cash channels and electronic channels.
“In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I am sure some people will say is old fashioned. But at this time that we’re trying to get the currency to circulate, there should be a queuing arrangement and please be patient.”
Emefiele gave assurance that the new noted would eventually go around and cash withdrawal limits would be removed and people would be able to conduct their exchanges and businesses in the way it has always been in the past.
“By tomorrow, (today, Saturday February 4, 2023) we are going to meet and if those charges are charged through the banks, we are going to have an arrangement with telcos to see how these charges at this can be stopped. We don’t want them to continue to create pain for those who want to use alternative channels when they do not have cash in their pocket.
“Later this night, we are going to call a meeting of both the banks, mobile money agents, and telcos, that at this time, nobody should be charged. We would want this service to continue without charges,” he stated.
Police Warn Against Attacks INEC, Banks, Others Over New Notes, Fuel Scarcity
Amid pockets of protests that emanated at different parts of Ibadan, Oyo State, over the hike in fuel pump price and unavailability of cash at ATM machines and point of sales terminals, Oyo State Police Command has alerted that the protesters plan to attack facilities of Independent and National Electoral Commission (INEC), banks, media houses, schools, correctional centres and other critical infrastructure, including looting major malls and business centres within the state.
The state’s Police Public Relations Officer (PPRO), Adewale Osifeso, an Assistant Superintendent of Police, who urged members of the public to stay calm and maintain peace, said intelligence revealed that certain unscrupulous elements had perfected plans to hijack the process and escalate the situation into full scale chaos.
He advised the youths to avoid being used by agents of violence who want to capitalize on the situation to criminally enrich themselves.
“As we navigate towards the 2023 general elections, the Command is fully prepared to mobilise fully to prevent these criminal elements from turning Oyo State into their playground.
“Consequent on the above, residents would witness high octane patrols in concert with relevant sister security agencies all in a bid to heighten the level of confidence of residents and as well reassure them of the commitments of the Oyo State Police Command at providing comprehensive security for all residents in the state”.
He advised residents to go about their businesses without any fear of harassment or molestation as the relative tranquility within cannot be negotiated with unscrupulous and criminal elements.
