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New Naira: Adeleke Urges CBN To Sanction Banks For Violating Regulations
Osun State Governor Senator Ademola Adeleke has called on the Central Bank of Nigeria (CBN) to take strict action against commercial banks that are found hoarding new Naira notes.
The Governor has expressed concern that such anti-people activities by financial institutions are having a negative impact on the economy and causing inconvenience to members of the public.
In a press release signed by his Spokesperson Olawale Rasheed, Governor Adeleke expressed his concern to CBN officials about the growing scarcity of new Naira notes stating that he had been using state resources to ease tensions and ensure the security of banks and the CBN office in the state.
Governor Adeleke also reported that his recent efforts have helped prevent escalating conflicts in Osun State and some other southwestern states. He expressed dissatisfaction with the current difficulties that the people are facing due to the scarcity of new Naira notes.
“The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves.”
“My people are patient but we should not take their patience for granted. That is why I called for this meeting. Why is the new notes not available? Is the supply small or inadequate? “, the Governor queried.
The Governor stated that his government is willing to collaborate with the CBN on a currency swap initiative. He emphasized that Osun State is making significant sacrifices to maintain peace and tranquility while working to calm frayed nerves.
“The new notes are not available. Even as a State Governor, I don’t have the new notes. You can see how hard it is for our people to access the new currency if their Governor is not getting them.
“We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people ” Governor Adeleke admonished.
The State’s CBN State Director, Oluyemi Adeyemi, commended the Governor of the state for taking proactive measures that prevented any riots related to the Naira in the state.
“We must thank Mr Governor for reaching out to the people, for diffusing tension, for keeping the state peaceful. We aware of the day Mr Governor stopped some angry youth from demonstrating and from attacking the CBN office.”
“On our part, we are working hard to make the new notes available. Let me say that the CBN has issued queries to some banks. I assure Nigerians that we are working hard to make the new notes available” , the CBN official stated.
During the meeting, a monitoring mechanism was established between the state government and the CBN to ensure that newly allocated notes are effectively distributed to the populace.
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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details
The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.
The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.
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Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.
According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.
He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.
Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.
The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.
He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.
Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.
Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.
Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.
He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.
The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.
Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.
He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.
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