The Status Of The New Nigerian Naira Notes

The redesign of Nigerian currency has caused chaos due to scarcity

Zulum Threatens To Annul Land Allocated To Bank

In order to avoid having their lands confiscated by the state government, the governor of Borno State has ordered banks in the state to disburse new naira notes through ATMs and banking halls.

Bank employees have been detained by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for hoarding cash, and the Economic and Financial Crimes Commission (EFCC) is looking into a claim that an actress and a cosmetologist tampered with the newly designed notes.

The governor of Ondo State and chairman of the Southern Nigeria Governors’ Forum have urged President Muhammadu Buhari to handle the scarcity of naira notes before it turns into a crisis. Governor Zulum demanded that the Central Bank of Nigeria (CBN) make new and old notes available at commercial banks after expressing unhappiness with their availability.

While the EFCC has launched an investigation into alleged note manipulation, the ICPC has detained bank officials for thwarting efforts to make the redesigned notes available to the public.

CBN deceived Buhari, According To Oshiomhole

Former National Chairman of the All Progressives Congress Adams Oshiomhole asserts that the Central Bank of Nigeria tricked President Muhammadu Buhari into accepting the redesigned Naira notes on the pretext of fighting corruption in order to thwart the 2018 presidential election. Buhari is absolved of any responsibility by Oshiomhole, who claims that the CBN used the president’s support for the anti-corruption initiative as justification.

House Will Reconsider If Scarcity Continues Towards Elections

The implementation of the Central Bank of Nigeria’s new Naira notes policy is being closely watched, according to Femi Gbajabiamila, Speaker of the House of Representatives.

The Speaker of the Nigerian legislature claims that they are closely observing the situation and are prepared to call a special session of the house if required. If necessary, he is ready to reconvene the house to deal with an urgent matter.

Even though the CBN is supposed to be autonomous, Gbajabiamila said that the governor is subject to the law and that the House has the authority to order anyone’s arrest. The speaker has demonstrated tenacity in tackling the nation’s lack of fresh notes, which has led to violent protests in some states.

Northern Group Desires An Extension Of The Set Deadline

The North Central Youth Stakeholders Forum (NCYSF) has attacked presidential contender Alhaji Atiku Abubakar for allegedly opposing the extension of the deadline for the outdated Naira notes in Nigeria. In a statement, the group decried Atiku’s remarks as cruel, reckless, and inconsiderate of the suffering of the common people. The NCYSF urged the Central Bank of Nigeria to extend the deadline after noting that more than 80% of local governments in the North Central region and the entire nation lack banks. The organization demanded that CBN Governor Godwin Emefiele quit immediately and issued a warning to individuals engaged in the incident that they would be held responsible for the results of their actions.

PDP Blames APC For New Naira Notes Scarcity

Prior to the February 25, 2023 presidential election, the Peoples Democratic Party (PDP) has accused the All Progressives Congress (APC) of stockpiling the newly redesigned naira notes in order to buy votes. In a statement, PDP National Publicity Secretary Debo Ologunagba expressed the party’s confidence that when Atiku Abubakar, the PDP’s presidential candidate, takes office on May 29, 2023, the misery the APC has caused will come to an end. The PDP urged President Buhari to defend the populace by going after the suspected APC leaders and system saboteurs, as well as the Central Bank of Nigeria and banks, to take immediate action to ease the hardship being suffered by Nigerians. The PDP declared that it supports Nigerians during this difficult period.

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