Unrest In Port Harcourt Over Naira Swap Policy

 

Some residents of Rivers State on Friday took to the streets of Port Harcourt, the state capital to protest the Federal Government’s monetary policy and the scarcity of the naira notes.

The epicentre was the popular and busy Mile three market along Ikwerre road in Port Harcourt City Loca Government Area.

The protest, however, turned violent a few minutes later, as hoodlums who are always available in the market area seized the opportunity to forcefully dispossess people of their property.

Shops were also burgled and the windshields of cars along the streets were smashed.

Passersby and drivers were also said to be injured by the hoodlums.

The ugly incident has halted commercial activities in the onece busy area, as shops are now closed and the road deserted following fear that the protest may escalate.

The Rivers State Police command is yet to comment on the issue as calls and messages to the Police Public Relations Officer, Grace Iringe-Koko went unreplied, while the Commissioner of Police responded with “I can’t talk now” via text message.

However at the time of filling in this report, a meeting between the CP and the Navy Commander is ongoing, though we are unable to verify if it is related to the ongoing disturbance.

Governor Nyesom Wike during a media chat yesterday called for calm in the state, saying it is important for residents to keep the state safe.

 

 

CBN Denies Directing Banks To Collect Old N500, N1,000 Notes

 The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has authorized deposit money banks to collect the old N500 and N1,000 banknotes.

 

In a statement by CBN’s Director of Corporate Communications Osita Nwanisobi on Friday, the apex bank said the apex is only reissuing and recirculating the old N200 banknotes which is expected to circulate as legal tender up to April 10, 2023, in line with President Muhammadu Buhari’s directive.

The CBN advised the public to disregard any message and/or information not formally released by the bank on this subject.

It also advised media practitioners to endeavour to verify any information from the correct sources before publication.

 

Buhari had in a nationwide broadcast on Thursday, directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.

He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

The President also apologised to Nigerians over the difficulty experienced in the implementation of the naira redesign policy.

Meanwhile, his directive has generated reactions from different quarters with some in disagreement while others were in support.

The Speaker of House of Representatives, Femi Gbajabiamila, described it as a step in the right direction, but says it falls short of the Supreme Court order that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.

Also, the Kaduna State Governor, Nasir El-Rufai, frowned at the President’s directive, describing it as a total disregard of the Supreme Court on the matter.

But a human rights activist, Prof. Chidi Odinkalu, while speaking on Channels Television’s The 2023 Verdict on Thursday, backed Buhari.

According to Odinkalu, Nigerians are ready to endure the sufferings that come with the cash scarcity caused by the naira redesign policy of the CBN long as it ensures the upcoming general elections will be credible.

 

 

Jigawa Govt Vows To Enforce Supreme Court Order On Naira Redesign

The Jigawa State Government has vowed to enforce the Supreme Court order restraining the Federal government from banning the old naira notes as legal tender.

This was contained in a public notice made available to newsmen by the Jigawa State Commissioner for Special Duties Auwal Sankara.

According to the public notice, commercial banks, corporate organizations, ministries, agencies, and traders must accept the old notes or face sanctions from the state government.

“It has come to its notice some individuals and corporate bodies are rejecting the now-old N200, N500, and N1,000 notes. The Jigawa State Government is concerned about the conduct of such individuals,” it read.

The statement added “Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardships to the people of Jigawa State.

“Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria.”

The Supreme Court of Nigeria earlier issued an order “restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria CBN and/or commercial banks, ministries, parastatals, organizations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on the 10th of February, 2023 the time frame within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender pending the hearing and determination of the notice”.

 

 

 

 

 

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CBN Launches Portal For Deposit Of Old Naira Notes

 The notification also provided a link to the portal to enable the masses deposit old notes in their possession.

The Central Bank of Nigeria (CBN) has created a portal for the deposit of old naira notes.A screenshot of CBN website on Wednesday, February 15, 2023

The bank published a notification titled ‘redemption of currency’ during a Wednesday check on the apex bank’s website.

According to the CBN, Nigerians can redeem their old N1,000, N500, and N200 notes by completing an online form.

The notification also provided a link to the portal to enable the masses deposit old notes in their possession.

“Please click here to create your profile, generate reference and print out receipt for you to proceed to nearest CBN branch to deposit your old N1000, N500 and N200 notes into your bank account,” it reads.

In order to generate a reference number, the apex bank asked customers to provide their Bank Verification Number (BVN), email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.

The Supreme Court had earlier on Wednesday said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1,000 notes still stands.

The Supreme Court further fixed February 22 for the hearing of the suit filed by Kaduna, Kogi and Zamfara states challenging the propriety of the naira swap policy of the Federal Government.

The court chose the date after joining the Attorneys General of Katsina Lagos, Cross River, Ondo, Ogun, Ekiti and Sokoto states as co-plaintiffs in the earlier suit filed by Kaduna, Kogi and Zamfara states.