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Banks will accept old Naira notes after deadline, says Emefiele

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Banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said.

Recall that the apex bank recently extended the deadline for the swap of the newly-designed N1,000, N500, and N200 notes following an outcry from Nigerians.

But while appearing before the House of Representatives committee on the new naira redesign and swap policy Tuesday, the CBN chief said banks will still accept the old notes after the deadline.

He said subject to Section 20, Subsection 3 of the CBN Act 2007 and even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes.

The CBN chief who had earlier failed to honour the House’s invitations explained to the lawmakers that he was out of the country.

On the redesign of the naira, he said CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation.

READ  Stock market jumps to 15-year high after Emefiele’s suspension

Emefiele said in 2015, N1.4 trillion was in circulation, and by last year it had risen to N3.33 trillion.

He explained that the reason for directing banks to ensure only ATM withdrawals was to limit the daily withdrawal of individuals.

The CBN boss decried the trend of the new notes being sighted at parties and stated he was in meetings with commercial banks to mitigate it.

He agreed that the policies would hurt some persons but claimed it was in the interest of the country especially in combating insecurity.

He, therefore, appealed to lawmakers to allow the programme to succeed.

Emefiele had failed to appear before the lawmakers despite initial requests detailing in a series of letters that he was in the United States on an important assignment.

The Speaker of the House of Representatives, Femi Gbajabiamila, would go on to state that he would not hesitate to ask the Inspector General of Police, Usman Baba Alkali, to issue an arrest warrant on  Emiefele to compel him to appear before the House.

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In  November, the apex bank fixed the 31 January deadline for the usage of the old notes.

However, the scarcity of the new notes forced the House to set up an ad-hoc committee to resolve the difficulties between the CBN and commercial banks, despite the insistence of Emefiele that many of the banks were hoarding the notes.

 

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VIDEO: Dana Air plane crash-lands at Lagos airport

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On Tuesday, a Dana Air plane veered off the Lagos airport runway, leading to the diversion of other flights to the international airport.

 

Confirming the development in a statement, Dana Air said the runway incursion involved one of its aircraft with registration number 5N BKI.

 

The airline said the aircraft which flew from Abuja to Lagos, had all passengers and crew safe from any casualty.

 

“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism,” Dana Air said.

 

“We have also updated the AIB and NCAA on the incident and the aircraft involved has been grounded by our maintenance team for further investigation.

 

“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”

READ  Naira redesign: CBN replies finance minister, says it followed due process

 

The airline also reassured that passengers’ safety will always be the company’s priority, adding that the management is cooperating fully with the relevant authorities to investigate the circumstances surrounding the incident.

 

X user, BelemaMhart — who boarded another airline — said their plane was diverted just as they were about to land due to the Dana Air incident.

“We were about to land in Lagos and the pilot announced, he had to land at international and Taxi to local airport,” BelemaMhart said.

 

“On getting here, we learnt Dana Air had issues on landing, that was the reason our pilot was asked to land at the international airport.”

 

Six months before this incident, the aircraft engine of a Dana Air plane reportedly exploded shortly before take-off from Lagos.

However, in a statement by the company, Dana Air denied the explosion, saying its aircraft only experienced “some operational challenges” leading to “non-scheduled maintenance”.

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Also, in July 2022, the Nigerian Civil Aviation Authority (NCAA) suspended Dana Air for multiple regulatory infractions.

 

The authority said it suspended the operating licences of the company after “discovering that the airline is no longer in a position to meet its financial obligations and to conduct safe flight operations”.

 

Dana Air resumed flight operations five months after the suspension.

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Tinubu to depart Abuja for official visit to The Netherlands today

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President Bola Tinubu will depart Abuja, the nation’s capital, on Tuesday for the Kingdom of The Netherlands on an official visit.

Ajuri Ngelale, presidential spokesperson, said in a statement on Monday, that Tinubu is visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

 

He added that the president will engage in “high-level discussions with the Prime Minister, as well as hold separate meetings with His Royal Majesty, King Willem-Alexander and Queen Maxima of the Kingdom”.

“The Queen is the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA),” the statement reads.

“While in the Netherlands, the President will participate in the Nigerian-Dutch Business and Investment Forum that will bring together heads of conglomerates and organizations in both countries to explore opportunities for collaboration and partnerships, especially in agriculture and water management towards innovative solutions for sustainable farming practices.

