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CBN Management To Meet On Monday Over Naira Crisis
The management team of the Central Bank of Nigeria has scheduled a meeting for Monday to address the ongoing crisis caused by the naira redesign program and find solutions to the severe cash shortage that has nearly brought the country to a standstill.
According to newsmen, the meeting will also review the suggestion from the National Council of State that the Central Bank should either print additional redesigned N1,000, N500, and N200 notes or bring back the old notes that were previously taken out of circulation in order to alleviate the current cash shortage.
The meeting, set to take place at the CBN headquarters in Abuja, will bring together the top brass of the central bank to discuss the current cash shortage and potential solutions. The outcome of the meeting may also result in a new directive being given to deposit money banks on the acceptance of the older currency notes.
A CBN official informed newsmen on Saturday that a decision on the future use of the older currency notes is expected to be made during the meeting.
The official stated that the suggestion to print more currency may not be straightforward due to logistical limitations and capacity issues at the Nigerian Security Printing and Minting Company. The company, responsible for printing the new currency notes, has been unable to keep up with the demand, resulting in the current nationwide shortage.
Recall that the CBN was reportedly considering the option of hiring foreign firms to print the redesigned naira notes as the national mint has been unable to keep up with the demand for the currency, contributing to the current scarcity throughout the country.
According to reports, the national mint has managed to print N500 billion worth of the new N1,000, N500, and N200 notes, and may not have the capability to produce more at this time. Meanwhile, the CBN has removed approximately N2.1 trillion worth of the older currency notes from circulation.
The official from the central bank informed newsmen that the suggestion from the Council of State would be carefully considered in light of the security risks associated with the ongoing shortage of currency, the cost of printing new notes or reintroducing the older ones, and the implementation of the Supreme Court’s interim order allowing for the circulation of both the new and old notes.
Super Eagles Captain, Ahmed Musa has been signed up by Jaiz Bank as a brand ambassador.
An elated Musa made the disclosure in a statement on his verified handle on micro-blogging site, X on Thursday.
The Kano Pillars striker urged his fans to troop to Jaiz Bank to do business for trusting him with the new role.
He exclaimed, “And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! ”
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He wrote, “✨Alhamdulillah✨ I am SO excited to announce that I’ve officially joined Jaiz Bank as their newest ambassador! 🎉💼
“A huge thank you to @JaizBankNG for trusting me and allowing me to be a part of this amazing journey! 🙏🏼💚 It’s an honor to represent a brand that believes in growth, security, and financial empowerment.
“I can’t wait to share all the incredible things we’ll be doing together! 🚀💡
And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! Let’s grow together! 💪🏼🔑
“@JaizBankNG is a non interest Financial institution poised with a mission to make life better through ethical Finance. 👌👌”
#NewBeginnings #BankWithJaizBank #PartneredUp #TeamJaizBank”
On November 20, 2024, Kenya’s First Lady, Rachel Ruto, celebrated her 56th birthday and her husband President William Ruto publicly expressed his love and appreciation for his wife on this special day, wishing her well.
The birthday celebrations were marked by an outpouring of goodwill from political figures, media, and citizens across Kenya, who praised her for her grace, leadership, and significant contributions to society, particularly through initiatives like the Joyful Women Organisation, which aims to empower rural women.
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The day was characterized by a collective acknowledgment of her role as a national figure dedicated to community upliftment.
In a heartfelt message, President William Ruto took to social media, writing, “Happy birthday my love, @MamaRachelRuto. Continue being a blessing to me and our children. Mungu akubariki sana,” which translates to “God bless you abundantly.”
Other prominent leaders also extended their wishes to the First Lady, with Anne Waiguru, EGH, OGW, Governor of Kirinyaga County, tweeting, “Happy Birthday First Lady,” further showing the respect and admiration for Rachel Ruto’s leadership and impact.
A gas cylinder explosion at a filling station in Jibia Local Government Area of Katsina State has resulted in significant damage to six vehicles, according to a statement from the Katsina State Police Command.
The command’s spokesperson, Abubakar Sadiq-Aliyu, confirmed the incident, which occurred on Friday, November 15, 2024.
He explained that a loud explosion alerted police operatives from the Jibia Divisional Police Headquarters. Responding promptly, the Divisional Police Officer led a team to the site, supported by military personnel.
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“Upon arrival, operatives found a truck loaded with gas cylinders engulfed in flames at Tamal filling station, along Kagadama-Magamar Jibia Road,” Sadiq-Aliyu stated. The joint team acted swiftly, deploying measures to protect lives and limit property damage. Their efforts successfully extinguished the fire.
The spokesperson added, “Six motor vehicles were significantly affected by the fire incident, but fortunately, no life was lost.”
State Commissioner of Police, Aliyu Abubakar-Musa, has directed a thorough investigation to determine the cause of the explosion. Updates on the findings will be provided as investigations progress.
This incident highlights the need for heightened safety measures at gas filling stations to prevent such occurrences.
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