The apex bank said the idea became necessary as the country was gradually marching towards the alternative payments policy regime, which was the trend all over the world.

The Acting Director of, Corporate Communications Department, Dr Abdulmumin Isa, made the call during CBN’s Special Day at the ongoing 34th Enugu International Trade Fair on Friday in Enugu.

He added that the country could not afford to be left behind in the global financial ecosystem but rather embrace digital payment channels.

Abdulmumin, represented by the Assistant Director, Communication Department, CBN, Mr Imoh Esu, said CBN had continued to seek creative ways to ensure that Nigeria took full advantage of opportunities and benefits of digital payment channels.

This, he said, led to the launch of the eNaira in October 2021 aimed at broadening the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking inter-governmental and social transfers.

“Similarly, the CBN in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), recently launched the National Domestic Card Scheme – the first in Africa.

“This is expected to not only lower operating costs for banks but reduce the huge foreign exchange costs associated with operating foreign card schemes,” he said.

On the recent redesign of some denominations of the naira, Abdulmumin reiterated that the policy, which was approved by President Muhammadu Buhari, was in the overall interest of the country and the economy, in addition to aligning with the international best practice.

According to him, overall, the policy has started strengthening macroeconomic fundamentals, moderating inflation and upscaling the financial inclusion rate.

“It has also led to relative stability in the exchange rate and supported the efforts of the security agencies in combating banditry and ransom-taking in the country,” he added.

Earlier, Earlier in his welcome address, the President, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr Jasper Nduagwuike, lauded the various intervention schemes of CBN in supporting and encouraging the growth of businesses in various sectors of the economy.

Nduagwuike, represented by Emma Nwankpa, Vice President, Publication and Publicity, also urged CBN to fine-tune policy measures to save indigenous businesses and the industrial sectors.

He stated that the chamber was worried that the recent increase in interest rate by the apex bank to 18 per cent would have adverse effect on accessing credit from banks.

The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

The Supreme Court ruled that President Muhammadu Buhari violated the Federation’s Constitution by giving the Central Bank of Nigeria, CBN, instructions to redesign the Naira.

According to Justice Emmanuel Akomaye Agim, who delivered the court’s lead opinion, the President violated the law by flagrantly omitting to consult with the National Council of States, the Federal Executive Council, and the National Economic Council before ordering the Central Bank of Nigeria to introduce new Naira notes without authorization.

He held that the unconstitutional use of powers by President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.

The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.

Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.

He emphasized that the policy wasn’t introduced to make life difficult but rather to boost the economy.

The President made this clarification in a video clip uploaded on Twitter by the governorship candidate of the All Progressives Congress (APC) in Kaduna state, Uba Sani, on Thursday.

“I apologise to you for the hardship caused by the change of the naira.

“It was done to boost the economy of the country, not to cause hardship to anybody,” the President said.

InsideOjodu recalls that Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), announced the redesign of the N200, N500, and N1,000 notes in October 2022.

The apex bank also announced that February 10 would be the final day for using old naira notes, which led to a shortage of the currency.

The release that was posted on Aisha’s page on Tuesday claimed that the old N500 and N1000 notes should continue to be valid for payment for the next 70 days, or until May 1, 2023.

The CBN released a different statement disputing the information and referring to Aisha’s post as “fake news.”

The statement read in part, “CBN Sticks to Presidential Directive to Reissue only 200 Naira Old Banknotes. The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank to the effect that President Muhammadu Buhari has approved the re-issuance and release of old N500 and N1000 notes as legal tender in the country.

“For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculates the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

“Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.”

During the time of filing in this report, the ‘fake’ release was still on Aisha Buhari’s account.

The House of Representatives Ad Hoc Committee on New Naira Re-Design and Naira Swap Policy stated this.

President Muhammadu Buhari’s response to the situation was also criticized by the committee as “much to be desired.”

Alhassan Ado-Doguwa, the chairman of the committee and the majority leader of the House, announced this in a statement he delivered on Friday, roughly a day after he had accompanied committee members to a meeting with Buhari at the Presidential Villa.

