CBN will not be used to frustrate 2023 polls

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The governor of the Central Bank of Nigeria, CBN, Godwin Emiefele says CBN will not be used to frustrate the forthcoming general elections.

Emefiele

Emefiele spoke on Tuesday, February 7, during a meeting with Mahmood Yakubu, chairperson of the Independent National Electoral Commission (INEC)/ Their meeting was held at the CBN headquarters in Abuja. Speaking at the meeting, Yakubu said while service providers needed for elections are generally paid by electronic transfer, there are critical areas such as transportation and emergency situations where cash payments will be required. Responding, Emefiele said: “This issue of paying logistics for people who are going to be transporting election materials to wards, certainly I give it to you that because we regard the INEC project as an urgent national assignment, it cannot fail. The central bank will not allow itself either to be used or to be seen as an agent that fru$trated positive outcome of the election. If you require cash to pay some of your service providers, we will make it available to you. I will make sure that we will not allow ourselves to be seen as an agent that frustrated a positive outcome of the election.”

“I urge Nigerians to bear with the CBN” — Peter Obi

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The Labour Party’s presidential candidate, Peter Obi, encourages Nigerians to bear with the CBN amidst the ongoing Naira notes scarcity.

peter obi

The presidential candidate made this known in a statement via Twitter as the unrest for the new Naira note in Nigeria increases. According to Peter Obi, currency redesign always comes with stiff adjustments globally and the benefits in the long term are worth it. He further advised the CBN and the Federal Government of Nigeria to make conscious efforts to ease the struggles of her citizens. Naira Notes Scarcity: "I urge Nigerians to bear with the CBN" — Peter Obi In his words; “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant long-term economic and social benefits. Even though there are improvements that can be made. I urge Nigerians to bear with the CBN and Federal Government with the hope that the general populace and Nigeria will harvest the gains that will come with the reforms. We equally implore the CBN and the banks to expedite efforts to make the new currency available to small depositors and the unbanked in order to reduce the pains of my fellow Nigerians, especially the underprivileged and those living far away from banks in the rural areas – PO.” The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant longterm economic and social benefits. Even though there are improvements that can be made, — Peter Obi (@PeterObi) February 5, 2023

CBN issues fresh order to banks

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The Central Bank of Nigeria (CBN) has directed commercial banks to start issuing new naira notes at the counter. According to the governor of CBN, Godwin Emefiele, the instruction was ignited by the outcry of Nigerians over the difficulty in getting the new naira notes.

Thus, the new order became necessary as a way of relieving Nigerians from the challenges they are currently experiencing with getting access to the new notes. He added that this will result in reduced queues at ATMs across the country. He also assured Nigerians that the new notes will be available for collection at the counter. This is coming a few days Nigerians lamented and protested about the shortage of the new notes. Reacting to this, @mattsalako706 said: “The CBN is confused about the policy they introduced. They have used it to cause hardship in the country. This is so sad!” @Yusuf said: “The implementation of this policy has turned out to be the most chaotic economic policy implementation in the history of this country. It’ll be grand naivety to suggest this wasn’t done with a sinister political aim.” @ADDEY203 commented: “CBN’s confusion is even confused”! Reversing itself every now and then. This smirks of hasty, not well-thought-out decisions. Even this will not solve the issue.”

CBN extends deadline for expiration of old Naira notes

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The deadline for exchanging the old N200, N500, and N1,000 notes, part of the three series of Naira, is extended by the Central Bank of Nigeria (CBN) until February 10th, 2023. The CBN responded to pressure from concerned Nigerians following the disruption caused by the introduction of the redesigned currency. This was announced in a statement by CBN Governor, Godwin Emefiele, on January 29th, 2023. The original deadline of January 31st, 2023, was set after the introduction of redesigned notes in December. The extension has, however, been made to accommodate the collection of more old notes as there is a shortage of the redesigned notes currently in circulation.  

CBN To Penalise Banks Over Failure To Dispense New Notes | Daily Top Ten

CBN To Penalise Banks Over Failure To Dispense New Notes | Daily Top Ten