Buhari Considers Recirculating Old N200 Notes to Ease Pains of Naira Scarcity

•To address Nigerians in nationwide broadcast by 7am today  

•El-Rufai confirms option discussed with top govt officials in out-of-court settlement move

•Bayelsa, Edo break ranks with governors, align with FG in suit against banning old notes

•Case adjourned till Feb 22, exparte order subsists 

•Again, Buhari, Emefiele meet at State House

•Angry customers attack CBN office, banks, ATMs in Edo 

•Okowa, Makinde, AbdulRazaq call for calm as protests erupt in Delta, Oyo, Kwara

•Reverse policy now, Akeredolu charges Buhari, CBN

•Sanwo-Olu, Abiodun warn against rejection of old notes

Deji Elumoye, Alex Enumah in Abuja, Adibe Emenyonu in Benin City, Omon-Julius Onabu in Asaba, Fidelis David in Akure, Gbenga Sodeinde in Ado Ekiti, Francis Sardauna in Katsina, Hammed Shittu in Ilorin, Kemi Olaitan in Ibadan and Segun James in Lagos

President Muhammadu Buhari is considering directing the Central Bank of Nigeria (CBN) to allow only the old N200 remain legal tender until April 10, 2023, in order to improve currency circulation in the country and ease pains experienced by Nigerians due to the decision to retire some denominations of the old banknotes after a currency redesign project.

THISDAY learnt that the president, who is expected to address the nation this morning, is concerned about the plight of Nigerians.

Kaduna State Government, Nasir El-Rufai, who confirmed the move by the president, also said there were talks for an out-of-court settlement of the currency imbroglio.

However, contrary to the position of the Nigeria Governors Forum (NGF), Bayelsa and Edo states, yesterday, appeared as co-defendants with the federal government in the suit challenging the move by the Central Bank of Nigeria (CBN) to retire the use of the old N200, N500 and N1, 000.

When the matter came up for hearing yesterday at the Supreme Court, in Abuja, nine states of the federation announced their desire to be joined as interested parties in the suit. While seven states, including Lagos, Katsina, Cross River, Ogun, Ekiti, Ondo, and Sokoto sought to be joined as co-plaintiffs; Bayelsa and Edo states informed the court that they desired to be joined as co-defendants.

Justice John Okoro, who led other justices of the Supreme Court, adjourned the case till February 22 for hearing. But he did not vacate the order of interim injunction he granted on February 8 in the case originally brought by Zamfara, Kaduna, and Kogi states against CBN’s February 10 deadline for the swapping out of the old naira notes.

However, in Benin City, the Edo State capital, public anger and frustration boiled over in bloody demonstrations yesterday as people continued to face difficulty accessing the new naira notes, while banks rejected the old currency, despite the Supreme Court order.

Added to the non-availability of new naira notes and rejection of old ones was the fact that most of the banks’ online banking applications were inoperable.

An attack at the Benin branch of CBN was foiled by a combined team of officers from the Nigeria Police and Nigeria Security and Civil Defence Corps. Three people were feared killed in the incident, resulting in angry protests and attack on virtually all banks along Akpkakpkava Road.

As the protest spread to Kwara, Delta, and Oyo states, the three state governors – AbdulRahman AbdulRazaq, Ifeanyi Okowa, and Seyi Makinde, respectively – called on their people and all Nigerians to remain calm and exercise restraint in the face of widespread hardship occasioned by scarcity of the redesigned naira notes.

In addition, Buhari, again, met with the CBN governor, Godwin Emefiele, yesterday, at the State House, Abuja. That was the fourth time the president would be meeting with the apex bank governor in the last one week since the recent crisis over implementation of the currency swap introduced by the CBN in October last year.

Emefiele was at the State House on Monday, and he also appeared before the Federal Executive Council (FEC) and the National Council of State last Wednesday and Friday, respectively.

Although details of Wednesday’s meeting between the president and the CBN governor, which took place shortly after the weekly FEC meeting, was not made public, sources told THISDAY that the meeting might have reviewed the sitting of the Supreme Court.

The meeting was also said to have considered options open to government over the matter, with a resolve to await the outcome of the litigation by the states before government could make any further move.

A top Presidency official told THISDAY on condition of anonymity that Emefiele was actually scheduled to meet the president after the FEC meeting on Wednesday. However, the source said the CBN governor left the State House before the end of the FEC meeting for another official assignment.

Kaduna, Kogi and Zamfara states had dragged the federal government to the Supreme Court last week to stop the government and CBN from fully implementing the demonetisation policy introduced last October. The three states requested a temporary order of the apex court halting the scheduled ending of the old 200, 500 and 1,000 denominations on February 10, 2023, pending the hearing and determination of the suit.

