Naira Redesign Policy: CBN Launches Cash Swap Programme In Rural

 In furtherance of its Naira Redesign policy and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Central Bank of Nigeria (CBN) today launched a Cash Swap programme in partnership with Super Agents and Deposit Money Banks, DMBs.

The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.

Since the introduction of the new Naira notes, the apex bank has sustained its nationwide awareness and sensitization programmes, enforced speedy collection of the new notes at CBN branches by the DMBs and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure that distribution is fair, transparent and evenly spread across the country.

In a statement signed by its Director, Banking Supervision Department, Haruna B. Mustafa and the Director, Payments System Management Department, Musa I. Jimoh, the Bank said the initiative takes effect from Monday, January 23.

According to the programme, the old ₦1000, ₦500, ₦200 notes can be exchanged for the newly redesigned notes and, or the existing lower denominations (₦100, ₦50 and ₦20, ₦10 and ₦5) which remain legal tender.

Under the programme, agents can only exchange a maximum of N10,000 per person. Amounts above ₦10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy, with BVN, NIN, or Voter’s card details of the customers used for identification.

To promote financial inclusion, the service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace is able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

Agents are expected to sensitize customers on opening wallets, bank accounts and the various channels for conducting electronic transactions. The designated agents are also eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. The agents are also permitted to charge cash- out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for this service.

In addition, the agents will render weekly returns to their designated banks regarding the cash swap transactions, while the DMBs will in turn render same to the CBN on a weekly basis. The Principals, namely Super Agents, MMOs, DMBs will be held accountable for their agents’ adherence to the above guidelines.

The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas.

To ensure the success of the programme, the CBN assured that it will continue to monitor its implementation and provide further guidance as may be necessary.

Senator Kashim Shettima Visits Ayo Fayose

 Vice Presidential Candidate of All Progressives Congress Senator Kashim Shettima this evening paid a courtesy visit to Ex Ekiti state Governor Ayo Fayose his word "I paid my brother, former Governor of Ekiti State, H.E. Ayodele Peter Fayose a visit". 

The great Oshoko welcomed us with warmth and rare camaraderie. Thank you for your support and God bless you for hosting me and my team.

Wike: No Understanding Yet To Support Any Presidential Candidate

 GOVERNOR Nyesom Wike says Peoples Democratic Party (PDP) in Rivers would continue to campaign for the 2023 elections without reference to any presidential candidate because none has reached understanding with the state PDP to earn their support.

Wike, in Bonny Town Tuesday for Rivers PDP campaign rally for Bonny Local Government Area, told the people, “Go home and have it on your mind that PDP in Rivers have taken governorship, taken the senatorial, House of Representatives and State Assembly elections.

“It is the election we are doing here. These are the ones (candidates) who told me to come and campaign for them. No other person told me to campaign for him. I can’t force myself to campaign for you when you have not asked for it.

“These ones (candidates) have told me, so, I’ve come here to campaign. If somebody asks you to work for him, you’ll work for him. But if they don’t want you to work for them, will you force them? There’s nothing like propaganda, nothing like intimidation because nobody can intimidate us.

“We are very, very solid. We are very strong. No State can point at us to determine what will happen here. Nobody can do such. So, be bold to say, I’m from Rivers State, I live in Rivers and I am happy with Rivers. What is important is our State which we have collected.”

Governor Wike said it is unreasonable for All Progressives Congress (APC) to campaign in Rivers as President Muhammadu Buhari, their leader, has already adjudged PDP in Rivers as the best on infrastructure delivery in the country.

He said, “All these people campaigning, what are they campaigning for? President Muhammadu Buhari, the leader of APC said I am the best as far as development is concerned. What nature of campaign will they be doing again?”

Drumming support for Rivers PDP guber candidate, Siminialayi Fubara, Wike said, “This is the closest time and period an Ibani son is getting to the throne of the governor of Rivers State. Now, who is the man that will decide what will be here and what will not be there. Is it not your son? What project is bigger that that project?”

Sir Fubara promised that his development attention for Bonny, when elected would include security, construction of internal roads that will further address perennial flooding in the area and protection of the traditional institution.

