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CBN redesigns Naira to take control of currency in circulation
• Redesign to displace Naira hoarders • 200, 500 1000 notes affected
The Central Bank Governor, Godwin Emefiele, has said that the apex bank would redesign the country’s currency.
Emefiele, who announced this at a press briefing in Abuja, this afternoon, said that the exercise would affect the the highest denominations: 200, 500, 1000 notes.
He said that the action was taken in order to take control of the currency in circulation.
According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
Mr. Emefiele said that the new notes will be released for public use on December 15, 2022.
He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.
Gov Emefiele said that there have been persisting concerns with the management of current series of banknotes, and currency in circulation, particularly those outside the banking system in thecountry.
He said, “As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.
“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”
The challenges he said included hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation was outside the vaults of commercial banks.
He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability as well as, increasing ease and risk of counterfeiting evidenced by several security reports were reasons for redesigning the notes.
He said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and that in recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.
The CBN boss noted that although global best practice was for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
He said, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.
“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.
“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.
“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.”
The governor said that his team was mindful of those in rural areas and that facilities would be provided for them where bank accounts could be opened for them or their old notes exchanged for the new ones.
He added that the action would also raised its stake in addressing the challenge of inflation.
Reminded that the current regulation allows only N150, 000 free cash deposit, he said that even if a customer wanted to deposit N 1 billion, the person would be allowed to do so.
Mr. Emefiele assured that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
There has been claims even by top government officials that some unscrupulous members of the society were hoarding large volumes of currency notes in warehouse, farms, septic tanks.
Very dirty and smelly Naira notes have been in circulation, especially since political activities heightened across the country.
Osun State Governor, Ademola Adeleke, was on Sunday declared elected, having won 19 out of the 30 local government areas in the governorship election held across the state on Saturday.
The State Returning Officer, the Vice-Chancellor of the Federal University, Oye Ekiti, Prof Joshua Ogunwole, declared the result of the poll at about 7:24 am on Sunday.
Adeleke polled a total of 511067 votes to emerge victorious in the contest.
Ogunwole subsequently returned the governor to office for another term.
The incumbent Osun governor, who contested the poll on the platform of the Accord, defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, who won in 11 LG areas of the state.
While Adeleke won in Ede North, Ede South, Ejigbo, Iwo, Egbedore, Ife North, Ife East, Ife Central, Oriade, Ifelodun, Orolu, Ayedaade, Ayedire, Odo Otin, Boluwaduro, Ilesa West, Ifedayo, Osogbo and Ayedire local government areas.
Oyebamiji, however, won in Irewole, Isokan, Olorunda, Atakumosa East, Atakumosa West, Ilesa East, Boripe, Irepodun and Obokun local government areas.
Declaring the results, Ogunwole said, “Accredited voters, 1010684, total votes received by political parties, A, 511067, AA, 2308, AAC, 1458, ADC, 17180, ADP, 2946, APC, 444815, APGA, 1475, APM, 234, APP, 114, BP, 111, NNPP, 118, PRP, 83, SDP, 155, YPP, 534, ZLP, 2482, total valid votes, 985079, rejected votes, 207, total vote cast, 1,005,800.”
After agents of the political parties have signed the results of the election, the Returning Officer declared Adeleke of the Accord as the winner of the poll.
“That Ademola Nurudeen-Jackson Adeleke having satisfied the requirements of the law is hereby declare the winner of the August 15 Governorship election and returned elected,” Ogunwole said.
The candidate of the African Democratic Congress in the poll, Najeem Salaam, came third in the poll.
The Governor of Osun State, Ademola Adeleke, of the Accord Party, has won 19 Local Government Areas out of the 30 in the state, while his close rival, Bola Oyebamiji of the All Progressives Congress, clinched 11 LGs in the Saturday governorship election.
Adeleke is awaiting the official declaration from the Independent National Electoral Commission following the collation and announcement of results on Sunday.
