Connect with us

NEWS

Naira Crisis: CBN Breaks Silence, Extends Validity Of Old Naira Notes Until Dec 31

Published

on

The Central Bank of Nigeria (CBN) has announced that the old N200, N500, and N1,000 banknotes will continue to be accepted as legal tender until December 31, 2023.

This was disclosed in a statement released on Monday and signed by Isa AbdulMumin, the Acting Director of Corporate Communications.

The statement reads; “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.”

This announcement comes just 10 days after the Supreme Court ruled that the old naira notes should be used alongside the new ones until 31st of December 2023.

Recall that Sixteen states had filed a lawsuit to challenge the legality of the policy, which prompted the Central Bank of Nigeria (CBN) to make the recent announcement.

The states, led by Kaduna, Kogi, and Zamfara, argued that the policy was causing hardships for ordinary citizens and asked the apex court to declare it null and void.

Following a February 8 order, the Supreme Court of Nigeria ruled that President Muhammadu Buhari’s disregard of the order was a demonstration of dictatorship as he also violated the country’s Constitution in his directives for the CBN to redesign the naira.

However, following the court’s March 3 ruling, both the Presidency and the CBN, as well as the Attorney General of the Federation, did not issue any statements, causing confusion among bank customers and the general public.

However, the presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.

The Presidency also said the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust”.

 

 

 

Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

NEWS

‘Calling Tinubu Bola, Giving Him Orders Is Insolence’ — Sunday Dare Blasts Atiku

Published

on

Senior Special Adviser to President Bola Ahmed Tinubu, Sunday Dare, has criticised former Vice President Atiku Abubakar over his manner of addressing the President, describing it as “the height of insolence.”

In a statement posted on X on Saturday, Dare accused Atiku of political hubris for addressing the President simply as “Bola” while allegedly attempting to dictate how the government should be run.

“To seek to lecture a sitting president with the unbridled insolence of dropping his first name, petulantly barking instructions, and dictating how governance should be run within a truncated timeline is the height of political hubris,” Dare said.

ALSO READ: Sunday Dare Highlights Tinubu’s Key Achievements, Fires Back at Steve Osuji

He also dismissed Atiku’s comments on fiscal management, arguing that Nigerians do not need lectures from the former vice president on how to manage the economy.

Dare described Atiku as a “political wanderer” whose decades-long pursuit of the presidency, according to him, has been defined by “perpetual opportunism.”

He defended the Tinubu administration’s economic policies, saying the President was undertaking what he described as the “heavy, foundational lifting” required to restructure an economy affected by decades of structural challenges and subsidy costs.

“Atiku’s sudden conversion to the gospel of interventionism rings hollow,” Dare said, describing it as a strategy by what he called a “perennial seeker of power” to exploit national difficulties for electoral mileage.

Dare also accused Atiku of weaponising economic challenges for political purposes, while defending the Tinubu administration’s approach to economic reforms.

Biztellers reports that Dare was also reacting to a recent International Chamber of Commerce (ICC) arbitration ruling on the dispute involving Sunrise Power and Transmission Company Limited and the Federal Government.

Recall that an ICC arbitration tribunal sitting in Paris on Thursday, September 17, 2026, issued a ruling rejecting Sunrise Power’s claims against the Federal Republic of Nigeria over the Mambilla Hydroelectric Power Project in Taraba State.

Speaking via a post on X on Friday, Dare said: “Alhaji Atiku Abubakar’s recent theatrical press conference, characterised by haughty condescension and an unbecoming disregard for the high office of the President of Nigeria, is nothing short of self-deprecation.”

Dare accused Atiku of attempting to distract Nigerians from questions surrounding the Mambilla project and his past, while criticising what he described as the former vice president’s renewed interventionist position on economic matters.

He further questioned Atiku’s criticism of the Tinubu administration, arguing that the former vice president should first address lingering questions surrounding his past before attempting to lecture the government on governance and economic management.

The comments come amid renewed exchanges between Atiku and the Tinubu administration as political activities ahead of the 2027 general elections continue to intensify.

Continue Reading

NEWS

37 Deaths in NSCDC Custody: FG Suspends 20 Officers, Sets Up Independent Panel

Published

on

The Federal Government has constituted a 10-member independent committee to investigate the reported deaths of 37 people held in the custody of the Nigeria Security and Civil Defence Corps (NSCDC), Niger State Command, over alleged illegal mining.

The Minister of Interior, Olubunmi Tunji-Ojo, announced the development in a statement on Saturday, saying the action followed a directive by President Bola Ahmed Tinubu for a comprehensive, transparent and unhindered investigation into the incident.

