We Have Cash In Forest, Give Us More Time On Naira Redesign - Miyatti Allah

The leader of Miyetti Allah Cattle Breeders Association of Nigeria, South-East chapter, Gidado Siddiki, has appealed to the Central Bank of Nigeria to extend the deadline given for the circulation of the Country’s new currency notes.

Siddiki made the call in  an interview with journalists in Awka, on Thursday. He said the December 15, 2022, deadline should be extended for another three months to enable members of the association bring out their money from the forests to avoid huge losses on their part.

He said the appeal became necessary because according to him, the group are majorly living in forest and bushes as a result of their business, they needed more time to bring out their savings for proper transformation to the new redesigned notes.

The Central Bank of Nigeria had announced the redesigning of the three highest currency denominations: N200, N500 and N1,000 notes.

Miyetti Allah said, “We can not fight or reverse government policies as law abiding citizens of Nigeria, we are only appealing to the CBN to help us extend the deadline for another three months, so as to enable the leadership of Miyetti Allah reach out properly to those living in out of telecommunication areas across states of the federation.”

Naira Redesign: See How ISWAP Abandons Naira, Taxes Farmers, Traders In CFAs

The Shura Council of the Islamic State of the West African Province (ISWAP) has banned naira as a means of transaction for the illegal tax it collects from peasant farmers and fishermen.

This is as a result of the Nigerian government’s move to redesign and reissue higher denominations of its currency.

According to the Central Bank of Nigeria (CBN), N200, N500, and N1000 notes will be reissued this Year, by December and by January 31,2023, the old notes will cease to be legal tender.

It was gathered that this move threw the ISWAP population in the Tumbus of Lake Chad into confusion.

According to the Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region, the insurgents switched to the West African CFA as currency of trade in the area.

ZagaZola claimed that the terrorists had also banned all Nigerian fishermen, herdsmen and farmers from sneaking into the Lake Chad through Marte, Abadam, and Gamborun Ngala in order to prevent the naira from reaching into the camps of the terrorists in the Lake Chad.

Ibn Umar and Malam Ba’ana, the ISWAP Militant Commanders in charge of taxes and levies, who imposed the ban, said the people were only allowed to come through safe routes established by the terror group – Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina villages in Cameroon Republic.

In exchange, ISWAP collects 1,500 West African CFA Francs, monthly taxes from the people who appear very willing to pay.

Naira Redesign Won't Allow Politicians To Sponsor Thugs – Buhari

President Muhammadu Buhari says there is no going back on the planned redesign of the N1,000, N500 and N200 bank notes, adding that politicians won’t be allowed to mobilise resources and thugs to intimidate voters in the 2023 general elections.

Buhari made this known on Wednesday in an interview in the United Kingdom after meeting with His Royal Majesty, King Charles III in Buckingham Palace.

President Buhari With UK Monarch- King Charles III

During the visit, President Buhari said he told King Charles III he has no house in the UK.

Buhari also said enough time has been given by the Central Bank of Nigeria (CBN) for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones which will be issued by December 15, 2022.

“On this change of currency, there will be a lot of money but time has been given from October to December, three months is enough for whatever money you have, to get it changed through the legal system.

“So, I don’t know why people are complaining about it,” the President said.

Naira Redesign: Why You Must Put Arabic Sign On Every Note - MURIC To CBN

Muslim Rights Concern (MURIC) has supported the move by the Central Bank of Nigeria (CBN) to redesign the naira.

The the Islamic human rights organization however gave the condition that Arabic Ajami must be inscribed on all naira denominations.

MURIC stated this in a statement issued on Tuesday by the group’s director, Professor Ishaq Akintola.

The statement reads in part: “The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced on October 26 2022, the plan by the CBN to redesign the naira.

“MURIC hereby expresses its support for the project with the proviso that all the denominations must contain Arabic inscriptions just as they had been before Arabic Ajami was conspiratorially and unjustly removed from some denominations.”

"MURIC insisted that the removal of Arabic Ajami from naira notes in the past provoked Muslims and caused division within the country, adding that only its return to all denominations can heal the wound."

According to the Islamic group, in 2005, ex-President Olusegun Obasanjo fired the first salvo against the naira note during his eight-year rule as a civilian president (1999–2007). Obasanjo removed the Arabic Ajami from 5, 10, 20 and 50 naira denominations.

It added that ex-President Goodluck Jonathan also took the cue from Obasanjo by removing Arabic Ajami from the 100 naira note when he discharged the commemorative centenary banknote on December 19, 2014.

In his response to MURIC, dethroned Kano Emir and former Governor of the Central Bank of Nigeria- Sanusi Lamido said there is no plan to remove the Arabic signs on the Naira notes.

According to Sanusi, he said he already put a call through to the CBN Governor- Godwin Emefiele, confirming the doubt, and he said the CBN Governor assured him that there is no plan as such to remove the Arabic signs from the Naira notes. 

$1 Now ₦788, We Are Not Aware Of Naira Redesigning - Finance Says

Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira.

The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on Finance, warned CBN of consequences that may arise from the new policy.

Senator Bamidele had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.

Bamidele said, “Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars."

In her quick response, the minister said she and her ministry are not aware of the policy but only heard of it from the media.

“Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise, " Senator Bamidele added.