“There will also be extensive discussions with the Dutch officials on port management operations for which they have world-renowned expertise.

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“After his engagements in the Netherlands, the President will proceed to attend a special World Economic Forum (WEF) meeting scheduled for April 28-29 in Riyadh, Saudi Arabia.

 

“At the World Economic Forum meeting, which focuses on Global Collaboration, Growth and Energy for Development, President Tinubu and his entourage will use the opportunity of the gathering of over 1,000 leaders from business, government, and academia to engage in discussions in furtherance of his Renewed Hope Agenda for the country.”

 

Ngelale said Tinubu will be accompanied by some ministers and other senior government officials on the trip.

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State police will curb commercial kidnapping, it’s non-negotiable — Jonathan

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Former President Goodluck Jonathan says the state police is crucial to addressing the challenge of insecurity in the country.

Jonathan spoke in Abuja on Monday at a national security dialogue organised by the house of representatives.

 

The former president said the state police should be established on a framework that makes it difficult to be abused.

 

“The issue today is very critical. One thing is that we don’t need to debate whether we should have state police or not. I think that matter has been concluded. The issue is the operations of the police,” Jonathan said.

 

He said security in Bayelsa was epileptic in the late 90s, noting that it was a security architecture in the form of state police that salvaged the situation.

 

“So there is no way we can manage internal security if states would not have their police,” he added.

 

The former president said the concern is how state police would freely operate without the interference and control of governors and other actors.

“But how would the state police function vis-á-vis the national security architecture,” he asked.

 

“When I set up the 2014 national dialogue, during that period we had lots of challenges in the country.

READ  Stock market jumps to 15-year high after Emefiele’s suspension

 

“People were agitating so many areas but one thing that the almost 500 (people) agreed without much ado was the issue of state police.”

 

Jonathan said state police is not new to the country as it was practised during the military regime.

 

“You know in this country, we operated it before. Why is it that the military scrapped it? It was because of the abuse and that is the area we should concentrate on,” he said.

 

“How do we manage the state police so it would not be abused by state political actors?

 

“If state political actors are abusing the state police and using the state police to harass and make life miserable for people who do not belong to their political parties, would the commander-in-chief sit down and watch or would he order the military to go and overrun the state police? Of course, that would bring crisis.”

 

Jonathan said the state police should be designed in a way that will not make it clash with the national security architecture of the country.

 

“These things need to be done carefully,” he said.

 

“So, if we are talking about state police, we must also rejig INEC and the police must not be used against or to the advantage of any political party.”

READ  Naira redesign: Buhari has good intentions — but may have been wrongly advised, says Keyamo

 

He advocated that the conduct of elections should be improved to require minimal participation of the police.

 

“So, the national assembly needs to look into all these. These are the areas that we have to concentrate on,” he said.

“The issue of the need for states to have their own police is not negotiable. There is no way we can continue this kidnapping that is going on in this country.

 

“Commercial kidnapping started around 2006, I don’t want to go into that history. But it started in the Niger Delta. Now it is all over the country.

 

“The only thing that can help us if we cannot stop it completely at least we reduce it to the barest minimum is for states to have their police.”

Jonathan said the state police must be well equipped with sophisticated weapons to be able to combat aggression from criminals.

“Sometimes people say the state police should have limited weapons, that the calibre of weapons they should have should be limited. That is an area that must also be cleared, we must be careful with it,” he said.

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“I am not expecting states to have rockets and missiles, but the conventional weapons if you look at the calibre of weapons criminals use, the states must have superior weapons or at least equal.

 

“If you make the state (police) have weapons that are inferior to the ones that the criminals are using, then you are asking them to commit suicide in the field.

“So we must not even go there in terms of limiting the capacity of the state police. A state that has enough resources must equip the police very well and that state can also assist other states that have challenges.”

 

Also speaking, Vice-President Kashim Shettima said the federal government would support the consensus of the dialogue.

 

“The president is committed to listening to your recommendations and insights invariable to share in the policies that would lead us to a more secure and good society,” Shettima said.

 

On his part, Abdulsalami Abubakar, former head of state, harped on the need for the government to be transparent, honest, and accountable to citizens.

 

Abubakar said there should critical discussion on how the state police would operate.

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