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Emefiele Insists on February 10 Deadline for Phasing Out of Old Naira Notes
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday, insisted that the February 10 deadline for the circulation of the old Naira naira notes stands.
The Governor of the Apex bank who disclosed this while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja said the commencement of over-the-counter payments to complement ATM disbursements has gradually eased the tension from Nigerians.
Speaking at the press conference, he said, “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. There is, therefore, no need to consider any shift from the deadline of February 10.”
The clarification is coming on the heels of confusion over the supreme court order which extended the deadline to February 15, pending the hearing by the court.
Nigerians were thrown into confusion as commercial banks refused to take the old notes at their branches on Monday.
Reacting to the development, Emefiele said the apex bank acknowledges the suffering of Nigerians, noting that effective implementation of the policy could scrap 4% of the inflation numbers.
He further explained that the optimal volume of cash in circulation should be around N700 billion.
Speaking further, he said, “Some of our leaders are buying the new notes and storing them for whatever purpose and I will not expand further on that.”
“Even if we say N1trillion should be in circulation, we cannot refloat N3.7trillion into circulation.”
Independent
A magistrates’ court sitting in Ado-Ekiti, the Ekiti State capital, has granted N30 million bail to embattled lawyer and human rights activist Dele Farotimi.
At the hearing of the bail application on Friday, Magistrate Abayomi Adeosun ruled in favour of Farotimi’s bail request.
The magistrate stipulated that the bail conditions included two responsible sureties and required Farotimi to surrender his international passport to the court. Additionally, he was instructed not to grant media interviews while the case was ongoing.
The Ekiti Police Command had arraigned Farotimi following a petition from an elder statesman and Senior Advocate of Nigeria, Afe Babalola, who accused the activist of criminally defaming him in his recently-released book.
The Ooni of Ife, Oba Adeyeye Ogunwusi, has commiserated with the families whose children died in the stampede during a funfair in Ibadan, the Oyo State capital, on Wednesday.
“We share in the grief and pains that have engulfed the affected families. We pray that Olodumare grants them the fortitude to bear this trying time,” the monarch’s spokesman Moses Olafare said in a statement on Thursday.
At least 35 persons have been confirmed dead in a stampede that occurred at the Islamic High School, Basorun, Ibadan venue of the family event organised by Wings Foundation owned by a former queen at the Ooni’s Palace, Naomi Ogunseyi.
The police have arrested the ex-wife of the monarch and seven others for their various involvements in the funfair.
The police said the case has been transferred to the Homicide Section of the State Criminal Investigation Department, Iyaganku with a Deputy Commissioner of Police in charge leading the investigation.
Ooni’s spokesman expressed sympathy with the Government of Oyo State and the families of the children whose lives were lost in the tragedy.
The Palace also showed solidarity with the ex-queen, saying she genuinely cared for children and organised similar events in Osun State when she was queen.
The Palace spokesman said, “While at the Ile Oodua here as a queen, Miss Naomi Silekuola Ogunseyi demonstrated love and care to the children of Ile-Ife through similar events which she executed passionately to give succour to children of indigent parents every December period like this.
“The House of Oduduwa pledges to support all efforts aimed at bringing solace and healing to those affected by this devastating loss.
“The House of Oduduwa calls for immediate actions to prevent such unfortunate incidents in the future, emphasizing the need for rigorous adherence to safety standards and child welfare policies in educational institutions.”
“While the situation calls for solemn reflection and collective responsibility, we would want to express dismay at the unprofessional conduct of some bloggers who have chosen to sensationalize the tragic incident rather than uphold journalistic integrity.
“The House of Oduduwa encourages all stakeholders, from government officials to the media and citizens, to unite in compassion and constructive dialogue. Let us honour the memories of the departed by fostering a culture of care, respect, and accountability in our communities,” the statement added.
The National Inland Waterways Authority (NIWA) has issued a safety and security alert, urging Nigerians to prioritize safety while using the country’s inland waterways during the festive season. In a statement released by NIWA management, the Authority highlighted the importance of adhering to the Transportation Code, 2023, which has been gazetted and will be strictly enforced to ensure safe water transportation.
NIWA emphasized the need for boat operators and passengers to strictly follow safety measures to prevent avoidable accidents. Among the guidelines outlined, boat operators have been directed to avoid overloading their boats beyond approved limits and are required to provide lifejackets to passengers free of charge. Furthermore, the Authority banned the consumption of alcohol and other prohibited substances before or during boat rides.
The statement also made it mandatory for passenger manifests to be properly filled and confirmed before departure, while a compulsory safety talk must be conducted before setting sail. NIWA stressed that boat operations must not extend beyond 6:00 PM, and passengers are strongly advised against traveling on waterways at night.
In addition, NIWA warned against any activities that could destabilize boats while in motion and mandated all passengers to wear lifejackets while onboard. Assaulting or attacking NIWA officers or Water Marshals while they are performing their duties was also declared a punishable offense.
To ensure swift emergency responses, NIWA has placed its operational bases on high alert and has made emergency response lines 07039748740 and 08059543364 available to the public.
The Authority urged Nigerians to strictly comply with these safety regulations to prevent avoidable tragedies during the festive season. NIWA reiterated its commitment to maintaining safe and secure inland waterways for all users.
