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

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The Central Bank of Nigeria (CBN) has said it followed due process in its ongoing process to redesign the N200, N500, and N1,000 banknotes.

The spokesman for the CBN, Osita Nwanisobi, made this known in response to the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the apex bank.

Nwanisobi expressed “surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions”.

According to Nwanisobi, the Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new banknotes.

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

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He added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

He assured Nigerians that the redesign will deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira, help to curb the incidents of terrorism and kidnapping, amongst others.

Earlier on Wednesday, the CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

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The Economic and Financial Crimes Commission (EFCC) immediately commended the move and warned currency speculators and Bureau de Change (BDC) operators not to undermine it.

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Court restrains NERC from implementing tariff hike for Band A customers

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A federal high court in Kano has issued an order restraining the National Electricity Regulatory Commission (NERC) and the Kano Electricity Distribution Company (KEDCO) from implementing the new electricity tariff for Band A consumers.

Ruling on an ex parte motion on Thursday, Abdullahi Liman, presiding judge, made an interim order restraining NERC and KEDCO from going ahead with the impending tariff pending the hearing and determination of the motion on notice before it.

The order also restrained the defendant from intimidating and threatening to disconnect the applicants’ electricity supply for non-acceptance of the new increased tariff.

 

The suit marked FHC/KN/CS/144/2024 was filed by Super Sack Company Limited and BBY Sacks Limited.

 

Others are Mama Sannu Industries Limited, Dala Foods Nigeria Limited, Tofa Textile Limited and Manufacturers Association of Nigeria Limited (MAN).

The motion ex-parte was moved by Abubakar Mahmoud, counsel to the plaintiffs.

 

On April 3, NERC approved an increase in electricity tariff for customers under the Band A classification.

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The commission said customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per kilowatt (kW) from April 3 — up from N66.

The sudden hike has been criticised by the house of representatives and other stakeholders who have asked NERC to suspend the implementation of the new tariff.

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UK local election: Boris Johnson turned away from polling station after forgetting valid ID

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Former prime minister of the UK, Boris Johnson, was turned away from his local polling station after forgetting to bring the required photo identity.

 

Johnson had joined locals in South Oxfordshire on Thursday to vote in the police and crime commissioner election.

Polling officials however told him he would not be allowed to vote without providing his identity.

There are 22 acceptable forms of ID in the UK including passports, driving licences, blue badges, and certain local travel cards.

 

As prime minister in 2022, Johnson introduced the Elections Act which requires photo ID — a development that sparked intense criticisms from Britons.

Last year, the Electoral Commission warned that the new law could exclude hundreds of thousands of people, including minorities and those with disabilities.

A spokesperson for Johnson confirmed he had forgotten the photo ID, but that he was able to cast his ballot after he returned with a valid ID.

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“Mr Johnson voted Conservative,” Sky News quoted the spokesperson as saying.

Downing Street said it would “look into” changing the controversial rules which require photo ID in order to vote, so that ID cards of veterans can be added to the list of valid identification.

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Governors can pay N615k minimum wage if they get priorities right – NLC

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President of the Nigeria Labour Congress (NLC), Joe Ajaero, says state governors can afford to pay the proposed N615,000 minimum wage if they get their priorities right.

Ajaero spoke on Thursday during an interview with Channels Television.

 

Recently, organised labour announced that the new minimum wage should be pegged at N615,000.

The proposal came amid ongoing minimum wage negotiations between federal and state governments on one hand, and organised labour on the other.

 

In 2019, the administration of former President Muhammadu Buhari pegged the national minimum wage at N30,000.

After the new minimum wage was announced at the time, it took some states forever to implement the increment.

 

Asked during the interview if organised labour’s proposal of N615,000 is realistic, Ajaero said the amount is the “most realistic” given the galloping inflation in the country.

 

The NLC president said organised labour considered factors like transportation, housing, and feeding before arriving at the sum.

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“If you are talking about being realistic, the N615,000 demand is the most realistic. Being realistic is not about slave wage,” Ajaero said.

 

“However, N30,000 is big money if inflation is brought down, and at a single digit.

“Look at the indices that create inflation. If you check them, you can talk about being realistic. All other factors in the country are going high and wages remain constant.”

 

Asked if states can afford the N615,000 proposal, the NLC president averred that it is not about ability to pay but the priorities of states.

“I think we need to understand the issues of ability to pay and not getting the priority right,” he added.

 

“Most of the states that have shown willingness to pay the current minimum wage are not among those getting the highest revenue.

“During the time of Muhammadu Buhari, some states were declared not having enough money to pay and he released funds for them to pay.

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“Those states still refused to pay. It is not the question of either the quantum of money that they have or not, it is what they decide to do with such money.

 

“If they get their priorities right, then a lot can happen.”

 

Organised labour has also threatened to embark on a strike if a new minimum wage is not announced before May 31, 2024.

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