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Old Naira: CBN advises traders to embrace use of POS to beat deadline

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Old Naira: CBN advises traders to embrace use of POS to beat deadline

Old Naira: CBN advises traders to embrace use of POS to beat deadline

The Central Bank of Nigeria (CBN) has advised market traders and business operators in Kwara to embrace use of Point of Sale (POS) machines for transaction to beat the old Naira notes submission deadline rush.

The CBN, Ilorin Branch Controller, Mr Najim Lamidi, gave the advice at the Day Two of the sensitisation programme on redesigned Naira notes of N1,000, N500 and N200 among traders in Ilorin on Friday.

He said that doing such would encourage cash management and reduce security risks of holding physical cash in business transactions.

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The CBN boss also advised the traders to discourage their customers from paying for goods with cash, saying that they should spread the message among their colleagues.

Lamidi further cautioned the traders to note that some of their customers may want to dump old Naira notes with them after expiration of the Jan. 31 deadline.

He said that the apex bank would not extend deadline on the redesigned notes beyond Jan. 31, 2023,  and urged the traders and other members of the public to take their old Naira notes to banks or POS agents.

The CBN boss explained that the rationale for the redesign of Naira notes was that data had shown a large volume of banknote hoarding by the public, which led to a shortage of clean and fit banknotes.

The Iyaloja of Mandate market, Alhaja Funmilayo Baba-Kobi, promised to spread the message among members in the markets.

The News Agency of Nigeria (NAN) reports that the sensitisation programme was attended by market leaders and traders from Sawmill, Mandate, Awodi, Lasoju, Ipata and Eyenkorin markets.

The CBN team also took the sensitisation campaign to members of the Christian Association of Nigeria (CAN) and Federation of Muslim Women Association (FOMWAN) in Ilorin.

Old Naira: CBN advises traders to embrace use of POS to beat deadline

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Naira rebounds, gains N28.15 against dollar

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Naira rebounds, gains N28.15 against dollar

Naira rebounds, gains N28.15 against dollar

The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.

The percentage increase is significant when compared to the previous trading date on Monday, April 29.

The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded, as the total daily turnover increased.

The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.

Naira rebounds, gains N28.15 against dollar

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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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