Business

Cashless policy: Poor network stalls sales as traders complain at Lagos market

No Comments

Poor mobile service network at the Lagos International Trade Fair Complex that houses three markets in Lagos, on Saturday stalled commerce, as traders complained of inability to transfer cash online.

The traders, who at the close of business, said that the problem was frustrating and unbearable.

They said that many customers who bought goods with the hope of transferring cash online to pay for the items, waited for the debit alerts till the end of the day without success as purchased and packed goods were returned.

The introduction of the new redesigned N1,000, N200 and N500 notes and its slow-pace release in the system by banks, as directed by the federal government, has been causing hardship to the people.The government said the cash shortage was to revamp the economy.

Andrew Umeh, an article and confectionary distributor, said that the cashless policy that they have adopted was not helping matters because of poor network.

Mr Umeh, who doubles as the Chairman of Line Heads, appealed to the authorities to help improve mobile network in the market.

“Since the government is finding it difficult to release cash to the system for reasons best known to them, they should please allow us to trade with better network service to encourage online cash transfers,” he said.

Chijioke Duru, a Business Machine seller, said that trading has become herculean as people who buy items as low as N1,500 opted for online cash transfers.

Mr Duru, who said he lost a transaction worth N700,000 because of lack of cash and poor mobile network to enable the customer make a transfer, said if the trend continues by next week, a huge protest will be imminent for many who are affected.

“We are tired of this frustrations. Government should provide us with an alternative, soft-landing by ensuring that network is improved.

“Many of us rented these places with big amount of money with workers and levies to cater for. It is from the sales that we see money to foot these bills,” he said.

He noted that the market was virtually empty without customers because of the shortage of cash.

Elsewhere at a relaxation spot in Tedi, Ojo, Lagos, the same scenario was noticed, as fiasco ensued because of poor network as customers who purchased drinks and other items were unable to transfer cash online.

The altercation that poor network generated at the place between the owners that did not allow the customers to leave until they got an alert that did not come, took the intervention of operatives to settle the matter with signed agreement for the customers to pay the following day if the expected payment alert did not come.

Business, Lifestyle

Emefiele tells banks to stop PoS charges

No Comments

Central Bank governor Godwin Emefiele has asked banks to stop high charges by the Point of Sale (PoS) agents on every transaction made by their customers.

”I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

“Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

“But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

“We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.

“But we would want this service to continue to be offered. Whatever it is in terms of volume and number that you have carried out. We will look for a way to pay you your money,” he said.

The redesigned naira notes comprising N200, N500 and N1,000, came into use on December 15, 2022, after they were unveiled by President Muhammadu Buhari on November 23, 2022 in Abuja.

The CBN had earlier fixed January 31 as the deadline for the collection of old naira notes, but later extended the time limit to February 10.

Mr Emefiele had said the extension was to allow Nigerians that had naira legitimately earned and trapped, the opportunity to deposit their money for exchange.

The governor had ordered banks to load their Automated Teller Machines with the new naira notes to ensure Nigerians had access to them.

Business

IGP Baba orders nationwide arrest of naira sellers

No Comments

The Inspector-General of Police (IGP) Usman Baba has ordered the nationwide arrest and prosecution of Nigerians caught selling the country’s currency.

The order to arrest and prosecute was issued to the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau.

In a statement by the Force Public Relations Officer, Olumuyiwa Adejobi, on February 3, the IGP asked that officers be placed across the nation on high alert to carry out the arrest.

Mr Baba said that the move to arrest sellers of the naira across the country was “In furtherance of the Federal Government’s policy and drive to uphold the provisions of the Central Bank of Nigeria Act, 2007, and dignify Nigeria’s currency”.

The IGP similarly “charged all supervisory Assistant Inspectors-General of Police and Commissioners of Police in charge of police commands and formations” to carry out full enforcement of the provisions of Sections 20 and 21 of the CBN Act, 2007.

The sections criminalise the “hawking, selling or otherwise trading, spraying of, dancing or matching on the Naira notes, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, tampering with the coin or note issued by the CBN.”

