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Allow Old, New Naira Notes Coexist, APC Govs Beg Buhari

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Ahead of the February presidential election, Governors elected under the platform of the All Progressive Congress, APC have appealed to President Muhammadu Buhari to allow both the old and new Naira notes to continue in circulation.

Governor Nasir El-Rufai of Kaduna State disclosed the request to the president to journalists shortly after the governors under the aegis of Progressives Governors Forum met the president behind closed doors on Friday in Abuja.

Recall that the governors including Nasir El-Rufai of Kaduna State, Atiku Bagudu of Kebbi State, Hope Uzodimma of Imo State, Bello Matawale of Zamfara State, Dave Umahi of Ebonyi State, Babajide Sanwo-Olu of Lagos State, Abdullahi Ganduje of Kano State among others met the president at the council chamber of the State House on Friday.

READ ALSO: Why We Frustrated Gov Ayade Out Of PDP – A’Ibom Chairman

El-Rufai noted that if the apex bank wants to implement the cashless policy, it should have printed half of what it mopped up, for a start, which according to him ought to be N1 trillion.

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The governor who earlier alleged that the decision of the CBN was aimed at frustrating the victory of the APC presidential candidate, Bola Tinubu said they told Buhari during the meeting that the masses are suffering and traders are losing their goods due to lack of patronage birthed by the scarcity of cash.

He cited a tomato seller who travelled to Lagos recently with their goods but got nothing because people had no cash to buy.

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

READ ALSO:Tips For Online Registration Of Prospective Corps Members

It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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