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Naira Crisis: Why currency redesign policy is failing – Emefiele

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Governor of Central Bank of Nigeria, CBN, Godwin Emefiele has admitted that supply constraint arising from the limited capacity to print enough new Naira notes is responsible for the severe cash crunch hurting Nigerians.

This is coming amid the disappointing naira swap policy.

Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting said.

President Muhammadu Buhari convened the meeting as threats of social instability rise following the shortage of Naira.

Violent protests have been recorded in parts of the country, including in Ogun, Oyo and Akwa Ibom in the country’s south, and the media is awash with lamentations of suffering Nigerians, who are not able to access their funds for transactions, especially in the cash-dominated informal economy.

Many banks in various states have shut down their operations as citizens violently protest their inability to access their funds.

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Many governors have also echoed the lamentations of the citizens.

On Friday, Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.

The extended deadline to phase out the old notes is today, 10 February. However, a Supreme Court decision this week asked that the deadline be further extended. The Attorney-General of the Federation, Abubakar Malami, is challenging that interim ruling by the Supreme Court and the central bank has not spoken on how it intends to comply with the ruling, thus leaving Nigerians confused.

Without a definite pronouncement by the Federal Government or the CBN, Nigerians have started rejecting the old notes, on-the-ground reporting across the country shows.

It was gathered that The Mint’s capacity constraints rest on not having enough papers to print new Naira notes.

See also  Governors to meet Emefiele over withdrawal policy, naira redesign

“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces. “They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,”

The source said The Mint had received CBN’s request to print 70 million copies of the new notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting, however, that the request could not be met because “The Mint doesn’t have the capacity.”

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FG explains repatriation deal, says only Nigerians without valid documents to live in UK affected

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The Federal Government has explained that the agreement it signed with the UK government only relates to Nigerians who do not have legal status to live and remain in the UK.

It explained that the Nigerian government was not taking foreigners, as the UK was not compelling Nigeria to take those who are not our citizens.

“For clarity, it is important to state that the agreement signed by the Minister of Interior, Olubunmi Tunji-Ojo, during the state visit of President Bola Tinubu on behalf of the government of Nigeria, and Home Secretary, Shabana Mahmood, on behalf of the UK government, only relates to Nigerians who do not have legal status to live and remain in the UK.

“Nigerian government is not taking back non-Nigerians. The UK government is not compelling Nigeria to take those who are not our citizens. This clarification becomes necessary because of those who have already revved up their misinformation machinery,” a statement signed by a presidential aide, Temitope Ajayi, partly read.

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It further noted that the agreement guarantees that returnees who are citizens of Nigeria would be treated with dignity, rights retention under domestic law, and may re-enter in the future if they meet the applicable immigration requirements.

Quoting a social media post by the Ministry of Interior, the statement added, “It also provides detailed arrangements for the dignified return and reintegration of NIGERIANS who do not have the legal right to remain in the UK.

“This arrangement includes: the use of secured travel documentation, case-by-case identity verification, and safeguards for vulnerable individuals and potential victims of trafficking.

“This framework also sets out clear definitions, scope, and areas of cooperation, including information sharing, capacity building, training, and joint research on migration management and border security.”

Under the agreement, the UK will, for the first time, be able to return affected individuals using “UK letters,” an alternative identification document issued to those without valid passports, after the Nigerian government agreed to recognise them, according to the Home Office.

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“Visa overstayers, foreign criminals and failed asylum seekers will be removed from British soil far more easily under a new agreement struck this week during the state visit of Nigeria’s President, Bola Tinubu.

“UK letters, an alternative identification document issued to individuals without a valid passport and used to support the return of people with no right to remain in the UK, will be recognised by the Nigerian government for the first time.

“The agreement, reached between the Home Secretary, Shabana Mahmood, and Nigeria’s Minister of Interior, Dr Olubunmi Tunji-Ojo, removes one of the major administrative hurdles to returning people, meaning the UK will no longer have to wait for emergency travel documents to be issued by Nigeria,” the statement by the UK Home Office read partly.