The IGP reiterated the mandate of the police to “enforce all laws and regulations without any prejudice to the enabling Acts of other security agencies”.

Mr Baba called for cooperation with the police “as it brings the long arm of the law to bear upon all violators of the provisions of the CBN Act, and other extant statutes in Nigeria, with a view to having a well-policed society in all ramifications within the country.”

Business, Lifestyle

Naira notes deadline should be extended to June, SDP advises Buhari

No Comments

The Social Democratic Party (SDP) has advised the All Progressives Congress governors and stalwarts to address APC’s internal wrangling, urging President Muhammadu Buhari to extend the deadline for using the old N200, N500 and N1,000 banknotes to June.

“We advise the APC governors to protect our hard-earned democracy by addressing their party’s internal issues for the benefit of the masses.

The APC principal candidates for the forthcoming elections should come together and cause their party leadership to meet with Mr president and settle all issues of concern,” Alfa Mohammed, SDP national publicity secretary, gave the advice on Thursday in an interview in Abuja.

Mr Mohammed said Nigerians were going through untold hardship due to the ill-timed Central Bank of Nigeria money swap programme and the biting artificial fuel scarcity.

“There is no doubt that the terrible effect of the ill-timed CBN swap programme, just like the biting artificial fuel scarcity, is causing untold hardship on Nigerians, especially those at the lower rung of the economy whose daily survival depends on daily cash transactions like the unskilled job seekers, hawkers and traders at the remote areas,” he explained.

The SDP chieftain added;

“Generally, economic activities have slowed down drastically and the consequent spiral effect of the malicious and ill-timed cash restriction policy has brought instant public anger and hatred against the ruling party and its candidates in the forthcoming elections.”

According to him, Mr Buhari’s regime risks mass demonstrations against the policy on the eve of the election or a mass boycott of the general election, and these can undermine public peace, the election and the nation’s hard-earned democracy.

The SDP spokesman urged Mr Buhari to extend the deadline for replacing the old naira notes for the new banknotes to June, as demanded by the National Assembly.

Mr Mohammed said the APC-led government must be focused on ensuring ease in cash flow so its citizens could transact businesses without malicious intentions, fear, rage and anger.

Business

CBN directs banks to pay maximum of N20,000 new notes over counter, EFCC to go after naira sellers

No Comments

The Central Bank of Nigeria (CBN) has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.

We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever.

For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”

Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

Accordingly, the Central Bank of Nigeria (CBN) is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.

While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.

In line with this resolve, the Govenor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

We also admonish members of the public to embrace and adopt other payment channels for their transactions.

The Naira is our legal tender and symbol of national pride. Therefore, let us respect it and handle it with care.

Business

Emefiele avoids arrest, begs reps for understanding over scarce recoloured naira notes

No Comments

Governor of the Central Bank of Nigeria, Godwin Emefiele, has urged lawmakers and Nigerians to show understanding, adding that the CBN was out to combat insecurity by introducing the new naira banknotes.

Mr Emefele said this in Abuja on Tuesday before the House of Representatives fact-finding ad hoc committee on the scarcity and the deadline for the old naira notes.

The CBN chief urged Nigerians to bear with the CBN while urging Nigerians to comply with all directives.

“At this initial stage, there will be hitches, but it is to make the Nigerian economy better and stronger,” Mr Emefiele said.

He said the CBN had deployed its entire staff to go to their locality to sensitise them on the new naira notes, adding that this had achieved a success of over 75 per cent.

He said out of N2.7 trillion old currency notes in circulation, CBN had recovered N1.9 trillion while commending Nigerians for complying with the implementation of the cashless policy

.“Even if the old notes have exhausted their legal tender status, you can bring it to the CBN. You will not lose your money. We are happy that in 19 years, we are able to carry out this mandate,” Mr Emefiele explained.

“The redesigned naira notes and CBN’s cashless policy has moderated inflation in the country and also curtailed the activities of kidnappers and bandits.”

