BUSINESS
Improve Infrastructure to Achieve Cashless Policy, Financial Inclusion, CBN Advised
An Economist, Dr Tope Fasua, has urged the Central Bank of Nigeria (CBN) to ensure optimally functional internet capacities for the cashless policy be effective.
Fasua said this in Abuja in interview yesterday.
According to him, cashless policy and financial inclusion are gradual processes which require time for the banks to improve their capacity and perfect.
“There is no country in the world where everybody is financially included; and there is no country that is totally cashless.
It is a matter of effort and gradual progress.“People should be allowed to embrace cashless by themselves, not by punishment,” he said.
Fasua said that what Nigerians had experienced in the last few weeks, with scarcity of cash due to the CBN’s Naira redesign policy, which was affecting many small business, would further alienate them from the policy.
“Personally, I have been trying an online bank transaction for the past two hours, I have tried for more than 200 times without success.
“This is because the platforms of the banks have been choked up, and they do not have capacity for the kind of uptick they experiencing,” he said.
He, however, said that the apex bank had recorded some achievements with the Naira redesign policy as many more Nigerians had keyed into cashlessness.
According to him, Nigerians will become even more comfortable with the policy when the Deposit Money Banks (DMBs) improve their online banking capacity.
Fasua also commended the Supreme Court for its decision on Naira redesign, and to extend the legal tender status of the old N200, N500 and N1,000 to Dec. 31.
“It is good that the Supreme Court has taken that decision because the policy has been painful and seems to have derailed from what was intended.
“Transactions have slowed down, especially at the micro level, people are no longer spending, even if they manage to get the new Naira notes they just hold on to it.
“Banks had started to shut their doors permanently as they could not cope with the pressure of their customers seeking to withdraw cash. I am not sure that is how it was meant to be,” he said.
He urged President Muhammadu Buhari to direct the CBN governor, Godwin Emefiele, to immediately comply with the decision of the apex court by making the old and new Naira notes available to Nigerians.
“The Supreme Court has done the right thing and we hope that the Federal Government will comply immediately,” he said.NAN recalls that the Supreme Court, on Friday, invalidated the Naira redesign policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.
The apex court, thus ordered that the old Naira notes should continue to be used side by side with the new Naira notes until Dec. 31.
The court held that the three months timeline given by the Federal Government was also not in tune with the Central Bank of Nigeria (CBN) Act.
It argued that the president usurped the powers of the CBN when he issued the directive banning the old N1,000, N500 and N200 notes from February 10. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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