Headlines
Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2019/04/43690aeb-zainab-ahmed-800x600.jpg&description=Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2019/04/43690aeb-zainab-ahmed-800x600.jpg&description=Naira Redesign: Finance Ministry Warns CBN of Consequence, Denies Knowledge of Project', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has dissociated herself from the Naira redesign policy fixed for December 15, 2022 by the Central Bank of Nigeria.
The Minister, who commented on the policy in response to question raised by Senators during the 2023 budget defence session she had with the Senate Committee on Finance, chaired by Senator Solomon Olamilekan, warned the CBN of consequences that may arise from the policy.
The Senate had told the Finance Minister that barely two days after announcement of the policy by the CBN, the negative effect was already being experienced in the country’s forex.
The Senate noted that just two days after announcement of the policy, value of the Naira to a US dollar has risen from N740 to N788 due to rush in exchange of stashed Naira Notes for foreign currencies, particularly the dollar.
The senators added that the policy may be a well-conceived one, but the timing, going by realities on the ground, is very wrong as the naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy.
In her response, Ahmed said she and her Ministry were not aware of the policy but only heard of it from the media.
She said, “Distinguished Senators, we were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However, as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on value of naira to other foreign currencies.
“I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
The CBN Governor, Godwin Emefiele, had on Wednesday said that the apex bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes.
He said the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
The planned policy, he added, was in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the Management of the CBN sought and obtained the approval of the President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.
Headlines
Atiku Condemns Judgment Nullifying Mark’s ADC Leadership, Says the Panic is Real
The Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has condemned Thursday’s court judgment purporting to remove Senator David Mark’s leadership of the party, describing it as a calculated attempt to weaken the ADC and frustrate his candidacy.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku said the timing of the judgment was telling. It came barely a day after a mammoth crowd turned out in Sokoto to welcome him and attend the launch of the ADC campaign.
“The people of Sokoto came out in their thousands because they are hungry for change and believe in our promise to make life affordable again. What we witnessed in Sokoto is only the beginning. The people of Kebbi will have their say, and so will Nigerians across the country as our campaign moves forward.
“My roots are in Northern Nigeria, but my candidacy belongs to all Nigerians. There is a difference between being from the North and being a candidate only for the North. Hunger and hardship do not respect regional boundaries. Nigerians across the country are suffering under this government, and they deserve a leader with a credible plan to make life affordable again.
“The timing of this judgment is no coincidence. It is part of a strategy to weaken my support in the North and frustrate a campaign whose message is resonating across the country. But the ruling party’s greatest miscalculation is to assume that my support ends in the North. What we saw in Sokoto, what we will see in Kebbi and across the country, is the strength of a national movement.”
Atiku said the judgment also raises serious legal concerns.
“Justice Musa Liman of the same Federal High Court had already dismissed the challenge to the David Mark-led leadership in Suit No. FHC/ABJ/CS/1637/2025. The court upheld the defendants’ objections on jurisdiction, standing and the failure to exhaust internal party remedies, and resolved the substantive issues in their favour. Why, after that judgment, was another case filed to reopen the same dispute? This is a calculated attempt to circumvent a subsisting judgment. We will challenge this judicial manoeuvre at the Court of Appeal.”
Atiku urged ADC supporters to remain calm and law-abiding and not to let the judgment weaken the momentum generated in Sokoto. The campaign train is already in Kebbi and will continue across the country.
“Our journey to rescue Nigeria from the hardship imposed by the APC government is a long one. Our Affordable Life campaign will continue because Nigerians deserve relief from this crushing cost-of-living crisis. We urge our supporters to remain resolute, take our message from house to house and door to door, and stay peaceful and focused. There is no shaking.”
Headlines
Tinubu Seeks Senate Approval for $7.7bn External Borrowing
President Bola Tinubu has requested the Senate to approve the implementation of an external borrowing plan of $7.7 billion.
At an exchange rate of N1,400 to the dollar, the money amounts to about N10.79 trillion
The President said the funds are to part-finance the N20.2 trillion budget deficit.
The new request, according to the Senate President, replaces the $20.52 billion loan request presented last week.
The request has been referred to the Committee on Local and Foreign Debts for further legislative action.
Headlines
Flamingos Beat Brazil 3-1 to Reach First U-17 W’Cup Final
Nigeria’s Flamingos have made history by reaching their first FIFA U-17 Women’s World Cup final, following a commanding 3-1 win over Brazil in their semi-final encounter in Morocco.
After a goalless first half, the Nigerians stepped up after the break, scoring three times to put the contest beyond Brazil before conceding a late consolation goal.
Queen Joseph broke the deadlock in the 56th minute, turning home Oluwakemi Adegubyi’s assist to put the Flamingos ahead.
Nigeria doubled their lead in the 71st minute through Awawu Bashiru, who finished off a pass from Joseph, before completing her brace nine minutes later. This time, Bashiru converted Oluebube Umejiaku’s delivery to give the Flamingos a commanding 3-0 advantage.
Brazil managed to reduce the deficit in the 89th minute through Greise Kelly, who was set up by Yasmin Queiroz, but the late strike did little to change the outcome as Nigeria held on for a memorable victory.
The result takes the Flamingos into their maiden final at the tournament, where they will face Japan, who defeated defending champions North Korea in the other semi-final.
Nigeria’s qualification for the final represents a remarkable recovery after their campaign began with a 2-1 defeat to Poland. They bounced back with a 2-0 win over Puerto Rico, courtesy of goals from Oluwakemi Adegubyi and Precious Oscar, before producing one of their most impressive performances to defeat North Korea 3-1.
That victory was particularly significant, as it ended North Korea’s 18-match unbeaten run in regulation time at the competition. Adegubyi, Umejiaku and Kanyinsola Rodiat Yusuf were on target for Nigeria.
The Flamingos finished second in Group B with six points, having scored six goals and conceded four in three matches, before stepping up their campaign in the knockout rounds.
They began their journey through the last 16 with a 2-1 victory over Mexico. Umejiaku and Mary Dunstan scored in either half, while Emily Delgado’s late effort proved insufficient to prevent the Mexicans from exiting the competition.
Nigeria then secured a place in the semi-finals with a hard-fought 1-0 win over Venezuela. Azeezat Oduntan converted an 89th-minute penalty to settle the quarter-final and set up the last-four meeting with Brazil.
The achievement takes the team beyond their previous best finish at the tournament — third place in 2022 — when they defeated Germany on penalties to claim the bronze medal.
The Flamingos had also arrived in Morocco in impressive form, having swept to the WAFU B U-17 title with a perfect record of five wins from five matches. They scored 17 goals and conceded just once during the regional competition.
Now, with Brazil behind them and Japan standing between them and the title, the Flamingos have an opportunity to crown their historic campaign with Nigeria’s first U-17 Women’s World Cup trophy.