He added;

“Inflation is moderating, exchange rate is stable and we are hoping that naira can be stronger. The incidence of kidnapping and banditry has reduced,” adding that the CBN was aware that in the process of redesigning of naira notes, some would be hurt.

The CBN governor explained that in 2022, the total currency from CBN was N3.2 trillion, and more than N2.7 trillion was out of the banking system, making the apex bank’s mandate difficult.

“In 2016, the currency in circulation was N1.4 trillion naira, adding that in October 2022, the currency in circulation rose to N3.23.trillion.

N2.7 trillion are out of the banking system, it was being held in people’s hands, and it makes CBN policy implementation difficult,” Mr Emefiele added, revealing that the total amount of money with the CBN was about N500 billion.

Alhassan Ado-Doguwa, the committee chairman, said regarding Mr Emefiele, “We invited him twice and he is finally here. This is victory for our democracy, the economy and the people of Nigeria. The import of this engagement is based on the mandate of the house through a motion.”

This, according to him, borders on the concerns raised by Nigerians on the policy of naira redesigning and mopping out of the old naira notes.

“We felt we have the moral obligation to invite you to engage with Nigerian people. This is a fact-finding committee to get the updates of what is happening,” Mr Ado-Doguwa.

The legislator said the committee had extracted some information from bank operators, adding that its major concern is the lives and livelihood of Nigerians and the economy, including the rule of law.He said the CBN policy has a direct bearing on lives.

“The cashless policy is a good policy; let’s see how we can partner to make it work. We are under moral obligation to seek clarification from you,” added Mr Ado-Doguwa.

Business

El-Rufai spent N255 billion of N310 billion in 2022 budget- Accountant General

No Comments

Governor Nasir El-Rufai’s government spent N254.9 billion out of the N309.9 billion budgeted for 2022, representing 82.2 per cent of budget performance, leaving a variance of N55 billion.

This is according to the fourth quarter budget performance report produced by the accountant general’s office, with the support of the State Planning and Budget Commission.

The report, published on the government’s official website and obtained on Tuesday, shows that the initial budget was N278.6 billion but was revised to N309.9 billion.

On capital expenditure, the report shows that the government spent N165.6 billion against N196.8 billion budgeted for the year, representing 84.1 per cent performance and leaving a shortfall of N31.3 billion.

For recurrent expenditure, the government spent N89.3 billion against N113 billion, representing 79 per cent performance with a shortfall of N23.8 billion.

On revenue performance, the government realised N255.2 billion as against the N309.9 billion projected, representing 82.2 per cent performance with a variance of N54.7 billion.

The recurrent revenue made up of the government share of the Federation Allocation Account Committee and internally generated revenue was N150.3 billion as against N157.7 billion, representing 95.3 per cent performance with a variance of N7.5 billion.

The Kaduna government’s FAAC share was N90.3 billion against N83.2 billion, representing 108.5 per cent performance with an increase of N7.5 billion.

The IGR was N59.98 billion against the N74.5 billion, representing 80.5 per cent performance and leaving a variance of N14.6 billion.

The report also shows that transfer to capital account amounted to N103.5 billion against N87.3 billion, representing 118 per cent performance and recording an increase of N16.3 billion.

Capital receipt made up of aid and grant, and capital development fund (CDF) receipt for the year amounted to N62.3 billion as against N109.6 billion, representing 56.9 performance with a variance of N47.2 billion.

Aid and grant were N40.3 billion against N63.3 billion, representing 63.6 per cent performance with a variance of N23 billion, while CDF was N22.1 billion as against N46.3 billion, representing 47.7 per cent performance.

On revenue generation by ministries, departments and agencies (MDAs), the finance ministry led with N143.6 billion, representing 96.2 per cent of the N149.3 billion targeted for the year.

The Kaduna State Internal Revenue Service also generated N35.3 billion, representing 117.7 per cent of the N29.9 billion target, recording an increase of N5.3 billion.Similarly, the Kaduna State Urban Planning and Development Authority generated N2.1 billion against N3.6 billion, while Kaduna Geographic Information Management Service generated NN5.1 billion against the N12.5 billion target.

