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Nigeria to create digital currency — CBN

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Nigeria will soon create its digital currency, the Central Bank of Nigeria said as the bank continues to face questions over its ban on cryptocurrency transactions in the country.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said this while addressing journalists after a two-day meeting of the Monetary Policy Committee in Abuja.

He said the idea of a digital currency would soon become a reality in the country, and that the central bank has already set up its committee, which is working on the concept.

The MPC on Tuesday retained the Monetary Policy Rate (MPR) at 11.5 per cent, voted to maintain the asymmetric corridor of +100/-700 basis points around the MPR, retained the Cash Reserve Ratio at 27.5 per cent, and left the Liquidity Ratio at 30 per cent.

Mr Emefiele appealed to bandits and others involved in criminal activities across Nigeria to drop their arms and embrace the apex bank’s Anchor Borrowers’ Programme (ABP). He said those involved in criminality can be more productive by embracing the apex bank’s scheme.

“If you want an economy to grow, the level of insecurity must be low because if there is a high level of insecurity like what we see today, the economy will suffer,” Mr Emefiele said, adding that there is a connection between security and economic growth.

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“I, therefore, would like to appeal to our brothers, who decide that they want to live in bushes and forests, that they should please, begin to retreat, drop their arms and come and embrace the anchor borrowers’ programme,” he said.

“If they do so, it will help them; if they choose not to do so, they will be confronted by the security as this battle continues.

“I am optimistic before the end of the year that the security challenges confronting the country will substantially abate.”

Mr Emefiele said that “almost the whole of N300 billion has now been disbursed” from the bank’s facility designed to provide succor to households and SMEs affected by the harsh impact of the pandemic.

Nigeria exited recession in the last quarter of 2020, amid the disruption brought on the global economy by the coronavirus pandemic.

Mr Emefiele said that even though the economy had exited recession, economic recovery was still fragile. He explained that there was a need for monetary authorities to consolidate on all measures taken to tackle inflation and grow output.

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Commenting on the Creative Industry Financing Initiative, the CBN boss said the apex bank has disbursed N3.19 billion to 341 beneficiaries across movie production, movie distribution, music and software development.

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The CBN governor also explained the need for collaboration with Nigerians abroad, through the issuance of diaspora bonds targeted at sundry infrastructure projects.

Even though Nigeria’s public debt stock was currently high, he said the MPC opined that project-specific diaspora bond issues could conveniently pay itself back without imposing a burden on government fiscal position.

This, he said, will boost foreign exchange supply and ease exchange rate pressure.

Responding to questions about cryptocurrency, the CBN governor reiterated that it has no place in the Nigerian financial system.

When asked whether the CBN had been vindicated following the crash of cryptocurrency in recent weeks, Mr Emefiele said the CBN investigated and found out that a substantial percentage of Nigerians are involved in cryptocurrency.

“Don’t get me wrong, some may be legitimate but I dare say most are illegitimate and I will corroborate that,” he said.

“Under cryptocurrency and bitcoin, Nigeria comes second right? But in the global size of the economy, Nigeria comes 27th.

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“So do you think that there is some correlation? You think those countries whose economies are second and 26th will allow you to grow your cryptocurrency business to second position, if what is inside is a big deal that is going to profit everybody?” he asked.

Mr Emefiele spoke about the volatility of the cryptocurrency market, citing how Tesla boss, Elon Musk, tweeted that he was going to invest about $1.5 billion in crypto and the rates went to the highest roof.

“And he then tweeted again and raised a fee concerns and the thing plunged,” the CBN governor said.

“Elon Musk had himself decided that he will no longer deal in cryptos. And so if a man who felt it was good suddenly decides to say it’s no longer good and then you…don’t forget, those who invented crypto said it is encrypted.

“When they say it’s encrypted, it means that whatever is happening between me and you is only know to the two of us. And you know what? In case I defraud you because it is encrypted, you can’t even disclose my name and you can’t even get your money back.”

 

 

 

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Bauchi Gov Bala Mohammed dumps PDP for APM

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Governor Bala Mohammed of Bauchi state has resigned his membership of the Peoples Democratic Congress (PDP).

The governor announced his decision to join the Allied Peoples Movement (APM) during a stakeholders’ meeting on Saturday.

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I don’t reply when Obi’s supporters abuse me because I want peace —Amaechi

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Former governor of Rivers state and ex-minister of transportation, Rotimi Amaechi, has claimed that supporters of Peter Obi, the 2023 Labour Party (LP) presidential candidate, have “abused” him, but that he has refused to respond.

Amaechi spoke on Friday in Lagos at a town hall convened by his supporters under the aegis of the African Democratic Congress (ADC) progressive movement.

He said he has warned his supporters to argue with facts instead of engaging in online abuse of party chieftains or political opponents.

