CBN: Only Old N200 Banknotes Reissued for Circulation
•Refutes alleged plan to shut down financial system ahead of election
•Aisha Buhari: I didn’t post any fake news on social media
•Urges security agencies to investigate alleged media account hack
•Kaduna, others want Malami, Emefiele jailed for contempt of court
•NUBIFIE expresses concern over scarcity of new naira notes
Deji Elumoye, Alex Enumah, James Emejo and Ugo Aliogo in Abuja
The Central Bank of Nigeria (CBN), yesterday, insisted that in line with the directives of President Muhammadu Buhari, only the old N200 banknotes were being reissued and circulated concurrently with the redesigned naira notes.
CBN also urged members of the public to ignore a contrary report, purportedly, from the apex bank to the effect that the president had approved the reissuance and release of old N500 and N1000 notes as legal tender. It denied rumours that the financial system would be shut down ahead of the general election beginning Saturday.
In a related development, the wife of the president, Mrs. Aisha Buhari, yesterday, denied authorship of a post claiming that the CBN had extended validity period for old N1000 and N500 notes till May 1, 2023. The said message, which was later tagged as fake news by the CBN, was sighted on the First Lady’s verified Instagram handle on Tuesday, but was later pulled down after a while, as it had been labelled fake news.
Still on the currency redesign, three states – Kaduna, Kogi and Zamfara – which initiated the legal battle with the federal government over the demonitisation policy, commenced a contempt proceeding against the Attorney General of the Federation (AGF), Abubakar Malami, and CBN governor, Mr. Godwin Emefiele, for their alleged failure to obey the order of the Supreme Court stopping the CBN deadline for the use of old N200, N500 and N1000 banknotes.
The central bank advised Nigerians to shun the fake news, in a statement by CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, and CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi. It stated that the “Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news. Please, be guided accordingly.”
CBN further refuted a false statement circulating on the social media that it planned to shut down financial services in the country from February 23 to 27, 2023 ahead of Saturday’s presidential election.
The fake online statement had urged Nigerians to stock their homes with basic essentials as a result.
Buhari recently directed the apex bank to release into circulation the old N200 notes as legal tender up till April 10, 2023.
In a national broadcast on the challenges of the currency swap and state of the nation, the president said he was giving the directive to ease the new notes supply among the citizenry.
The president had said, “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 10, 2023 to April 10, 2023 when the old N200 notes ceases to be legal tender.”
Aisha Buhari: I Didn’t Post Fake News on Social Media
Wife of the president, Aisha Buhari, yesterday, denied authoring a post claiming that the CBN had extended validity period for old N1000 and N500 notes till May 1, 2023.
According to the fake press release, “Due to the current and unpleasant situation happening in Nigeria, In line with Mr. President. After having a closed meeting with him on the 20th of February, 2023, Central Bank of Nigeria (CBN) has been directed to ONLY reissue and recirculate the old N200, N500 and N1000 banknotes and this is expected to circulate as legal tender for 70 days up to May 1, 2023. Members of the public should therefore continue to spend the old notes.”
In another post on the same verified Instagram handle, Mrs. Buhari, in a reaction, denied posting the press release. But she alleged that her account had been hacked and the fake post was another attempt at smearing her image by the same persons responsible for deleting many of her social media posts in the past.
She said she immediately ordered that the fake press release be taken down from her handle when it was discovered. The president’s wife asked security and intelligence agencies to investigate and bring the culprits to justice.
The new post said, “It has come to my attention that a certain fake news was posted on my social media handle, Instagram, which also directly connects to my Facebook page, earlier this morning. I have since directed that it should be deleted.
“This is without a doubt the criminal actions of the person(s) who were responsible for deleting quite a number of my posts since 2018 to late last year when I posted a video and picture of my hands with henna design of ABAT insignia on the day I launched the APC Women Presidential Campaign Committee for Bola Ahmed Tinubu in Ilorin, Kwara State, my post on the event for the Traditional and Complementary Alternative Medicine (TCAM) conference and 17 other posts.
“This person is a hacker, criminally minded with the intention to continue attacking my reputation through my social media platforms.
“But I am assuring you that this is the first and last I am disclaiming fake news on my handle. It is the responsibility of the security agencies to find out who am I sharing my social media handles with, despite being verified accounts, and take all necessary actions.”
