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CBN to sanction banks dispensing old Naira notes

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CBN to sanction banks dispensing old Naira notes

CBN to sanction banks dispensing old Naira notes

The Central Bank of Nigeria (CBN) has vowed to sanction commercial banks still dispensing old Naira notes ahead of the Jan. 31 deadline for the cessation of the currencies as legal tender.

Mr Godwin Emefiele, Governor of CBN stated this on Thursday during a sensitisation campaign on the redesigned Naira notes at Alamis Market in Lafia, Nasarawa State.

Represented by Mr Atiku Mohammed-Nasir, CBN’s Director of  Security Service, Emefiele urged the traders and residents of the state to embrace the redesigned notes for their transactions.

He reminded them that the old  N200, N500 and N1,000 notes would cease to be legal tender on Jan. 31, hence all in possession of the old note should take them to the banks.

“Henceforth, When you go to any commercial bank and you are issued the old N200, N500 and N1,000 do not collect because they would become useless as from Jan. 31.

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“We will henceforth  sanction any bank found guilty of dispensing the old Naira notes at ATMs or over the counters to customers.

“The CBN has supplied adequate new Naira notes to the various commercial banks. If any bank issue you old Naira notes, report such bank to the CBN for appropriate action,” he said.

The CBN governor insisted that there would be no extension of the Jan. 31 deadline for the termination of the old notes despite appeals for extension by the traders.

He, therefore, urged to traders to make haste and change their monies before the deadline.

Emefiele encouraged traders and other residents to embrace e-banking for their transactions, saying the policy would go a long way to address insecurity and improve the nation’s economy.

Also speaking, Shehu Yakubu, Lafia Branch Controller, CBN, advised the traders and other stakeholders to take the redesigned Naira notes policy seriously by changing their old notes before the deadline.

Yakubu noted that failure to adhere to the instruction, the old notes starched in homes and other places outside the banks would no longer be acceptable and become like toilet tissue paper.

The News Agency of Nigeria (NAN) reports that the CBN team also visited some commercial banks in Lafia to ascertain the level of compliance to its directive on the dispensing of new Naira notes through the Automated Teller Machines (ATM). 

CBN to sanction banks dispensing old Naira notes

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Economy

Fuel subsidy was removed for Nigeria not to go bankrupt – Tinubu

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Fuel subsidy was removed for Nigeria not to go bankrupt - Tinubu

Fuel subsidy was removed for Nigeria not to go bankrupt – Tinubu

President Bola Tinubu has said that fuel subsidy was removed to save the country from going bankrupt.

Speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday, April 28, Tinubu said he was convinced it was in the best interest of the people.

He said; “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.

“It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively. That was necessary for the country.

“Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth.

“We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”

The President who stated that fuel subsidy removal engendered accountability, transparency and physical discipline for the country, also talked about exchange rate unification.

According to President Tinubu, the management of the nation’s currency by the government was as well necessary to allow the Naira compete favourably with other world currencies.

He said; “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.

“That we did at the same time. That is two engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”

Fuel subsidy was removed for Nigeria not to go bankrupt – Tinubu

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Business

Naira appreciate, gains further by 1.8% against dollar

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Naira appreciate, gains further by 1.8% against dollar

Naira appreciate, gains further by 1.8% against dollar

The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira appreciate, gains further by 1.8% against dollar

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Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development

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Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development
Retreat

The Ministry of Petroleum Resources as well as its agencies and parastatals are expected to brainstorm on emerging developments in the oil and gas industry, at a sectoral retreat scheduled to hold in Abuja.

Mrs Oluwakemi Ogunmakinwa, Deputy Director, Press and Public Relations, Ministry of Petroleum Resources, said in a statement on Sunday that the retreat would focus on the Ministerial Deliverables (2023-2027) for the oil and gas sector.

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The retreat with the theme: “Building Synergy for Enhanced Development in the Oil and Gas Sector” would hold between March 26 and March 28.

Ogunmakinwa stated that the retreat would also fashion the way forward for the industry as earmarked by President Bola Tinubu.

“In the course of the retreat, heads of agencies under the ministry will be required to make presentations on the mandate, vision and mission of their respective organisations,” she stated.

According to Ogunmakinwa, the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo will be attending the retreat.

The Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, Directors in the Ministry, as well as the Chief Executive Officers (CEOs) and Directors from the Agencies under the supervision of the Ministry would also be in attendance.

It would be recalled that President Bola Tinubu had the first year Ministerial Retreat with Ministers, Presidential Aides, Permanent Secretaries and top government functionaries from Nov. 1 to Nov. 3, 2023.

The retreat by the president was to chart a path for progress and prosperity of the nation, where he charged the participants to deliver on their mandates for the sake of Nigerians.

Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development

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