APA – Lagos (Nigeria)
The report that amid the worsening naira crisis, the total amount of currency-in-circulation in the Nigerian economy has tumbled from N3.3tn to N1.54tn is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that amid the worsening naira crisis, the total amount of currency-in-circulation in the Nigerian economy has tumbled from N3.3tn to N1.54tn, a Central Bank of Nigeria document obtained by The PUNCH has revealed.
This came as a biting shortage of new naira notes amid an acute scarcity of old currency has inflicted untold hardship and pain on millions of Nigerians, leaving several people stranded.
The latest central bank document, obtained by one of our correspondents, showed that the total amount of currency-in-circulation fell by 53.33 per cent within three months.
Specifically, the currency-in-circulation fell from N3.3tn recorded on October 31, 2022 (a few weeks before the CBN began the implementation of the naira redesign policy) to N1.54tn on January 31, 2023.
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The 53.33 decrease in C-in-C followed bank customers’ huge deposits of old N1000, N500 and N200 notes ahead of the CBN’s February 10, 2023 controversial deadline.
Among other things, the CBN Governor, Godwin Emefiele, had said one of the objectives of the naira design policy was to mop up currency outside the bank vaults which he put at N2.7tn. He said with such a huge amount outside the banking system, it would be difficult for monetary policy initiatives to impact the economy.
The PUNCH obtained the latest data from a report presented by the CBN Deputy Governor, Folashodun Shonubi, at a forum in Abuja last week.
He noted that since 2018, the currency-in-circulation had been increasing at an average annualised rate of 18 per cent before the CBN’s redesign policy.
The newspaper says that the Lagos Chamber of Commerce and Industry has warned that the sustained rise in the general price level in recent times has caused some weakening in purchasing power.
The chamber, in a statement signed by its Director-General, Chinyere Almona, said the rising inflation had worsened the plight of Nigerians, particularly at a time when multidimensional poverty had climbed too high with an unprecedented 133 million Nigerians living below the poverty line.
According to the LCCI, while the monetary authority keeps hiking rates to beat inflation, the supply side should also be explored with the same vigour.
It said other monetary and fiscal policies should be equally deployed to tame inflation.
The statement partly read, “The sustained rise in the general price level in recent times has caused some weakening in purchasing power. This is coming at a time when multidimensional poverty has climbed too high with an unprecedented 133 million Nigerians living below the poverty line (NBS).
“The impact of rising inflation is far-reaching. It distorts fixed interest rate payments for recipients and payers alike, leaving in its trail disruptions and dislocations in the economy.”
The statement added that the CBN should also check the extent of its monetary financing of the Federal Government through ways and means.
According to the National Bureau of Statistics, headline inflation inched up by 0.47 per cent to 21.83 per cent in January 2023 after shading a few basis points in the month of December 2022.
The Guardian reports that the European Union Election Observation Mission (EU-EOM) says its oath to remain neutral in the Feb. 25 and March 11 General Elections in Nigeria remains sacrosanct.
The EU Election Observation Mission led by Mr Robert Hall and Diana Ferrari made the pledge during a visit to the Founder and Spiritual Leader of the Brotherhood of the Cross and Star, (BCS) Leader Olumba-Olumba Obuh in Calabar.
Explaining their mission on Sunday during the visit, Hall, said it was imperative that they visit the the spiritual leader.
He commended the spiritual leader for sacrificial efforts at uniting families and communities.
“We are election observers on assignment to Cross River and Akwa Ibom and we received good reports on the spiritual leader and his large followers he has influenced positively in Nigeria.
“Since we are to educate the electorate on the need to participate in the general election by casting their votes, there is need for us to visit the Leader of BCS.
“Speaking about neutrality during the election, nothing can make us violate our mandate or the oath taken to be neutral in the election,” he said.
Responding, Obu said he was very happy over their visit and will afford them the desired cooperation adding that the forthcoming election was very important to Nigerians but that he had no preferred presidential candidate.
He told the EU delegation that he has advised his adherents to freely exercise their franchise.
“I urge Nigerians to conduct themselves peacefully during and after the general election. This election must be devoid of vote buying, rigging, violence and killings.
“On EU’s request to know more about BCS, my mission and teachings bordera on love, forgiveness, peace and unity of all races,” he said.
He assured the EU observers of their safety throughout their stay in Nigeria, adding that he would gladly receive them again since they promised to return to the organisation in continuation of their voter education.
The newspaper says that the Human Environmental Development Agenda (HEDA) Resource Centre, at the weekend, said Nigeria lost N1,623,584,000,000 and $825,679,500,000 to corrupt officials between 1999 and 2022.
It made the startling revelation at a press briefing during public presentation of a publication titled, “Impunity Galore: A chronicle of some unresolved high profile corruption cases in Nigeria.”
Its Chairman told reporters that the title was coined after intensive research on events of recent years, which showed that impunity has remained unabated.
He said: “In many of the cases, it is either investigation was not completed, committee report not made public, white-paper not released or there is clear sabotage within and or outside government.
“It is also noteworthy that the cases listed in this chronicle are not exhaustive and the selection has not been discriminated in any manner. We have only tried as much as possible to report such high profile cases as much as we can find stories and report on. So, even if we missed some, perhaps, we may be able to update them in the near future. However, we have done our best to cover most grounds.”
Suraju pointed out that the document is a collection of corruption cases being investigated by the Economic Financial Crime Commission (EFCC), Independent Corrupt Practices and other related Offences Commission (ICPC) and relevant committees of the National Assembly.
“The collection is centred on cases between 1999 and 2022,” he clarified.
The Executive Secretary, Sulaimon Arigbabu, observed that the petitions and legal action being executed by the organisation were to help to keep these humongous cases of graft evergreen in the memories of Nigerians.
“So, we try to keep a public view on the issues of corruption that had either suffered in the legal process or with this latest work, we are doing those issues that didn’t make it through the court process and some that didn’t go there,” he explained.
GIK/APA