The health sector recorded 84.2 per cent performance on expenditure performance with N31.3 billion expenditure against the N37.2 billion budgeted for the year.

The health ministry spent N17.4 billion against the N18.8 billion budgeted, representing 92 per cent performance, followed by the State Primary Health Care Board, with N8.7 billion against N9 billion, representing 96 per cent performance.

The education sector also recorded a budget performance of 82.9 per cent, with N66.2 billion expenditure against the N79.9 billion allocated for the year.

The State Universal Basic Education Board spent N20.1 billion out of the N22.6 billion allocation for the year, representing 91 per cent performance.

The education ministry followed with an expenditure of N33 billion out of the N37.3 billion allocation for the year, representing 88.4 per cent performance.

Yusuf Goje, a public finance analyst, observed that despite the commendable performance of the IGR, many of the revenue-generating MDAs did not meet their targets.

Mr Goje also pointed out that while education, health and public works and infrastructure sub-sectors performed above 80 per cent, the agricultural sector recorded only 50 per cent performance.

He explained that the sector spent only N1.2 billion out of its N2.3 billion allocation while describing the development as “very disturbing,” considering the sector’s contribution to Kaduna’s economy.

Business

Elon Musk’s satellite service Starlink now active in Nigeria

No Comments

The operational service of Elon Musk’s satellite internet service, Starlink, has been announced to be officially active for customers in the country.

This came a few weeks after the company (Starlink) announced its pre-order sales.

The satellite service company (Starlink) had reportedly disclosed that interested customers could preorder the device hardware at $600 while stating that the device subscription service would cost $43 every month.

In a Twitter post on Tuesday, the parent company of Starlink (SpaceX) confirmed that its service is now active for use in the country.

“Starlink is now available in Nigeria – the first African country to receive service,” the tweet said.

The company also disclosed to customers via its website that users will have a 30 days trial with its device.

Reacting to the development, the minister of communication and digital economy, Isa Pantami, described the official deployment as a great achievement.

“We have made it again. @SpaceX thank you for hosting me in your headquarters, United States in December 2022 to complete the logistics for the deployment,” he tweeted.

In 2022, talks to secure licences to launch the Starlink service kicked off between the company and the Nigeria Communications Commission (NCC).

The company, a satellite internet constellation operated by SpaceX, launched in 2019, provides satellite internet access coverage to about 46 countries, also targeting the global mobile phone service after 2023.

Business

CBN warns banks against issuing old banknotes and urge EFCC, ICPC to monitor compliance

No Comments

As the new deadline for the phase-out of the old naira notes approaches, the Central Bank of Nigeria has ordered banks to stop paying customers old N1,000, N500, and N200 notes.

CBN governor Godwin Emefiele announced in a statement that the apex bank was collaborating with the Economic and Financial Crimes Commission to ensure that all banks abide by the directive.

“We deployed all our staff, particularly the assistant directors, deputy directors and directors in Abuja to proceed to all CBN branches nationwide to join the mass mobilisation campaign and monitoring programmes, working with the deposit money banks, agents and our branch controllers across the 36 states of the federation,” said Mr Emefiele.

The CBN governor added;

“We have agreed with the executive chairmen of the EFCC and ICPC to assist us by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of these guidelines. The aim is to ensure compliance with the laid-down guidelines.”

The directive came as Nigerians struggled to withdraw the new naira notes.President Muhammadu Buhari’s regime had set January 31 as the deadline to replace the old banknotes with the new notes. The deadline has been extended.

Business, Lifestyle

Petrol scarcity bites harder as pump price hits N340 in Dutse

No Comments

The price of petrol has risen to N340 per litre in Dutse, the Jigawa capital. The situation has subjected the residents, especially motorists, to chaos and hardships.

There were long queues of vehicles at filling stations on Sunday as they sold petrol at N340 per litre.

The Dutse NNPC mega station has been shut down since January 8 following a fire incident.Also, most of the filling stations within the city were not opened.

