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CBN confiscates N56.8 million – Report

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CBN: Directorate of Communications In The Public Eyes   

CBN confiscates N56.8 million – Report

By: Our Reporter

A total of 67,265 banknotes with a nominal value of N56.8 million were confiscated last year, the 2020 yearly report of the Central Bank of Nigeria (CBN) has revealed.

The volume is 20.8 per cent less than 84,934 pieces confiscated the previous year and 12.18 per cent short of the nominal value. In 2019, N64.7 million was confiscated.

The report also revealed that N1000 and N500 bills dominated the confiscated denominations, accounting for 69.06 percent and 30.79 per cent respectively.

The two highest denominations accounted for 99.85 percent of seized fake naira with smaller denominations taking only 0.15 per cent. The data validates the historical trend where criminals target higher denominations for counterfeiting.

According to the statistics, the ratio of confiscated counterfeit notes to the volume of currencies in circulation was 13 pieces per million or one to 77,000, suggesting that one out of every 77,000 banknotes in circulation last year was fake.

The apex bank reports that the volume of currency-in-circulation (CIC) increased by 19 per cent from N2.44 trillion at the end of 2019 to N2.9 trillion by December 31, 2020. The increase suggests the continued dominance of cash transactions despite the growth of digital payment systems.

Detailed analysis showed that N5, N10, N20 and N50 banknotes accounted for 28.4 percent of the total volume of currency in circulation. The smaller denominations’ share of the value of the money in circulation was only 1.9 per cent while 100, N200, N500 and N1000 accounted for 63.5 per cent and 98.08 per cent of the volume and value of the currency in circulation respectively.

According to the report, the total stock of currency (issuable and non-issuable) in the vaults of the bank at the end of December 2020 was 2.75 billion pieces compared with 2.64 billion pieces reported in 2019. The figures show an increase of over 100 million pieces or four per cent.

Also Read: THE NEED TO LOOK AT THINGS DIFFERENTLY FOR A CHANGE

“At end of December, 2020, the total issuable notes (newly printed notes and counted audited clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent,” the report notes.

Last year, the apex bank cut its expenditure on currency printing from N75.5 billion spent in 2019 to N58.6 billion. The Bank had spent the N64 for the same process in 2018.

“The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of N16,905 million or 28 per cent,” the report states.

In a separate press release, the regulator said the reduction was in line with the objective of the Godwin Emefiele-led CBN to cut the cost of printing banknotes and cash management and that eNaira was also initiated in line with the policy.

The report also says the CBN generated the sum of N6.5 billion as total income from currency management activities in the year under review compared with N13.2 billion released in 2019. The figures imply a decrease of N6.7 billion or 50.9 per cent.

“The income generated was largely from penal charges on unsorted banknotes deposited by DMBs and charges for authentication of foreign currency deposits with the Bank,” says the report.

It also disclosed that the Bank incurred a total of N67.2 billion as expenses on currency operations in the year. The amount is N18 billion or 21 per cent less than N85.2 billion spent a year earlier.

CBN confiscates N56.8 million – Report

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Eid-el-Kabir: IPCR Calls on Nigerians to Peace, Harmony

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Eid-el-Kabir: IPCR Calls on Nigerians to Peace, Harmony

By: Michael Mike

Institute for Peace and Conflict Resolution (IPCR) has called on Nigerians to promote peace and harmony in their communities, recognizing that peace is essential to national development and progress.

The advice was given by the Director General of the Institute for Peace and Conflict Resolution (IPCR), Dr. Joseph Ochogwu, in his message on Eid-el-Kabir.

The Institute, while extending warm greetings to Nigerians, wished them a joyous and peaceful celebration, marked by love, compassion, and unity.

The Institute while noting that Sallah is a significant occasion in the Islamic calendar, symbolizing the values of sacrifice, gratitude, and community, emphasized that the spirit of Sallah should guide Nigerians in their interactions with one another, fostering a culture of peace, tolerance, and understanding.

The IPCR urged Nigerians to promote peace and harmony in their communities, recognizing that peace is essential to national development and progress, while
encouraging individuals to embrace the values of Sallah, including forgiveness, empathy, and kindness, in their daily lives.

According to IPCR, peace is critical to promoting national stability and cohesion.

The Institute also urged Nigerians to use this period of Sallah celebration to address conflicts and promote dialogue, which could help to build trust and understanding among Nigerians and also contribute to a more peaceful society.

It recognized that the country’s many ethnic and religious groups can work together to build a more harmonious society, celebrating their differences and promoting a culture of tolerance.
End

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Community Leader Seeks Tinubu’s Urgent Intervention in Incessant Plateau Killing

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Community Leader Seeks Tinubu’s Urgent Intervention in Incessant Plateau Killing

By: Michael Mike

A community leader and the Waziri Mushere of Bokkos Local Government Area of Plateau State, Chief Yohana Margif has expressed dismay over the incessant killing of innocent citizens of the community.

Margif made this known in an interview with journalists on Thursday in Abuja.

He called on President Bola Tinubu to urgently intervene to halt what he described as genocide against the people, which he said was being perpetrated by suspected herdsmen.

