Naira crisis: FG, states consider out-of-court settlement

Indications emerged last night that the federal and the state governments are considering out-of-court settlement of the litigations trailing the naira policy of the Central Bank of Nigeria (CBN), Daily Trust gathered.

 

The Kaduna, Kogi and Zamfara state governments had approached the Supreme Court, seeking the apex bank to be restrained from going ahead with the February 10 deadline for the circulation of old naira notes.

 

On their parts, Bayelsa and Edo states have joined as co-defendants with the federal government. The apex court yesterday fixed all the suits for hearing on Wednesday, February 22.

 

However, last night, it emerged that the federal government has reached out to some of the states to settle the matter out-of-court.

 

The Kaduna State government, via a statement, last night, said officials of the federal government have contacted Governor Nasir El-Rufai and some of his colleagues to settle the matter out of court.

 

A statement by the Special Adviser to El-Rufai on (Media & Communication), Muyiwa Adekeye, said senior officials of the federal government have reached some governors, including El-Rufai, on phone to initiate discussions on a possible out-of-court settlement.

 

“The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023. They claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023.

 

“These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes.

 

“This is contrary to the facts available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

 

“It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. The information available to the governors also indicates that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria,” he said.

 

Efforts to get the reaction of the federal government yielded no result as a presidential spokesperson, Garba Shehu, declined to comment on the matter.

 

Four killed in Edo as protests rock states

 

Four persons were yesterday killed in Edo State as Nigerians trooped out in some states to protest the scarcity of naira, Daily Trust reports.

 

Commercial and other activities were grounded for several hours in the capitals of Edo, Kwara, Ondo, Delta and Oyo states when residents took to major streets to protest the crisis trailing the scarcity of the country’s currency.

 

Setting bonfires, the protesters lamented the rejection of the old naira notes by commercial banks, filling stations, markets and other places. The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on Tuesday said old notes are no longer legal tender.

 

4 killed in Edo

 

Four persons including a nursing mother were feared dead in Benin as angry residents barricaded the gate of the CBN branch in the state over the scarcity of new notes and rejection of old currency notes.

 

Daily Trust learnt that two persons were killed on the Akpakpava road where the CBN office is located, one on Sakpoba road while the nursing mother was killed by a stray bullet while waiting at the ATM point to withdraw cash.

 

Residents had besieged the CBN branch to swap old notes following the rejection by banks, fuel stations and market women.

 

Trouble started when protesters stopped an unmarked Toyota Hilux from accessing the CBN branch.

 

One of the protesters, who gave his name as Abraham, alleged that it was government officials that wanted to collect new notes from the CBN hence the people had to stop them.

 

He said in attempts to disperse the protesters, policemen fired teargas and bullets into the air. He said in the process, three people were killed.

 

From the scene, our reporter said the protesters moved into the town, attacking and vandalising bank offices across the state.

 

Another protester, Godwin Osemwingie, told Daily Trust that he saw three corpses on the ground while others sustained various degrees of injuries.

 

The spokesperson of the Edo State Police Command, Chidi Nwanbuzor, who confirmed the protest, could not confirm the casualty.

 

He said he would get back to our reporter but did not as of the time this story was filed.

 

5 arrested as protests rock Kwara

 

Aggrieved residents of Ilorin, the Kwara State capital, took to the street, lamenting the rejection of old and scarcity of new notes.

 

The protest, involving majorly youth, started at Gerin Alimi and later spread to areas like Oloje, Ogidi, Oja Oba, and UITH among other adjoining roads in the state capital.

 

Bonfires made of used tyres and wood were used by the aggrieved youth to cause traffic gridlock in the town.

 

The spokesperson of the Kwara State Police Command, Ajayi Okasanmi, confirmed that “five suspects have been arrested in connection with the incident”, adding that normalcy has been restored.

 

Meanwhile, Governor Abdulrahman Abdulrazaq, in a statement urged the people to remain calm over the situation.

 

“I testify to the inconvenience this development has brought. We are in this together, and we are not missing any opportunity to work with the CBN and the federal government to bring ease to the people within a reasonable time.

 

“I admit it has been tough, and we do not take your patience for granted,” he said.

 

Ondo residents block major streets

 

Commercial, social, and business activities were paralysed for several hours in major towns of Ondo State by some angry residents following the rejection of the old naira notes by banks.

 

The residents, mostly traders and youths poured out onto the streets in Akure, Owo, and Ondo towns to protest the hardship brought on them by the naira crisis. Security agents were stationed at every bank and place suspected to be flashpoints of possible violence during the protest.

 

Also, commercial banks, which earlier opened for business were hurriedly closed as their staffers fled their duty posts for fear of being attacked by the protesters.

 

In Akure, Daily Trust observed that the youths who were joined by some aggrieved commercial motorcyclists otherwise known as ‘Okada riders’ blocked the popular Alagbaka area to show their displeasure at the policy.

 

Their protest caused gridlock for several hours, as they also forced other motorists to use alternative routes around the capital city.

 

Speaking, one of the leaders of the protesters, Mr Olawale Ogunrinde, said they were on the streets to protest the untold hardships brought on them by the naira swap problem.

 

In Owo, it was gathered that the protest started when some market women took to the streets with leaves in their hands, calling for the old naira notes to continue to be in circulation alongside the new ones.

 

The angry women all marched through the major streets in the town before proceeding to the Olowo’s palace, chanting solidarity songs.

 

At the palace, the Olowo of Owo, Oba Ajibade Gbadegesin Ogunoye III who received the protesters, advised them to be peaceful and avoid anything that can cause chaos.

 

Police arrest 9 for burning banks in Delta

 

The Delta State Police Command said no fewer than nine persons have been arrested in connection with the setting ablaze of two commercial banks in Udu LGA of the state.

 

The command spokesperson, DSP Bright Edafe made this known on his official Twitter handle.

 

Protests ground activities in Ibadan

 

Protests have marred traffic and commercial activities on the Eleyele/ Ologuneru road as well as the Mokola roundabout in Ibadan, the Oyo State capital, over the continued scarcity of naira and fuel.

 

Daily Trust gathered that the protesters first converged at Eleyele junction, in Ibadan North West LGA of the state. Some of the protesters blocked the ever-busy Eleyele-Ologuneru-Eruwa road causing gridlock around Eleyele, Ijokodo and Sango-Poly road.

 

Resultant of the gridlock, many schoolchildren were seen returning to their homes as commercial vehicles were not available.

 

Recall that a similar protest rocked the city on Friday, February 3, where some hoodlums within the popular Araromi spare parts market, Gate, took advantage of the protest and set ablaze a police station.

 

Following the protests, the Olubadan of Ibadanland, Oba Sen. Lekan Balogun, Alli Okunmade II has called on the CBN to rethink the deadline.

 

The monarch enjoined the federal government to come out openly and announce the extension of the deadline or the co-existence of both the old and new notes to douse the tension.

 

Buhari meets Tinubu at Aso Rock

 

President Muhammadu Buhari Wednesday held a closed-door meeting with the presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, at the Presidential Villa, Abuja.

 

Reliable sources said the meeting, whose agenda was not known, was reportedly held at the President’s Residence inside the Villa before the weekly Federal Executive Council (FEC) meeting.

 

Daily Trust however learnt that the discussions between the two leaders might not go beyond campaigns and other prevailing national issues.

(Daily Trust)