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Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes

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Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes

Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes

Contrary to the Supreme Court’s ruling prohibiting the Federal Government from enforcing the February 10 deadline previously set by the apex bank for the currency swap, some commercial banks and gas stations have stopped collecting old naira notes from customers.

According to findings on Monday, the banks reportedly refused to accept the old N1,000, N500, and N200 notes from depositors and point-of-service agents who flocked to the banks to deposit their cash.

Point of service workers and other bank customers who had their old naira notes rejected panicked as bank officials, who insisted they were following a directive from the Central Bank of Nigeria, remained steadfast.

Also, lawyers and litigants at high courts in Lagos State were unable to file their court processes using the old naira notes for payment.

As the naira crisis worsened, the CBN Governor, Godwin Emefiele, again met with President Muhammadu Buhari at the Presidential Villa on Monday.

Emefiele, who had met with the President about six times since the naira crisis started, failed to address correspondents as he reportedly left the villa through a side entrance.

The governments of Kaduna, Kogi, and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.

A seven-member panel of the apex court, led by Justice John Okoro directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.

Checks also showed that banks in the Ikeja area of Lagos State refused to collect the old notes from customers.

Some frustrated and desperate customers were seen making frantic calls to their friends and loved ones intimating them of the development.

Speaking to newsmen on condition of anonymity because he was not authorized to speak on the latest development, a staff member of First Bank Plc said that they were instructed not to collect the old naira notes.

Also in the Badagry area of Lagos, several bank customers and PoS agents who visited banks on Monday were shocked to learn that the banks were not accepting the old notes.

A resident identified himself simply as Mr Julius said the branches of Access Bank and UBA in the town refused to accept the old currencies from depositors.

Naira Deadline: Banks, fuel stations ignore S’Court order, reject old notes
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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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