News
CBN moves to hammer commercial banks over failure to dispense new naira notes
Henceforth, all commercial banks in Nigeria are to load the newly-designed naira notes into the Automated Teller Machines (ATM) or face sanctions from the Central Bank of Nigeria (CBN), which has vowed to maintain the January 31 date for the complete withdrawal of the old notes in circulation.
At the last quarter of last year, the apex bank had announced the change of the designs and colours of the N200, N500 and N1000 denominations, alongside pegging the daily withdrawal of cash across the counter.
However, while readjusting the withdrawal policy which was limited to N100,000 weekly, to N500,000, due to pressure from many Nigerians including the National Assembly, the bank was silent on the redesigned currencies, even when the same NASS, in its resolution, demanded that the termination date be pushed to June, 2023.
The latest directive is coming against the complaints by bank customers and Nigerians in general of their inability to access the new notes, especially from the ATM machines, which has become quite popular with the ordinary people.
To underscore the need to comply with its directive, the bank last week, specifically ordered commercial banks to halt dispensing the new currency notes over the counter but to make them available only via ATMs.
The apex bank, through Ahmed Umar, Director, Currency Operations (DCO), at the training session for state directors of the National Orientation Agency (NOA), threatened to penalise commercial banks failing to comply with the directive, against the backdrop of reports that the new currencies were still scarce.
Restating that the the purpose of the CBN directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation, he said: “We want to use this training session to pass a message that CBN has enough currency notes to go round the general public.
“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes. And there is a serialisation of the policy that they can put either N500, N1000 or N200 note whichever denomination they have or combination of any of those notes, they should just put a new note in their machines.
“We are going to monitor to ensure that the banks comply and if they don’t, we have a penalty for non-compliance. In our own case what we had was basically over 20 years of having the same design of note.
“Over that period, what it did to us was to create an avenue for some people to master the act of counterfeiting the note. In our own case, what we have is the minimum of 17 years or more for us to redesign our currency.
“If you notice the N1000 note that was introduced in 2005, it took 17 years for us to redesign it. N500 and N200 notes were also redesigned after 21 years and 22 years respectively. So, if currency notes stay too long in the system, there is a tendency that people who counterfeit make a lot of efforts to produce the same notes. So, that is why there is a need to change our notes regularly.”
Warning Nigerians about counterfeiting of the new currencies, said N500 and N1000 naira notes constitute 99 percent of the target by the fraudsters, adding: “It is simple logic, the effort you put to counterfeit N1000 is the same effort you put to counterfeit N5. So, why will they waste their energy doing small note; they always target the higher note particularly N1000, because of values attached to it.”
I will always refer to the encounter I once had with Kenneth Idiodi. He was then the leader of the Rosicrucian Society in Nigeria, otherwise known as Amok. It was a sit-down at Zodiac Hotel Enugu. Then, I was the reporter of The Guardian in the Coal City.
You know the Amok faith bases its philosophy or belief on the law of Retributive Justice – the law of Karma. That is to say, everything you do in life has its rewards or punishment in equal measure – much like the measure you give, the measure you receive.
I don’t know how much this society draws or links this belief from or with the Bible, but I do recall Jesus Christ warning Simon Peter – return your sword to the scabbard – for he who kills by the sword, dies by the sword.
As a child growing up I listened to one of the epics of Oriental Brothers with the lyrics – ogbu mma ga-esi n’mma na, ogba egbe ga-esi n’egbe na ooo! Translated – he who kills by the sword will die by the sword, he who kills by the gun will die by the nozzle of the gun.
Now, here is where this is relevant in present Nigerian reality – the reason I’m putting details of that encounter out publicly once again, having done so previously.
During that encounter, Idiodi used one event in Nigeria to illustrate his point. He told me of a Nigerian leader who commanded the troop that carried out the Asaba massacre in the heat of the Nigerian civil war – an episode, said to have claimed over 2,000 able-bodied men who had come out to welcome the Nigerian soldiers with songs and dances only to fall in the hail of bullets that descended on them like rainstorms – was not spared by fate.
That commander was to meet his own death in a hail of bullets even as a Head of State. He never mentioned the name of the military top brass. But I used my tongue to count my teeth to come to the answer. You could also do same – use your tongue.
