Justice Nicholas Oweibo of a Federal High in Lagos, on Tuesday, admitted the suspended Central Bank of Nigeria, (CBN) Governor, Godwin Emefiele to bail in the sum of N20 million. Emefiele is standing trial on a two-count charge bordering on possession of a single barrel shotgun, as well as possession of 123 rounds of live ammunition without licences.
Suspended CBN governor, Emefiele He, however, pleaded not guilty to the charge. After his plea, defence counsel, Mr Joseph Daudu, SAN, who led four other senior advocates, informed the court of a bail application filed on behalf of the defendant. Dedence’s counsel told the court that the same had been served on the prosecution, adding that there is a stamp of the office of the Attorney General as proof. But the prosecutor, Mrs N.B Jones, objected to the bail application on the grounds that she had not been served with a copy of the application. She informed the court that her office had been on the lookout for a possible bail application of the defendant but had seen none. She added that since she has just been aware of the application in court, she then requires time to respond by way of affidavit since facts have been deposed. Besides, she noted that since there is no sitting Attorney General of the Federation (AGF) at the moment, the defence could not have effectively served the same. But defence counsel told the court that the prosecutor had no excuse not to proceed today in response of the bail application as the same had been duly served on the prosecution’s office. He argued that the office of the AGF is a creation of statute, and so cannot exist in a vacuum. He urged the court to so hold In a short ruling, the court agreed with the submission of defence counsel and urged him to move the defendant’s bail application. Moving the application, defence counsel urged the court to admit the defendant to bail as he is not a flight risk being, a reputable former Governor of CBN. He told the court that the defendant had been kept in custody for a long and had lost so much weight and so, requires medical attention. Defence also informed the court that the defendant will be available to stand trial, adding that assuming the prosecutor had produced a witness, the defence would have been ready to proceed. He, therefore, urged the court to grant the defendant bail. In response, the prosecutor informed the court that she was opposed to the bail application of the defendant as he was a flight risk She told the court that the defendant had refused to submit his international passport which indicates such flight risk Besides, she also told the court that being a very influential citizen of Nigeria, the defendant could also interfere with the case and evidence intended to be led by the prosecution. She urged the court to refuse bail In his ruling, Justice Oweibo agreed with the submission of the defence counsel on the grounds that the offence for which the defendant is charged is bailable. The court held that bail can only be denied where any of the circumstances set out in section 162 of the Administration of Criminal Justice Act, is established. The court held that the prosecution has not furnished such circumstances before the court. The court consequently, granted bail to the defendant in the sum of N20 million with one surety in like sum The court held that the surety must depose to an affidavit of means. and have a landed property. He urged that the defendant be remanded in the custody of the correctional service pending the perfection of bail The court adjourned the case until Nov. 14 for trial In the charge, the prosecutor told the court that the defendant who resides at No 8 Colorado Street in Maitama Abuja, committed the offence on June 15, at No. 3b Iru Close, Ikoyi Lagos. He was alleged to have in his possession a single barrel shot (Jojeff Magnum 8371) without a licence. The defendant was also alleged to have in his possession, 123 rounds of live ammunition cartridges, without licence. The offence contravenes the provisions of sections 4 and 8 of the Firearms Act, Cap F28, Law of the Federation, 2004.
Niara note and dollar exchange It is believed that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate. This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market. However, official confirmation will have to come later in the day when data from the FMDQ is available. Sources also report trades are now going for as high as N750/$1. Meanwhile, in the black market, the exchange rate traded for as high as N773/$1 for “inflows” which represent dollars or other currencies sold over the wires. GistReel reports that President Bola Tinubu last Friday, June 9 took Nigerians by surprise when he ordered the immediate suspension of the Central Bank of Nigeria Governor, Godwin Emefiele, from office. Explaining the reason behind Emefiele’s suspension, the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey disclosed that the suspension of the CBN governor was based on an ongoing investigation as well as planned reforms in Nigeria’s financial sector. 
The suspended CBN Gov, Godwin Emefiele Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms. The suspended CBN governor assumed office in 2014 after succeeding Lamido Sanusi, who was equally suspended from office under controversial circumstances by President Goodluck Jonathan few months before the expiration of his tenure. 
Political activist, Reno Omokri. Credit: RenoOmokri / Twitter “The suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria, by President Bola Tinubu is not in good taste. It appears to be a vindictive act, to punish Mr Emefiele for the patriotic Naira redesign policy, which was meant, among other things, to reduce the impact of money on the #NigerianElections2023. President Tinubu started well. Indeed, I have had cause to praise him. But he should not mar the progress he has made by this act of seeming vengeance. The country needs unity and stability after a fractious election. Now is the time for appeasement, not punishment. It is hoped that the President will reconsider his actions for the nation’s greater good.” He said. The suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria, by President Bola Tinubu is not in good taste. It appears to be a vindictive act, to punish Mr Emefiele for the patriotic Naira redesign policy, which was meant, among other things, to reduce the… — Reno Omokri (@renoomokri) June 9, 2023 
According to data from the Central Bank of Nigeria (CBN), the country’s external reserves dropped by $1.46bn between January and March. The reserves were recorded at $36.99bn at the end of January 2023, but fell to $35.53bn by the end of March 2023. The Governor of CBN, Godwin Emefiele attributed the decline in external reserves to the fall in crude oil prices. “The committee, however, noted the marginal decline in the level of gross external reserves to $36.13bn in February 2023, from $36.4bn in January 2023, a decrease of 0.7 per cent, reflecting the downtrend in crude oil prices, as global uncertainties persist,” he said. In 2022, CBN launched the ‘RT200 FX Programme’ aimed at increasing forex supply through non-oil exports, with a target of achieving $200bn in FX repatriation over the next three to five years. The programme includes five key anchors: value-adding exports facility, non-oil commodities expansion facility, non-oil FX rebate scheme, dedicated non-oil export terminal, and biannual non-oil export summit. 
“Some people stashed money for the purpose of the election. Even as of today we still have over N500 billion old naira notes that are yet to be returned to the CBN. And the CBN has printed N500 billion new naira notes which is in circulation. “We have our own way of getting such Intel and God willing we are going to use it maximally this time around.” 
According to reports, the apex court delivered the ruling in a suit filed by Governors Nasir El-Rufai, Yahaya Bello, and Bello Matawalle of Kaduna, Kogi, and Zamfara respectively. The three Governors; Nasir El-Rufai, Yahaya Bello, and Bello Matawalle sort a temporal court order to stop the ruling government and the Central Bank of Nigeria from continuing the implementation of the Naira redesign policy. The Governors argued to the court that the demonetization policy of the regime is in violation of the extant provisions of the Central Bank of Nigeria Act, 2007, the Nigerian Constitution. The Governors also requested the bank to declare sufficient notice for the use of the older versions of the naira notes, adding that it is a violation of Section 20(3) of the CBN Act 2007 to make denominations lose their legal tender status. The Governors also requested the court using Section 20(3) of the CBN Act 2007 to point out that the federal government, acting through the CBN, lacks the authority to set a deadline for accepting and redeeming banknotes issued by the Bank.