In granting the request, the apex court had fixed hearing for February 15 and asked that the order be served on the respondent (Attorney General of the Federation).

However, when the matter was called for hearing on yesterday, nine states announced their intentions to be joined as interested parties in the suit – seven as co-plaintiffs and two as co-defendants. 

Since there was no opposition to their joining, Justice John Okoro, who led a seven-man panel of the Supreme Court, granted the requests and joined the states as parties.

Following the consent of parties, Okoro subsequently directed Mr. Samuel Ologunorisa, who represented Katsina State, to move the application on behalf of all those seeking to be joined as co-plaintiffs. The judge added that the states should amend their originating summons to reflect the name of all plaintiffs.

Similarly, Mr. Damian Dodo moved the application for Bayelsa and Edo states as co-respondents, and they were also ordered to amend their statements of defence to reflect the new position of the case.

Subsequently, the judge adjourned hearing in the suit till Wednesday, February 22.

Curiously, both Bayelsa and Edo states are governed by the main opposition Peoples Democratic Party (PDP), while those who joined the earlier three appellants, besides Sokoto State, are all of the ruling APC; they as opposing the policy of their own federal government.

Meanwhile, four other states – Rivers, Kano, Jigawa and Niger – filed a similar suit, challenging implementation of the demonetisation policy, but the apex court said they would be consolidated with the other suits.

The Supreme Court had on February 8 temporarily halted the move by the federal government to ban the use of the old naira notes from February 10, 2023. Kogi, Kaduna, and Zamfara states had specifically applied for an order of interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

Counsel to the applicants, Mr. AbdulHakeem Mustapha, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

El-Rufai Confirms Talks for Out-Of-Court Settlement

Meanwhile, Kaduna State government has confirmed that there were talks for an out-of-court settlement on the matter.

El-Rufai, in a statement signed by his Special Adviser (Media & Communication), Muyiwa Adekeye, in response to a report by an online newspaper, stated: “There has been no meeting this week between the federal government and either the Nigerian Governors’ Forum (NGF) or the Progressive Governors Forum (PGF), not to talk of one lasting till the wee hours of today, Wednesday, 15 February 2023.

“Rather, senior officials of the federal government reached some governors, including Malam Nasir El-Rufai, on phone to initiate discussions on a possible out of court settlement. The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till April 10, 2023.

 “They claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023. These were not considered as serious proposals, for obvious reasons.

“Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes. This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

“It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. Information available to the governors also indicate that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.

“The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the federal government negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.”

Three Die as Angry Customers Attack CBN Office, Banks in Edo

 There were protests in Benin City over scarcity of the new currency notes, rejection of the old N200, N500 and N1000 notes, and inoperability of banks’ online banking applications.

The Benin branch of CBN and some commercial banks along Akpkakpkava Road were attacked, with their ATM machines and buildings destroyed.

Some of the banks affected were Sterling Bank, UBA, GT Bank, Access Bank, Zenith Bank, and Stanbic IBTC.

Two of the victims died at the Akpakpava road where the CBN office is located while one other was killed on Sakpoba road when angry residents including those who could not make withdrawal of new notes besieged the CBN to swap old notes following its rejection by banks, fuel stations and market women.

Trouble started when an unmarked Toyota Hilux which the protesters believed was from a government office was driving into the CBN, but the angry customers started stoning the vehicle before security agents brought the situation under control. The protest snowballed into crisis when other protesters from Mission road and Sakpoba road joined the protest and started attacking the CBN by throwing stone and other dangerous objects.

He said the police responded by firing tear gas and bullets into the air and in the process three people were killed.

This prompted angry protesters to later move into the town attacking and vandalising banks offices across the state and shattered their ATMs.

Following the development, banks across the state hurriedly closed down to prevent hoodlums from taking the advantage of the protest to loot.

 A bank customer, Precious Oruche, said she visited the CBN to swap the old with new notes but the situation was frustrating as she was not allowed to into the premise.

Okowa Sues for Calm as Naira Scarcity Sparks Protests in Delta

In a related development, Okowa called on the people of the state and all Nigerians to remain calm and exercise restraint in the light of widespread hardship occasioned by scarcity of the redesigned naira notes.

Okowa, who is vice presidential candidate of the PDP, spoke following reported outbreak of violent protests in Udu and Ovwie local government areas of the state.

Citizens, angered over the non-availability of new naira notes in the banks’ ATMs in the locality, reportedly vandalised two old generation banks (Union and First Bank) property in Orhuwhorun Community in Udu Local Government Area, including the bank’s ATM gallery, which was destroyed and burnt.

A new generation bank (Access Bank) was similarly torched in Effurun in Uvwie, which borders Warri in Warri South Local Government Area.

