We didn’t print N5,000 notes, coins – CBN Gov

 

The Central Bank of Nigeria, CBN weekend, refuted the rumour that it had printed the controversial new N5,000 notes and coins that the law makers had earlier stopped it from printing.

 

The CBN Governor, Mallam Sanusi Lamido Sanusi, disclosed this while responding to a question on the scarcity of lower denomination and increase in the volume of dirty banknotes in the economy  after the  5th Bankers’ Committee retreat held in Calabar.

 

He said “as a result of all the noise around N5, 000 notes and coins, that process was stopped. We did not print the new notes. I know some people think we have already printed, but we did not print the new notes and we did not award the contracts for the new notes. We have re-ordered banknotes and I think they have started arriving and probably you would have seen some improvements on that by now.”

 

It was gathered at the retreat that the CBN, Bankers committee agreed to deliver price stability and economic growth in 2014.

 

The Bankers’ Committee also assured Nigerians and other stakeholders in the banking sector of its continuous collaboration to promote an efficient and stable economy for the country.

 

The CBN governor explained that the committee has revalidated its goals to include the modernisation of the payment system; shared services and infrastructure for the financial industry to reduce cost; increased funding of small and medium enterprises; agriculture; power and telecommunication sectors.

 

According to him, “Modernisation of the financial services industry infrastructure and payment system is critical to reduce cost of services to the banking public.

 

“We will continue to explore and develop areas of collaboration in shared services and infrastructure to reduce the operating cost structure of the industry,” he added.

 

Earlier, at the opening ceremony of the retreat, Sanusi, had urged members of the committee to build the Nigerian banking system to become the best in the World.

 

Going back memory lane, the governor recalled how at the maiden retreat held in Enugu in 2009, the committee was confronted with a banking system that was in serious crisis. He traced series of unpopular but courageous decisions and steps that were taken to rescue the Nigerian banking system and place it in its current enviable state.

 

He enumerated several of the achievements attained in the banking sector during his tenure as CBN Governor. On monetary policy, he pointed out that decisions have been taken in a way devoid of arbitrariness, with members given the latitude to make their independent voting decisions. He noted that personal statements of the individual members of the Monetary Policy Committee are now published alongside the actual decisions and are public records.

 

“In the wake of this, stability had been maintained over the years and inflation driven down from over 13 per cent in 2009 to below 7.8 per cent as at October 2013. It is expected that the single-digit inflation will sustain through the foreseeable future.

 

The CBN Governor explained that as far as monetary policy is concerned, the CBN has delivered 100 per cent on its mandate.

 

On exchange rate stability Sanusi, said that while the currencies of most emerging markets lost appreciable value in their currencies, in double digit range, the naira lost only 2.3 per cent during the period.

 

Nigeria has no great politician – Jonathan •Says G5 govs’ defection won’t affect PDP.

PRESIDENT Goodluck Jonathan, on Sunday, looked at the qualities of politicians in the country, including himself, and concluded that not a single one could be regarded as great.

He was speaking during a memorial service organised at the Aso Villa Chapel, Abuja, in honour of the late South African leader, Nelson Mandela, who died last week Thursday at the age of 95.

The president observed that it would be easier for the camel to pass through the eye of the needle than for Nigerian politicians to be truly great in the mould of the late African statesman.

According to Jonathan, “if you listen to those of us politicians in Nigeria from all political parties, I am here, Senate President is here, the Deputy Speaker is here, incidentally, we are all from PDP (Peoples Democratic Party), but if you listen to those of us who are politicians, from all the political parties, the way we talk, some of us see as if Nigeria is personal bedroom they have control over.

“If you read the papers, listen to the radio and television, some of us even see ourselves as if we are tin gods. We intimidate, we threaten, we show hate in our communication. These are not the virtues of great men. They are certainly the vices of tiny men.

“Sometimes when I listen to politicians, the ones older than me, my contemporaries, and even the younger ones, I come to the painful conclusion that it is probably easier for the camel to pass through the eye of the needle than for a politician to be truly great.

“I always look at the word great with some kind of spectrum, because making a great name is not just enough. You could see it, especially in the political circle. We have so many great names that are dictators, with repressive and oppressive governments that sent a lot of people to detention. Some people become extremely notorious, but they have made great names and so to be truly great is key.”

