Headlines
Naira Scarcity: Sokoto, Zamfara, Katsina Border Residents Trade in CFA
Residents of border communities in states including Sokoto, Zamfara, Katsina, Adamawa and Kwara have opted for the CFA franc following the scarcity of the new naira notes across the country.
The residents, including traders and commercial drivers, are also rejecting the old naira notes, insisting that customers who do not have the new redesigned currency must pay for goods and services with CFAs.
The CFA franc is the legal tender in eight West African countries of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union, otherwise known as the Union Économique et Monétaire Ouest Africaine.
Findings by The PUNCH indicated that businessmen and traders in the Zurmi and Shinkafi local government areas of Zamfara State, which border the Niger Republic, prefer the franc to the naira.
Investigation revealed that traders in the two LGAs had been selling their commodities in CFA due to fear that they might not get the new naira notes.
A cattle dealer, Musa Shehu, said he stopped receiving the Nigerian currency since the Central Bank of Nigeria announced the deadline for the swap of the N1,000, N500 and N200 notes.
He stated, “I have since stopped receiving the old naira notes because I don’t have an account and I can’t go to the bank.”
A trader in Shinkafi town, who shuttles between Nigeria and Niger Republic, explained that most of his customers paid with the CFA.
“I cannot collect old naira notes and give out my commodities to any customer. But I will collect new naira notes and CFA because I am afraid of losing my money if the time for the exchange expires,’’ the trader, who spoke on condition of anonymity, said.
A grain seller in Dada village in Zurmi Local Government, Muhammadu Isa, disclosed that he stopped selling grains in the Nigerian currency after the CBN’s policy on new naira notes was unveiled.
He said that he sold only to those who possessed CFAs to avoid losing money as ‘’my father did in 1983 when the naira notes were hurriedly changed by the then Major General Muhammadu Buhari regime.’’
Isa explained that his late father lost all his money when Buhari changed the national currency in 1983.
The grain trader insisted that he would not accept the old naira notes as there was no bank or Point of Service terminal in his community where he could withdraw the new currencies.
“You see since our people and those from the Niger Republic are coming to buy the grains with the CFA, I see no reason why I should collect old naira notes. If anybody wants to buy grains from me, he must pay in CFA or forget it. I will not collect old naira notes because I don’t know what to do with them after the expiration of the deadline,” he noted.
In a related development, commercial drivers who ply the Niger Republic from Zurmi and Shinkafi LGAs have also stopped collecting the old notes.
They justified their decision with the argument that the CFA was the only legal tender accepted by the people along the Nigeria-Niger borders.
A driver, Alhaji Hamisu, stated that passengers had to pay in CFA if they wanted to travel to the Niger Republic or return to Nigeria ‘’because the old naira notes are unacceptable as legal tender.’’
Hamisu said, “I have on several occasions refused to collect the old naira notes from my passengers because I have no time to go to the bank or PoS to get the new notes.
“Another problem is that you can’t buy fuel with the old naira notes in Niger republic; as such, no commercial driver on cross-border journeys will agree to take the old notes from passengers.
“I was almost stranded in Malbaza town in Niger Republic when I wanted to buy fuel with the old naira notes because we have been doing so before the change of the Nigerian currency.
“I went to the filling station as usual and bought 30 litres of fuel and brought out the old notes but the fuel attendant told me that he would not accept the notes.
“I pleaded with him but he was not ready to collect the money from me. I was lucky as one of the commercial drivers, who is also my friend, came to buy fuel and he had enough CFAs. I bought the CFA from him and settled the fuel attendant.”
The Punch
Justice Joyce Abdulmalik of the Federal High Court sitting in Abuja has granted bail to the former Attorney General of the Federation Abubakar Malami, his son Abdulaziz Malami, and his wife Asabe Bashir in the sum of N200 million each and two sureties in like sum.
As part of the bail conditions, one of the sureties is to deposit title deeds of properties in highbrow Maitama or Asokoro.
The defendants have been ordered to deposit their international passports with the court.
They are to remain in the custody of the Nigerian correctional service pending perfection of their bail conditions.
