President Muhammadu Buhari Wednesday in Abuja launched the new Naira banknotes, expressing satisfaction that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) Plc

Speaking at the launch of the new banknotes, the President explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

Femi Adesina,Special Adviser to the President(Media & Publicity) quoted Buhari in a statement as saying that the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.

He also added that the new banknotes would help the Central Bank design and implement better monetary policy objectives as well as enrich the collective memory of Nigeria’s heritage.

He commended the CBN Governor, Godwin Emefiele and his Deputies for the initiative, while also thanking the Managing Director, Executive Directors and Staff of the Nigerian Security Printing and Minting PLC “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new Naira notes within a comparatively short time.”

Saying international best practice requires central banks and national authorities to issue new or redesigned currency notes every 5 to 8 years, the President noted that it is now almost 20 years since the last major redesign of the country’s local currency was done.

‘‘This implies that the Naira is long overdue to wear a new look.A cycle of banknote redesign is generally aimed at achieving specific objectives, including but not limited to: improving security of banknotes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.

‘‘As it’s known, our local laws – specifically the Central Bank of Nigeria Act of 2007 – grants the Central Bank of Nigeria the power to issue and redesign the Naira.In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the Central Bank.

‘‘There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination Naira banknotes. It is on this basis that I gave my approval for the redesign of the ₦‎200, ₦‎500 and ₦‎1000 banknotes.

‘‘While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in Nigeria by our Security Printing and Minting PLC,’’ he said.

In his remarks, the Governor of CBN, Godwin Emefiele, thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.

Emefiele also appreciated President Buhari for his insistence that the initial notes must be designed and produced within the country, further placing confidence in Nigerian Security Printing and Minting.

He added: “Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today”

He listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

The Federal Government,Wednesday,unveiled the redesigned naira notes to the public.

The redesigned notes are in denomination of N1000, N500 and N200.

It was unveiled at the Federal Executive Council meeting presided over by President Muhammadu Buhari in Abuja

Speaking,Governor of the Central Bank of Nigeria, Godwin Emefiele warned Nigerians against holding of the old notes.

He added there is no going back on the January 31st 2023 deadline to completely render the old notes useless.

The Senate Ad-Hoc Committee set upto investigate the theft of the country’s crude oil and its negative impact on the economy, submitted its findings to plenary on Tuesday

It revealed that between January and August 2022, Nigeria lost $2billion,with consequent loss of revenue that would support the country’s fiscal deficits and budget implementation .

The report kept mum on the masterminds of the act contrary to promise to name and shame them.

It claimed that efforts in combating the menace has begun yielding results with Forcados Terminal producing 500,000 barrels per day now as against zero production in the first six months of the year .

The Senate had on April 14, 2022, constituted a 13 – member Ad – Hoc Committee on Oil Lifting , Theft and the impact on Petroleum Production and Oil Revenues under the Chairmanship of Senator Akpan Bassey who incidentally , is the Chairman, Senate Committee on Petroleum ( Upstream) .

According to the report,Bonny Terminals, is also producing 87,000 barrels of oil per day now as against zero production a couple of months ago due to activities of economic saboteurs.

Parts of the 16 – point recommendations of the Committee as adopted by the Senate are that the Nigerian National Petroleum Company Limited ( NNPCL), should stop undermining Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from performing their functions.

According to the report,the provisions of the Petroleum Industry Act ( PIA), should be adhered to by NNPCL as regards functions of the established agencies,adding that there was need for immediate streamlining of agencies present at the terminals in line with the relevance of their PIA delineated upstream and midstream / downstream statutory functions .

It recommended that NUPRC should fast track the upgrade of the National Production Monitoring Systems ( NPMS) to enable real time monitoring of flow station and terminal activities .

It added that the agency should expedite the deployment and strict enforcement of the Advance Crude Oil Cargo Declaration solution for detection and mitigation of illegal movement of vessels to ensure adequate revenue generation and optimal crude oil production.

According to the report,the Bureau of Public Procurement should expedite all processes of procurement for NUPRC in ensuring immediate deployment of an online real-time monitoring system by the commission across all upstream oil and gas production platforms for accuracy in measuring production volume by producers.

It said NUPRC should resume full regulatory oversight of all existing crude oil terminals in Nigeria including integrated ones, crude oil pipelines, issuance of loading clearance and processing of export permits in line with section 8(d) of the PIA, as regulatory activities at crude oil terminals are interdependent and contingent.

It added that curtailing crude oil theft should be a collective responsibility through report of illegal activities and transactions to appropriate authorities by well meaning Nigerians .

The report also punctured undue interference of the Minister of State in the operations of NUPRC as shown with letters made available to it by the agency and stressed that both the Minister and NNPCL should allow PIA to function .

It added: “The PIA as signed into law by the President , must be allowed to function by all stakeholders in the sector as any amendment on it now , will send wrong signals to the international community “.