Here is the breakdown and how Osun indigenes voted:
1. Boluwaduro LG
Returning Officer: Prof Sola Omotola
A: 7,118
APC: 7,050
ADC: 179
Accredited voters: 14, 662
Total valid votes: 14,478
Total votes cast: 14,655
#OsunDecides: Massive Turnout at Abogunde Compound, Ward 2, Unit 9, Ede North0:00 / 0:00
2 Ede South LG
Returning Officer: Raji Oluwakemi
A: 26,188
ADC: 390
APC: 6,219
Accredited voters: 34,011
Total votes cast: 33,950
Total valid votes: 33,210
3. Ife North
Returning Officer: Prof Tajudeen Opoola
A: 13,879
ADC: 333
APC: 9,613
Accreditation: 24,772
Total votes cast: 24,704
Total valid votes: 24,216
4. LGA: Ilesa West LGA
Returning Officer: Prof Babatunde Omotoso
A: 16196
ADC: 673
APC: 12756
Accredited voters: 31333
Total votes cast: 31234
Total valid votes: 30244
5. LGA: Ifedayo LGA
Returning Officer: Prof Babatope
A: 7427
APC: 6836
ADC: 115
Accredited voters: 14703
Total votes cast: 14703
Total valid votes: 1449
6. LGA: Ilesa East LG
Returning Officer: Prof. Chika Asogba
A: 12280
ADC: 504
APC: 16208
Accredited voters: 30371
Total votes cast: 30209
Total valid votes: 29460
7. LGA: Ife Central LGA
Returning Officer: Prof. Adekoya Iromini
A: 21171
ADC: 747
APC: 15913
Accredited voters: 39990
Total votes cast: 39330
Total valid votes: 38380
8. Boripe LGA
Returning Officer: Prof. Ahmed Sakiru
A: 12448
ADC: 379
APC: 19963
Accredited voters: 33943
Total votes cast: 33713
Total valid votes: 33116
9. LGA: Irepodun LGA
Returning Officer: Babafunso Awe
A: 14504
ADC: 249
APC: 15713
Accredited voters: 31291
Total votes cast: 31282
Total valid votes: 30717
10. LGA: Obokun
Returning Officer: Dr Stephen Ojo
A: 12023
ADC: 205
APC: 16120
Accredited voters: 29183
Total votes cast: 29147
Total valid votes: 28687
11. LGA: Orolu
Returning Officer: Dr Akinkunmi Sunday
A: 12352
ADC: 236
APC: 10622
Accredited voters: 25424
Total votes cast: 23890
Total valid votes:23438
12. LGA: Osogbo
Returning Officer: Udueke Maximilian
A: 36480
ADC: 1503
APC: 30474
Accredited voters: 70840
Total votes cast: 70785
Total valid votes: 69307
13. LGA: Oriade
Returning Officer: Dr Olabode Olajide
A: 21343
ADC: 423
APC: 14863
Accredited voters: 37962
Total vote cast:37933
Total valid votes: 37073
14. LGA: Odo Otin
Returning Officer: Prof. Adebola Aderibigbe
A: 18003
ADC: 377
APC: 15435
Accredited voters: 34482
Total votes cast: 34456
Total valid votes: 34026
15. LGA: Ife East
Returning Officer: Prof. Benjamin Omolayo
A: 27201
ADC: 935
APC: 18600
Accredited voters: 49065
Total votes cast: 49017
Total valid votes: 47519
16. LGA: Ifelodun
Returning Officer: Prof Olayiwola Fasonranti
A: 21107
ADC: 509
APC: 18396
Accredited voters: 41156
Total vote cast:41143
Total valid votes: 40466
17. LGA: Atakumosa West
Returning Officer: Prof Adesiji Taiwo
A: 7479
ADC: 213
APC: 10037
Accredited voters: 18707
Total votes cast: 18399
Total valid votes:17985
18. LGA: Iwo
Returning Officer: Mrs Koyejo Fasakin
A: 27085
ADC: 588
APC: 19660
Accredited voters: 48985
Total votes cast:48953
Total valid votes: 48027
19. Ede North
Returning Officer: Associate Prof. Jacob Opele
A: 35427
ADC: 307
APC: 10283
Accredited voters: 47262
Total votes cast:47205
Total valid votes: 46474
20. Ila LG
Returning Officer: Prof Oludolapo Amu
A: 16211
ADC: 259
APC: 12934
