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January 9, 2024 Court Orders EFCC To Pay Emefiele N100m For Unlawful Detention

Court Orders EFCC To Pay Emefiele N100m For Unlawful Detention

Justice Olukayode Adeniyi of a High Court of the Federal Capital Territory (FCT) has slammed a 100 million naira fine against the Federal Government and the Economic and Financial Crimes Commission (EFCC) for unlawfully detaining former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Justice Adeniyi further barred the Federal Government and any of its agencies, notwithstanding Emefiele’s current trial, from re-arresting, detaining, and harassing him over any alleged offence without obtaining a warrant of arrest from a court of competent jurisdiction.

The judge issued the order after declaring Emefiele's long detention for over five months by the Department of State Service (DSS) and EFCC illegal, unlawful, and unconstitutional.

According to him, the excuse by the Federal Government that Emefiele was being investigated for other alleged infractions was not tenable, adding that the order of detention obtained from a Chief Magistrate Court in Wuse, Abuja, lacked probative value.

He further criticized security agencies for first arresting and detaining suspects before conducting an investigation.

Moreover, the EFCC has expressed dissatisfaction with the judgment and said it would approach the Court of Appeal to set it aside while noting that the judge failed to accept that the Commission held the former CBN boss to a valid court order.

December 14, 2023 Naira Scarcity: Cardoso Blames Redesign Policy, Pledges Policy Overhaul

Naira Scarcity: Cardoso Blames Redesign Policy, Pledges Policy Overhaul

Central Bank of Nigeria Governor Yemi Cardoso has blamed the recent cash scarcity on the flawed implementation of the naira redesign policy.

He made this known while speaking at the World Bank Nigeria Development Update launch in Abuja, which projected a 3.5 per cent annual growth for the 2023 to 2026 fiscal year.

Cardoso noted many feared the old notes would lose legal tender status, prompting them to hoard cash.

He said a thorough review will be done on all policies to produce a document outlining clear rules and procedures for navigating the Nigerian money market.

The CBN governor also assured that the Supreme Court’s recent ruling upholding the validity of the old notes beyond the initial deadline will ease cash into circulation.

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 24, 2021 CBN’s MPC Retains Interest Rate

CBN’s MPC Retains Interest Rate

The Monetary Policy Committee of the Central Bank of Nigeria has retained the benchmark interest rate, MPR at 11.5%, whilst other monetary parameters remain unchanged.

This was disclosed by the CBN Governor, GODWIN EMEFIELE, while reading the communique at the end of the 282nd Monetary Policy Committee meeting.

The MPC stated that its policy over the previous months has begun to show results, owing to the 4.03% growth in real GDP and the 6th consecutive monthly decline in headline inflation.

The CBN governor noted the continued moderation in the headline inflation, which he attributed to a marginal decline in the food and core components of the inflation index in October 2021.


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