Nigerians Hoarding 94% Cash – CBN
The Central Bank of Nigeria (CBN) has reported that a significant portion of the country's currency, about 94 percent, is held outside the banking system. This data, from the CBN's March 2024 Money and Statistics report, reveals a concerning trend of declining trust in banks among Nigerians, posing potential risks to economic growth.
The amount of physical money (M1) in circulation has notably increased, with January 2024 reaching N3.65 trillion compared to N1.39 trillion in January 2023. By March 2024, this figure rose to N3.87 trillion, indicating a 130 percent increase from the previous year. Despite the CBN's efforts to inject cash into the system, more money is being hoarded outside banks.
The amount of cash held outside banks has also surged, from N792.18 billion in January 2023 to N3.28 trillion in January 2024 and further to N3.63 trillion by March 2024. This behavior can be attributed to the cash scarcity crisis of 2023, which led to widespread distrust in banks and fears about the validity of old notes.
Hoarding cash outside the formal banking system hampers money circulation, liquidity, and the effectiveness of monetary policy, potentially leading to higher transaction costs and reduced economic activity.
We’ll Review Laws That Restrict Press Freedom –Reps
The House of Representatives in Nigeria has pledged to collaborate with the media to review laws and practices that limit press freedom and hinder the media from fulfilling its constitutional role. Akin Rotimi Jr, the House spokesman and chairman of the House Committee on Media and Public Affairs, made this announcement in a statement released on Friday for World Press Freedom Day. He emphasized the importance of press freedom in maintaining a healthy democratic environment and recognized the media as a vibrant institution in Nigeria.
The statement highlighted the theme of the day, "A Press for the Planet: Journalism in the Face of the Environmental Crisis," stressing the crucial role journalists play in raising awareness about climate change issues. Nigeria, deemed one of the most vulnerable countries to climate change, faces challenges like flooding, drought, food insecurity, erosion, and conflicts over resources.
Additionally, Rotimi Jr outlined legislative initiatives aimed at promoting good governance, transparency, and accountability through media engagements like public hearings and town halls. He called on journalists and media practitioners to uphold responsible and fact-based journalism, emphasizing the importance of trust, truth, and integrity in their work.
EFCC Submits Additional Proof of Evidence Against Emefiele
The Economic and Financial Crimes Commission (EFCC) presented additional evidence against former Central Bank of Nigeria governor Godwin Emefiele during a recent court hearing. Emefiele's counsel requested an adjournment to review the new evidence before continuing cross-examination. The defense accused the EFCC of "trial by ambush" for not being diligent in prosecution and for presenting large documents at the last minute. The EFCC argued that the evidence was provided in advance for a future witness's testimony and wouldn't impact the ongoing proceedings. The judge agreed with the defense, adjourning the case to May 9. Emefiele and his co-defendant Henry Omoile pleaded not guilty to the charges.
Anti-graft war: We’ll not leave any stone unturned — EFCC
The Economic and Financial Crimes Commission (EFCC) has reaffirmed its commitment to fighting corruption without compromise. The EFCC intends to pursue the alleged N70 billion corruption case against Bello Matawalle, the Minister of State for Defence and former Governor of Zamfara State. This stance was reiterated by the EFCC Acting Director of Public Affairs, Wilson Uwajuren, in response to a peaceful protest by the APC Akida Forum demanding the reopening of the case. The group presented a petition urging the EFCC to investigate Matawalle's involvement in corruption allegations and the $2.1 billion arms deal scandal. The EFCC assured the protesters that the petition would be duly addressed, emphasizing the agency's policy of not closing investigations once initiated.