Accredited voters: 30028
Total votes cast: 30021
Total valid votes: 29605
21.. Irewole LG
Returning Officer: Mr Wahudi
A: 10934
ADC: 275
APC: 29972
Accredited voters: 42858
Total votes cast: 42824
Total valid votes: 41575
22. Ayedire LGA
Returning Officer: Dr Samuel Sunday
A: 11073
ADC: 148
APC: 9910
Accredited voters: 21419
Total votes cast: 21414
Total valid votes: 21228
23. Atakumosa East LGA
Returning Officer: Prof Bukola Bolaji
A: 7872
ADC: 333
APC: 9936
Accredited voters: 19253
Total votes cast: 18823
Total valid votes:18442
24. Egbedore LGA
Returning Officer: Mrs Omolara
A: 19278
ADC: 363
APC: 11194
Accredited voters: 31867
Total vote cast: 31830
Total valid votes: 31155
25. Ayedaade LGA
Returning Officer: Prof Fakayode
A: 16681
ADC: 331
APC: 15719
Accredited voters: 34232
Total vote cast: 33801
Total valid votes: 33180
26. Isokan LGA
Returning Officer: Prof Anthony Fajinmi
A: 13765
ADC: 384
APC: 14063
Accredited voters: 29421
Total votes cast: 29405
Total valid votes: 28715
27. Olaoluwa LGA
Returning Officer: Prof Temitope Babalola
A: 10063
ADC: 213
APC: 10782
Accredited voters: 21599
Total votes cast: 21595
Total valid votes: 21228
28. Ife South LGA
Returning Officer: Prof Shittu Olugoke
A: 13507
ADC: 290
APC: 14678
Accredited voters: 29521
Total votes cast: 29461
Total valid votes: 28906
29. Ejigbo LGA
Returning Officer: Prof Cicilia Akintayo
A: 18458
ADC: 5053
APC: 16195
Accredited voters: 41173
Total votes cast: 41125
Total valid votes: 40314
30: Olorunda LGA
Returning Officer: Prof Hilary Okoh
A: 23514
ADC: 666
APC: 24671
Accredited voters: 51172
Total votes cast: 50793
Total valid votes: 49458
Governor Ademola Adeleke of the Accord Party is leading in the collation of results from Saturday’s governorship election in Osun State.
Checks by our correspondent on the Nigeria Elections Intelligence System shows result from 303 of the state’s 332 wards with Adeleke polling 177,572 votes, representing 50.5 per cent, ahead of his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), who had 158,588 votes, representing 45.1 per cent.
Najeem Salaam of the African Democratic Congress was placed third with 5,917 votes as at the time of filing this report, with collation still ongoing across the state’s 30 local government areas.
Figures from the collation showed that out of 845,100 registered voters in the state, 361,500 were accredited, translating to a voter turnout of 42.8 per cent. A total of 351,500 valid votes were recorded, while 7,200 ballots were rejected.
The Independent National Electoral Commission (INEC) said 43.41 per cent of polling units had reported results as collation entered its concluding stages.
Adeleke, who is seeking re-election, defected from the Peoples Democratic Party (PDP) to the Accord Party ahead of the poll, which INEC cleared 14 political parties to contest after the PDP and the Labour Party failed to field candidates.
Adeleke’s running mate is Kola Adenusi, while Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), is running with Benjamin Adereti as his deputy.
Results are expected to be formally declared by INEC’s Returning Officer at the state collation centre once all outstanding wards have reported.
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