At Awajil Global Resources, IMG Petroleum, Maruta Petroleum and Investment, on Ibrahim Aliyu bypass, motorists and commercial motorcyclists were in long queues waiting to refuel their tanks.

Audu Manager filling station and AA Kankani Nig. Ltd, on Olusegun Obasanjo Road had long queues of vehicles, selling petrol at N340 per litre.

Filling stations like A.S.A Oil Nig. Ltd., B.A Bello Nig. Ltd and Matrix, on Ibrahim Aliyu bypass, were not selling petrol at the time of filing this report.

Motorists expressed dissatisfaction over the fuel scarcity. A motorist, Aminu Muhammad, described the situation as frustrating, urging President Muhammadu Buhari and other stakeholders to bring lasting solutions to the scarcity.

A Dutse resident Muhammad Askira, said the Buhari regime should direct security agencies to monitor filling stations to ensure they sell fuel at the approved pump price.

Ahmad Rufa’i, a farmer, said the situation was making him produce at a loss.

“I plant wheat maize and every week I need at least 20 litres to water my farms. And I need to water these two farms at least 20 times. So how much money do you expect me to spend on fuel alone, not talk of transport and other logistics,” stated Mr Rufa’i.

“So most of us are doing this farming without any certainty of whether we gain or we lose.”

Business, Lifestyle

House of Reps Committee rejects Naira swap extension, threatens Emefiele’s arrest

No Comments

The House of Representatives Adhoc Committee on the redesign of three naira notes has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of old N200, N500, N1,000 bank notes.

In a statement released on Sunday, January 29, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, said the lawmakers will proceed and sign an arrest warrant to compel the CBN Governor, Godwin Emefiele to appear before the committee.

According to him, the new naira redesign policy is capable of frustrating the forthcoming 2023 general elections.

Recall that many Nigerians have complained about inability to access the newly redesigned notes.

The CBN had initially placed the deadline for the exchange of the old Naira notes for the new ones on January 31st .

However, following the series of complains from Nigerians, the CBN governor, Godwin Emefiele, in a statement released on Sunday, January 29, announced that the deadline had been extended to February 10.

In its immediate reaction, the House of Representatives committee chaired by Doguwa rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

“The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.

Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law.

And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the adhoc committee.”

Doguwa said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

He described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, insisting that the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed earlier by Speaker Femi Gbajabiamila.

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

Business, Lifestyle

Calabar residents keep vigil at ATMs for new naira notes

No Comments

Residents of Calabar in Cross River have resorted to keeping vigil at Automated Teller Machine (ATM) centers in the State capital in search of new naira notes.

ATM points across the city have been taken over by long queues of people scrambling to get the new notes.

The long queues at the ATM points in Calabar started on Wednesday and have been like that as at the time of filing this report.

The residents, however, blamed the long queues on deliberate act by the banks not to load all their machines with the new notes.

Others, however, attributed the queues to the refusal of most businesses in Calabar to accept the old notes even when the deadline is still ahead.

A resident, Pascal Bajie, who frowned at the attitude of some business owners on their refusal to accept the old notes, called on the banks to be compassionate in their dealings with the public.

Mr Bajie said that he refused to understand why most of the banks with about four points of the ATMs would deliberately load only one or two of the four.

“This is part of what is causing the long queues that you have been seen for the past three days or thereabout. The banks should make effort to load all their machines,” he appealed.

Evelyn Odey, another resident, said she has had to move from one point of ATM to another and had yet to succeed in her quest to withdraw cash.

According to her, “I have been on this since Friday, I have moved from Marian down to MM Way and the challenge is all the same, long queues everywhere.

“The worst of it is that many people are refusing to accept the old notes. I am at Cross road on what to do because I have not succeeded to withdraw the new notes.”

Another resident, Ngaji Ndoma, said using the PoS was out of it as most he had visited complained of not having the new notes.

“That leaves you with the choice of only the ATM and using it is hellish because of the long queues at all that are dispensing.

