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Despite the Supreme Court’s order, CBN declares N200, N500, N1000 Naira notes illegal tender

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Despite Supreme court’s intervention to restrain the Central Bank of Nigeria (CBN) from implementing its 10th of February, 2023 deadline to phase out the old Naira Notes of N200, N500 and N1000 the Apex bank has declared that they ceased to be legal tender in Nigeria as declared.

The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch in Bauchi.Recall that Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) dragged the Federal government before the Supreme Court.

The states sought for a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of President Muhammadu Buhari is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They also asked the court to make a declaration that the three-month notice given by the FGN and the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that reasonable notice must be given before such a policy and that the limit cannot be outside that provided under Section Section 22(1) of the CBN Act 2007.

Continuing, Andaza indicated that “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there which people have been asking about.”

According to him, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria.”

“Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has ceased to be a legal tender since the 10th of this month.

“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.

“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange.”

Andaza further explained that “After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.

“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”

He warned that “If anyone wants to try us by bringing in fake notes, he should be ready to be arrested, so don’t go and print old fake naira notes and bring them to the CBN, whatever happens to you, don’t blame us, you caused it.”

He however assured that “We will receive the money from you and do our internal checks before we give you an acknowledgement which is evidence to show that we have collected that amount from you and we go ahead with our internal processes, after finishing with the internal processes, we now hit your account and credit it through your Commercial bank.

“All the Commercial banks are expected to bring all old notes deposited to us and we will collect, that is the final. Some of the Banks have started depositing with us because they want to close their books, as soon as they do that, they will not collect from customers again, that is the reason CBN decided to open this portal for the general public especially the vulnerable who are still having problems of cash used for trading and now that the deadline has expired, they need to deposit their money.

“The CBN is trying to minimize risk involved in losing that money, we are trying to minimize hardship also, we know that people are having some hardship, people are suffering, we not unmindful of that fact, that why the management of the CBN has magnanimously decided to open that portal to assist those who were unable to deposit the money into their bank accounts, that is our process flow in a nutshell.

“The portal will be there, opened for some time, depending on the circumstances and the directives from the management, we expect that within this period, people should have been able to deposit all they have, it is a privilege given to Nigerians to ensure that they deposited that money even though they are no longer legal tender.

“For the people in the remote areas, if you can recollect, we have gone round virtually all the villages in Bauchi state with some commercial banks asking the people to open accounts which many of them did and were able to deposit their money, I doubt if there are still people who have not keyed into the system now who are still having old money.

“We used the media, NOA and Traditional rulers just to let the people know, no limit to the amount that can be deposited provided the form was properly filled.

“There are a lot of firewalls that can protect the people accessing the portal, no any cause for alarm.”

In his remarks, CBN Team Lead, Bauchi who is the Director, Medical Services of the Apex Bank, Dr Abdulkadir Jibril explained that “It is a point we have made before, I just want to emphasize it, not everybody in Bauchi state is privileged to be at this meeting and so, there is the moral and professional responsibility on their shoulders to ensure that this information gets to every nook and cranny of the state and even beyond.”

He emphasized that “There is a limited time that has been given by the government and the law, just as I have emphasized earlier on, it is the magnanimity of the government, so, this is just an additional time and opportunity to assist people to get their monies into their bank accounts safely so that nobody misses a dime or loses any money.”

Jibrin concluded saying, “I am appealing to our people both men and women to carry or propagate this message everywhere so that people can do the needful.”
 
 

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Strike: NASS Leadership, Labour Leaders, others in closed meeting to avert industrial action

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In last minute effort to prevent indefinite industrial action declared by Nigeria Labour Congress ( NLC) and affiliate bodies from tomorrow, Monday, June 3, 2024 , the leadership of the National Assembly led by the President of the Senate, Godswill Akpabio and Speaker of the House of Representatives, Hon Tajudeen Abbas, are currently in closed door meeting with the labour leaders and some Ministers at the Senate Wing of the National Assembly
The Secretary to the Government of the Federation, Senator George Akume, Minister of Finance , Wale Edun, Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi and some other Ministers are also at the Emergency meeting.
Labour welcomes negotiations for “survival wage “NOT “starvation wage” for workers. Akpabio cautions Labour to be mindful of possible “collateral damage” that might lead to massive job loss
Thesewere just before they went into a closed door meeting.
The National Assembly had had earlier indicated that it would engage the organized labour as part of moves to avert the industrial action due to commence on Monday.
It said its decision of to intervene followed the deadlock between the federal government and the Labour Unions in agreeing on a new national minimum wage and reversal of the recent hike in electricity tariffs. The National Assembly stressed that both parties have tenable reasons for their respective positions.
A statement issued Sunday and jointly signed by the spokesperson of the Senate, Senator Yemi Adaramodu and the spokesperson of the House, Akin Rotimi revealed that the President of the Senate, Senator Godswill Akpabio, and Speaker of the House of Representatives, Hon. Abbas Tajudeen, are taking proactive steps to mediate and avert the impending industrial action.
The legislative arm was of the opinion that the strike action would have severe repercussions on the populace and economy

It said: “The National Assembly acknowledges the announcement by Organised Labour, including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), to commence an indefinite strike action from Monday, June 3, 2024, nationwide.