Speaking in Asaba through the information commissioner, Mr. Charles Aniagwu, the governor said although the state government was well aware of the unpleasant experience of the citizens due to the scarcity of the new currency, the people should refrain from resorting to extreme actions that are counterproductive that would be regretted.

Okowa also appealed to the CBN, commercial banks and other monetary authorities to take further steps to increase the money supply in the system accessible to members of the public.

“We appeal to our brothers and sisters across the state to keep calm in spite of the current travails they are going through as a result of the scarcity of new naira notes in the country.

“As a government we are aware of your sufferings but we appeal to you to be patient with the monetary authorities as they take steps to improve on the money supply in the country,” he said.

Reverse Policy Now Akeredolu Charges Buhari, CBN

The Chairman of the Southern Governors’ Forum and Ondo State Governor, Mr. Oluwarotimi Akeredolu, yesterday, asked President Muhammadu Buhari to direct the CBN Governor, Mr. Godwin Emefiele to reverse the naira redesign policy now.

Akeredolu, said both the new and old notes should be allowed to co-exist, noting that despite an existing court injunction, the old notes seem to have ceased to be legal tender in the country.

The governor spoke while receiving members of the Youth Directorate of the All Progressive Congress (APC) Presidential Campaign Council (PCC) led by Seyi Tinubu, the son of APC presidential candidate, Bola Tinubu

Akeredolu faulted the timing of the policy, adding that the problem created by the naira and fuel scarcity have affected the ratings of the APC.

He said: “We have a problem we are facing in this country today. Our rating as a party is not that favorable. Let’s not deceive ourselves. Must it be now that we will have this financial policy? How? Fuel and everything?

“Things are not easy. This policy is not right at this time. It should be reversed. Reserve it and tell CBN that we are reversing it. Let old and new notes co-exist.

 “Okada, taxis, banks are not taking old notes again. There is an injunction and everyone is behaving like there is no injunction.”

Sanwo-Olu Warns against Rejection of Old Notes

Lagos State Government yesterday, commended residents for their patience and calmness of following the controversy generated by the naira shortage crisis.

 In a statement yesterday, the state government confirmed that it has joined the dispute at the Supreme Court.

The statement also warned, “those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.”

 Sanwo-Olu urged Lagosians to, “remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda.”

He expressed confidence that the judiciary would resolve all issues around the currency shortage crisis.

Sanction Banks, Filling Stations, Institutions Rejecting Old Notes, NUJ Tells Ekiti Govt

The Nigeria Union of Journalists (NUJ) Ekiti State Council, yesterday, expressed concern over the rejection of the old naira notes by filling stations, business ventures and banks in the state as against the Supreme Court directive.

It disclosed that banks, filling stations and business ventures have since stopped receiving the old notes while some even go further to reject mobile transfer of money.

NUJ in a statement by its state secretary, Kayode Babatuyi and made available to newsmen in Ado Ekiti described such action as an affront to the rule of law, hence it appealed to the state government to use the instrument of the law to correct the situation.

According to the statement, “the rejection of the old notes especially now that the new ones were scarce has further compounded the hardship of ordinary Nigerians and encouraged POS operators to continue to extort Nigerians.

 “NUJ Ekiti State condemns in strong term the attitude of banks in the state and other business ventures which have continued to reject the old notes.

“We see this action as an aberration and disrespect for the rule of law which must not be tolerated to avoid setting a bad precedence.”

Katsina Governor Faults Policy

Katsina State Governor, Aminu Bello Masari, while speaking during an interactive session with Katsina traders at the Government House, yesterday, described the apex bank policy as anti-people.

He insisted that the implementation of the policy was poor and the transition period was too short and saddened, vowing to rescue citizens of the state from the challenges orchestrated by the policy.

The former Speaker of the House of Representatives further said he was surprised, shocked and disappointed over the inability of the CBN governor to obey the recent Supreme Court judgement on the new naira redesign policy.

He said: “The naira redesign policy is good. Implementation is poor. No transition: the transition period is too short and too saddened in a country where the informal sector is competing with the formal sector.

“I am really surprised, shocked and disappointed that the Supreme Court of Nigeria should give judgement of which the governor of the Central Bank refused to follow.”

He, however, warned the traders and other citizens of the state against collecting old naira notes from terrorists for swapping with the new notes.

Abiodun: We’ll Deal Decisively with Businesses Rejecting Old Notes

Ogun State Governor, Dapo Abiodun, has reiterated his warning that the state government would clamp down on banks and businesses rejecting the old naira notes.

Explaining that part of the measures being considered may include getting security agencies to arrest anyone who refuses to accept old naira notes, the governor said the directive became imperative after an on-the-spot assessment of business transactions at some filling stations in Ijebu-Ode.