Kaduna, Others Want Malami, Emefiele Jailed for Contempt of Court
Kaduna, Kogi and Zamfara states, which were already in a legal battle with the federal government over the demonitisation policy, commenced contempt proceeding against the Attorney General of the Federation (AGF), Abubakar Malami, and the CBN governor, Mr. Godwin Emefiele, for their alleged failure to obey a Supreme Court order suspending CBN’s February 10, 2023 deadline for the use of old N200, N500 and N1000 banknotes.
In the fresh documents filed before the Supreme Court, the applicants cautioned the AGF and Emefiele about the consequences of their continued failure to comply with the apex court’s order made on February 8.
Already the plaintiffs had applied for the Notice of Contempt (Form 48) which was issued against Malami and Emefiele by the Chief Registrar of the apex court. It was learnt that the documents formed part of the processes now awaiting the Supreme Court’s consideration when proceedings resume today.
Copies of the Forms 48 sighted showed that the CBN governor and the AGF were served on February 17, while it was received at the Supreme Court two days earlier (February 15).
The Form 48 dated February 15 read, “Take notice that unless you obey the direction contained in the attached Order of the Supreme Court of Nigeria delivered on February 8, 2023, you will be guilty of contempt of Court and will be liable to be committed to prison.”
The issuance of Form 48 on an alleged contemnor (a party believed to have flouted an order of court) is the first stage in the commencement of contempt proceeding.
Form 48 is a notice of consequence of disobedience of court order, which could be followed with the issuance of Form 49, should the disobedience persists.
When parties were last in court on February 15, lawyer to Kaduna, Kogi and Zamfara states, Abdulhakeem Mustapha, had complained that the federal government and its agencies had failed to comply with the order and had allegedly directed the rejection of the old notes. Mustapha said his clients had since filed a notice of none-compliance with court order made by the court. He demanded that the court take action against the respondent (the AGF) to protect the dignity of the court.
Mustapha added, “That order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect…We want the court to renew the order for parties to be properly guided.”
NUBIFIE Expresses Concern over Scarcity of New Naira Notes
Amid scarcity of the new N500, N200 and N1, 000 notes, the National Union Of Banks, Insurance And Financial Institutions Employees (NUBIFIE) decided to issue an ultimatum to the CBN in the next 72 hours, to address the issue. NUBIFIE stated that bank workers across the country would be directed to stay at home indefinitely until the situation improved and security of their lives was assured.
The union disclosed this in a statement signed by its National President, Anthony Abakpa, and General Secretary, Muhammed Sheikh.
It stated that the CBN should be solely responsible for any injury or injuries to bank workers, damage to any bank facilities, arising from a consequence of the currency scarcity. It noted the socio-economic deprivation inflicted on Nigerians and non-Nigerians alike.
NUBIFIE stated that the National Executive Council (NEC) of the union had directed that consultations with its parent body, the Nigeria Labour Congress (NLC), as well as civil society coalition partners should commence immediately with a view to mobilising and ensuring that sit-at-home directives were carried out effectively in all the banks across the country, if the situation failed to improve within the stipulated ultimatum given.
The union said as a responsible trade union, statutorily responsible for the protection and defence of workers’ rights, including ensuring a safe working environment, all cases of physical infractions and infringements on individual rights and dignity of workers occasioned by the naira scarcity, in the course of performing their legitimate duties, would be collated and passed to the union’s legal counsel for appropriate legal remedy against the CBN.
NUBIFIE stated that the CBN, being the sole authority in determining the production or printing of currency and managing its circulation, should have reliable data on the volume required for the effective and efficient implementation of the new naira policy.
According to the union, “NEC-in-Session seriously frowns at the buck-passing that CBN appears to engage in, to deflect from its inadequacies, which is costing commercial banks not only of public trust but also putting their workers in harm’s way as well as potential and real threats to their lives and damages to their facilities across the country.
“Public should be aware that no commercial bank is responsible for the shortfall in the supply of the new currency notes, as the CBN would like the public to believe.
“Commercial banks do not print nor supply to themselves currency notes but squarely the responsibility of the CBN to do so, which it has abysmally failed to do so in the required volume to meet demands.”