Now, how does this relate? You may have followed the outing of General Yakubu Gowon at the Bola Ahmed Tinubu International Conference Centre, Abuja, where he presented his autobiography titled: My Life of Duty and Allegiance, that contained what seemed his memoir on the Nigerian civil war, which he prosecuted as Head of State.
I’m sure you must have been observing the debate therefrom that event. Now, I’m not so much enamoured of the debate as I’m of the nuances surrounding that unfortunate episode and the role of Gowon in it, given my takeaway from that Idiodi encounter some two decades ago.
Does Gowon, now a nonagenarian really believe that presenting a pious, if not saintly account of himself to the world as snippets of his book, which I picked up here and there suggests, truly suffices for the atrocities of that period?
Take the Asaba massacre for example. Was that the handiwork of Odumegwu Ojukwu, the Biafran leader, whom the former Head of State seems to blame for everything that went wrong. Was he also the one that commanded that mass slaughtering of innocent men?
Under your nose as Head of State, you watched citizens slaughtered mercilessly like infested herds in the streets – you watched young girls corralled into leprosy colonies and wantonly raped before being wasted – you watched as train coaches bearing people fleeing the scene were stopped and their human cargoes thrown alive into River Benue like rotten goods for fishes to feast on – you watched all these and didn’t lift a finger.
Then as Head of State, you not only supervised but watched millions of children with distended stomachs, tiny feet, glazy eyes, heavy heads on ropelike necks, practically begging for death to come quickly and save them from further punishment.
You supervised and watched the cataclysmic eruptions from the blitzkrieg on churches, markets and hospitals – all to keep Nigeria together. In your mind the brutal and merciless butchery of innocent people who were not soldiers and had nothing to do with the war could be explained away just like that?
O! It was Ojukwu that caused it. Ojukwu was the one who released the bombs, caused the blockades that led to the kwashiorkor that killed millions or other atrocities thereof? What a pity!
Now, I return to Idiodi. How else could anyone interpret today’s Nigeria without introducing the law of retributive justice that the Amok leader spoke of? How do you fault the link of the commander who massacred over 2,000 souls dying by the barrel of the same gun, even as Head of State?
How could anyone fail to relate what is happening to our Gowon today with the past? This is a Geneal that wakes up to see hundreds of his brothers and sisters being buried in mass graves as was done during the onslaught he supervised against another people and he still thinks it has nothing to do with him?
Now, the story you told at that event in Abuja on Tuesday, is not new. You simply repeated yourself. My interpretation of that event is that you’re a man undergoing daily torture. You wouldn’t be a human being otherwise, given what is before you, which didn’t start today.
You’re probably trying to escape your fate by appealing to public sympathy. How helpful could that be in the face of the clear evidence of your culpability in the deliberate wasting of more than three million souls? Nobody would believe you.
Yes! They could humour you. But that’s the best anyone could do for you. I hear money rained like a fountain and that you left the scene with billions of naira in your kitty. At 90? Haba General!
Now, here is the thing General. None of these would help.
None would work. You have tried prayers. But you forget that the prayer of sinner is an abomination and a reproach before God, unless he repents. You have also written the book. Surely, this too would end up in the trashcan of history – meaningless piece of conjectures, propaganda, half-truths and outright lies – perhaps!
But, why don’t you try the one thing you have been running away from, for more than five decades – go on your knees in total supplication and surrender, repentance and penance – then rise, call all Nigerians and empty yourself with the truth.
Thereafter openly apologise to the millions of souls whose tormenting wailing you probably hear every day during your disturbed sleep and in your quiet moments, but choose to suppress with these baby tales. Ask them for forgiveness, genuinely and see. There may lie the answer you seek.
Try that and see if it wouldn’t be a more efficacious cure for this decades-old wound than this Ojukwu-bashing and those wasted prayer sessions. You might not only have atoned for the past, but saved the future. May God guide you.
My name is Sunny Igboanugo, I’m The Tiny Voice
“Now that the court has ruled against it, we are sure that, in the coming days, we will witness a mass exodus from the ruling party,” were the words with which the African Democratic Congress (ADC) welcomed Wednesday’s ruling of the Federal High Court, Abuja reversing the deadline for party primaries, among others.
Bolaji Abdullahi, spokesman, who conveyed the party’s excitement over the development, said it viewed the ruling as vindication of its objections to key aspects of the electoral body’s guidelines at the time they were issued.
