News
Court Stops CBN From Enforcing February 10 Deadline for Old Naira Notes
In a significant legal development, the Supreme Court of Nigeria has issued an interim injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the February 10 deadline for the cessation of the old N200, N500, and N1,000 naira notes as legal tender.
This ruling comes in response to a motion filed by the governments of Kaduna, Kogi, and Zamfara states, which argued that the policy’s implementation timeframe was causing undue hardship for Nigerians.
The three states contended that the scarcity of the new naira notes had led to significant difficulties for their residents, particularly those in rural areas lacking adequate banking infrastructure.
They emphasized that many citizens had been unable to exchange their old currency due to the limited availability of the new notes, resulting in economic strain and social unrest.
In its ruling, the Supreme Court acknowledged these concerns and granted an interim order, halting the enforcement of the February 10 deadline until the substantive hearing scheduled for February 15. This decision effectively allows the old naira notes to remain in circulation alongside the new ones, providing temporary relief to Nigerians grappling with the transition.
The CBN had previously set the February 10 deadline as part of its currency redesign policy aimed at curbing inflation and reducing the prevalence of counterfeit currency. However, the policy has faced criticism due to the challenges associated with the rapid rollout of the new notes and the limited time frame for the public to adapt.
News
Ngozi Okonjo-Iweala Says Nigeria Lacks a Maintenance Culture
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.
She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”
“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”
News
Peter Obi Criticises President Tinubu’s Statement on Hunger
Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.
It can be noted that the President recently stated that hunger has always existed in Nigeria.
Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”
“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”
News
Nigerian Army Launches New IED Training Programme
Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).
The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.
It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”
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