Skip to content

Email: ifo@osazuwaakonedo.news

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • TikTok
  • Amazon
OsazuwaAkonedo

OsazuwaAkonedo

Banking and Media Consultancy… We Analyze The News

  • Home
  • Health
  • News
  • Entertainment
  • Sports
  • Breaking News
  • Economy
  • Politics
  • Editorial
  • Podcast
  • Columns
    • Reno Omokri
    • David Ugolor
  • Life
  • Security
    • Law
    • Nigeria Police Force
    • NDLEA
    • Nigerian Army
    • EFCC
  • NewsPapers
    • Nigeria Newspapers
  • Word News
What Obasanjo Told Buhari Over Naira Redesign, Scarcity - Presidency ~ OsazuwaAkonedo #2023Election #Buhari #economy #job #Muhammadu #Naira #Obasanjo #OsazuwaAkonedo #politics #Presidency #Redesign #scarcity, #security

What Obasanjo Told Buhari Over Naira Redesign, Scarcity – Presidency

Posted on February 17, 2023February 17, 2023 By OsazuwaAkonedo No Comments on What Obasanjo Told Buhari Over Naira Redesign, Scarcity – Presidency
Economy, news, Politics, Security, World News

By Femi Adesina


It is most likely the last Council of State meeting to be chaired by Muhammadu Buhari as President, and it held on February 10, 2023, at State House, Abuja.

It was a hybrid meeting, with some attendees physically present, and others online. Former Presidents/Heads of State on parade included Gen Yakubu Gowon, Olusegun Obasanjo, Abdulsalami Abubakar, and Goodluck Jonathan.

House Help Sentenced To Death For Killing 89-Year-Old Madam, Daughter

Life Not That Bad In Nigeria – Reno Omokri

Crude Oil Discovery In Nasarawa State Will Lead Nigeria To Greater Prosperity – Buhari

Ramadan: Kano Bans ‘Keke’, Illegal Horse Riding, Fireworks

Nnamdi Kanu: We Rescued Kamsi From Kidnappers – Police

IPOB Activities Peaceful, But Suspected For Killing 57 People In 2022 – Global Terrorism Index

Activists Stage Protest In Vienna To Counter European Gas Conference

Femi Fani-Kayode Attacks Obasanjo Over Iwanyanwu Alleged Statement Against Yorubas

CP Orders Manhunt Against Unknown Gunmen Who Kill 2 Policemen In Enugu

NDLEA Arrests Businessman Who Conceal Cocaine In Bags’ Handles, Slippers

There were two former Chief Justices of the Federation, Modibo Alfa Belgore, Mahmud Mohammed, and almost all the Governors of the States, either virtually, or physically.

There were two critical issues on the agenda. The forthcoming general elections, the redesigned naira notes, and the implementation hiccups.

On hand to brief the Council were Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, the Inspector General of Police, Usman Alkali Baba, and Governor of the Central Bank, Godwin Emefiele.

Prof Yakubu gave comprehensive briefing on preparations for the elections, status of voter registration and Permanent Voters Cards, expansion of voter access to polling booths, and the challenges before the exercise. And what are those?

Insecurity, attacks on INEC facilities, particularly in the South-east, campaign violence, campaign finance and vote buying, electoral litigation and adjudication, prosecution of electoral offenses, fuel scarcity, and the currency situation, among others.

But despite the litany of challenges, the INEC Chairman was upbeat. His words:

“The Commission is committed to conducting free, fair and credible elections…As far as we are concerned, we are ready to proceed with the elections as scheduled.”

Almost all members of Council who spoke had kind words for INEC.

The Police. IGP Alkali Baba also briefed, dwelling on state of preparedness for the elections. According to him, the current internal security situation in the country has implications for the 2023 elections.

He gave the challenges as banditry/terrorism, activities of separatists, illegal small arms and light weapons, cyber crimes, kidnapping, armed robbery, cultism, piracy, illegal oil bunkering, and political thuggery.

Others are; targeted attacks on INEC facilities, hate speeches, delayed release of funding, fuel scarcity, and uncertainties surrounding the currency swap policy.

