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CBN spends N800bn to produce, destroy naira notes annually

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The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually.

Ahmad, who revealed this during her appearance before the House of Representatives to defend CBN’s new cash withdrawal limits policy, attributed over 90 per cent of currency management costs to banknote production.

Findings indicate that the apex bank spends about N150bn on the management of the naira annually, which has now increased by N10bn, as declared by Ahmad in her presentation, obtained by one of our correspondents on Friday.

A former CBN deputy governor, Dr Kingsley Moghalu, had earlier disclosed that the apex bank spends about N150bn annually to maintain the naira.

He stated that the amount was used to produce, store, transport, protect and destroy the naira notes every year.

Going by Ahmad’s diclosure of N10bn increase, the apex bank has spent N800bn between 2017 and 2021 on the production, storage, transportation and destruction of the currency.

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In her presentation, Ahmad said currency management was a key function of the apex bank as enshrined in Section 2(b) of the CBN Act, 2007, noting that the integrity of the currency and efficient supply of banknotes were indicators of a performing central bank, especially in predominantly cash-based economies such as Nigeria.

The deputy governor highlighted the various challenges facing currency management, which had affected the ability of the CBN to efficiently carry out its mandate of issuing legal tenders.

She stated, “The challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness, if left unaddressed. These challenges include wholesale hoarding of naira banknotes by members of the public.

“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening shortage of fit banknotes in circulation. This portends negative public perception of the bank and increasing threat to financial system stability.

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“High and increasing cost borne by the bank: A review of the cost of currency management from 2017 to 2021 indicated an average increase of over N10bn per annum and over 90 per cent of currency management costs are attributed to banknote production. This affects the CBN and other participants in Nigeria’s currency management sector (banknote production, storage processing, distribution activities and banknote destruction).”

Ahmad also noted that the high risk of counterfeiting evidenced by reports from security agencies on the rise of counterfeit-related incidents in some states, including the Federal Capital Territory, was another challenge.

This, she added, had adverse implications for businesses and the economy at large.

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UK unveils programme for Tinubu’s state visit

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The United Kingdom government has unveiled the programme for the state visit of President Bola Tinubu, scheduled to take place from March 17 to 19. 

According to the itinerary, the visit will be hosted at Windsor Castle and will include bilateral meetings, ceremonial events and engagements with members of the Nigerian diaspora.

Preparations for the visit are scheduled for March 17, with security sweeps, road closures and procession rehearsals taking place ahead of the president’s arrival.

Tinubu will officially arrive the UK on March 18 and will be received by Prince William and Catherine, Princess of Wales.

A ceremonial welcome will follow on Datchet road, including the playing of national anthems and a guard inspection.

The president will then proceed in a carriage procession to Windsor Castle, where he will be received by King Charles III and Queen Camilla.

The schedule also includes a formal reception, a 21-gun salute and a state luncheon at St George’s Hall.

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Later in the day, Tinubu is expected to hold bilateral meetings with UK officials focusing on trade, security, migration and port development.

The day will conclude with a cultural exchange event showcasing Nigerian artefacts, followed by a state banquet hosted at Windsor Castle.

On March 19, the Nigerian president will hold a private breakfast with the king and queen before departing for London.

While in London, Tinubu is expected to lay a wreath at the The Cenotaph in Westminster.

He will also meet with Keir Starmer, UK prime minister, at 10 Downing Street, for bilateral discussions and a woking lunch.

Other engagements include a meeting with members of the Nigerian diaspora and the signing of bilateral agreements at Buckingham Palace.

The visit will conclude with Tinubu’s departure from RAF Northolt for Nigeria.

The trip marks Nigeria’s first full state visit to the UK in 57 years.

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Four dead, many injured as truck runs into fully-loaded commercial bus in Lagos

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Four passengers have died while many others are seriously injured following a road accident involving a truck and a commercial mini bus along the Lekki–Epe expressway.

The Lagos State Traffic Management Authority (LASTMA) said the accident occurred “over the weekend” opposite Beechwood in Shapati, inward Ajah.

In a statement issued by Adebayo Taofiq, spokesperson of the agency, the traffic agency said the crash involved a HOWO truck with registration number KNN 313 YL and a Suzuki commercial mini bus popularly known as ‘korope’.

According to the agency, preliminary findings indicated that the driver of the truck lost control of the vehicle which then veered across the road, crashing into the oncoming commercial bus conveying passengers.

LASTMA said the impact of the collision killed four male passengers instantly, while four other occupants — two males and two females — sustained severe injuries after getting trapped in the wreckage.

The agency said its personnel arrived at the scene promptly and rescued the injured victims from the mangled vehicle with the support of other emergency responders and passersby.

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The injured passengers were taken to Hamon Royal Hospital for medical treatment, while the bodies of the deceased were deposited at the Shency Hospital morgue by an ambulance belonging to the Federal Road Safety Corps.

Officers of the Nigeria police force attached to the Elemoro police division also secured the accident scene and managed traffic during the rescue operation.

LASTMA added that the driver of the truck and his motorboy fled the scene after the crash.

Olalekan Bakare-Oki, general manager of LASTMA, expressed condolences to the families of the victims and wished the injured speedy recovery.

He also urged motorists, particularly drivers of articulated vehicles, to adhere to traffic safety regulations and exercise caution to prevent road accidents.

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ADC faction fixes April 3 for national convention

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A faction of the African Democratic Congress (ADC) has announced April 3 to 5 as the date for the election of new members of the national working committee (NWC).

In a statement issued on Sunday, the ADC faction said party executives at the ward, LGA, state, and national congresses will be elected through consensus.

In a timetable outlining activities leading up to the national convention, the party said ward congresses will take place on March 19, followed by LGA congresses on March 24, and state congresses on March 28.

The group said the decision was taken to promote unity, inclusivity, and internal cohesion.

“This decision is taken in accordance with the party’s constitution and the Electoral Act 2026 (as amended), in furtherance of its commitment to promoting unity, cohesion, and inclusiveness within the party,” the statement reads.

“The BOT/NWC believes that the consensus approach will foster greater cooperation, understanding, and collective leadership, ultimately strengthening the party’s ability to achieve its goals and objectives.”

The ADC faction also announced the commencement of a membership registration exercise for new members, which will run from March 14 to 25.

The party said new members are expected to register at their respective ward offices and obtain membership cards through the party’s continuous membership registration committee (CMRC).

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“This exercise is strictly for new members; existing members are not required to renew their membership at this time,” the party said.

The group said issues arising from the various congresses would be addressed accordingly, with petitions from the national convention expected to be resolved between April 6 and 10.

The party faction distanced itself from the ongoing electronic membership mobilisation, registration, and revalidation exercise being conducted by the ADC coalition led by David Mark

The group said the exercise does not follow the procedures outlined in the party’s constitution, adding that the official online membership registration portal would be released later through the party’s authorised channels.

The statement was jointly signed by Nafi’u Bala, the factional national chairman, and Rufus Ikanmi, secretary of the board of trustees (BOT).

The ADC coalition, led by Mark, had earlier  scheduled April 14 for the election of the party’s national officers. 

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