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November 9, 2023 Old Banknote Remains Legal Tender Says CBN

Old Banknote Remains Legal Tender Says CBN

The Central Bank of Nigeria (CBN) has directed all its branches nationwide to continue issuing various denominations of old and redesigned banknotes in ample quantities to deposit money.

The apex bank disclosed this in a statement signed by its Director of Corporate Communications, Isa Abdulmumin, and posted on its X handle.

This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN about sufficient cash availability nationwide.

The apex bank also maintained that every banknote it has issued remains legal tender and should not be rejected by anyone.

The statement cautioned against panic withdrawals and advised members of the public to continue to embrace alternative modes of payment to reduce the pressure on using physical cash.

November 9, 2023 Obi Faults Tinubu’s N2.17tn Supplementary Budget

Obi Faults Tinubu’s N2.17tn Supplementary Budget

The presidential candidate of the Labour Party, Peter Obi, has faulted the signing into law of the N2.17 trillion supplementary budget by President Bola Tinubu.

President Bola Tinubu signed the 2023 Supplementary Budget of 2.17 trillion naira into law yesterday after the National Assembly passed the Appropriation Bill after a third reading.

Reacting in a statement, Obi claimed that the president failed to consider certain emergencies and pressing needs of the country.

He noted that, going by the manner in which the budgetary allocations were done, it was obvious the president was unaware of the dire crisis in the country.

Some allocations in the supplementary budget sparked public outrage.

Notable among them were the N5 billion for a presidential yacht, the N4 billion request for the renovation of the president’s Abuja residence, and the N2.5 billion allocation for the vice president's quarters.

November 9, 2023 Senate Passes N2.17 Trillion 2023 Supplementary Budget

Senate Passes N2.17 Trillion 2023 Supplementary Budget

The national assembly has raised the student loan appropriation to ten billion naira after harmonizing the N2.17 trillion 2023 Supplementary Budget.

The Senate and the House of Representatives had dropped the controversial presidential yacht, for which N5 billion was budgeted.

The House had transferred the N5 billion-for-yacht to the student loan item before passage, while the Senate retained the items as presented.

The Deputy Chairman of the Senate Committee on Appropriation, Ali Ndume, said the Senate had decided to probe the circumstances surrounding the yacht acquisition, which he insisted was done before the President Bola Tinubu Administration.

November 8, 2023 The EFCC Obeys Order, Produces Emefiele In Court

The EFCC Obeys Order, Produces Emefiele In Court

The Economic and Financial Crimes Commission (EFCC) followed with the decision of Justice Olukayode Adeniyi of a High Court of the Federal Capital Territory (FCT), Abuja, on Wednesday by producing Mr Godwin Emefiele, the jailed former Governor of the Central Bank of Nigeria (CBN), in court.

Following the Commission’s refusal to present Emefiele in court on November 6, Justice Adeniyi reaffirmed his ruling on Monday.

On November 2, he issued the ruling based on an ex parte application submitted by the former CBN chairman.

The judgment specifically stated that the anti-graft agency should either free Emefiele immediately or produce him in court on Monday, November 6, to be permitted to bail.

However, the Commission did not disclose or produce the former CBN chairman during Monday’s sessions, causing the court to rescind his decision and set a new date of November 8.

However, a few minutes before the 1pm hearing, the Commission brought Emefiele to court in accordance with the court’s order.

The former CBN governor arrived in court at 12.45pm, dressed in a gold kaftan and a striped headgear.

Meanwhile, lawyers for the parties to the dispute are already seated and waiting for the proceedings to begin.

Emefiele has been in federal government custody since June 10, when he was detained in Lagos and then moved to Abuja.

Despite a court order, the Department of State Service (DSS), who had arrested him, refused to release him on bail. He was eventually charged with unlawful possession of firearms in Lagos, and then with corruption in Abuja, before being handed over to the EFCC two weeks ago.

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