“I can tell you that I have been on this since 6am and I even learnt that some persons were here earlier than me just to beat the queue,” he said.

Business, Lifestyle

New Naira Notes: Bishop cautions CBN against adding to Nigerians’ sufferings

No Comments

Bishop of the Catholic Diocese of Oyo, Emmanuel Badejo, has called on the federal government not to allow naira notes redesign to cause more hardship for the masses.

In a statement on Saturday in Ibadan, Mr Badejo said governance and policies must have a human face.

The cleric said that scarcity of the new Naira notes would inflict suffering on Nigerians.

He lamented that many citizens deposited their old naira notes without any guarantee of getting the new notes.

He added that the Central Bank of Nigeria’s insistence on the January 31 deadline was only justifiable if necessary things were in place.

“Why should the general public suffer?” he queried. “The story is even direr in large swathes of the country where there is no banking service whatsoever within kilometres. Are those living there not Nigerians too?”

He lamented that the situation was more “complicated” given the fuel scarcity and increased price of commodities.

“All these are coming on top of skyrocketing prices of goods and services, sending the anger and frustration of struggling masses through the roof, with the 2023 General Elections only weeks away,” he said.

The Nigerian government and its officials must react quickly to the current hard times.

“If the monetary policy is hurting the same people it intends to serve, why can’t some modification be made to its timing and execution?” he asked.

He said the government policies and actions should be targeted at making life better for the masses.

“Therefore, in executing even the best and most urgent policies, the people’s interest must be at the centre,” Mr Badejo said.

Business

Anambra residents adopt cashless transactions due to new naira notes scarcity

No Comments

The scarcity of the redesigned naira notes and the fact that traders and business owners are rejecting the old notes have forced many residents to adopt cashless transactions in Awka, Anambra.

The Central Bank of Nigeria (CBN) had fixed January 31 as the deadline for using the old naira notes.

The redesigned naira notes, comprising N200, N500 and N1,000, became legal tender on December 15, 2022, after President Muhammadu Buhari unveiled them on November 23, 2022, in Abuja.

A check at Zik’s Avenue, UNIZIK Junction, Regina, Okpuno and Aroma areas discovered traders and business owners asked their customers to pay with new notes.

It was also discovered that some of the Automated Teller Machines (ATMs) in major parts of Awka still dispensed the old naira notes while there were long queues at a few ATMs issuing the redesigned naira notes.

Some banks dispensing the new notes have configured their ATMs to dispense N5,000 or N10,000 per transaction.

Also, some Point of Sale (PoS) operators still paid with old naira notes, while some who had the redesigned ones increased their charges by 100 to 200 per cent.

Nnenna Okafor, a cyber cafe operator at Aroma, said she had already deposited all her old naira notes at the bank after spending about three hours and resolved to stop collecting old notes from her customers.

Another resident, Johnpaul Ikeze, who runs a supermarket in the Regina area, said he refused to collect old notes to avoid the notes getting stuck with him since it is barely three days to the expiration of the old naira notes.

“Since Friday, my customers have been using debit cards or mobile transfers to pay for products, and it is even easier. My family has also resorted to mobile transfer if we need to pay for something,” he said.

Ego Uzoma, a civil servant, said at Eke-Awka market that she had to do a mobile transfer to pay for a commodity she bought at the sum of N500 because the store owner refused to collect old naira notes.

Ms Uzoma lamented that she had to pay so much per transaction for the mobile transfers.

“I scrambled to deposit the old naira notes at the bank, I cannot afford to take them back, and I cannot also pay extra at the PoS to get new notes, which is why I resorted to cashless transactions,” she said.

Narrating his ordeal, Eric Uzor, an Engineer, said he had to buy additional needless commodities to the tune of N1000 because he could not afford to pay for a N250 item using mobile transfer.

“They should make these new naira notes available for people to use.

The scarcity has been very frustrating here in Anambra,” he said.