Justice Abdulmalik subsequently adjourned the matter until March 16 for the commencement of the trial.
Headlines
Israeli Ambassador Accuses Iran of Spreading Terror, Sponsoring Extremist Activities in Nigeria
Israeli Ambassador to Nigeria, Michael Freeman, has accused Iran of sponsoring extremist activities in Nigeria and other parts of the world, alleging that Tehran supports groups aimed at destabilising countries while pursuing its hostility against Israel.
Freeman made the remarks on Friday while speaking during an interview on The Morning Show on Arise News.
The envoy claimed that Iran is the only country within the United Nations that openly expresses a desire to destroy another sovereign state, referring to repeated threats against Israel.
According to him, the Iranian government has, over several decades, supported militant groups and terror organisations around the world in pursuit of that objective.
Freeman alleged that Iran has backed groups such as Hamas and Hezbollah, adding that Tehran was also behind the October 7 attack carried out by Hamas against Israel.
He further claimed that Iranian activities aimed at spreading instability have been observed across several regions, including Europe, Australia, and parts of Africa.
Speaking specifically about Nigeria, the Israeli ambassador alleged that the Islamic Movement of Nigeria receives backing from the Iranian government.
According to Freeman, statements of support from Iran’s leadership, including posts by Ali Khamenei on social media, have openly indicated such ties.
He said: “The issue here is about Iran. Iran is the only country in the world, in the United Nations, who expressly desires to wipe another country off the face of the earth. Iran has stated its very policy is to destroy Israel. Is to wipe Israel off the map is to make sure they kill every single person and no regime, no country that has an express desire to destroy Israel, and it’s not only an expressed desire.
“We’ve seen over 47 years, they’ve taken all the actions they can in order for that to happen. We’ve seen them sponsor terror organizations. They were behind October the seventh massacre of Hamas. We’ve seen them sponsoring Hezbollah. We’ve seen them acting in Europe. We’ve seen them acting in Australia. We’ve seen them acting in Nigeria.
“We’ve seen these people acting all across the world in order to spread disturbance for them to try and carry out their aim of destroying Israel, and Israel will not allow another country to have nuclear weapons when they’ve expressly stated they want those weapons to destroy Israel”.
“I think that it is well documented. We know that there are certain movements, for example, the Islamic movement of Nigeria is sponsored and is backed by the Iranian regime. This is not me saying this, we’ve seen that documented by the Iranian regime.
“The Supreme Leader posted on X his support and his backing there. So that’s very open. And there are other areas as well that Iran is working for, destabilizing, not only Nigeria, but all of West Africa.”
No fewer than 140 persons are missing after an Iranian navy ship sank off the coast of Sri Lanka. The Sri Lankan navy says around 180 people were on board, with 32 rescued.
A spokesperson told the BBC the cause of the sinking was not known. But US Defence Secretary (Secretary of War) said that the US submarine sank Iranian warship with torpedo in Indian Ocean.
Hegseth says that in the Indian Ocean, the US sank “an Iranian warship that thought it was safe in international waters”.
“Instead it was sunk by a torpedo,” he says.
Hegseth did not name the Iranian ship that was attacked.
But earlier, the Sri Lankan navy reported the IRIS Dena went down in the Indian Ocean, with around 140 people on board missing.
Hegseth says “more waves” are coming
This “was never meant to be a fair fight, and it’s not a fair fight”, says Hegseth, adding that the US was punching Iran “while they’re down”.
“More and larger waves are coming, we are just getting started,” he said
Hegseth says Iranian regime are “toast”
Hegseth said the results over the past four days had been “incredible, historic really”.
“They are toast, and they know it,” he said referring to the Iranian regime.
He added that US forces had begun to “hunt, dismantle, demoralise, destroy and defeat” the regime’s capabilities.
He said that Iranian leaders would be looking up and seeing only “US and Israeli air power” until US and Israel decided the war was over.
“America is winning,’” says Hegseth
US Secretary of Defense Pete Hegseth said “America is winning, decisively, devastatingly and without mercy.”
“We are only four days in”, he said, but “as Trump has said” the US “will take all the time we need” to make sure the operation is a success.
BBC
