Breaking: CBN To Flood Banks With Old Notes Worth Over 1 Trillion Naira As DSS Arrests Nigerian Politician Over Currency Crisis

Breaking: CBN To Flood Banks With Old Notes Worth Over 1 Trillion Naira As DSS Arrests Nigerian Politician Over Currency CrisisA lawmaker-elect for the Ogun State House of Assembly, Damilare Bello, has been arrested by operatives of the Department of State Services. Bello, a Peoples Democratic Party member, was alleged to have masterminded the Sagamu mayhem that left several banks vandalised during the naira scarcity protest.

Punch’s correspondent gathered that the suspects had spurned several invitations by the DSS. Bello, popularly known as Dre, was said to have been on the run since the incident happened but surfaced for Saturday election….. Continue Reading

A source at the DSS confirmed Bello’s arrest on Wednesday.

The source said, “Preliminary investigation has commenced and the suspect may be prosecuted for crime relating to arson and disturbing of public peace, amongst others upon conclusion of investigation.

“The arrest is not politically motivated as it was being reported.”

However, the governorship candidate of the Peoples Democratic Party in Ogun State, Oladipupo Adebutu, has reprotedly visited the DSS office.

The source also revealed that the PDP had sent three different delegations, led by its chairman, Sikirulah Ogundele, and other chieftains over the matter.

The source said, “Adebutu himself visited the command today, (Wednesday), with a view to mending fences with the service and as well clear the past misconceptions about the office and realised that the service is a credible institution that must be reckoned with.”

Adebutu’s media aide, Afolabi Orekoya, confirmed that his principal was at the DSS office.

Meanwhile, the Central Bank of Nigeria has finally concluded plans to release all N1,000, N500 and N200 notes in its custody to Deposit Money Banks.

This decision is expected to end months of hardships and pains Nigerians have been going through following a controversial CBN naira redesign policy that has caused a severe shortage of old and new naira notes across the country.

The CBN’s latest decision came several weeks after the Supreme Court ordered that old N1,000, N500 and N200 notes should remain legal tender until December 31, 2023.

On Wednesday night, top officials of the CBN and commercial banks confirmed to The PUNCH that the CBN Governor, Godwin Emefiele, had directed DMBs to begin the disbursement of old N1,000, N500 and N200 notes to members of the public effective Thursday (today).

According to him, the CBN will also start releasing old notes to commercial banks from Thursday.

The PUNCH learnt Emefiele met with the chief executive officers of DMBs on Wednesday evening where he told them that the central bank would start releasing all old notes in its custody to commercial banks effective Thursday (today).

Sources at the meeting said the CBN would also be cancelling all the controversial cash withdrawal limits it put in place in recent months.

Also, it was learnt the CBN would start by releasing crisp old notes to DMBS after which the ones deposited by commercial banks will also be released.

Furthermore, the CBN stated at the meeting that bank customers would no longer be required to generate any code before depositing their old notes.

One of the bank CEOs at the meeting, who spoke on condition of anonymity, said, “The CBN governor met with bank CEOs this evening virtually. It was a short meeting that lasted for just about 15 minutes. The governor said all old N1,000, N500 and N200 notes will be released to commercial banks beginning from Thursday. The CBN will start with crisp old notes after which the ones deposited by DMBs will be returned. The plan is to flood the economy with cash and ameliorate the challenges Nigerians have been passing through.“…

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