Business

Hawkers illegally selling recoloured naira notes for acute gains in Kaduna

No Comments

Some hawkers are making brisk business selling the acutely scarce recoloured denominations of naira notes as Nigerians scramble to exchange their old notes for new ones before the former ceases to be legal tender next Tuesday.

At Dadi Motor Park, Sabon Gari-Zaria in Kaduna State, a News Agency of Nigeria reporter saw large wads of different denominations of the notes on display for prospective buyers

.A check reveals that a bundle of N200 notes was going for N30,000; N500 notes are being sold at N70,000 and N1,000 notes are sold at N130,000, while N100 is sold at N16,000.

Mohammed Bello, a new cash hawker, said they paid between N70,000 to N130,000 to obtain new N500,000 notes, depending on the denominations of the notes.

However, Mr Bello declined to disclose the sources of the money and encumbrances.

Thomas Damina, a resident of Gozaki village in Kafur Local Government Area of Katsina State, who patronised the mints vendors, confirmed to NAN that he bought the new N20,000 of N1000 notes at N25,000.

He said he was forced to purchase the money at the exorbitant price to enable him settle the labourers working at his dry season farm.

“Traders in my community (Gozaki) are rejecting the old notes and the money is not available at the banks. I have no option than to buy from cash hawkers,” Damina said.

It was also observed that trading in the new naira notes was receiving patronage as customers thronged the banks, rushing to beat the January 31 deadline.

Most ATMs of some commercial banks at PZ, the commercial hub of the ancient Zaria city, were not dispensing cash when NAN visited.

Trading in naira notes is in contravention of Section 21 of the CBN Act, 2007, which is punishable under Section 21 Subsection 4 of the Act.

In spite of the laws prohibiting hawking of naira notes and coins, the perpetrators were freely doing their businesses close to the police outpost at Kwangila, Sabon Gari Zaria.

Reacting to the development, DSP Mohammed Jalige, the Police Public Relations Officer, Kaduna State police command, assured that the police would swing into action against the crime.

Business, Lifestyle

Lawyer sues CBN, seeks extension of deadline for old banknotes

No Comments

Joshua Alobo has approached the Abuja Division of the Federal High Court, praying the court to stop the Central Bank of Nigeria (CBN) from implementing the January 31 deadline to phase out the old naira notes (N200, N500 and N1,000).

Mr Alobo, in the suit marked: FHC/ABJ/CS/114/2023, also prayed the court to make an order extending the duration when the old banknotes would cease to be legal tender for three weeks.

Listed as first to third defendants in the suit are the CBN, the CBN governor, Godwin Emefiele, and the attorney general of the federation, Mr Abubakar Malami.

He said this was to give time for when commercial banks would have enough new notes to dispense.In an affidavit deposed by a citizen, Musa Damudi, the plaintiff told the court that the CBN governor had, on October 26, announced that the apex bank would introduce a new series of redesigned N200, N500 and N1,000 banknotes into the financial system.

The lawyer said the decision, though a welcome idea, is causing anxiety among Nigerians, especially the less privileged, as they have yet to access the new naira notes.

He said that although the new notes, unveiled on November 23 by President Muhammadu Buhari to curb inflation and entrench a cashless society to curb money laundering and corruption, their unavailability was causing apprehension among Nigerians.

Mr Alobo accused banks of failing to make the new notes available to their customers, adding that as of December 25, he was still given the old notes on the counter and through the automatic teller machine (ATM).

The law professor argued that the January 31 deadline discriminates against rural dwellers, poor and less privileged persons.

“This is as politically exposed persons are paid with the redesigned notes. The cashless policy of the CBN is innovative and a welcome development but the rural dwellers that constitute the bulk of the population do not have access to internet and banking facilities,” Mr Alobo explained.

“The current daily limit of transaction to N20,000 is against the central bank’s daily limit of N100,000.”

A date has been fixed to hear the case.

Business

CBN unveils Africa-led domestic card scheme to strengthen payments system

No Comments

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday, unveiled an African Central Bank-led National Domestic Card Scheme (AfriGO) to address local peculiarities.

At the event, which was monitored virtually, Emefiele said the new card would be accessible to all Nigerians and is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria.

