Tag: Cashless Policy

  • Cashless Policy: Inherited PDP Members in APC Misled Buhari – Yahaya Bello

    Cashless Policy: Inherited PDP Members in APC Misled Buhari – Yahaya Bello

    Governor Yahaya Bello of Kogi State has blamed those he referred to as inherited Peoples Democratic Party (PDP) members in the All Progressives Congress (APC) for ‘misleading’ President Muhammadu Buhari on the naira redesign policy.

    The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes which were initially suspended from circulating by the Central Bank of Nigeria through the orders of the President, remain in circulation till December 31, 2023.

    The court held that the unlawful use of executive powers by the President, inflicted unprecedented economic hardship on the citizens by denying them ownership of and access to their money.

    Reacting to the judgement on a monitored Channels Television programme, Governor Bello, who is one of the three original state governors that challenged the Federal Government at the Supreme Court, described it as sabotage by some party members and some others who crossed over from the opposition PDP.

    “The policy is, more or less, like funds confiscation packaged so beautifully, but Mr President was deceived in the implementation,” Bello said.

    Asked to disclose the identity of those behind the alleged deception, he said, “Some (proponents of the policy) are members of our party, some are inherited PDP members in the party.

    “Where have you ever seen an APC policy being implemented and you see opposition members praising it? This has happened in this particular instance.”

    He maintained that the APC thinks its policies before implementing it, saying that those that are not well thought out are always resisted, but that in this case the President’s economic advisers misled him.

    “In APC, we agree to disagree, that is why we are serving the public,” Bello said.

    “We think through our policies before they are being implemented and those that are not well thought over before implementation that we know are going to affect the people, we will resist them and part of them is this naira redesign and every other issue that is contained with it.

    “So, those that are advising Mr President economically misled Mr President; in this particular instance, he didn’t get it right.”

  • Nigeria’s inflation hits 21.82% Despite CBN Cashless Policy

    Nigeria’s inflation hits 21.82% Despite CBN Cashless Policy

    Nigeria’s January inflation figure rose from 21.34 per cent in December to 21.82 per cent in January, according to National Bureau of Statistics, NBS recent data.

    The January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate.

    However, on a year-on-year basis, the headline inflation rate was 6.22% points higher compared to the rate recorded in January 2022, which was 15.60%. The data showed that the headline inflation rate (year-on-year basis) increased in January 2023 compared to the same month in the preceding year (i.e., January 2022).

    The contributions of items on a class basis to the increase in the headline index are Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%).

    On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%).

    According to the figure, on average, the general price level was 0.15% higher relative to December 2022. The percentage change in the average CPI for the twelve months ending January 2023 over the average for the previous twelve months was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.

  • No Going Back On Cashless Policy, Says CBN Governor

    No Going Back On Cashless Policy, Says CBN Governor

    Governor of the Central Bank of Nigeria, Godwin Emefiele, has ruled the possibility of reversing the ongoing implementation of cashless policy.

    Emefiele made the declaration on Thursday after a visit to President Muhammadu Buhari in his country home in Daura, Katsina State.

    Reacting to dissenting voices from the National Assembly and the public over the cash withdrawal policy, the CBN governor told journalists that the limitation was not intended to hurt anyone.

    He underpinned that it was instead designed to strengthen the nation’s economy, as he assured that there will be no rigidity on the policy and no reversal.

    He again appealed to Nigerians to embrace the policy as the apex bank monitors the situation to allay any hardships.