The IGP concluded: “In line with Mr President’s charge, personnel of the Nigerian Police under my watch will remain professional, apolitical, firm, and unbiased in the delivery of their election security tasks.”

Commendations for the Police, too.

Then to the biggest issue. Naira redesign and the attendant implementation problems.

Mr Godwin Emefiele, CBN Governor, painted graphic picture of where we were before the policy announcement, where we desire to be at the end of the implementation, and the key benefits expected from effective implementation of the redesign policy.

According to the Governor:

*The difficulty being experienced with the policy is transient, given the ultimate gain to our country.

*There are unscrupulous and unpatriotic elements among bankers, “whose greed and malevolence are sabotaging the CBN’s efforts.”

*The policy is not targeted at anyone or group of persons, but rather derived from analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions.

*The general practice across the globe is for central banks to redesign national currency within 5-8 years, but Nigeria has not done for over 19 years.

What are the aims of the policy? Said Emefiele: to make monetary policy more efficacious, increase financial inclusion, support security agencies to combat banditry and ransom-taking, and curb corruption.

Then this rather alarming disclosure. In 2015, Currency-in-Circulation was only N1.4 trillion, but by October 2022, it had risen to N3.23 trillion, out of which only N500 billion was within the banking system, and N2,7 trillion held permanently in people’s homes. Such notes are then not available for economic activities.

He said the optimal value of currency in circulation for the Nigerian economy should be about N700 billion, but we had over three trillion.

“So far, since the commencement of this program, we have collected about N2.1 trillion, leaving us with about N900 billion,” the Governor said, adding: “We are happy that so far, the exercise has achieved a success rate of over 80 percent as about N2.7 trillion held outside the banking system has been returned. Nigerians in rural areas have had opportunities to swap their old notes, leveraging on the Agent Naira Swap initiative as well as the CBN Senior Staff nationwide sensitization team exercise.”

What are the general benefits of the policy? The Governor said it would reduce the amount of cash in the underground or illicit economy, truncate the activities of racketeers, and obliterate rent-seeking businesses in the black market. It will also reduce inflation, enhance stability of the naira exchange rate,

But why the endless queue and pressure round the country? The apex bank boss said it was due to hoarding of new naira notes, tension and elevated agitation, panic, mop up of notes by some politicians, and incidences of economic opportunism.

He concluded this way: “The advantages of the currency redesign are enormous and will benefit the economy in the long run. We will take all the necessary steps to ensure that there will be a smooth flow of currency swap and minimize the inconvenience in the short term.”

Not once did the Governor complain about the capacity and ability of the Nigerian Printing and Minting Company to meet currency print run demand. And what a shock it was when a major newspaper reported in its lead story the next day that Emefiele made the claim. It didn’t happen. I was at the meeting. No word like that. Happily, the CBN promptly refuted the story.

Now, what did Council members say of the naira redesign policy?

Former President Olusegun Obasanjo, who has been hypercritical of President Buhari for years, said change was necessary from time to time, and was also bound to be opposed.

He gave examples with the change of driving from the right to the left lane in the early 1970s, which was robustly opposed. The National Youth Service Corps (NYSC) scheme, he said was also resisted. He then submitted:

“We enjoy all these things today. I’ve experienced currency change at least more than half a dozen times. When we increased feeding In universities from 50 kobo to N1, it led to ‘Ali Must Go’ riots. Resistance to change is normal, and people will always support, oppose, or be neutral. The naira change policy is good, but implementation is the issue. If there’s inadequate supply, let’s have more. If there are unscrupulous people sabotaging the policy, let’s deal with them.”

The former military head of state and civilian President said the naira policy “will bring little bit of sanity into our elections, have salutary effect on kidnapping and ransom taking, and corruption will be substantially reduced, as money passed through the banking system can be traced.”

On the briefing by INEC Chairman, Chief Obasanjo said: “Mr President, I commend your effort on preparedness. I wish the country free, fair, credible polls. It will be an example to other countries in West Africa, and in Africa.”

Almost all the Governors in attendance commended the naira redesign policy, but picked holes in the implementation. The same with President of the Senate, Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila.