Recall that the deaths occurred on Thursday, September 17, 2026.

RELATED NEWS: 37 Miners’ Deaths: Interior Minister Arrives Minna, Set to Inspect Detention Centre

The Minister also ordered the suspension of all officers involved in the incident pending the conclusion of the independent committee’s investigation.

Tunji-Ojo described the deaths as “deeply disturbing”, stressing that the government owes the families of the deceased and the Nigerian public a transparent account of the events that led to the incident.

According to the statement, the committee will establish the identities of the deceased and investigate their arrests, detention, as well as the cause and circumstances surrounding their deaths.

It will also determine responsibility, complicity, negligence and misconduct and recommend appropriate action, including compensation where applicable, as well as measures to prevent a recurrence.

The Minister directed the NSCDC leadership and all relevant officers to cooperate fully with the committee.

He further ordered that all records and material evidence connected to the incident be preserved and made available to investigators.

“Any attempt to destroy or conceal evidence, intimidate witnesses or obstruct the investigation will be treated as a serious offence,” the Minister warned.

Members of the investigative committee
The 10-member committee is chaired by Mr Jonathan Kure, mni, a retired Deputy Director-General of the Department of State Services, while Prof. Isa Hayatu Chiroma, SAN, former Director-General of the Nigeria Law School, will serve as Secretary.

Other members are:
AIG Hosea Hassan Karma (retired)

Prof. Olayinka Buhari, Professor of Histopathology and former Chief Medical Director of the University of Ilorin Teaching Hospital

Representative of the Minna Emirate Council

Representative of the Niger State Government.

Alhaji Liman Sulaiman, National Secretary, Miners Association of Nigeria

Mr Deji Adeyanju, lawyer and human rights activist

Mrs Zainab Suleiman Okino of Blueprint Newspaper

Dr George Agbakahi, Public Affairs Analyst

The committee may co-opt relevant experts, access all necessary facilities and documents, visit relevant locations and request memoranda from members of the public.

It has two weeks to complete its work and submit its report to the Minister.

20 NSCDC officers suspended

The Federal Government also released the names of 20 officers suspended in addition to the Niger State Commandant of the Corps.
The suspended officers are:

O/C Station Guard, SC Usman Isah Ndamaka

Station Guard, ASCI Hassan Mohammed

Station Guard, CCA Bala Mohammed

Arresting Officer/O/C Investigation, CSC Oluwadare Sunday

Arresting Officer, DCC Obafemi Elvis

Arresting Officer, CSC Annas Shitto Lamino

HOD INT/INV, DCC Philip Ajayi

O/C Legal, ACC Barr. Stephen Tsado

Day/Night Duty Officer, ASCI Alhassan Mohammed

Guard Duty, IC Abdullahi Sale

Guard Duty, IC Mohammed Sonfada

Guard Duty, CAI Liman Abubakar

Guard Duty, CAI Bala Usman

Guard Duty, IC Mohammed Jiya

Guard Duty, DSC Isah Suleiman

Guard Duty, CAI Ahmed Wushishi

Guard Duty, IC Sale Adamu

Guard Duty, IC Haruna Mohammed

Guard Duty, ASCI Aliyu Sallah

Guard Duty, CAI Isah Sanusi

The Minister extended his condolences to the families of the deceased and appealed for calm while the investigation continues.

 

Continue Reading

NEWS

JUST IN: Atiku Set to Address World Press Conference in Abuja

Published

on

Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, is set to address a world press conference at his residence in Abuja on Friday.

The specific reason for the media briefing has not been disclosed as of the time of filing this report.

SEE ALSO: Mambilla: ICC Orders Sunrise Power to Pay Nigeria $11.8m After 9-Year Battle

Atiku’s planned engagement comes amid several developments attracting public attention, including a recent report from TheCable concerning a $500,000 payment allegedly transferred in 2003 to his former wife, Jennifer Douglas, by Leno Adesanya, promoter of Sunrise Power and Transmission Company Limited.

TheCable reported that Adesanya told an international arbitration tribunal that the payment was part of a foreign-exchange transaction carried out for Atiku.

The report further stated that the payment was made through China Castle Investments Limited, an offshore company controlled by Adesanya.

The development comes shortly after an International Chamber of Commerce (ICC) tribunal ruled in favour of Nigeria in the $2.35 billion arbitration dispute brought by Sunrise Power over the Mambilla hydropower project.

The tribunal also ordered Sunrise Power and its promoter to reimburse Nigeria for a portion of its legal fees and expenses.

However, there is currently no official indication that Atiku’s scheduled press conference is connected to the Sunrise Power report, the arbitration ruling or any other specific issue.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x