Recalling its specific objections to the strict timelines on membership registration as well as the conduct of party primaries, the statement, said: “The decision of the court on these issues, including those that directly contradict the constitution, is therefore a welcome vindication of our position.”
Stressing that the ruling, which removed the impediment placed by the guidelines on politicians who wished to seek alternative platforms to contest elections, was a positive development that would promote freedom of association, the statement, added: “We believed at the time that that particular restriction was designed to prevent people from leaving the ruling party, APC.”
Secretary of State Marco Rubio warned Cuba on Thursday that the United States was laser-focused on changing the communist system, after the island was stunned by a US indictment of its former president Raul Castro.
The US military announced that the USS Nimitz aircraft carrier and its escort warships had entered the Caribbean, although President Donald Trump, asked if the deployment was meant to intimidate Cuba, said, “No, not at all.”
Rubio, a Cuban American and vociferous opponent of Havana’s government, described the island 90 miles (145 kilometres) from the US shore as a “failed state” as it suffers a major economic crisis.
“Their economic system doesn’t work. It’s broken, and you can’t fix it with the current political system that’s in place. What they’ve gotten used to all these years is just buying time and waiting us out.
“They’re not going to be able to wait us out or buy time. We’re very serious. We’re very focused. The US preference is always a diplomatic solution, but President Donald Trump has other options at his disposal.”
Stating that Cuba had tentatively accepted an offer by the United States of $100 million in aid in return for reforms, he said it was unclear if the United States would accept Cuba’s terms, as Washington insists on circumventing the military-backed conglomerate GAESA, which dominates the island’s economy.
Rubio said Thursday that the GAESA chief’s Florida-based sister, Adys Lastres Morera, had been arrested and was being held by US immigration authorities, adding in an X post: “Managing real estate assets…while also aiding Havana’s communist regime, until I terminated her permanent resident status.”
The charges against Raul Castro — younger brother of Fidel Castro, the late iconic US nemesis who led Cuba’s communist revolution that culminated in 1959 — stem from the deadly downing of two civilian planes manned by anti-Castro pilots in 1996.
Cuban authorities called on citizens to protest the “despicable” indictment, with the official newspaper Granma urging Cubans to gather outside the US embassy in Havana on Friday at 7:30 am (1230 GMT).
“This isn’t really an accusation, something from more than 30 years ago, but rather a public attack on a public figure,” Fabian Fernandez, a 30-year-old accountant, told AFP in Havana.
Trump in January seized on a US domestic indictment of Venezuela’s leftist leader Nicolas Maduro to send in US forces to depose him and take him into custody.
“The idea is to say, we can do to you what we did to Nicolas Maduro,” said Christopher Sabatini, senior fellow for Latin America at Chatham House.
The Maduro operation led to the end of free oil from Venezuela to Cuba, which relied on its ally for nearly half its needs.
Cubans have suffered power outages of up to 20 hours a day and taps running dry.
Runaway inflation has caused the price of basic goods to soar and mountains of trash have piled up on the streets of Havana.
In addition to murder, Castro has been charged with conspiracy to kill Americans and destruction of aircraft.
The Cuban government called the 1996 shootdown was “legitimate self-defense” against an airspace violation.
China and Russia both criticized Trump’s steps on Cuba, which come as he tries to end an unpopular war he started with Israel against Iran.
Chinese foreign ministry spokesman Guo Jiakun told a press briefing that Washington “should stop brandishing the sanctions stick and the judicial stick against Cuba and stop threatening force at every turn.”
In Moscow, Kremlin spokesman Dmitry Peskov said: “We believe that under no circumstances should such methods — which border on violence — be used against either former or current heads of state.
-
News3 weeks agoBREAKING: Makinde, Turaki, lose! *S’Court affirms Wike’s PDP leadership
-
News2 weeks agoTinubu to African leaders: Copy Nigeria, produce your way out of poverty
-
Features3 weeks agoJim Nwobodo: The Sun shines, thrills, at ‘The Vanguard Awards’
-
News4 days agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
News2 weeks agoWhy we pegged presidential ticket forms at N60million – NDC
-
News2 weeks agoGowon on civil war: My book is to put records straight, remove falsehood
-
News2 weeks agoBREAKING! Coast brightens for Obi, as NDC zones presidency to South
-
Columns2 days agoDear General Gowon: That apology you’re running from is your nemesis