The meeting ended on a hopeful note that Nigeria would get its elections right, and also correct all the lapses in the naira redesign policy, which is being done now with the decision of the President to let the old N200 note remain a legal tender till April 10, 2023.

We will surely get there as a country, won’t we?

@views exclusive rights: Femi Adesina, Special Adviser to President Buhari on Media and Publicity, February 16, 2023.

Related

19 views
  • SUPPORT OsazuwaAkonedo
    via Webmoney
  • PRODUCTS AND SERVICES
    Prices
  • SUPPORT OsazuwaAkonedo
    via paypal
  • Our Editorial
    Guildlines
  • SUPPORT OsazuwaAkonedo
    News Media
  • Nigerians May Suffer More Hardship, Pains In 2021 As Buhari Plans More For Reckless Spending, Borrowing, High Taxation
  • Nigerians May Suffer More Hardship, Pains In 2021 As Buhari Plans More For Reckless Spending, Borrowing, Higher Taxation
  • Day Journalists Failed Nigerians
  • Atiku to Buhari: Withdraw The 2021 Budget, It’s Poorly Formulated, It Shows Nigeria Is In Bad Economic Situation
  • Budget 2021: What Nigerians Need To Know …More than N10 trillion Budgeted for personal non developmental gains
  • 2021 Budget: How N47.023 Billion Special Allowance On Foreign Missions Can Solve Nigeria Problems
  • Words To Buratai: Loyalty Of Criminals In The Nigerian Army Is To The President, The Loyalty Of The Entire Nigerian Soldiers Is To Nigerians
  • 2021 Budget: Buhari Budgets N25 Billion As Loan For Nigerian Youths, To Spend N279.9 Billion As Miscellaneous Expenses
  • 2021Budget: How Buhari Plans To Make More Than 100 Million Nigerians More Poorer In 3 years
  • 2021 Budget: How America Finance Its Armed Forces …why Nigeria security challenge will remain worst
Tags: #2023Election #Buhari #economy #job #Muhammadu #Naira #Obasanjo #OsazuwaAkonedo #politics #Presidency #Redesign #scarcity, #security
Advertisements
Obi-tuary: Obidients After My Life - Nation Newspaper Editorial Board Chairman Sam Omatseye
Nation Newspaper Editorial Board Chairman, Sam Omatseye has...August 3, 2022
[Video] Land Grabber: School Teacher Cries, Begs Governor Obaseki, Others For Rescue
A woman who identified herself as a school teacher, tea...August 4, 2021
Annie Finally Wish 2Face Idibia Happy Birthday Hours After Husband Tendered Apology
Nothing could worry a man more than when on your birthd...September 18, 2021
Remains Positive Even If The World Crumbles In Front Of You - Anthony Joshua Speaks After Defeat
It is no longer news that the World Heavyweight Champio...September 27, 2021
Buhari To Nigerians: Stop Using Religion As A Mere Badge Of Identity
By Garba Shehu President Muhammadu Buhari has calle...July 9, 2022
Who Is Reno Omokri, Honestly Nobody Knows Him - Joe Igbokwe
Chairman Lagos State Wharf Landing Fee Collecting Autho...September 28, 2021
Tonto Dikeh: I Have Never Slept With Married Woman - Kpokpogri
Prince Akporube Kpokpogri, ex-lover to the Nigeria Actr...September 24, 2021
Ifeanyi, Davido Son Dies
Ifeanyi Adeleke, Davido's son has been confirmed dead. P...November 1, 2022
Traditional Rulers' Silence, No Longer Golden
By Malcolm Omirhobo I have taken pains to profile th...September 3, 2022
Nnamdi Kanu Asks Lawyers To Challenge Order Stopping His Release At Supreme Court
By Ifeanyi Ejiofor I visited Onyendu today (Monday) ...November 1, 2022
Russia Continues Heavy Shelling In Ukraine
Heavy shelling from Russia soldiers into Ukraine continued ...February 27, 2022
Why We Postpone Governorship, State Assembly Elections Till March 18 - INEC
Independent National Electoral Commission, INEC has explain...March 9, 2023
Unknown Gunmen On Rampage In Anambra
Unknown Gunmen suspected to be members of the Biafra secess...April 13, 2022
Ken Saro Wiwa And Sani Abacha: Why Wike, Ameachi Should Learn Lesson
By Chinedu Jideofo-Ogbuagui KEN SARO WIWA could not ...May 30, 2022
Test 20June 15, 2022
Nigerians Facing Unbearable Sufferings - Mbaka Regrets Campaigning For Buhari, Asks Peter Obi For Forgiveness
Spiritual Director of Adoration Ministry, Reverend Father E...June 18, 2022

