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Cash Crunch: Edo Residents Heave Sign Of Relief Over CBN’s Comments On Old Naira Notes

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Residents of Edo State on Monday heaved a sign of relief following the Central Bank of Nigeria (CBN) stance that has given validity to the old N500 and N1000 notes to be used side-by-side with the redesigned naira notes.

Recall that the CBN directed all commercial banks to dispense and accept as deposit the old currency till December 31.

Speaking,, Bright Amadasun said the announcement of the acceptance of the old naira notes has eased the sufferings of the people.

He said before the announcement was made, banks in the state usually witnessed a large queues but that such has been drastically reduced.

I think with the announcement, everybody is happy. I think this will reduce the large queues in all banks because the money is out and everybody is seeing it”, Amadasun said.

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READ ALSO: JUST IN: At Last, CBN Breaks Silence, Says Old Naira Notes Remain Legal Tender Till December

Amadasun said the only challenge at the moment was that market women were yet to accept the old naira notes because the information has not gone round enough.

“The only problem we are having now is that, people have not really heard about this news and they are not collecting it at the market.

“This is one of the issues and I do not know how they are going to do that publicity so that everybody can be aware that the money is now a legal tender.

“I have been to the market this morning and I have collected N4500 but when I wanted to buy something with it, the seller rejected it but I collected the money because I am aware of the news.

“I want the government to make more announcement on it so that the public will be aware to reduce the crowd at the banks.

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“I want the CBN to flood the banks with the old naira notes since it is now a legal tender and at least with that, life will bounce back“, Amadasun said.

Speaking also, a bank customer who preferred anonymity, said though the CBN’s statement may have eased tension in the country, but it will not change the cashless policy the Federal Government wants to achieve.

READ ALSO: Naira Maintains Momentum, Loses Further To Dollar

“It has eased us of stress that is one but as for the queues, they will continue because it is not the function of the old notes.

“It is the CBN digital currency that is being worked on.

“So, we know we have seen it in China.

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“The queues will continue. We are still expecting it. Some banks to collapse.

“We are still expecting some persons’ accounts to be frozen and going forward, we are going to see these developments because they are all in line with the world economic forum’s agenda.

“So, it is more than the Nigeria factor.

“The policy is not about the old naira notes but by minimizing cash.

“So, they want to drop the quantity of cash in circulation. That is the major reason”, he said.

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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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