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More troubles for banks rejecting old dollar notes as CBN set to melt out sanction
By Francesca Hangeior
The Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.
The bank threatened to sanction lenders that rejected the currencies.
This was contained in a circular dated June 27, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the apex bank.
The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American greenback.
CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of dollar bills by banks and other authorised forex dealers.
“Kindly be reminded that the Central Bank of Nigeria circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021, which explicitly frowned at this selective acceptance of deposit, is still in force and must be adhered to and complied with by all relevant parties.
“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: All DMBs /authorized forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers. The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers,” the circular partly read.
The circular also warned authorised forex dealers against defacing/stamping US Dollar banknotes as such notes always fail authentication tests during processing/sorting.
CBN first issued the warning in a circular signed by then director of the currency operations department, Ahmed Umar, on April 9, 2021.
News
New terror group Lakurawa offers N1m incentives to recruit Sokoto youths + Video
The newly emerged terror group known as Lakurawa, is reportedly offering as much as one million naira to young men in exchange for their allegiance.
This was made known on Saturday by Zagazola Makama, a Lake Chad Basin counterterrorism and insurgency expert, in a post on his X handle.
Makama disclosed that an impeccable source informed him that Lakurawa, allegedly composed of individuals from Mali, Chad, Libya, Niger, and Burkina Faso, was actively recruiting local youths in Sokoto through substantial financial incentives.
He stated that according to witnesses’ accounts, the financial lure is part of an aggressive recruitment campaign aimed at attracting followers to their cause.
The security expert said that Lakurawa, unlike traditional criminal gangs, reportedly adhere to extremist ideologies linked to the Khawarij sect, similar to the beliefs of Boko Haram.
Makama added: “Local sources suggest that they employ a combination of financial incentives and ideological influence to gain support among vulnerable communities.
“Beyond the recruitment, the Lakurawa reportedly confront and expel bandits and confiscate their cattle in areas under their control.
Watch video below:
https://twitter.com/ZagazOlaMakama/status/1855319733282758848?ref_src=twsrc%5Etfw
News
Food prices rise highest level in 18 months – FAO
The Food and Agriculture Organization, FAO, has said global food prices rose in October to their highest level in 18 months.
The organisation said there was a sharp increase in the cost of vegetable oil.
The FAO Food Price Index tracks monthly changes in international prices.
It said the prices of food commodities reached 127.4 points last month, a two-percent increase from September.
This was sald to be the highest since April 2023 but still 20.5 per cent lower than the peak reached in March 2022 following Russia’s invasion of agricultural powerhouse, Ukraine.
Vegetable oil prices increased by 7.3 per cent in October, reaching a two-year high due to lower production.
Sugar prices rose 2.6 per cent, dairy was up 2.5 per cent and cereals gained 0.8 per cent.
Meat was the only commodity to fall, down 0.3 percent from the previous month.
News
EndBadGovernance: Tinubu’s children, grand children motivated release of minors – AGF
The Attorney General of the Federation, AGF, Lateef Fagbemi, has disclosed why President Bola Tinubu ordered the release of the 32 minors arraigned.
Fagbemi said Tinubu ordered that the charges against the minors be dropped because he has children and grand children.
Addressing journalists in Abuja, the AGF said there were suggestions that the minors be tried in a family court.
He maintained that no Nigerian law prevents the trial of minors.
Recall that the Nigerian government had arraigned 72 protesters for engaging in the nationwide EndBadGovernance protest.
Out of the 72 protesters, 32 were minors and they were arraigned before an Abuja Federal High Court on charges of treason.
But the Nigerian government had withdrawn the charges against the minors following an outcry by Nigerians.
Fagbemi said: “No law in this country says a minor cannot be tried, and I have also heard suggestions that they should go to a family court.
“But the President said, despite all this, ‘I have children, grandchildren,’ and that motivated his passion to release them.”
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