“My people don’t fight. Have you seen any Amaechi person fighting on social media? It is between Atiku people and the Obi people. And Obi people are abusing me; we never reply,” he said, according to a video posted on X by CRA27 Advocacy, his campaign network.

“It’s not because we don’t know English or we cannot reply. The reason we don’t reply is that we always want peace.”

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He said his camp avoids verbal attacks to keep the opposition united ahead of the elections.

“There are things you say when you want to win, because it becomes difficult to bring everybody together. Because we know we will win, we’re not abusing everybody, so we can bring everyone together. I’m careful what I say,” he said.

“My team is under permanent instruction: don’t abuse anybody in ADC. Even Mr President — don’t abuse the president, show the facts.”

Amaechi, who contested for the presidency in 2023 on the platform of the All Progressives Congress (APC), but came second in the primary won by President Bola Tinubu, officially joined the ADC on March 6 and is seeking the party’s 2027 presidential ticket alongside Obi and former Vice-President Atiku Abubakar.

At the Lagos event, Amaechi reiterated his ambition, urging Nigerians to assess his record against that of Obi and the former vice-president.

“Compare me to Peter Obi — we were governors at the same time. If he’s a better governor, please choose him. Although the former vice-president was not a governor, he was once a vice-president. Compare my role as governor, as minister, with the role he played as vice-president. If he’s a better person, please choose him,” he said.

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He added that he played more roles in public service than the other ADC figures, citing his hands-on approach to infrastructure projects.

“When you are sleeping, I’m running on this track, coming back to Lagos by 2 a.m. As minister, from Ibadan, making sure this job was completed on time — I wasn’t sitting in my office writing or reading memos. I made sure that either once or twice a month, I’m on this track. When we were building Kaduna–Kano, the same thing,” he said.

Amaechi described himself as a “practical man” who understands realities on the ground.

“I’m young. I’m on the street. I know what the problems are. As a minister, as a former governor, I eat in the same restaurants people eat. I don’t go to all these big men’s restaurants because they don’t give me the kind of food I ate when I was small,” he said.

He urged supporters of Obi and Atiku to close ranks, warning that internal divisions could weaken the opposition.

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“If you cause this kind of friction, it will be difficult to come together to defeat Tinubu. Focus on defeating Tinubu. On the day of the primary, go and vote for your own candidate, so that when your candidate wins, you’ll be able to bring everybody together,” he said.

Amaechi added that political leaders are influenced by their supporters, warning that persistent hostility could undermine future cooperation within the party.

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Former Adamawa APC governorship candidate, Binani dumps ADC for NDC

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Nine months after leaving the All Progressives Congress (APC) to join the African Democratic Congress (ADC, Aisha ‘Binani’ Dahiru, who was the 2023 governorship candidate of the APC in Adamawa state, has defected to the Nigeria Democratic Congress (NDC).

The move, which was announced on Friday, comes exactly nine months after she left the APC for the ADC.

Binani was presented with her NDC membership card at a ceremony where Seriake Dickson, the party’s national leader, welcomed her and announced her as the head of the NDC in Adamawa, pending internal democratic processes.

Speaking at the event, the former governorship candidate said she was drawn to the NDC after a careful study of its constitution.

According to her, the NDC constitution demonstrates “a strong commitment to structured, policy-driven governance.”

“Some may point out that just nine months ago, I was at another party. Let me say clearly that I will never condemn where I came from,” she said.

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“Politics is dynamic and often local in nature, and decisions are made based on prevailing realities.”

Binani said she was encouraged by her supporters to move to the NDC.

“About nine months ago, we collectively made the decision to join our former party. But over time, for reasons best known to them, my supporters felt it was necessary to move on. They took the initiative and urged me to join the NDC,” she said.

According to her, loyalists had already built significant inroads into the NDC before her formal declaration, resulting in Adamawa recording the highest number of registered members in the party.

“I always say that no individual can succeed in politics alone. It is the supporters who drive the process, build the foundation, and sustain the journey,” she added.

She expressed gratitude to the NDC’s national working committee (NWC) for the warm reception and called for “fairness, equity, justice, transparency, and, most importantly, the strengthening of internal democracy” within the party.

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While welcoming Binani and her supporters, Dickson, described the party as an inclusive platform ready to accommodate new entrants and expand its base.

“This party is open, inclusive, and ready to harness your energy, ideas, and strength. My dear sister, once again, you are welcome,” the former governor of Bayelsa said.

“As the chairman has rightly said, the flag of leadership of the NDC in Adamawa has now been handed over to you.

“We are confident that when the party’s democratic processes are concluded, we will gather again in Adamawa to formally engage with the good people of the state and to continue building this movement together.”

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