The president, who said he never met Mandela before his death, described him as a great man who everyone needed to emulate in order to build a better society.

He observed that the late former South African president was a very humble and rare leader, who had a forgiving spirit and selflessly served his country.

“Nelson Mandela was a rare character that those of us who are politicians need to learn from, so that we will imbibe some of these traits and do better for our country,” he said.

He said Mandela did well as a politician, as he showed that one could be a  politician and still be truly great by putting the interest of his nation and the people first before his own interest.

Jonathan explained that the reason Nigeria was celebrating Mandela was because of the strong relationship that existed between both countries and the key role Nigeria played during the anti-apartheid struggle.

Noting that Mandela remained the symbol of the struggle, Jonathan added “we saw the pain of South Africans as our pain. We saw their struggle as our own struggle and when apartheid collapsed, we saw their victory as our own victory.

“That is why when the Madiba, the symbol of the apartheid struggle, passed on, we believe South Africans are feeling the pains and sorrow but, at the same time, they are celebrating Nelson Mandela and we believe Nigeria must join them and support them.”

The church service, which witnessed tributes paid to the late Mandela, was attended by Senate President, David Mark; Catholic Bishop of Sokoto Diocese, Reverend Matthew Kukah; Archbishop of Abuja and Primate of the Church of Nigeria, Anglican Communion, Archbishop Nicholas Okoh, among others.

The First Lady, Patience, took the first bible lesson, while the second lesson was read by the Deputy Speaker of the House of Representatives, Emeka Ihedioha.

The Catholic Bishop of Sokoto, Matthew Kukah, stressed the need to remember those who fought with Mandela.

He urged African leaders to continue to fight social and institutional injustices across the continent, as a way of paying tribute to Mandela.

The South African Ambassador to Nigeria, Mr Chris Mamazulu, narrated the history of Mandela during and after the anti-apartheid liberation struggle in South Africa.

He thanked the people and government of Nigeria for their support to his country during the apartheid era.

Meanwhile, Jonathan will leave Abuja today to join other world leaders in South Africa at events leading up to the burial of former President Mandela.

A statement issued by the Special Adviser to the President on Media and Publicity, Dr Reuben Abati, in Abuja, on Sunday, stated that the president would be accompanied by the Supervising Minister of Foreign Affairs, Professor Viola Onwuliri, to attend the memorial service for Mandela tomorrow at the FNB Stadium, Johannesburg.

It said Jonathan will, in company with other heads of state and government, also pay last respects to Mandela at the lying-in-state on Wednesday at the Union Building, Pretoria, where he served as South Africa’s first democratically-elected president.

At the conclusion of the event in Pretoria on Wednesday, Jonathan will leave for Nairobi to attend Kenya’s 50th Independence anniversary celebrations before returning to the country on Thursday.

‘G5 govs’ defection won’t affect PDP’
President Jonathan, in Paris, France, on Saturday, said the crisis rocking the PDP notwithstanding, it remains the party to beat in the country in 2015.

Jonathan, in an interview he granted the News Agency of Nigeria (NAN) and France 24 Radio, was reacting to the recent defection of five governors of the PDP to the opposition All Progressives Congress (APC).

The president granted the interview shortly before departing Paris for Abuja, at the close of a two-day summit on peace and security in Africa, hosted by President Francois Hollande of France.

He said while the party would continue to pursue the path of reconciliation, the move by the governors would not hamper the success of PDP in future elections.

“We want those governors to come back to PDP, but in an event where some of them feel it is better outside, they can also go and try.

“We will work harder to make sure that we get more supporters so that at the end of the day, equilibrium will be maintained.

“But I still believe that in Nigeria today, PDP is still the party to beat. As they are leaving the ruling party to the opposition, there are other key political actors who are ready to come to PDP. At the appropriate time, we will also receive them,” he said.

The president said “the game of politics is dynamic and a governor elected by the people must not see himself as a king, who can lord himself over the electorate.”

The president clarified that not all the seven aggrieved governors had moved to the opposition party, adding that so far, two of them had openly declared that they were not leaving the party.

“Out of the remaining five, two appears that they have actually moved to the other political parties, while some are still on the fence.

“I believe in a couple of weeks, it will not be too long. it will be very clear whether they are leaving or not,” he said.