In a statement issued by his Chief Press Secretary, Kunle Somorin, yesterday, the governor stated that old naira notes of N1000, N500 and N200 were still valid and anyone who refuses to accept the old currency would be dealt with according to the dictates of the law.

According to the governor, “it has come to the notice of the State Government that some people and traders were rejecting the old Naira notes from the citizens, a development that is not healthy thereby inflicting untold hardship on the people of the state.”

Abiodun said the old naira notes were still valid and anybody found rejecting them would be arrested and prosecuted, calling on the people to go about their legitimate businesses and report any person who refuses to accept the old naira notes to security agencies for necessary action.

Kwara Governor Expresses Concern over Inconveniences Faced By Residents

Kwara State governor, Alhaji AbdulRahman AbdulRazaq has expressed concern over the inconveniences being experienced by the people of the state over the shortage of new naira notes and fuel scarcity.

 In a state-wide broadcast to the people of the state against the backdrop of protest that greeted all the parts of the state, yesterday, the governor however said, “for clarity, the Supreme Court has granted an injunction that allows the old and the new notes to coexist. This injunction is still valid until the highest court rules otherwise.”

AbdulRazaq, therefore urged the residents of the state to be calm, law abiding, and peaceful.

“Let us not attack one another or destroy one another’s properties,” he added.

He said that, “I am appealing to you to remain calm and peaceful, and not to give in to any frustrations or engage in any form of violence.

“I testify to the inconvenience this development has brought. We are in this together, and I assure you that this will be over in the shortest possible time. I really appreciate your patience.

“In solidarity with the mood of the public, I’m putting my public rallies on hold until further notice.”

The protesters burnt used tyres along major areas of the state to condemn the sufferings and agonies being faced by the shortage of new naira notes and fuel scarcity in the state.

Most of the areas affected by the protest included Oloje, Itaamo, Offa garage, Gambari among others.

 Men of the police command were deployed to the affected areas to maintain peace.

Protest Rocks Ibadan again over Naira Scarcity

 Residents of areas within the Ibadan metropolis, the Oyo State capital in the early hours of Wednesday, trooped out to protest the scarcity of new naira notes thereby grounding vehicular and commercial activities.

Some of the areas affected by the protest included Eleiyele, Oke-Ado, Molete, Sango Ologuneru, Sango Polytechnic road, Mokola roundabout, Academy, Iwo road, Dugbe and other parts of the city.

It was learnt that the protesters first converged at Eleyele junction, in Ibadan North West local government area blocking the ever-busy Eleyele-Ologuneru-Eruwa road causing gridlock around Eleyele, Ijokodo, Sango-Poly road.

While shop owners were forced to close, motorists had to turn back to seek alternative routes while school children hurriedly return home for fear of being attacked and parents of those already in school called to pick their wards.

To forestall break down of law and order detachment of security operatives including Army were deployed to the affected areas to maintain peace with policemen and soldiers strategically positioned and removing the barriers put on the roads.

One of the protesters, a tricycle operator while speaking on a radio station, lamented that the hardship over the scarcity of the new naira notes, was becoming unbearable for the masses with petrol stations and banks refusing to accept the old naira notes.

A similar protest had rocked the city on Friday, February 3, where some hoodlums within the popular Araromi spare parts market, Gate, took advantage of the protest and set ablaze a police station, stole the station’s Plasma TV, vandalised a branch of WEMA Bank in the area and looted some roadside shops.

Meanwhile, Governor of Oyo State, ‘Seyi Makinde, has again, called on residents of the state to demonstrate restraints over the biting hardship occasioned by the naira redesign policy of the CBN, noting that violence would not solve the problem on the ground.

This was just as security commanders in the state have declared that they would be firm against hoodlums who might try to hijack the peaceful protests by Oyo State residents over the ongoing scarcity of new Naira notes.

A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, indicated that while the governor addressed residents of the state from Igbojaye, Itesiwaju Local Government, where he is concluding a three-day stretch of campaigning in the four local governments in Iseyin Federal Constituency, the Security Commanders spoke in Ibadan, after an on-the-spot assessment of the situation in the state capital, on Wednesday.

According to the statement, Makinde appealed to residents of the state, some of whom engaged in protests across some locations in Ibadan earlier on Wednesday, saying that though it was the right of everyone to protest peacefully, they should be wary of hoodlums who might hijack the protests and cause a breakdown of peace and order.

The governor maintained that the situation Nigerians had found themselves in was rather unfortunate, stating that as good as the naira redesign policy was, its timing was completely wrong and that the state government had engaged the federal government on the matter.

He, however, called on Oyo State residents not to resort to violence, as according to him, the state would not like to lose any soul to the crisis.