The committee had started looking into the controversies surrounding the redesign of the N1,000, N500, and N200 notes by the CBN, specifically the dearth of the new notes while the CBN declared the old ones illegal.

The CBN Governor Godwin Emefiele and representatives of Deposit Money Banks were among the key parties who were grilled by the panel.

Although the Senate and the House were adjourned for the elections, Speaker of the House Femi Gbajabiamila had suggested that if the problem persisted, members might be brought back to make judgments.

The panel met with Buhari on Thursday, a few hours after the president delivered a televised address to the nation, rather than reporting back to the House on the findings of its investigations. The president said in the speech that the old N1,000 and N500 notes were no longer valid, but that the old N200 note was still valid until April 10, 2023.

Many Nigerians, especially senior lawyers, had however criticised the president for disregarding the ruling of the Supreme Court that all the notes remain legal tender pending the determination of the case brought before it by some states against the Federal Government.

While Ado-Doguwa, after the lawmakers met with Buhari on Thursday, said the president’s declaration should be enforced, the Speaker, Femi Gbajabiamila, had issued a statement later in the day to tackle Buhari and Emefiele.

In what appears like a U-turn, Ado-Doguwa, in the statement issued on Friday and titled ‘House C’ttee Meets Buhari, Insists Naira Policy Unpopular, Could Jeopardise Polls’, said a lot must be done to mitigate the suffering of Nigerians following the naira crisis.

The statement said while the panel appreciated “some of the good decisions by the president as contained in his national broadcast, however, the panel insisted that a lot must be done to mitigate the suffering of the masses.”

It partly read, “The steps taken so far by Mr President leave much to be desired. The policy is, at this time very, unpopular and is capable of creating a crisis in the country that could jeopardise the upcoming general elections. Mr President may, of course, had good intentions in using the policy to tackle insecurity, reduce corruption and engender the global best practice in fiscal policy management but, unfortunately, due to wrong timing and the work of some criminal elements in both the CBN and the commercial banks, Nigerians are left suffering.”

The majority leader urged Nigerians to be calm and maintain law and order, noting that the parliament would “continue to side with the masses and resist any policy that aggravates their sufferings.”

He added, “We also urge Nigerians to continue to be calm and pursue their lawful businesses within the ambit of the law as we will continue to explore available opportunities to make sure that government does only what is right and in the overall interest of our people.”

Gbajabiamila in a statement on Thursday by his spokesperson Lanre Lasisi said the announcement of President Muhammadu Buhari that N200 should continue to be in circulation is faulty.

It would be recalled that President Buhari had earlier announced that the old N1,000 and N500 ceased to be legal, while the old N200 can continue to exist till April 10.

But the announcement by Buhari is contrary to the directive of the court that FG should suspend the deadline.

Gbajabiamila noted that it is not “to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law.” It would have been better if Federal Government strictly adhere to the court’s order pending the adjudication of the substantive suit, he stated.

The speaker further noted that “citizens and visitors are experiencing grave and unnecessary hardship across our country.”

Emefiele disclosed this while speaking with State House correspondents after meeting with President Muhammadu Buhari and the House of Representatives Special Ad-Committee on Naira Redesign, Cashless Policy and Currency Swap at the Presidential Villa, Abuja.

The CBN Governor said allowing the currency swap to work will go a long way to help the nation’s economy.

Emefiele also stated that he has met with 15 bank executives and directed them to make the N200 notes available immediately.

He said, “The truth is that we are all servants. We are serving Nigerians. As far as we are concerned the Attorney General has spoken on this matter and the President has sealed the whole issue this morning in his broadcast.

“I think I can only just appeal to Nigerians, let’s allow this policy to work. This policy is one policy that goes to reduce the problem of corruption and illicit financial flaws.

“This policy goes to resolve some of the problems in the economy, this policy also goes to reducing the level of insecurity in the country. So these three issues which are the tripod of this administration’s policy are all embedded in this policy. We should just allow it to work.

