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CBN partners law enforcement as it readies to combat Naira hawkers

The CBN said it will establish mobile courts in partnership with law enforcement to combat Naira hawking

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Naira notes

The Central Bank of Nigeria, CBN, said it will establish mobile courts in partnership with law enforcement agencies and the judiciary, with the intention of combating the rising incidents of naira hawking and other forms of crimes against Nigeria’s legal tender.

The decision was reached yesterday in Lagos at the end of the Bankers’ Committee meeting, which was attended by CBN’s Director of Banking Supervision, Mr Ahmed Abdullahi, and Mr Isaac Okorafor, Director of Corporate Communications at the CBN.

Some of the banking industry’s notable figures who were also present at the meeting include Mr Herbert Wigwe of Access Bank, Union Bank Plc’s Emeka Emuwa and Mrs Hamda Ambah of FSDH Merchant Bank.

Speaking during the meeting, Mrs Ambah stated that the Bankers’ Committee came up with the mobile court idea as a means to quickly prosecute and jail those found guilty naira hawking offenses.

“Specifically, one of the things that were found out and action is to be taken soon has to do with people who actually sell the currency; people who are selling the mint notes. In the very near future, there is going to be the introduction of mobile courts that would be on the spot to handle such situation; people who are selling the naira would be handled and dealt with on the spot.” -Ambah

She further disclosed that efforts are being made to sensitise the public on this issue, whilst educating them on the correct way to handle Nigeria’s legal tender.

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Understanding naira hawking…

Naira hawking simply entails any illegal exchange of the naira. It is any black market activity whereby Nigeria’s currency is sold by anyone who is not authorised by the law to do so. This activity is commonplace in the country, especially at wedding parties where ‘money changers’ meander through crowds offering to change higher denominations to lower ones for a fee.

Earlier today, the apex bank tweeted a link to a comprehensive list of all the approved Bureaux De Change in Nigeria.

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Why the CBN is trying to curb naira hawking

According to CBN’s Corporate Communications Director, Mr Okorafor, it costs Nigeria a lot of money to print naira notes. Therefore, it is wrong for anyone to abuse it.

He further stated that “the CBN Act 2007 outlaws any action by anybody, either by spraying, squeezing, by dancing upon the naira or writing on it.” Anyone found guilty of such crimes could face up to six months in prison.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

COVID-19 Update in Nigeria

On the 22nd of October 2020, 138 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,805 confirmed cases.

On the 22nd of October 2020, 138 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 4,648 samples across the country.

To date, 61,805 cases have been confirmed, 56,985 cases have been discharged and 1,127 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 595,283 tests have been carried out as of October 22nd, 2020 compared to 590,635 tests a day earlier.

COVID-19 Case Updates- 22nd October 2020,

  • Total Number of Cases – 61,805
  • Total Number Discharged – 56,985
  • Total Deaths – 1,1127
  • Total Tests Carried out – 595,283

According to the NCDC, the 138 new cases were reported from 13 states – Katsina (44), Lagos (35), Kwara (15), Kaduna (13), Plateau (7), Imo (6), Adamawa (5) Rivers (4), Yobe (3), Ogun (2), Oyo (2), Osun (1), FCT (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,768, followed by Abuja (5,944), Plateau (3,594), Oyo (3,423), Rivers (2,746), Edo (2,648), Kaduna (2,585), Ogun (1,989), Delta (1,812), Kano (1,741), Ondo (1,659), Enugu (1,314),  Kwara (1,065), Ebonyi (1,049), Katsina (948), Osun (919), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 613 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (162), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Economy & Politics

Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC

Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.

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Nigeria's election delay

The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.

According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.

Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.

 

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Details shortly…

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ENDSARS

#EndSARS: President Buhari issues stern warning to hoodlums

The President has issued a warning to hoodlums who have hijacked the #EndSARS protest to promote unrest.

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You are working for Nigeria, not for personal interests, Buhari warns MDAs, This is how much the Federal Government borrowed from Pension Funds in 2019, Increased productivity and higher employment rate required for inclusive growth - IFC , Of visions, plan and budget,FG to review petrol price in April, President Buhari holds National Security Council Meeting with IGP, Defence Minister, VP, and others, President Buhari issues stern warning to hoodlums in his state of the Nation address to Nigerians

President Buhari, in his state of the Nation address to Nigerians this evening has warned hoodlums and the conflict entrepreneurs who have hijacked the #EndSARS protest to promote unrest.

The President explained that the choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of the Constitution and other enactments.

“I must warn those who have hijacked and misdirected the initial, genuine and well-intended protest of some of our youths in parts of the country, against the excesses of some members of the now-disbanded Special Anti-Robbery Squad (SARS),” he said.

President Muhammad Buhari frowned against the desperate and inhumane actions of mobsters, arsonists and hoodlums which has led to the loss of human lives, sexual violence, attacks on correctional facilities, as well as public and private properties which were completely destroyed or vandalized.

(READ MORE:#EndSARS: Police officers who participated in abuse of citizens must be fished out – Governors’ Forum)

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He explained that these bad actions will not be tolerated, as it is not in line with the legitimate expression of grievance of the youth of the country. He reiterated that the Government shall continue to ensure that liberty and freedom, as well as the fundamental rights of all citizens, are protected.

What you should know from the President’s State of the Nation address

The President reiterated that the government has the obligation to protect lives and properties, and ensure that the citizens go about their daily businesses freely and protected from acts of violence.

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However, he appealed to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful, and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy.

The President, however, warned the youth that doing otherwise will amount to undermining national security as well as law and order, which under no circumstances will be tolerated.

President Buhari thus called on the youths to discontinue the street protests and constructively engage the government in finding solutions, as their voices have been heard loud and clear.

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