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Sanusi Insists On Naira For Dollar Transfers …Says He Won’t Re-visit N5000 Note

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The Governor of the Central Bank of Nigeria, CBN, Malam Sanusi Lamido Sanusi, yesterday, said that Nigerians must accept Naira for dollar transfers.

cbn-governor-lamido-sanusi-360x225Fielding questions from journalists on the sidelines of the 2013 World Bank/ International Monetary Fund , IMF, annual general meeeting in Washington, he explained that there was nowhere in the world where those sent money from abroad were being paid in foreign currencies, as was the case in Nigeria.

His words: “The interesting thing about our country is that we try to be different from others in the world. If you are in the UK and somebody transfers money to you from the United States, in what currency do you get paid in London? Obviously you get paid in pounds.

“There is no where in the world where you go to a bank and because you got a transfer, you insist on being paid in that currency”.

According to him, the CBN earlier directed that customers be paid in the currencies sent to them by their relations resident abroad because the banks were short-changing them.

Effects of US debt ceiling on Nigeria

On the impact of the current budget imbroglio in the United States, the CBN governor said that it could affect the global economy, including Nigeria, especially given the fact that the nation’s reserves have been invested in US Treasury Bills and bonds. He expressed optimism that with several voices of concerns raised across the world for the House of Representatives to see reason, the matter would be resolved shortly, in the interest of the global economy.

His words: “The last two, three World Bank/ IMF meetings have been focusing on the European Union- the crises and all that. This year there is a tremendous focus on what is happening in the United States- the budgetary impasse, the debt ceiling issues and the implications if the legislature and the executive don’t reach some kind of conclusion.

“Therefore being forced into what could become a massive austerity programme and the possibility of a default on its obligations- not necessarily a default in their treasury bills because I expect that there will some form of prioritization. I don’t see the United states defaulting on its treasury bills as a first line of defence. “But they will default in some of their obligations and no one knows exactly how the market is going to react to this.

The real challenge for us in emerging and frontier markets is that we hold our reserves in the US dollars, we have invested it in US Treasury Bills and bonds and if there is a slide in those instruments we will suffer loss in the assets that we hold. “The government shutdown is more of a domestic issue but the debt ceiling is the one that affects all of us- And so we expect the US to resolve this impasse in the interest of the global economy”.

‘I won’t revisit N5000 note’

On the failed attempt by the CBN to introduce the N5000 currency note into the Nigerian economy, the Mallam Sanusi said even though he was convinced that it made economic sense to print the higher denomination, he would not revisit the matter. Said he, “ On 5000 Naira note I have said I would not revisit. I made all the arguments at the time I made them. You have had inflation in double digits for a very long time, this has weakened the purchasing power of the national currency and therefore means you are carrying much more currency than you need to carry to carry out your transaction.

“You go to an ATM, you want N100,000 you have to take 100 notes, those notes have a cost and printing those notes you are paying for the paper, paying for the security features, paying for transportation and paying for security while transporting them. And then the CBN is going to pay for destruction of those notes (when they become old and tattered”. “People got up and made statements, professional institutions, accountants, saying ‘this is inflationary.”

I don’t know when accountants became economists, I don’t know when changing denomination became the same as increasing money supply, but in a country in which the decisions are not taken based on the soundness of an argument but on sentiments, I can’t help it. If Nigerians would rather carry Ghana- must- go bags on their backs, that is fine. If they would rather we continue pending money printing these notes, that is fine.

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2 Comments

2 Comments

  1. Idowu

    October 14, 2013 at 6:35 am

    How will Sanusi deal with bankers shortchanging the customers when paying forex in Naira?
    On the cost of producing a Naira note, we should look at the purchasing strength of the citizens rather than the former.
    Anyway, am on the side of currency decimation, making our highest denominations say N20 or N50. By so doing, people will appreciate money better and value the last kobo.
    Imagine, not many citizens know what Kobo is!
    -Idowu Bakare.

  2. Panel Rémunéré

    April 7, 2014 at 7:02 pm

    obviously like your web site but you have to check
    the spelling on quite a few of your posts. Several of them are rife with spelling issues and
    I in finding it very bothersome to inform the reality then again I’ll definitely come back again.

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Offa Polytechnic Student Union Government Gives Merit Award To Cultist Groups

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Offa State Polytechnic student union government gives merit award to cultist groups in the school.

According to a Twitter user, Ifemosu Michael wrote;

“When you think you have seen it all… Student Union Government of Offa Polytechnic gave merit Awards to Secret Cults in the school. Hey Lawd!!!”

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Man Excited As Davido Gifts Him 1M After Making A Video On His Birthday

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Man gets excited as Davido gifts him 1M after making a video on his birthday.

Taking to his Twitter handle to share the gist, DJ Peejay wrote;

“DAVIDO JUST SENT ME 1 MILLION cos of the video I made on his birthday”

Watch the video below;

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Water tank driver accuses Duncan Mighty of assaulting him in Rivers

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Self-acclaimed Port Harcourt First Son, Duncan Mighty is currently trending on social media for the wrong reasons.

A water tank driver, Okabam John has accused singer, Duncan Mighty of assaulting him in Port Harcourt, Rivers state.

It was gathered that the incident reportedly happened on Saturday, November 21, 2020 at about 9:40am when the driver was on duty.

Narrating his ordeal to some Civil Rights Activists on Tuesday November 24, after he was allegedly discharged from the hospital, John, a native of Elele Town in Ikwerre Local Government Area of the state and an employee of Julius Berger Nigeria Limited, claimed that the musician struck him on the head with a traditional staff made of elephant tusk.

According to the driver, while on duty a private car was parked close to his water filling spot. He tried notifying the driver who refused to wind down. He reportedly bent his head to talk to the driver only to discover it was Duncan Mighty.

John said that before he could speak, the singer allegedly struck his head using a traditional staff. He said the second strike was blocked with his hand. He claimed that he could not see when the singer drove off as his eyes were covered with blood.

Confirming the incident on Tuesday, one Ndubueze Obodowhuo, accused Duncan Mighty of using his VIP status to intimidate his people. He also shared a ‘medical report’ stating that John was treated for “shoulder dislocation and scalp laceration.”

Mr John is now calling on his employer, the management of Julius Berger, Security Agencies and Human Rights Organisations to help him get justice. His post below:

“This is Mr. OKABAM JOHN a native of Elele town in Ikwerre LGA of Rivers State, he’s currently employed by JULIUS BERGER NIG.PLC in Port Harcourt and his service engagement is within Judges quarters elelenwo-street, GRA Port Harcourt.

“According to Mr. OKABAM JOHN a Water-tank driver with Julius Berger, Tanker number – B8751, On Saturday 21st of November 2020 at about 9:40am while he was on duty. A private car was parked close to his water filling spot, he tried notifying the driver who refused to wine down, he bent his head to talk with the driver surprisingly, it was Duncan mighty.

“Before he could explain, his head was struck by Duncan mighty using a traditional staff(Elephant tusk), the second strike was blocked with his hand. He(Okabam John) didn’t see how the artist drove off because, blood covered his eyes at that moment.

“Mr. Okabam John narrated this incident after being discharged from the hospital. Duncan doesn’t show up when he’s publicly needed, rather he uses his VIP influence to undo his people. Celebrities should be celebrated by their positivity, their influence shouldn’t pose danger to the society rather it should serve as liberation to the people.

“Mr. OKABAM JOHN is calling on the management of Julius Berger, Security Agents and Human Rights Organisations for justice to be done in his case, to avoid a re-occurance.”

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