News

Currency In Circulation Now N982bn -CBN

Published

3 years ago

March 20, 2023

Currency in circulation in the country dipped by a 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the Central Bank of Nigeria.
Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review.
According to the CBN, the currency in circulation moved from N3.16tn to N3.29tn and N1.38tn in November 2022, December 2022 and January 2023 respectively.
The Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.
Emefiele also announced deadlines for Nigerians to swap their old notes with the new notes.
The governor decried the challenges associated with currency management, including the hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks.
Other challenges, he added included a shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability and increasing ease and risk of counterfeiting evidenced by several security reports.
In the last few years, the CBN has recorded significantly higher rates of counterfeiting, especially in regard to the higher denominations of N500 and 1000 notes, he said.
At the expiration of the deadline for the old notes, due to the scarcity of the new naira notes, which subjected Nigerians to hardship, President Muhammadu Buhari approved the continued use of the old N200 as legal tender till April 10.
However, after some state governments sued the Federal Government over the naira redesign policy, the Supreme Court in its ruling on March 3 extended the legal tender status of the old N200, N500, and N1,000 notes to December 31.
On Tuesday, 10 days after the Supreme Court judgement, the CBN officially ordered commercial banks to comply with the court verdict.
According to the CBN, currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currency in the hands of the public and in the vaults of the Deposit Money Banks.
The CBN stated that it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in Nigeria.
This approach involved tracking the movements of currency in circulation on a transaction-by-transaction basis.
It said for every withdrawal made by a DMB at one of CBN’s branches, an increase in the CIC was recorded, adding that for every deposit made by a DMB at one of CBN’s branches, a decrease in the CIC was recorded.
The transactions are all recorded in the CBN’s CIC account, and the balance on the account at any point in time represents the country’s currency in circulation.
The apex bank said analysis of the currency in circulation showed that a large and increasing proportion of the naira outside the commercial banking system was held by the public who hoard a lot of the new banknotes.

News

Group Doles out N13m To Market Women In Isiama

Published

22 hours ago

September 22, 2025

Uchechukwu Okwum

The peaceful Town of Isiama in Andoni Local Government Area of Rivers State was at the weekend agog with activities following the donation of over N13million to market women by Engr. Justus Ngerebara in partnership with Fast Track Development Initiatives, a non-governmental organization, as part of its first phase empowerment programme.

According to Justus Ngerebara, who is also the Executive Director of the organization, the women, numbering 108, will receive various sums based on their business proposal.

He stated that the organization will carry out an annual review of the performances of the beneficiaries, with a view to rewarding those who put the money into good use.

According to him, the initiative was a collaborative effort between himself and his wife, Dr. Unyime Ngerebara, in partnership with Fast Track Development Initiative (FDI), an organization committed to youth capacity building and community development.

He said the family believe deeply in the transformative power of women’s empowerment as a catalyst for economic growth, especially in rural communities.

“As the saying goes, when you empower a woman, you empower a community. This truth resonate strongly with us, knowing that empowered women uplift households and inspire generational change”, he stated.

Ngerebara described the programme as the beginning of more things to come and urged the beneficiaries to view the gesture “as a reflection of our deep love for the community and our commitment to easing the burdens of economic hardship.

“We encourage you to invest wisely, channel these resources into your business not frivolities.

“We will continue to follow up with each participant to monitor progress and Offer guidance.

“It is our goal to see thriving business, creative solutions to households hunger and a ripple effect of prosperity through Isiama.

“We also call on the men to stand beside their spouses, offering support and encouragement to ensure these resources are maximized for growth”, he said.

In an interview, Ngerebara said the second phase of the empowerment programme will start very soon, stressing that since inception the organization has done so much for the community.

He listed some of the programmes carried out by the group in the community to include the installation of solar powered lights, and solar powered water.

While declaring the event open, a former coymmissioner for Works in Rivers State, Engr. Sampson Ngerebara, described the event as the first of its kind in the community.

Engr. Ngerebara said the programme will go a long way to improve the conditions of not only the beneficiaries, but also the entire Isiama Community.

He also charged them against wasting the resources on frivolities, adding that their success will attract more of such empowerment programme to Isiama community

Giving a brief talk on women empowerment, a lecturer at the Ignatius Ajuru University of Education, Dr. Awajimogobo Felix MacLean, warned the beneficiaries to justify the effort of the donor by avoiding wastages.

Dr. MacLean also urged them to be consistent in their line of business as well as avoid unnecessary competition.

She also stressed the need for them to network among themselves, while working out ways of helping the community to develop.

Guest of Honour at the occasion, Professor Uriah Oboada Alafonye, said Engr Justus Ngerebara, the initiator of the programme, has set a standard for present and future generations of leaders both in the community and the rest of Andoni to follow.

Prof Alafonye who is of the department of Arts Education, Ignatius Ajuru University of Education, also appealed to the beneficiaries to seize the opportunity provided by the programme to reduce poverty in the community.

Speaking, one of the beneficiaries, Mrs. Hebron Mercy Fyneface, a crayfish seller and an interior designer, said it was the first time she was receiving such gesture from any organization or government.

