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New Naira: Banks Await CBN Decision After Supreme Court Ruling
The re-issuance of old naira notes has caused a division among stakeholders in the financial sector and banks, after a Supreme Court judgement extended their legal tender status until December 31st, 2023.
Banks have stated that they will not begin the re-issuance of the old notes until directed to do so by the Central Bank of Nigeria (CBN).
However, stakeholders including bank customers, financial analysts, and business owners have called for an immediate re-issuance of the old naira notes in accordance with the Supreme Court ruling.
According to officials from some banks who spoke to Vanguard MoneyDigest, the banks have indicated their willingness to comply with the re-issuance of the old naira notes once they receive a directive from the CBN.
An anonymous official working with Access Bank reportedly stated that the bank would follow the directive of the CBN regarding the re-issuance of old naira notes, rather than the ruling of the Supreme Court.
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.
On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.
Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.
Another anonymous bank official, speaking to Vanguard Money Digest, has revealed that despite the directive from the CBN, the old naira notes have not yet been made available to the bank.
In his words, “We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”
Corroborating, another banker stressed that the old Naira notes are no longer in their possession, adding that if the CBN makes it available to banks they will start paying their customers.
Financial analysts, on the other hand, have called for an immediate re-issuance of the old naira notes in accordance with the ruling of the Supreme Court.
Speaking in this regard, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners said: “I think the immediate impacts are: restoration of cash/liquidity to the system; improvement in circular flow; and obliteration of initial objectives of CBN to remove illegal money/money in wrong hands; to remove distortions; and to reduce inflationary pressure.
Similarly, Prof Uche Uwaleke, President, Association of Capital Market Academic of Nigeria, ACMAN, said: “I advise the CBN to comply with the ruling since it has come from the final court in the land.
“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.
“Be that as it may, it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, increase in financial Inclusion are part of the achievements recorded thus far.” He added.
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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