According to him, the new card scheme aimed at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive manner.

He said that CBN’s cash-less policy had created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.

The CBN governor assured Nigerians that the card scheme would open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.

He commended the Nigerian banking community for rising to the challenge of strengthening the national payments system by implementing AfriGo.

Mr Emefiele also assured international service providers that the new scheme was not designed to prevent them from operating in Nigeria.

“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria. It is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner,” said the CBN boss.

Mr Emefiele stressed CBN’s commitment to a robust, efficient and safe national payments system, welcoming innovation from both domestic firms and foreign investors.

“We can no longer neglect the vast majority of Nigerians whose daily payments needs are micropayments,” the CBN governor said.

“We need to capture them in national statistics to further understand their transaction dynamics and properly target interventions in that sector of the economy.”

Business

Lagos traders shut market to collect PVCs

No Comments

Some major markets were shut down in Lagos yesterday, January 25, to enable traders collect their PVCs ahead of the election which would begin on February 25.

The management of International Trade Fair Complex, Balogun and Article markets, said the decision was taken to encourage the traders to collect their PVCS and exercise their franchise on Election Day.

It was also learnt that an automobile spare parts market in the state was also shut last Saturday for the same purpose.

Business

Naira Scarcity: CBN insists banks have ‘massive supply’ of new notes

No Comments

The Central Bank of Nigeria (CBN) says it supplied “massive” amount of the new naira notes to commercial banks as customers lament the difficulty in obtaining the banknotes.

Godwin Emefiele, the CBN governor, represented by Musa Jimoh, the director of Payment System Management Department of the bank, disclosed this in a news conference on in Jos.

“The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs,” stated Mr Emefiele.

“This is to enable quick circulation and we want to advice commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

Mr Emefiele advised bank customers to deposit their old notes at any commercial bank and obtain the new banknotes with immediate effect, insisting that the January 31 deadline would not be extended.

The CBN governor explained that the decision to redesign the currency shows that the apex bank is in tandem with global standard, adding that currency notes ought to be redesigned within five years.

He, however, regretted that it took Nigeria nine years since such changes was last effected.Speaking during a monitoring and sensitisation exercise held in some locations in Jos, the CBN governor said the decision to redesign the country’s higher denominations of currency was a national project aimed at addressing problems related to cash circulation.

He added that it would also solve the challenge of prolonged savings in piggy banks, cash hoarding and incidents of fake currencies.

“The monitoring and sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.”

We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,” he explained.

Business

British landlord sues Twitter over unpaid rent

No Comments

Twitter’s British landlord on Tuesday said it was taking the social media site to court for not paying rent on its central London offices.

The Crown Estate, a company that manages land and property belonging to the British monarchy, said it had launched a legal action at the High Court for rental arrears on an office space close to Piccadilly Circus.

A representative said that it had contacted Twitter previously and is currently in discussions with the company.

Twitter did not immediately respond to a request for comment.

Elon Musk, the billionaire CEO of Tesla and SpaceX, bought Twitter for $44 billion (£35 billion) in October last year.

He sacked half of the staff and reportedly stopped paying rent for office space to try to raise funds after taking on massive debt to buy the company.

The San Francisco Chronicle reported Monday that the landlord of Twitter’s San Francisco headquarters has sued the company for allegedly failing to pay almost $6.8 million in rent for December and January.

Twitter has a London office in a complex on Air Street called Air W1, whose landlord is the Crown Estate.

The Daily Telegraph reported that Twitter’s signs and logos have been removed but a member of staff said the company was still present there.

Twitter UK began using this office in 2014, according to Companies House, which gives this as its registered address.

The Crown Estate is an independently managed portfolio of land, property and other assets belonging to the monarchy.Its commercial income goes to the Treasury and the monarch receives an annual allowance of 15 per cent of its profits called the Sovereign Grant.

The Crown Estate says it owns more than 2.6 million square feet (241,550 square metres) of office space in central London

Close Menu

Privacy Policy