Margif also called on Malam Nuhu Ribadu, the National Security Adviser, and other security chiefs in the country, to rein in the alleged culprits.

He said: “I would like to draw the attention of the topmost leadership in Nigeria to the deteriorating dire security situation in Plateau, particularly in Mushere Chiefdom of Bokkos LGA.

“I urge President Tinubu to take immediate decisive action to halt these endless and senseless killings, protect lives and properties, and secure the future of the Mushere people, and other victims of obvious genocide against the people.

“Herdsmen are killing our innocent people, burning their homes, looting their foodstuff, property, livestock, and taking over their ancestral lands,” he said.

According to the Abuja-based real estate mogul, the attacks and attendant killings have intensified recently since the onset of this year’s farming season.

Margif further said that the people had been displaced from their villages and ancestral homes and were forced to become internally displaced persons in the country.

He emphasised that the situation required immediate intervention by all stakeholders in order to prevent further escalation and inflict an irredeemable harm by wiping out the entire community from the surface of the earth.

He lamented that: “Since President Tinubu’s administration began, Plateau State has witnessed an unprecedented escalation of violence and loss of lives.

“This is the current sad reality. Our people are constantly under the threat of the enemy’s bullets and can’t sleep with two eyes closed due to the perpetual unleashing of violence against them by external forces.

“Something urgent must be done to stem the tide of violence and end this war against the people in order not to
harm this administration’s reputation,” Margif said.

In the past couple of days, suspected herdsmen militia killed no fewer than 35 people in the localities of Hokk, Pangkap, Fokoldep, Kopmur, Margif, Horop, Mbor, Mushere and Kwahas localities in Mushere Chiefdom.

Chairman, Bokkos Community Peace Observers, Kefas Mallai, who confirmed the killings to newsmen, said the victims included a 70-year-old Pastor of COCIN LCC Kwakas-Mushere, Mimang Lekyil, who was attacked and killed in the church.

He said that the pastor’s wife was also shot in the leg and was admitted at the Jos University Teaching Hospital for treatment, he said.

“Bokkos has never been this insecure, with the people being butchered as we are currently witnessing,” Lilian Madaki, from the Mushere community told journalists.

The Commissioner of Police in the state, Emmanuel Adesina, also confirmed the incident in a statement saying security forces including police and military personnel, had been deployed in the affected communities.

Community Leader Seeks Tinubu’s Urgent Intervention in Incessant Plateau Killing

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VP Shettima Leads Mourners At Funeral Prayers For Late Prof. Jibril Aminu

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VP Shettima Leads Mourners At Funeral Prayers For Late Prof. Jibril Aminu

** Says Nigeria has lost an intellectual giant

By: Our Reporter

Vice President Kashim Shettima today led other Muslim faithful for the Jana’iza (funeral prayers) of the late elder statesman, renowned medical scholar and former Minister of Education and Petroleum, Prof. Jibril Aminu, at the National Mosque in Abuja.

Prof. Aminu, a one-time President of the African Petroleum Producers’ Organisation (OPEC), passed on in Abuja on Thursday after a prolonged illness.

The Vice President, who arrived at the National Mosque at 1:52 pm, commiserated with the family of the deceased and prayed Allah to comfort them and make Aljanna Firdaus the final abode of the late elder statesman.

Noting that the late Prof Aminu’s demise is a great loss to the nation, VP Shettima described the late surgeon, educationist and administrator as a man who saw it all, just as he said the deceased was an intellectual giant who can hardly be replaced.

“It is a very sad loss. Prof Jubril Aminu was the last of the great titans, an iconic figure who enormously contributed to the development of the nation.

“He was variously the Executive Secretary of NUC, Vice Chancellor of the University of Maiduguri and Honourable Minister of various ministries across the country and left his landmarks on the sands of time.

“He is irreplaceable. May Allah grant him Aljanatul Firdaus and give the family the fortitude to bear the irreparable loss. His loss is not just to the good people of Adamawa State but to the nation and Africa at large,” the Vice President prayed.

Born in Song, Adamawa in 1939, Prof. Aminu was a towering figure in Nigerian public life.

The late Consultant Cardiologist served the nation in different capacities, including as Federal Minister of Education and later Federal Minister of Petroleum and Mineral Resources (1989–1992), Ambassador of Nigeria to the United States (1999–2003), and Senator representing Adamawa Central (2003–2011).

He was also President of OPEC in 1991 and President of the OPEC Conference between 1991 and 1992 while he was Petroleum Minister.

Other mourners who joined the Vice President at the National Mosque in Abuja for the Jana’iza included former Vice President Atiku Abubakar; National Security Adviser, Nuhu Ribadu; Special Adviser to the President on General Duties (Office of the Vice President), Dr. Aliyu Modibbo; former Secretary to the Federal Government, Yayale Ahmed; former Governor of Adamawa State, Admiral Murtala Nyako; former Governor of Gombe State, Senator Danjuma Goje; former Chief of Army Staff, General Tukur Buratai (rtd); former Minister of Education, Professor Tahir Mamman; former Minister of State for Health, Dr. Aliyu Idi Hong, among many others.

VP Shettima Leads Mourners At Funeral Prayers For Late Prof. Jibril Aminu

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