Post navigation

❮ Previous Post: Police Asks Abia, Akwa-Ibom, Rivers Residents To Identify Children Stolen, Taken To Anambra
Next Post: We Didn’t Ask Commercial Banks To Collect Old N500, N1000 Notes – CBN ❯

You may also like

Nnamdi Kanu: Uzodimma No Longer Satisfied With His Stolen Mandate - Ihedioha ~ OsazuwaAkonedo #Abubakar #Emeka #Ihedioha #Imo #Nigeria #Nigerians #security #2023 #Abubakar #Appeal #Biafra #Court #Hope #Imo #ipob #Kanu #Malami #media #Minister #Nigeria
Breaking News
Nnamdi Kanu: Uzodimma No Longer Satisfied With His Stolen Mandate – Ihedioha
October 16, 2022
Fear Not, Come Out To Vote, We Have Secured 326 Wards, 5720 Polling Units In Anambra - CP ~ OsazuwaAkonedo #2023Election #Anambra #CP #Gunmen #INEC #job #Nigeria #OsazuwaAkonedo #politics #polling #secured #security #Unknown #Vote
news
Fear Not, Come Out To Vote, We Have Secured 326 Wards, 5720 Polling Units In Anambra – CP
February 24, 2023
10 Million Nigerians Live With Diabetes - Atiku Expresses Worries ~ OsazuwaAkonedo #2023Election #Abubakar #Atiku #Diabetes #OsazuwaAkonedo #PDP
Health
10 Million Nigerians Live With Diabetes – Atiku Expresses Worries
November 15, 2022
Mercy Johnson, Talented, Yet Humble Woman - Husband ~ OsazuwaAkonedo #Johnson #Mercy #Odi #Okojie #Marriage #OsazuwaAkonedo
Entertainment
Mercy Johnson, Talented, Yet Humble Woman – Husband
August 27, 2022
VP Osibanjo On Crutches, Thanks Nigerians ~ OsazuwaAkonedo #Osibanjo #President #Yemi #Nigeria #OsazuwaAkonedo
Breaking News
VP Osibanjo On Crutches, Thanks Nigerians
July 24, 2022
Simon Ekpa Threatens Nnamdi Kanu's Lawyer, Ifeanyi Ejiofor ~ OsazuwaAkonedo #Biafra #Ejiofor #Ekpa #Ifeanyi #ipob #Kanu #Nnamdi #OsazuwaAkonedo #Simon #Sit-at-home
Breaking News
Simon Ekpa Threatens Nnamdi Kanu’s Lawyer, Ifeanyi Ejiofor
December 15, 2022
Nnamdi Kanu Wears One Shirt, One Trouser Almost One Year ~ OsazuwaAkonedo #Biafra #Dss #ESN #FG #ipob #OsazuwaAkonedo
news
Nnamdi Kanu Wears One Shirt, One Trouser Almost One Year
April 9, 2022
Only APC Can Move Nigeria Forward - Buhari ~ OsazuwaAkonedo #2023Election #APC #Bola #Buhari #Muhammadu #OsazuwaAkonedo #Tinubu
news
Only APC Can Move Nigeria Forward – Buhari
November 16, 2022
Bonny River: Military Chopper Did Not Shoot At Passengers Cargo Boat, Rather, They Were Criminals - Defence Headquarters ~ OsazuwaAkonedo #OsazuwaAkonedo
news
Bonny River: Military Chopper Did Not Shoot At Passengers Cargo Boat, Rather, They Were Criminals – Defence Headquarters
August 30, 2021
Nigeria Now Actually A Great Nation Under Me - Buhari ~ OsazuwaAkonedo #Nigerians #OsazuwaAkonedo
news
Nigeria Now Actually A Great Nation Under Me – Buhari
October 1, 2021
I'm A Secret Cult Member, I Found "OneMillionBoys", "AjahBoys" Cults - Zazuu Singer ~ OsazuwaAkonedo #APC #cult #Lagos #Nigerians #Osun #PDP #AjahBoys #Habeeb #Okikiola #OneMillionBoys #OsazuwaAkonedo #Portable #Zazuu #Zeh
Breaking News
I’m A Secret Cult Member, I Found “OneMillionBoys”, “AjahBoys” Cults – Zazuu Singer
July 18, 2022
Unknown Gunmen Attack Ogidi Police Station In Anambra ~ OsazuwaAkonedo #2023Election #Anambra #breaking #Gunmen #Nigeria #Ogidi #OsazuwaAkonedo #Police #politics #security #Station #Unknown
Breaking News
Unknown Gunmen Attack Ogidi Police Station In Anambra
February 13, 2023