She thanked Engr Justus Ngerebara for remembering the women of Isiama and urged others to emulate him.

By: John Bibor

News

Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants

Published

22 hours ago

September 22, 2025

Uchechukwu Okwum

The umbrella body of civil servants in Rivers State, the Nigeria Civil Service Union(NCSU) has expressed delight over the lifting of emergency rule in the State and the return to office of Governor Siminalayi Fubara, his deputy, Prof Ngozi Nma Odu and members of the State House of Assembly, saying, the development portends good omen for workers, the people and the State.

The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who gave the indication in an interview in Port Harcourt, said the return of the Governor to office portends good omen and better days for civil servants in particular, stressing that the union heartily welcomes the Governor back to office, to resume his good works in the State, after six months of the emergency rule, as well as his deputy and members of the House of Assembly.

He noted that civil servants in the State are not only elated over the development but are also full of hope that the Governor would start from where he stopped in attending to their welfare needs.

He contended that the political crisis that recently engulfed the State and the six-month emergency rule had for over one year pulled the State backwards, but expressed delight that a permanent solution has been found to stem further political upheavals in the State, and thanked President Bola Ahmed Tinubu for making this possible; the Minister of the Federal Capital Territory and leader of the State, Chief Nyesom Wike; Governor Fubara; Speaker of the State House of Assembly, Rt Hon Martin Amaewhule; members of the House; and other stakeholders for agreeing to amicably resolve all contending issues.

The labour leader said this is the right time for all political gladiators in the State to bury the hatchet, work together and embrace peace and genuine reconciliation in the overall interest of the State.

He described as too hasty the resolution of the House, mandating the Governor to present a supplementary budget to it, and pleaded with members of the House to be calm, to tread with caution, and harmoniously work with the Governor.

He said the return of democratic governance in the State would fast-track progress and development in the State, and enjoined the people of the State, particularly civil servants to continue to give their support and cooperation to the Fubara administration.

Osumah expressed optimism that Governor Fubara would give prompt attention to challenges facing civil servants in the State, being a former civil servant himself, stressing that the workers truly have hope, now that the Governor has returned to office, and knowing the kind of Governor he is.

According to him, he is going to look into the controversial and contentious contributory pension scheme; rehabilitation of the State Secretariat Complex; recruitment into the state civil service; extension of service and retirement years for civil servants; provision of vehicles to industrial unions; as well as provision of befitting staff quarters for civil servants; among others.

News

NDDC Organizes ADR Capacity Building for Staff

Published

22 hours ago

September 22, 2025

Uchechukwu Okwum

The Niger Delta Development Commission (NDDC) has organized a one-day sensitization program for its personnel on Alternative Dispute Resolution (ADR) approaches to promote workplace compliance on transparency and due process.

The workshop, themed “Promoting Transparency and Due Process in the Workplace using ADR Approaches in Building a Culture of Accountability and Integrity,” aimed to equip staff with the skills to resolve disputes effectively.

Declaring the event open on thursday in port Harcourt,The NDDC Managing Director/Chief Executive Officer, Dr. Samuel Ogbuku, emphasized the importance of using ADR mechanisms to resolve conflicts in the workplace.

Dr. Ogbuku represented by his chief of staff,Rev Omeya Oworibo,noted that ADR approaches can encourage a culture of honesty, fairness, transparency, trust, and reduce conflicts among staff, ultimately promoting efficiency and productivity.

He averred that those disputes and quarrels if not proper resolved can derail the vision and objectives of the commission to the people, noting that the commission must as a team and unity as service provider in order to render a profitable service delivery to the people.

“ADR approach will encourage culture of honesty,fairness, transparency ,trust and reduce back bitting and the workforce, noting that such tendency would in turns promote efficiency and increase results in workplace.

when integrity and honesty becomes the operandi of an organisation and employees begins to trust that their matters will be handled with fairness it will breed team work and increase in productivity.”he stated

He commended the department of DCR for organising the workshop and urged the participants to make good use of the opportunity and imbibe the culture of tolerance, integrity and teamwork in workplace.

Also speaking,the NDDC acting director of DCR ,Mr Godwin Ayewumi Ogedegbe noted that the theme of the captures the core of what the commission seeks to achieve a workplace where every action is expected to be guided by openness, fairness, and a steadfastness commitment to due process, where conflicts are not merely resolved, but prevented through structured,principled processes , and where accountability and integrity are not aspirational ideals but every day practice.

In his keynote presentation on the theme “workplace Ethics and alternative Dispute Resolution Correlation,

Prof. Sylvester Odion Akhaine of the Department of Political Science, University of Lagos, delivered a keynote presentation on “Workplace Ethics and Alternative Dispute Resolution Correlation.” He stressed the importance of due process, transparency, integrity, and accountability in the workplace, noting that these values are essential for productivity and organizational goals.

The workshop aimed to promote a culture of accountability and integrity in the NDDC workplace. By equipping staff with ADR skills and promoting transparency and due process, the commission can build a more efficient and productive work environment.

By: Akujobi Amadi