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Why CBN Set Deadline For Mutilated Naira Notes

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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.

Economy

Domestic Securities Market a Major Source of Funding for FG – DMO

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The Debt Management Office (DMO), says the Nigerian domestic securities market remains a major source of funding for the Federal Government.

The Director-General of the DMO, Patience Oniha, said this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market.

According to Oniha, during COVID-19, when the international markets were closed, we were able to raise the full amount needed to fund the budget.

“Last year, we raised seven trillion Naira as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,’’ she said.

Oniha said that the 2024 budget had a deficit of six trillion Naira to be financed through new domestic borrowing.

She said that the National Assembly also approved N7.3 trillion Ways and Means for securitisation.

“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion.

“The financial sector has come a long way, and this is another strategic meeting to chart a way forward,’’ Oniha said.

Mrs Nadia Zakari, the President, Financial Market Dealers Association (FMDA), said that the Nigerian business environment was evolving and unique, necessitating such interactive sessions.

According to Zakari, such sessions are critical for both market operators and the Federal Government for them to be able to make decisions as they plan for the rest of the year.

“We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO,’’ she said. (NAN)

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BUSINESS

MPC May Increase Lending Rate By 100 Basis Points – Expert

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By Tony Obiechina, Abuja

As the Monetary Policy Committee (MPC) meets on Monday, a financial expert, Prof. Uche Uwaleke, says the committee will likely increase the baseline lending rate by another 100 basis points.

Uwaleke, a Professor of Capital Market and the President of Capital Market Academics of Nigeria, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

NAN reports that the MPC, under the leadership of Mr Yemi Cardoso, had increased the Monetary Policy Rate (MPR) by 400 basis points in February and 200 basis points in March,

This led to a cumulative increase of 600 basis points, moving the MPR from 18.

75 per cent to 24.
75 per cent, in line with aggressive tightening of the CBN to target spiralling inflation.

According to Uwaleke, we should expect another increase of at least one percentage point.

“Inflation rose year-on-year in March in spite the hike in February, and the exchange rate has yet to stabilise.

“So, MPC will still be concerned about the need to narrow the negative interest rate.

“Again, following the IMF/World Bank spring meetings last April, the CBN has received praise from the IMF and some global rating agencies such as Fitch for its monetary policy tightening stance.

“MPC will be mindful of that in order not to create a different impression, especially when the Bretton Woods Institutions are urging the apex bank to do more,” he said.

He, however, urged the committee to retain the prevailing rates to mitigate the impact of its aggressive policy tightening on Nigerians.

“If I were a member of the MPC, I will vote for a hold position as the aggressive policy rate hike is taking a toll on output.

“Production is stiffled because of the very high cost of funds. Moreover, the seeming over reliance on the MPR as a tool to tame inflation does not appear to be making any meaningful impact.

“This is due to the significant non-monetary factors driving inflation in Nigeria, such as high cost of energy, transport as well as insecurity in the food-belt regions of the country,”  he said.

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BUSINESS

DBN Sponsors Okpekpe International Road Race, Nigeria’s Sports Devt

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By Tony Obiechina, Abuja

The Development Bank of Nigeria (DBN) has announced its sponsorship of the 10th edition of the Okpekpe International Road Race, scheduled to take place on May 25th, 2024, in Edo State.

This enduring partnership underscores DBN’s commitment to advancing sports and promoting tourism development in Nigeria.

The Okpekpe International Road Race is a prestigious event that attracts athletes from around the world.

It is recognized by the World Athletics and serves as a platform for showcasing talent and promoting physical fitness.

The 10-kilometer race which is the first to be granted a gold label status in Nigeria is set in the scenic hills of Okpekpe town near Auchi, highlighting the beauty of Edo State and its significant economic benefits to the local community.

Managing Director/CEO, Development Bank of Nigeria Plc, Dr Tony Okpanachi in a statement released on Monday, 20th May 2024 said “DBN is honored to support the historic Okpekpe International 10km Road Race for the seventh consecutive year.

“Our involvement in this event reflects our broader mission to foster community engagement, promote health and wellness, and stimulate economic growth through sports. The Okpekpe Race is more than just a competition; it is a celebration of resilience, unity, and excellence.

“I am very certain that DBN’s sponsorship will play a crucial role in ensuring the race’s success. Our support extends beyond financial contributions, it emphasizes our strong dedication to corporate social responsibility and our commitment to the holistic development of Nigerian society.” he added.

According to him “Supporting the Okpekpe International Road Race aligns perfectly with DBN’s mission of driving sustainable development, empowering communities, and fostering economic growth. Sports as we all know serve as a unifying force and a catalyst for economic and social development, and we are proud to play a role in this transformative event.”

Mr. Okpanachi further stated that since its inception, the Okpekpe International Road Race has grown in prestige, becoming a cornerstone of the global athletics calendar.

He, however, urged Nigerians to participate in the race festivities, support the athletes, and experience the rich culture and hospitality of Edo State.

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