“In view of this, the National Assembly Leadership and the Chairmen of the Senate and House Committees on Labour, Employment and Productivity respectively, Senator Diket Plang, and Rep. Adegboyega Adefarati, are looking to engage both parties in constructive dialogue and explore a variety of solutions in addressing the issues at hand.”

It added that the 10th National Assembly was committed to ensuring that the interests of all parties are fairly represented.

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Strike is not in the interest of Nigerians, Labour Minister cautions organised labour

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The Minister of State for Labour and Employment, Barr. Nkeiruka Onyejoecha, has caution the organised insisting that embarking on a nationwide strike is not in the best interest of the country and its people.
In a statement by her Special Adviser (Media) Emameh Gabriel the minister
Minister advised the workers unions to have a rethink as declaring a strike in the middle of ongoing negotiations would not only compound the economic woes but also exacerbate the suffering of millions of Nigerians who are already struggling to eke out a living from their daily endeavors.
Explaining further the Minister noted that the “government has consistently demonstrated commitment and goodwill throughout the negotiations with organised labour.
She pointed out that the government’s proposals were carefully crafted, taking into account the country’s economic realities and incorporating innovative solutions.

“These proposals include a comprehensive package featuring a wage increase to N60,000 for federal workers, the introduction of CNG-fueled buses, and enhanced financial access for Micro, Small and Medium Enterprises (MSMEs). “Additionally, the government has pledged investments in strategic sectors such as agriculture, manufacturing, education, healthcare and many others that are already in the pipeline.
She however cautioned that any new minimum wage must not lead to widespread job losses, particularly in the Organised Private Sector, which employs the bulk of the nation’s workforce

“This sector is crucial to the country’s economic growth and stability. The government’s stance is rooted in a deep understanding of the negotiations, demonstrating its dedication to finding a balance between the needs of workers and the economic realities of the country.
“The goal is to establish a minimum wage that is not only realistic but also sustainable, avoiding any potentially detrimental consequences for the economy.

“By adopting this approach, the government aims to safeguard the interests of both workers and employers, ensuring that any agreement reached is mutually beneficial and does not jeopardise the country’s economic progress.
“This balanced stance is crucial for maintaining harmony in the workforce and driving national growth”, she explained.

The Minister expressed disappointment that in a surprising turn of events, organised labour abruptly exited the negotiations yesterday, despite the government’s flexibility in rescheduling the meeting from Monday to Friday, May 31st, to accelerate the talks.
“Labour unions remained adamant in their demand for a staggering 1,547% wage increase, after the government’s proposed 100% increase, accompanied by various incentives for workers.

“It is widely acknowledged that the labour unions’ demands are unrealistic, given the country’s current economic position. The government takes into account the nation’s fiscal constraints and the need for sustainable economic growth. In contrast, labour’s demands seem disconnected from the economic realities, potentially jeopardising the very gains they seek to achieve”.

“The government’s willingness to engage in dialogue and its demonstrated flexibility in the negotiations underscore its commitment to finding a mutually beneficial solution. However, labour’s inflexibility and unrealistic expectations may hinder the progress made thus far, ultimately harming the workers they represent and the nation as a whole, the minister added.

She however, urged the unions to reconsider their decision and continue engaging in constructive dialogue to find a solution that benefits all, as strike will disproportionately harm the most vulnerable segments of our society. She concluded by asking
organised labour to continue to respect the principles of social dialogue, engaging in good-faith.

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Gov Yusuf Visits National Security Adviser, Ribadu

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Governor Abba Kabir Yusuf of Kano State on Thursday met with the National Security Adviser Malam Nuhu Ribado at his Office in Abuja
The meeting which was ocasioned by the recent happenings in Kano following the dissolution of five emirates by the Kano State House of Assembly through the repeal of the state emirate law, the governor’s assent and the subsequent restoration of Emir Muhammad Sanusi II by the
Governor.
The Governor’s spokesperson Sanusi Bature Dawakin Tofa, in a statement indicated that the two political leaders deliberated on various matters relating to state/national development and the peaceful coexistence of the nation during their discussions in Abuja.
Recall that the NSA had been accused of involvement in the Kano crisis for allowing a substantial military presence to protect the dethroned Emir Aminu Ado Bayero, a position the Office of the NSA debunked
The Kano State Deputy Governor, Comrade Aminu Abdussalam Gwarzo, had apologized to the NSA for his implication in the Kano crises, attributing the error to flawed intelligence.
Recognizing the respected professional background and integrity of the NSA throughout his time as an Officer and Anti-corruption campaigner, the state deemed it necessary to retract the allegation and offer a sincire apology.
In harmony with these events, the Governor’s meeting with the NSA coincided with Emir of Kano Muhammadu Sanusi II’s six-day stay at the Kano palace, where a significant majority of district heads and kingmakers already pledged their allegiance and loyalty to the newly consolidated Kano Emirate under the leadership of the 16th Emir.
The state assured that Kano has been characterized by peace and tranquillity, and thus urges all residents to continue their regular activities in compliance with the rule of law.
“It was a fruitful discussion between myself and the National Security Adviser, his role is critical for the harmonious existence of our nation, so I briefed him on the recent developments in Kano,” Governor Yusuf confirmed.

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