National News
CBN confiscates N56.8 million – Report
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.
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“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
National News
President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre
President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre
By: Bodunrin Kayode
President Bola Tinubu will today visit the Plateau state capital Jos to commiserate with residents who lost loved ones during the Palm Sunday shooting spree by criminals that took place at Angwa rukuba area of the city.
The President who was scheduled to visit Ogun state postponed his scheduled trip to Iperu, meant to flag off operations at the Gateway International Cargo Airport.
From the Plateau, the President is expected to travel to Lagos to observe Good Friday public holiday which ushers the beginning of the Easter public holiday which rounds up the lent period.
A state house release signed yesterday by the Presidential spokesman Bayo Onanuga noted that President Tinubu will travel to Ogun State for the commissioning of the Cargo Airport and the inauguration of two commercial aircrafts for the export and import of goods, aimed at boosting the state’s economic growth on Saturday April 4th.
“He will also inaugurate the new edifice of the Federal Operations Unit of the Nigerian Customs Service and its operational vehicles.
“He will return to Lagos to continue the Easter holiday, during which he is also expected to commission infrastructural projects undertaken by the administration of Governor Babajide Sanwo-Olu.
“These projects include: the iconic Ojota/Opebi Link Bridge; the Lagos State Geographic Information System Building; the Multi-Agency Complex named after the President, and a school Complex.
“Before returning to Abuja, President Tinubu will visit Bayelsa State on April 10 to commission some of Governor Duoye Diri’s completed projects.” Said the release.
Sadly several residents lost their lives during the black Palm Sunday shooting spree which is suspected to have been carried out by auto bike riding bandits following after their patterns in the hinterlands of the state.
These bandits who had tormented, killed and destroyed homes of residences of the Jos north axis of the state for several years after September 7th 2001
This damnation let loose on innocent residents is resurfacing after hundreds of killings had occurred in the Jos North council area of the state from September 7th 2001 till date.
And because of the myriad of challenges creeping into the federal security system sub regionals have geared up to manage their on police and Intel services which would assist greatly because they are masters of their territories.
The Federal government is fast tracking the process of state police to ensure that each sub nationals take charge of their environment to ensure that they support the center in the maintenance of internal security.
President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre
National News
NiMet predicts 107 to 138 days of rainfall in Gombe
NiMet predicts 107 to 138 days of rainfall in Gombe
The Nigerian Meteorological Agency (NiMet) has said that in 2026, the length of the rainy season in Gombe State is expected to be between 107 and 138 days.
This is contained in the Agency’s 2026 Seasonal Climate Prediction (SCP) document, which Gayus Musa, the meteorological manager for Gombe State, made available to Our Correspondent in Gombe on Tuesday.
The total amount of rainfall across Gombe State in 2026 is predicted to be between 701 mm in the northern part of the state (Nafada) and 1089 mm in the South (Shongom).
The onset of the rainfall is expected to commence in the state on May 29 (Shongom) and cease by October 22 (Yamaltu/Deba).
Similarly, in the prediction, four local government areas of the state, namely: Nafada, Yamaltu/Deba, Dukku and Funakaye were likely to be impacted by a severe dry spell (21 days and above) between June and August.
Musa while speaking to Our Correspondent on the first rainfall experienced in some communities in Akko, Gombe and Yamaltu/Deba Local Government Areas of the state on Monday urged farmers to resist the temptation of early planting of crops.
He described the first rain as false onset, explaining that the rainfall was false because it would not support any germination as seeds planted with such rain would not survive.
“This (first rain) is a false onset because the precipitation cannot carry any germination and so any seed planted would not survive.
“So farmers should not engage themselves in planting but to prepare their farmlands while getting their seeds and other inputs ready,” he said.
Musa advised farmers in the state, to make use of the prediction in carrying out farming activities towards avoiding losses in view of the impact of climate change on agriculture.
He further urged relevant authorities in the state to take proactive measures towards tackling environmental issues associated with the rainy season.
NiMet predicts 107 to 138 days of rainfall in Gombe
National News
Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship
Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship
By: Michael Mike
The rumoured interest of Minister of Foreign Affairs, Ambassador Yusuf Tuggar in becoming the governor of Bauchi State come 2027 may have been confirmed he resigned on Monday to prepared ground for actualization of his political ambition.
The resignation was ahead of the deadline set for political appointees seeking elective positions in the forthcoming general elections.
In a resignation letter submitted to the office of the Secretary to the Government of the Federation, Tuggar expressed profound gratitude to President Bola Ahmed Tinubu for the opportunity to serve the country and contribute to the implementation of the administration’s Four-D foreign policy strategy.
The former minister also appreciated the management and staff of the Ministry of Foreign Affairs and members of the diplomatic community for their cooperation and support throughout his tenure.
During his time in office, Tuggar was credited with advancing Nigeria’s foreign policy objectives through initiatives focused on people-centred diplomacy. These included humanitarian evacuations, facilitation of scholarships for Nigerians abroad, and sustained support for citizens in the diaspora.
His tenure also witnessed increased diaspora engagement, including efforts to develop a structured database of Nigerians living abroad aimed at strengthening their participation in national development.
In addition, Tuggar strengthened bilateral and multilateral relations through strategic engagements with traditional partners and regional alliances, particularly across the Global South. His leadership also promoted regional security cooperation and supported the formation of the Regional Partnership for Democracy initiative.
He also prioritised economic diplomacy, positioning Nigeria as an attractive destination for foreign investment, especially in the energy sector, while facilitating diplomatic interventions that secured the release of detained Nigerians in foreign countries and improved bilateral relations.
The resignation letter was received on behalf of the Secretary to the Government of the Federation by Dr. Abubakar Kana, Permanent Secretary, General Services Office, ahead of the March thirty-first deadline directed by President Tinubu in line with provisions of the Electoral Act.
Tuggar’s resignation was conveyed in a statement issued by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir.
Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship
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