UK Minister for Border Security and Asylum, Alex Norris, said the agreement reinforced efforts to tackle illegal migration.

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‘Individuals took advantage to act irresponsibly’ — Community leaders deny rape claims, blame youths for exploiting festival to harass women

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Leaders of Ozoro community in Delta state has reacted to allegations of rape and harassment of young women during the community’s Alue-Do festival.

On Thursday, there was widespread anger on social media after multiple videos circulated on X showing men tearing the clothes of young women during the festival.

In one of the viral videos, young men were seen groping women in a manner widely described as animalistic and despicable.

In the clip, a young woman could be seen crying and clutching her torn clothing as some men violently harassed her.

In its reaction to the shocking incidents, the state government described them as “barbaric, heinous and unacceptable”.

The government said no individual or group should be allowed to hide under the guise of a festival to perpetrate criminal acts.

As outrage grew, the state police arrested Omorede Sunday, a community leader, and four other suspects over allegations of rape and assault.

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However, a statement on Friday, co-signed by Berkley Asiafa, president-general, and Obaro Egware, secretary-general, said the viral videos portrayed the festival in a bad light.

“Ozoro Kingdom is made up of five traditional communities, each with its distinct customs, traditions, and festivals,” the statement reads.

“On the said date, Uruamudhu Community celebrated one of its ancient festivals known as the Alue-Do Festival.”

The community leaders described Alue-Do as a “festival of fertility, widely believed to be a cultural practice that brings blessings of children to individuals or couples experiencing difficulty in childbirth”.

“As part of this long-standing tradition, certain symbolic practices are observed, including the act of playfully dragging and pouring sand on married individuals who are yet to have children, as a cultural expression believed to invoke fertility,” the statement added.

The leaders, however, said “some youths misinterpreted and misapplied the cultural practice in a negative and unacceptable manner, leading to the harassment of some young women”.

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The community leaders, however, maintained that, contrary to widespread reports, there was no rape at the festival, but two young women were harassed.

“We wish to clearly state that reports circulating on social media alleging that rape and widespread atrocities occurred during the festival are false and misleading,” the statement reads.

“No incidents of rape were recorded. The situation involved the harassment of two young women by individuals who took advantage of the occasion to act irresponsibly.”

The statement added that the community leadership contacted security agencies, who brought the situation under control and have commenced investigations.

“The leadership of Ozoro Kingdom strongly condemns any form of harassment or misconduct. Such behaviour is not part of our culture and traditions and will not be tolerated,” the statement reads.

“Appropriate steps are being taken to address the actions of those involved and to ensure that future celebrations are conducted in a peaceful, respectful and orderly manner.”

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The community leaders urged the public to disregard false reports and refrain from spreading misinformation that may tarnish the image of its cultural heritage.

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Delta community head, four suspects arrested over alleged sexual assault during festival

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The Delta state police command has arrested one Omorede Sunday, a community head, and four other suspects over reported cases of rape and assault of young women during a festival in Oruamudhu community in Ozoro, Isoko north LGA of the state.

On Thursday, viral videos of men ripping apart the clothes of young women, while groping them, appeared on social media.

One of the clips showed a young lady crying and clutching her torn clothing as some young men violently groped her.

According to tradition, women  in the community were expected not to venture outdoors from 12pm to the next day during the festival.

Some social media users also claimed that it was the youths in the community who turned the festival into a “rape event” because women were prohibited from participating in the festival.

Meanwhile, videos of the incident have sparked outrage on social media, with many Nigerians calling on security agencies to arrest the perpetrators and protect the women.

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In a short statement released on Friday, Bright Edafe, Delta police spokesperson, said Sunday, the community head, is the “chief organiser” of the festival.

Edafe disclosed that the Delta police commissioner had ordered the transfer of the suspects to state criminal investigation department (CID).

“The community head and chief organiser of the event, one chief Omorede Sunday and four other suspects from Oramudu quarters in Ozoro have been arrested,” Edafe said.

“The CP has ordered that they should be transferred to State CID with immediate effect. The CP vows that anyone involved will be arrested and brought to justice.”

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