“We keep saying this, there are some temporary pains, but I can assure Nigerians that the long-run benefit to Nigeria is overwhelming and we should just give it a chance to work.”

On what Nigerians should expect from the CBN following the directive of Mr. President, Emefiele said that the President has given his directives.

“I have met with about fifteen banks this morning and we have given them directive on go to get all the old N200 available effective today. And I can assure Nigerians this will help reduce the pain. We meet with the bankers at least once daily to get feedback and the rest of them and I think we should just allow this to work, the temporary pains are regrettable but I can assure Nigerians that it will be well.”

However, the meeting, which was physically attended by Vice President Yemi Osinbajo, former President Goodluck Jonathan, former Head of State Abdulsalami Abubakar, and General Yakubu Gowon, advised Buhari to consider making the old naira notes available in the interim if the Central Bank of Nigeria, the policy’s implementer, cannot easily make the new naira notes available to the public.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, along with the Governors of Taraba and Lagos States, Darius Ishaku and Babajide Sanwo-Olu, alternated in revealing details of the meeting’s proceedings.

Ishaku said the Council of State members made it clear that the policy is accepted and has come to stay but that the resistance of the populace to its introduction was also not misplaced.

According to Ishaku, the Council acknowledged that at the beginning people resist a policy even though it is good.

He said the Council which only plays an advisory role observed that the problem was that of implementation, considering that the majority of Nigerians are subjected to suffering.

Asked what was the major position of the President, who is at the centre of the policy, the Taraba Governor said the President directed state governments to go to their respective states to proffer solutions, by way of ensuring that they help to ease the tensions being experienced in the country.

On the level of preparations for the general elections set to kick off February 25th and March 11th respectively. The AGF, Malami said the Chairman of the Independent National Electoral Commission (INEC) gave enough assurance that nothing can hinder the Commission from going ahead with the elections.

He said the Inspector General of Police, Alkali Baba equally gave assurance that its men and officers were ready to support the Commission to see that the polls go hitch-free.

The position of the Federal Government was also corroborated by Governor Sanwo-Olu who said the policy stands but that the Council agreed that there was a need for aggressive action with regard to the provision of the new currency.

In the event that the new deadline of February 10, 2023 is again postponed, the parties have stated that they will not be taking part in the elections.

President Muhammadu Buhari was applauded for redesigning the N200, N500, and N1,000 banknotes, but the coalition of political party chairmen stressed that the policy must remain in place.

The parties also knocked the Kaduna, Kogi and Zamfara state governments for heading to the Supreme Court to get court injunction to extend the deadline for the validity of three old notes.

He made this statement while addressing the Progressive Governors’ Forum (PGF), who had come to the Presidential Villa in Abuja on Friday to seek solutions to the cash shortage, which they claimed was endangering the administration’s successful record of reshaping the economy.

The redesigned currency will strengthen the economy and have long-term advantages, President Buhari told the governors of the All Progressives Congress (APC).

He also questioned the banks’ dedication to the achievement of the initiative.

The Senior Special Assistant to the President on media and publicity, Garba Shehu, issued a statement following the meeting that quoted the President as saying that some banks are ineffective and only concerned with themselves, and that even if an additional year is added, problems related to selfishness and greed won’t go away.

Assuring that the remaining seven days of the 10-day extension will be utilised to stomp out any obstacles to a proper implementation, Buhari mentioned that he had seen television reports regarding cash shortages and the pain they were causing to local companies and regular citizens.

The President further stated that a decision would be made after consulting with the CBN and the Minting Company.

According to the statement, the governors told the President that while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

They told the President that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming. They further requested the President to use his powers to direct that the old and new notes co-circulate till the end of the year.

The President said when he considered giving the approval to the policy, he had demanded an undertaking from the CBN that no new notes will be printed in a foreign country and they in turn gave him assurances that there was enough capacity, manpower, and equipment to print the currency for local needs.

Against this backdrop, he declared that he needed to go back to find out what was actually happening, assuring the governors that being closer to the people, he had heard their cries and will act in a way that there will be a solution.