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Redesigning Naira Notes Will Plunge Nigerians Into Economic Crisis, Group Warns FG

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A coalition of over 73 civil society organisations in Northern Nigeria under the auspices of Concerned Northern Forum (CNF), has opined that the move, as announced by the Central Bank of Nigeria (CBN) Governor, to redesign and print new currency notes considering its economic implication is a way to plunge Nigeria and Nigerians into more economic dept and crises that would require many years to resuscitate.

Briefing newsmen in Kaduna on Thursday, the spokesman of the forum, Comrade Abdulsalam Moh’d Kazeem, said, “The redesigning of the three (3) denominations of the naira notes by the Central Bank of Nigeria owing to the reason that the banks are not in possession of as much as 80% of the amount in circulation is not only a joke but a total rejection of the realities of the many failed policies of the CBN. It is infact impossible to find all monies in a country in the bank at a particular time because of the distance of banks and the peculiarities of every business and people.

“There is also no law against saving and keeping one’s money and transacting business outside the purview of the banks. Banks have always been perceived by our people as the creation of the elite used to run businesses and make profits from the savings of the ordinary masses.”

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READ ALSO: Naira Redesign: Kidnappers’ll Demand Ransom In Foreign Currencies, Sowore Blasts CBN

According to the spokesman, the redesigning of the Naira notes would bring nothing good neither will it improve the lives of the people and region except hardship which the vast majority of the people are already witnessing, saying that the prices of food and other daily items used and consumed by the people have increased beyond control and the probability of the increase in crime rate is high due to the bad financial policy of the apex bank.

The forum wandered how the banking system could be trusted when there is lack of confidence by Nigerians due to the numerous deductions and charges the banks have introduced under the supervision of Emefiele as CBN Governor.

The forum also decried the continuous drop in the value of the naira occasioned by the many unproductive moves by the CBN to devalue the Dollar, hence it is even safer to keep or save the dollar against the naira.

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It expressed concern at the SME’s and MSME’s as the major drivers of the economy do not believe in saving funds with the banks dues to reasons mentioned, stressing that how then would Nigerians find the monies in the vaults of the banks?

The spokesman believed that after the many failed policies of the CBN under the watch of it’s Governor Emefiele to improve the economy and make the naira appreciate or even maintained at the amount, the CBN Governor inherited (210/$) or a little higher would have made Nigerians trust or believe him than the redesigning of the currency.

He observed that the United States in 1996 redesigned it’s $100 bill to feature new reprographic advanced technology in order to cub mainly counterfeiting, but never recalled it’s currency around the globe already in circulation and has never done that.

“These also questions why our 1000, 500 and 200 bills would cease to be legal tender by 31st of January 2023 such a very short time not up to 90 days. This is not an economic strategy but a political move that must not be allowed to succeed because it is an affront on our people who largely are farmers, business men and women and feel safer to keep and safe their monies at home. We also see this as a way to further impoverish our region and crash the little businesses developing in the north,” the forum explained.

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Comrade Abdulsalam noted that the unileterral move without inputs from the Finance Minister and other relevant stakeholders by the Governor would further see to the depreciation of the naira as the demand for Dollar would increase as explained in elementary economics, adding that it is already seen and witnessed as the USD is over 900 naira and would keep soaring due to the demand and timeline issued by CBN.

As it stands now, he lamented that Nigeria is borrowing to fund its budgets and equally borrowing to services the bugus debts, pointing out that it is in the public space how expensive it is to print currencies and why should Nigeria expend so much in the redesigning and printing of these currency when it ain’t financially buoyant enough to do so?

READ ALSO: Knocks, Kudos Trail CBN’s Planned Redesign Of Naira Notes

He believed that the immediate sacking of Mr Godwin Emefele and his entire team for failing Nigerians haven been the longest serving governor in recent time.

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The forum also believed in the prosecution of those behind what it called “the devilish and wicked agenda”.

The spokesman explained that failure to meet up with the demands within the next seven (7) working days would lead to a massive protest across our region and the federal capital Territory.

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CAC Opens Centre For Registration Of PoS Operators

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The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

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He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

READ ALSO: ICYMI: FG To Delist Naira From P2P Platforms

What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

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“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

READ ALSO: ICYMI: FG Gives Deadline To PoS Operators To Register With CAC

Recall  that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

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Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

READ ALSO: ICYMI: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians

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On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

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The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

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FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

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The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

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READ ALSO: BDC Operators Arrested As Naira Sells 1,416/$

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

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READ ALSO: [ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.

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[ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New

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The Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.

The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; a copy of which was obtained by The PUNCH.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.

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READ ALSO: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.

In this piece, The PUNCH highlights all the 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

Loan disbursements and repayments
Salary payments
Intra-account transfers within the same bank or between different banks for the same customer
Intra-bank transfers between customers of the same bank
Other Financial Institutions instructions to their correspondent banks
Interbank placements,
Banks’ transfers to CBN and vice-versa
Inter-branch transfers within a bank
Cheque clearing and settlements
Letters of Credits

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READ ALSO: FG To Delist Naira From P2P Platforms

Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Government Social Welfare Programmes transactions e.g. Pension payments
Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

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