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Despite the Supreme Court’s order, CBN declares N200, N500, N1000 Naira notes illegal tender

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Despite Supreme court’s intervention to restrain the Central Bank of Nigeria (CBN) from implementing its 10th of February, 2023 deadline to phase out the old Naira Notes of N200, N500 and N1000 the Apex bank has declared that they ceased to be legal tender in Nigeria as declared.

The declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch in Bauchi.Recall that Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) dragged the Federal government before the Supreme Court.

The states sought for a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of President Muhammadu Buhari is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They also asked the court to make a declaration that the three-month notice given by the FGN and the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that reasonable notice must be given before such a policy and that the limit cannot be outside that provided under Section Section 22(1) of the CBN Act 2007.

Continuing, Andaza indicated that “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there which people have been asking about.”

According to him, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria.”

“Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has ceased to be a legal tender since the 10th of this month.

“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.

“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange.”

Andaza further explained that “After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.

“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”

He warned that “If anyone wants to try us by bringing in fake notes, he should be ready to be arrested, so don’t go and print old fake naira notes and bring them to the CBN, whatever happens to you, don’t blame us, you caused it.”

He however assured that “We will receive the money from you and do our internal checks before we give you an acknowledgement which is evidence to show that we have collected that amount from you and we go ahead with our internal processes, after finishing with the internal processes, we now hit your account and credit it through your Commercial bank.

“All the Commercial banks are expected to bring all old notes deposited to us and we will collect, that is the final. Some of the Banks have started depositing with us because they want to close their books, as soon as they do that, they will not collect from customers again, that is the reason CBN decided to open this portal for the general public especially the vulnerable who are still having problems of cash used for trading and now that the deadline has expired, they need to deposit their money.

“The CBN is trying to minimize risk involved in losing that money, we are trying to minimize hardship also, we know that people are having some hardship, people are suffering, we not unmindful of that fact, that why the management of the CBN has magnanimously decided to open that portal to assist those who were unable to deposit the money into their bank accounts, that is our process flow in a nutshell.

“The portal will be there, opened for some time, depending on the circumstances and the directives from the management, we expect that within this period, people should have been able to deposit all they have, it is a privilege given to Nigerians to ensure that they deposited that money even though they are no longer legal tender.

“For the people in the remote areas, if you can recollect, we have gone round virtually all the villages in Bauchi state with some commercial banks asking the people to open accounts which many of them did and were able to deposit their money, I doubt if there are still people who have not keyed into the system now who are still having old money.

“We used the media, NOA and Traditional rulers just to let the people know, no limit to the amount that can be deposited provided the form was properly filled.

“There are a lot of firewalls that can protect the people accessing the portal, no any cause for alarm.”

In his remarks, CBN Team Lead, Bauchi who is the Director, Medical Services of the Apex Bank, Dr Abdulkadir Jibril explained that “It is a point we have made before, I just want to emphasize it, not everybody in Bauchi state is privileged to be at this meeting and so, there is the moral and professional responsibility on their shoulders to ensure that this information gets to every nook and cranny of the state and even beyond.”

He emphasized that “There is a limited time that has been given by the government and the law, just as I have emphasized earlier on, it is the magnanimity of the government, so, this is just an additional time and opportunity to assist people to get their monies into their bank accounts safely so that nobody misses a dime or loses any money.”

Jibrin concluded saying, “I am appealing to our people both men and women to carry or propagate this message everywhere so that people can do the needful.”
 
 

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Edo Governor Joins National Economic Deliberations

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Edo State Governor, Senator Monday Okpebholo, attended his inaugural National Economic Council (NEC) meeting on Thursday at the State House Council Chambers in Abuja.
The session was presided over by Vice President Kashim Shettima.

The NEC serves as a vital forum for state governors, deputy governors, and the federal government’s economic team to discuss and address key economic challenges.

In a gesture to mark his first appearance, Governor Okpebholo was invited by Vice President Shettima to lead the opening prayer after the national anthem.

This event underscores Edo State’s active commitment to collaborating on national economic policies and driving solutions for Nigeria’s progress.

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At Achebe Forum, Obasanjo Labels Nigeria a ‘Failing State’ Criticizes Tinubu’s Leadership

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Olusegun Obasanjo

Former President Olusegun Obasanjo has expressed sharp criticism of President Bola Tinubu’s administration, stating that Nigeria’s decline is now evident to “every honest observer.”
Speaking at the Chinua Achebe Leadership Forum at Yale University in the U.S., Obasanjo attributed the country’s deteriorating state to leadership failure, pointing specifically to Tinubu’s governance, which he referred to as “Baba-go-slow and Emilokan.”

In his keynote address titled “Leadership Failure and State Capture in Nigeria,” Obasanjo highlighted that pervasive corruption and mismanagement have worsened Nigeria’s challenges, driving the country deeper into insecurity, division, and underdevelopment.
He quoted the late writer Chinua Achebe, who in his book The Trouble with Nigeria argued that the country’s fundamental problem is a failure of leadership, not a flaw in its people or resources. According to Obasanjo, this diagnosis remains as relevant today as it was over 40 years ago.