Leave a Reply Cancel reply

Economy

  • Presidency Lists Things Buhari Has Done For Southeast, Says Enough For IPOB To Stop Agitating For Biafra

    September 16, 2022

  • Italy’s Most Wanted Dangerous Man Arrested After 30 Years On The Run

    January 17, 2023

  • Wife Buys Exactly Lookalike Sex Doll Over Inability To Satisfy Husband’s High Libido

    July 18, 2022

  • When I Saw A Player Called Ifa In Tunisia Team, I Knew Super Eagles Wasn’t Going To Win – Nairamarley

    January 24, 2022

  • Court Throws Out 8, Out Of 15 Count Terrorism, Treasonable-Endsars Charges Against Nnamdi Kanu

    April 8, 2022

Entertainment

  • Tinubu To Sultan Of Sokoto: I Want To Win This Election

    February 9, 2023

  • PDP Petitions Umahi Over Imminent Security Threat In Ebonyi

    December 1, 2020

  • Political Solution Possible For Nnamdi Kanu But I Will Not Release Him If… – Buhari

    January 5, 2022

  • India, World Largest Democracy – UK PM Boris Johnson

    April 21, 2022

  • Even Pastor Warned Us, If We Get Married, We Will Be Childless – Friday Otabor

    February 13, 2022

Security

  • Catholic Seeks Special Land To Bury Owo Victims

    June 9, 2022

  • [VIDEO] Imo Illegal Refinery Deaths, A National Disaster – Buhari

    April 24, 2022

  • UK New Prime Minister Liz Truss Resigns

    October 20, 2022

  • How Buhari Is Frustrating Facebook From Investing In Nigeria__PDP Governors

    July 27, 2021

  • I Look Forward To Working With Soludo For Peace In Nigeria – Buhari

    November 10, 2021

Politics

  • 5 Killed In Calabar Carnival

    December 27, 2022

  • Daily, Our Young Boys Are Taken Into The Bush – Soludo

    April 13, 2022

  • Unknown Gunmen Invade Onitsha, Kill Policemen

    December 18, 2021

  • We Have Rights Too – Police

    October 2, 2022

  • APC Copies, Now Follows My Ideas On NNPC – Atiku

    July 20, 2022

  • Details About Ownership, Funding Sources And Founding Date
  • How Errors Are Corrected And Missing Information Added
  • Team
  • How We Verified Information
  • Editorial Ethics
  • About
  • Fact Checking Policy
  • Contact
  • Privacy Policy
  • Ivy FM
  • Apple
  • Google News
  • Telegram
  • About Publisher
  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • TikTok
  • Amazon

osazuwaakonedo.news © 2020-2023 Published by OSAZUWAAKONEDO LIMITED, Consultant, Producer, and Publisher of OsazuwaAkonedo titles

Add OsazuwaAkonedo App to your Homescreen!

Add

WhatsApp us

WhatsApp Group