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Nobody Allowed To Build Bank Vaults At Home – Emefiele

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that no Nigerian is licensed to build bank vaults at home.

The CBN governor, who spoke after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, also said there is no going back on its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes.

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He said there is no reason for the nation’s currency in circulation to rise from N1.4 trillion to N3.2 trillion in seven years, saying that some persons are hoarding the naira and embracing currency speculation.

“There is no reason why currency in circulation will grow from N1.4 trillion to N3.2 trillion in seven years,” the CBN governor said.

“People are hoarding it, people are keeping vaults in their homes. We cannot allow them to be banks in their homes; they don’t have the license to build bank vaults in their homes.

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“They should release that money back to CBN because what they are doing is that they are undermining monetary policy. They are keeping it and speculating against our currency and it is making our work difficult in CBN.”

Emefiele also said the recent release of three redesigned naira notes has somehow reduced kidnapping and ransom-taking by armed men.

“Truly speaking, at the margin, I may be wrong, I think kidnapping and ransom-taking have somehow reduced. Security agents are doing a fantastic job.

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“I think it (naira redesign) has slowed those people down because they know that if they collect old notes, nobody is going to collect it from them. So, it might as well as think of other ways.”

Emefiele noted that the CBN remained focus on the weak and the vulnerable in the society and would attend to them even after the deadline to ensure they have the new notes.

‘1.4 Million Agents Available For Cash Swap’
Emefiele also said he recently met with the Nigeria Governors’ Forum and Governors Inuwa Yahaya (Gombe) and Mai Mala Buni (Yobe) and he told them that there is no going back on the January 31 deadline.

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He said the CBN has 1.4 million super agents nationwide to collect old naira notes in exchange for new notes in riverine and upland areas, saying “money is going down and is circulating to the lower rung of the community”.

“We have 1.4 million points of our super agents; those agents are going to be available to conduct cash exchanges. The super agents are like kiosks, shops in your community, whether it is a riverine or upland area, they are there, selling sweets, selling kola nuts but they have been appointed as agents that will do cash exchange and cash swap for you. This, we have put in place,” he said.

‘CBN Agents In Areas Around Sambisa’
The bank chief further stressed that CBN agents are all over the country including areas around Sambisa in Borno State.

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“I’ll give a few examples: we have some information and videos about our staff and agents how they are doing cash swaps in our communities.

In areas like Baga, Monguno, Rann on the Lake Chad Basin, in Banki, Kirawa, Gwoza on the borders of Cameroon, Ngoshe, Bama, Chibok, Damboa, Ngala, Izge…all these are areas around the Sambisa.

Our agents and our staff are all there conducting cash swap and exchanges of old to new currencies,” he said.

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Emefiele also expressed hope that before the deadline, all the “noise” about scarcity of new notes would have subsided.

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

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JUST IN: IMF ask CBN to extend Feb 10 deadline for old naira notes

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By Francesca Iwambe

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of old naira notes if the difficulties in getting new notes persist.

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According to the IMF, the call become necessary as the development had led to the disruptions to trade and payments due to the shortage of new noted in the bank.

The call was contained in a statement made available to journalists on Wednesday.

“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline, should problems persist in the next few days leading up to the February 10, 2023 deadline,” the statement reads.

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BREAKING: Supreme Court suspends February 10 deadline for naira swap

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By Francesca Iwambe, Abuja

The Supreme Court of Nigeria has restrained the Central Bank of Nigeria (CBN) and Federal Government from ending the legal tender statuses of old N200, N500 and N1000 banknotes on February 10, 2023.

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The apex court made the order following the suit filed by three State governments challenging the Naira swap policy.

Recall that governments of Kaduna, Zamfara and Kogi States had approached the Supreme Court seeking an order to stop the policy.

Naijablitznews.com will bring you more details shortly

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CBN captures more Communities as currency swap is continuous in Taraba

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Emmanuel Awari-Jalingo

The Central Bank of Nigeria (CBN), on Friday extend her currency swap exercise to more Communities of Yorro, Ardo-Kola and Ibi local government areas of Taraba state.

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The Director Financial System Strategy, Central Bank of Nigeria, Ibrahim Hassan who disclosed this to our correspondent in Jalingo said, the development was in continuation of the CBN initiative targeted at ensuring that all rural dwellers in Taraba have their old naira notes swapped to new ones or deposited in banks before the extended CBN deadline for currency swap.

Hassan noted that the currency Swap Initiative was to help save communities who do not have access to bank, swap their old naira notes to the new notes.

“Just as we have been doing to ensure that people in the rural Communities of Taraba who do not have access to Bank have their old naira notes swap to new ones. CBN delegation have been drafted to more Communities of Yorro, Ardo-Kola and Ibi local to ensure success of the initiative.

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“CBN delegation for Yorro is led by Mr Jackson Imandi, the Deputy Director, the one Ardo-Kola is led by Mr. Kazeem Olatinmu while the one in Ibi local government is been led by the CBN Head of Banking Services in Taraba State, Hayatu Yahaya Shehu to ensure the villagers gain advantage of the Ten days extension for the currency swap” Hassan explained.

When contacted, the chief of Mumuye in Yorro local government, Ado Adamu Manang, that of Ibi, Abubakar Salihu Danbaw and some beneficiary of the exercise in Ardo-Kola local government, Mohammed Musa, Hafsatu Babangida and Isa Mahmud, commended the central Bank of Nigeria for the exercise as it was the best for villagers and promised to help create massive awareness for people to swap their old naira notes to the new ones.

According to them, businesses were already collapsing as people were no longer accepting the old naira notes even before the extended window.

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