Obasanjo cited works by American experts Robert Rotberg and John Campbell, who have characterized Nigeria as a “failed state.” Their argument, he noted, suggests that Nigeria’s inability to maintain security and stability has serious implications for Africa and the world at large.

Additionally, the former President described “state capture” as a pressing issue in Nigeria, where powerful individuals and groups exploit government resources and policies for personal gain. Obasanjo argued that this corruption undermines national interests, with influential elites shaping the country’s legal and economic systems to benefit themselves. Such practices, he warned, compromise public welfare, affecting the quality of education, healthcare, and infrastructure development.

In reflecting on Achebe’s legacy, Obasanjo praised the late author’s commitment to truth and the moral foundation he established for Nigeria. He urged Nigerians and the international community to recognize the dangers of state capture and work towards restoring a governance model that prioritizes the public good.

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Sule Lamido, Shehu sani disagree over National Security Adviser

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Shehu Sani and Sule Lamido

The senator who represented Kaduna Central Senatorial District in the 8th National Assembly, Shehu Sani has disagreed with a former Governor of Jigawa State, Sule Lamido over national security issues
Lamido had taken a strong position against the current National Security Advisor (NSA), Nuhu Ribadu accusing him of compromising his professional integrity and acting more like a spokesperson for President Bola Tinubu than fulfilling his constitutional role.
Sani advised Lamido to at least appreciate how the Tinubu led Administration tackled insecurity instead of politicizing it in his comment on the National Security Adviser.
Ribadu who was basking in the euphoria of the recent claims of decimating the insurgents cautioned anyone “not to dare Tinubu”, espercially the new Lakurawa Insurgents a development which infuriated the former governor of Jigawa State and a Chieftain of the Peoples Democratic Party,(PDP), prompting him to take to his verified facebook wall to describe the NSA as “loquacious, flippant and qualified to have been Tinubu’s Minsiter of Information instead of NSA.”
Lamido Criticizes NSA for Sycophantic Behavior, Urges Focus on Duties.
Lamido in his comment had expressed concerns over the NSA’s behavior, particularly his past actions as the Chairman of the Economic and Financial Crimes Commission (EFCC) under President Olusegun Obasanjo. Lamido reminded Nigerians of the NSA’s controversial remarks, including his public labeling of prominent governors—such as Tinubu, Kalu, and Akume—as the “most corrupt.” Lamido pointed out the stark contradiction between the NSA’s earlier criticisms and his current position, serving under the same figures he once condemned.

The former governor called the NSA’s decision to join the administration of President Tinubu—a leader he previously described as corrupt—a “singular mistake,” one that Lamido believes has tarnished the NSA’s credibility and character. “You are not a spokesperson for the President, you are a National Security Advisor,” Lamido emphasized, urging the NSA to return to the professionalism that has historically defined the role.

Lamido argued that previous holders of the NSA position, including the late Umaru Shinkafi, General Gusau, and Colonel Dasuki, all displayed discipline and a low profile, focusing on security matters without resorting to public displays or sycophantic behavior. Lamido lamented that the current NSA’s behavior reflects a departure from this standard, pointing to his increasingly vocal and partisan approach.

Rather than fulfilling his duties as an anonymous and diligent security advisor, Lamido claimed that the NSA’s moral dilemma and excessive displays of loyalty to the president have shifted him into the role of a “Minister of Information,” undermining the neutrality and importance of his position.

In closing, Lamido urged President Tinubu to allow his NSA to regain focus, remove his fears, and return to the professional standards expected of someone in such a sensitive and critical role. The criticism continued to ignite debates about the role of the NSA and the expectations of public office holders in Nigeria, with many calling for greater transparency and consistency from those in power.
Reacting, Shehu Sani countered Lamido in a statement on Friday in Abuja, saying there should be a credit and a commendation for an administration that inherited multi-faceted security challenges ,but which has been reduced to the barest minimum, wondering how the elderly statesman failed to acknowledge the many triumphs of government in bandits hotbed regions in the north.

Sani who served in the upper legislative Chamber in the 8th National Assembly said, he witnessed to the appropriation budget allocated to security which unfortunately did not abate security challenges before now, expressing that Nuhu Ribadu has achieved what many of his predecessors have failed to accomplish despite the hundreds of billions spent in the name of defence and security in the past;

According to him, bandits have been neutralized to a large extent, thus encouraging government in this direction until total victory should have been ideal rather than playing haywire politics which he said may not help the yet-volatile situation in the North.

He said: “Neutralisation of top bandit leaders, end to mass abductions of students in northern schools,

“Securing rail lines and major northern highways hitherto notorious for kidnappings. The prompt response to terrorist attacks on power lines is worth mentioning.

“Security challenges are not over but in all indices of comparison, he has performed better and set unprecedented records. His political critics are fully entitled to their views ,but his delivery on his mandate is unparalleled.”, Sani concluded.

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