Why CBN Set Deadline For Mutilated Naira Notes
Stories: Ganiyu Obaaro, Lagos
The Central Bank of Nigeria(CBN) has explained why it has set September the deadline for the sorting of all mutilated notes across the country.
It would be recalled that the existence of the notes in the nation’s economy has been giving Nigerians concerns, which they describe as constituting potential health hazards and image problem for them and the nation at large.
The apex bank, headed by Mr Godwin Emefiele, Governor, has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.
The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.
“The CBN has given banks between the 3rd of June and September 2, to bring back all the mutilated notes for us to reissue them,” he said.
“And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring those notes to us for reissue.
“If any bank is refusing to take back the notes, they should call us and we will take action.”
In April, the bank had introduced a ‘Clean Note Policy’ to put an end to the circulation of mutilated naira notes.
Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”
Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.
“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.
He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”
The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country.
According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.
Naira Remains Constant, Exchanges N464.67 to Dollar
Naira remained constant yesterday, exchanging at N464.67 to the dollar at the Investors and Exporters’ window.
The local currency did not change from its value on Monday, while the open indicative rate closed at N464.96 to the dollar yesterday.
An exchange rate of N467 to the dollar was the highest rate recorded within the day’s trading before it settled at N464.67.
The naira sold for as low as N460 to the dollar within the day’s trading.
A total of 186.02 million dollars was traded at the official Investors and Exporters’ window yesterday.
Meanwhile, the Central Bank of Nigeria (CBN) yesterday in Kano carried out sensitisation campaign on the e-Naira at the Aliko Dangote University of Science and Technology (ADUST) Wudil.
The Kano Branch Controller of the bank, Umar Ibrahim-Biu, called on the university community to adopt the new e-wallet system in its payment of tuitions, salaries and other financial transactions.
He explained the need for the university community to migrate to the cashless system was for financial security and efficiency by adopting to the e-Naira initiative.
The controller said that e-Naira was a trail blazer now as it had come to stay and the bank was trying to make sure that everybody was brought on board.
“We’ve been to Universities of Nsuka and Jos and now we are here to also sell the idea of e-Naira wallet to both the students and staff of the institution,” he said
“Our target is where the students can use the facility to pay their tuition fees and other payments through the e-Naira wallet,” he added.
“This will help the students a lot, it’s the safest way of handling your funds. Nobody will steal it, it will eradicate corruption. One does not need to carry huge amount of cash,” he said.
“The VC has accepted it. With e-Naira they can get up to five per cent revert on every payment they make.
“Their money doesn’t go like that they save something out of it. There are a lot of other incentives they can enjoy,” he added.
Earlier, the Vice Chancellor of the university, Prof. Musa Yakasai, gave the assurance that the institution would key into the e-Naira initiative.
Yakasai appreciated the initiative and lauded the Bank for coming to launch the e-Naira initiative in the institution.
He said the students were already e-Naira compliant.
“They are doing a lot of things, some of the academic activities are via e-platforms. So its very easy for students to adopt this e-era.
The students asked some questions regarding the safety of their deposits in the initiative.
“We now understand the e-Naira concept and we are now convinced and we will call on our students and other stakeholders to key into this initiative.”
“It makes it easier for everyone to operate without having to move with a lot of cash,” Yakasai stated. (NAN)
Nigeria, OPEC Members Agree to Cut Oil Production Volumes
Nigeria and other members of the Oganisation of Petroleum Exporting Countries (OPEC) as well as the Non-OPEC members have agreed to cut production volumes to ensure global oil market stability.
The agreement was reached at the 35th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC held in Vienna, Austria on June 4.
Nigerian delegation was led by Amb.Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources, who was also confirmed OPEC Governor for Nigeria at the meeting in Vienna.
OPEC and its allies have agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 per cent.
Aduda said Nigeria, Congo and Angola agreed that the highest production volumes of the last Six months (November 2022 – April 2023) be used as the basis for the determination of their 2024 production quota.
“This is subject to a review in November at the second annual meeting of the JMMC.
“However, the current OPEC quota would be maintained till the end of 2023.
“This implies that Nigeria can ramp up its production up to its current quota of 1742 Thousand Barrels Per Day (KB/D) and subsequently be capped at 10 per cent less as its quota for 2024 subject to verification by independent secondary sources,” he said.
Aduda expressed confidence that the security intervention under the leadership of President Bola Tinubu, would enable the restoration of Nigeria’s production to the 1580KB/D crude oil only.
This, he said would be complimented by condensate of about 400KB/D ultimately upping Nigeria’s crude oil and condensate production to about Two Million Barrels per day in 2024. (NAN)
Fintiri Pledges Support for Farmers with Modern Inputs, Techniques in Adamawa
Gov. Ahmadu Fintiri of Adamawa has expressed his administration’s determination to support farmers with modern agricultural inputs and techniques to boost farming activities in the state.
Fintiri said this on Tuesday in Yola at the Nigeria Integrated Agriculture Activity, 2023 Agricultural Inputs Fair, organised by Feed The Future, a United States Government’s Global Hunger and Food Security Initiative.
The programme was being implemented by the International Institute of Tropical Agriculture (IITA) and partners.
It is also part of USAID’s contributions to the economic recovery and support to the vulnerable population disenfranchised in the North-East by insurgency and who were being re-engaged into farming activities.
Fintiri, who was represented by his Deputy, Prof. Kaletapwa Farauta, appreciated the conveners of the programme and their partners.
He also expressed his administration’s readiness to partner with any government and non-governmental organisation that was ready to contribute its quota to the transformation of agriculture and other human endeavours in the state.
Fintiri urged farmers to ensure that their certified seeds were well stored after harvest.
He appealed to the partners to devise means of providing farmers with good natural fertilisers.
“This is to protect the crops as well as the health of the farmers and the entire citizens against the negative effect of chemical fertilisers,” he said.
Chief of Party, Feed the Future Nigeria Integrated Agricultural Activity, Mr Prakash Silwal, said that no fewer than 30,000 farmers had been trained on modern farming techniques.
He noted that the fair was an opportunity for producers of various crops, seeds and food, among others, to sell their products.
Permanent Secretary, Ministry of Agriculture, Mrs Dorathy Augustine, noted that the initiative had impacted positively on the agriculture production in the state.
She said that the improvement was made possible by the awareness raised among farmers on the importance of quality and improved seeds production.
Umar Hamidu, a participant, said that the knowledge acquired on modern farming techniques and improved seedlings had boosted his agricultural activities. (NAN)
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