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Naira Redesign: APC Appeals to Buhari Again, as President Calls for More Patience



A meeting called by the leadership of the All Progressives Congress (APC) and attended by its presidential candidate, Bola Tinubu, 12 governors and two deputy governors, has called on the Attorney General of the Federation and the Governor of the Central Bank of Nigeria (CBN) to respect the Supreme Court order of interim injunction on

In effect, the party, like its governors in Kaduna, Kano, Jigawa, and Ogun that defied the Federal Government, wants the CBN to allow N500 and N1,000 notes which President Muhammadu Buhari says are no longer legal tenders in the country, to run side by side the old N200 note and new notes.

The ruling party’s position comes as lawyers continue to differ over the lifespan of the interim injunction, which the law says has a seven-day lifespan. Many argue the order of the apex court is not an interlocutory injunction which subsists until the determination of a matter, but an interim one with a lifespan.

However, the spokesman of the APC Presidential Campaign Council, Minister of Labour and Employment and Senior Advocate of Nigeria, Mr. Festus Keyamo, disagreed on Channels Television last Friday, insisting that the interim injunction of the Supreme Court has no lifespan.

But from Addis Ababa, Ethiopia, where he is attending the African Union meeting, President Buhari sent in a message, saying he is fully aware of hardship some policies of government, “which are meant to bring overall improvement to the country” had caused and appealed for further patience as the government takes appropriate measures to ease them.

In a video recording to shore up support for Senator Bola Ahmed Tinubu, the candidate of the All Progressives Congress, APC in the upcoming elections a few days ahead, the President thanked Nigerians for electing him to be President for two terms, and urged them to vote for the APC flag bearer because “he is reliable and I know he will build on our achievements.”

In the campaign message to voters, according to his spokesman, Mr. Garba Shehu, the President specifically called on “our traditional rulers, religious leaders and parents to warn their followers and wards alike, to not allow themselves to be used by a few to foment trouble.

“I want to assure you that the Government has taken adequate security measures to allow everyone to come out and cast their votes. I am therefore appealing to everyone to give them the necessary support.

“Fellow Nigerians, I want to use this opportunity to once again thank you for electing me to be your President on two occasions.

“I am not a contestant in this election, but my party, the All Progressives Congress, has a candidate in the person of Asiwaju Bola Ahmed Tinubu. As I mentioned before, Tinubu is a true believer in Nigeria, who loves the people and the development of our country.

“I am calling on all of you to vote for Asiwaju Bola Ahmed Tinubu. He is reliable and I trust he will build on our achievements.

“Finally, I want to once again assure you that I am fully aware of the current hardship you are facing as a result of some policies of the government which are meant to bring overall improvement to the country.

“I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel.”

Though he did not reference the cashless policy, its attendant Naira redesign, and swap of old notes for new, it is generally believed he was referring to it.

The President, the statement adds, emphasised that the APC presidential candidate has demonstrated his commitment to the development of the country and the well-being of its people.

Meanwhile, Sen. Abdullahi Adamu, the APC National Chairman, in his news conference in Abuja, said the appeal was part of resolutions reached at the emergency meeting between the party’s governors and members of its National Working Committee (NWC) on Sunday in Abuja.

Adamu, who spoke to newsmen at the end of the closed door meeting, said the meeting also urged President Muhammadu Buhari to intervene in resolving issues caused by the new Naira note re-design and the cashless economy policy.

The News Agency of Nigeria (NAN) recalls that the Supreme Court had in a ruling granted an interim injunction that the CBN and the federal government should suspend the implementation of the Feb.10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes.

This, it said, should be pending until the hearing and determination of a suit before it slated for Feb. 22.

Buhari had however on Thursday (Feb. 16), announced that only the old N200 note would remain valid until April 10, while the old N500 and N1000 notes had lost their legal tender status, contrary to the ruling of the apex court.

“Without prejudice or whatsoever to the case that is lying at the Supreme Court at this point in time, that has to do with the issue of currency re-design.

“We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.

“That we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria (CBN) to respect the Supreme Court order of interim injunction which is still subsisting.

“That the meeting is urging his Excellency, President Buhari, to intervene in resolving issues that are causing this great difficulties to the economy,” Adamu said.

He added that contrary to speculations, the party’s leadership and governors elected on its platform under the agies of Progressives Governors Forum (PGF) were on the same page on this matter.

▪︎ Additional report by NAN.

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We Have Not Devalued the Naira, says CBN



The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and Exporters (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” the statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.

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NPC Boss Canvases Inculcation Of Productivity In The Informal Sector



The Director General, National Productivity Centre, Dr Kashim Akor said for a virile and robust economic sustainability, productivity should be mainstream into the Informal sector to protect the over 80% of jobs already created by the sector.

Dr Kashim Akor dropped the message saying the small scale businesses created out of these sector will fail or outlive it’s usefulness, without recourse to productivity.

He expressed this concern at a two days workshop to mark the 4th National Productivity Summit held at Nigerian Army Resource Centre, Asokoro FCT, Abuja between Tuesday 4th and Wednesday 5th of April, 2023.

He maintained that the quantum of jobs created by the Informal sector that had addressed unemployment rates in the country, will be counterproductive when productivity is neglected.

Dr Kashim Akor stressed that the only option to extricate failure of businesses in the Informal sector that had been driving force of the world economies was not only to enhance productivity, but it’s sustenance in all areas.

He advised the Informal sector to take productivity as it’s cardinal objectives, so as to continue to protect not only the sector , but unemployment rates in the country.

The two-day event has its theme, “Enhancing the Productivity of the Informal sector for Increased Competitiveness.

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Public Relief, as CBN Directs Banks to Release and Accept Old N200, N500, N1000 Notes



Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.

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