* Igbos in Rivers promise Abe block votes

Meanwhile, the Igbo community in Rivers state has promised the governorship candidate of the Social Democratic Party (SDP), Sen Magnus Abe, block votes to see him emerge next governor of Rivers state.

At a gathering, Tuesday in Port Harcourt to endorse Abe as the sole candidate for the March guber polls, the Igbo community in Rivers under different umbrellas assured they were setting aside whatever differences to speak with one voice in voting for the SDP candidate as next Rivers governor

The Secretary, Igbo Community in Rivers, Mazi Ikechukwu Edward Osisiogu, speaking on behalf of His Royal Majesty, Eze Stanhope Ogadinma Okeorji told Abe, “To us, Ndigbo, we will leave no stone unturned to make sure your victory is achieved.  

“We profiled every other candidate before we came to this conclusion. For someone calm, intelligent and smart enough to govern a complex state like Rivers state, Chief Senator Magnus Ngei Abe has that capacity.

“For good and bright ideas to make Rivers state an investor’s haven. Abe stunned us with his great plans for Rivers and you can see his sincerity and optimism that this dream is achievable. For security of lives and property of Rivers people, Abe has the answers.

“For industrial parks, international markets, Abe said that it is a necessity for Rivers to grow economically, that government will create enabling environment for businesses to thrive and facilities built to make business people more comfortable in their business environment.”

Abe, overwhelmed by the support noted, “This is the first time in the history of politics of the state that Ndi-Igbo in Rivers has come together across party lines, across every divide to endorse one candidate for the governorship of and I Magnus Ngei Abe, I am the beneficiary of that grace.

“I did not campaign for it. I did not lobby for it. I have not spent a penny. Even the clothes I’m wearing here were provided for me by the Igbo people. All I have to do was to come here today and accept your love.”

Six-Month-Old Baby Boy Dies In His Sleep After Mother Gave Him Tramadol

 A Six-Month-Old baby boy died in his sleep after his young mother allegedly gave him an overdose of medication in order to go clubbing.

The incident happened at Quarter Nine in Likomba, a neighbourhood in Tiko on Monday, January 23, 2023. 

According to local sources, the mother wanted to go clubbing so she allegedly gave the baby drugs said to be Tramadol to make him sleep for hours and then locked him up in the room. 

The mother of the young woman said this wasn't the first time that she drugged the child and left him unattended. 

"The first time the mother caught her drugging the child, she interrogated her but she told her they were mere pills," a source said.

"This lady you see here committed an abomination last night in Likomba, Tiko. Despite having a newborn baby of few months old in hand, she wanted to go clubbing with friends," a Cameroonian reporter wrote.

"The innocent child was the only thing standing in her way as she couldn’t take him to the club. So what did this girl do? She decided to give him tra@madol so he can fall deep asleep. This way she can go party with her friends.

"She gave her the tr@madol and locked the baby inside the house. She returned home this morning only to find out the baby di*d as a result of the hard drugs she gave him.

"Likomba inhabitants descended on her and got her well be@ten. Forces of law and order intervened and as of now, the girl is in detention. The baby has been buried. May the soul of the innocent baby rest in peace." 

Most Ladies Go To BBNaija Just To Get Customers - OAP Nedu

 Nigerian media personality, Nedu has said that ladies who participate in the Big Brother Naija reality show, do so just to make themselves available for ''customers'', IGBERETV reports.

Speaking during his podcast show, Nedu said;

''Do you know what Big Brother does for you? It takes you from the low and shoots you up but there is no substance to hold you. It is vagina most of them have to offer. They intentionally go there just to get customers''

Reno Omokri: Money Saved By Obi In Anambra Was An Investment For Him Not State

 No government, business, or individual makes money by saving money in banks. You only make money by investing it. And when Peter Obi saved Anambra money in a bank in which he had interests, it was an investment for him. Someone made big money and it was not Anambra!

#TableShaker

Old Naira Notes: Nigerians Fear Massive Losses As Deadline Draws Near

 Residents and traders across Kano, Jigawa, Lagos, Anambra and Yobe states have continued to lament the impact of the unavailability of new naira notes as well as the challenges they are facing in getting their old naira notes into the banking system. 

This is even as many businesses have closed up and markets are operating at a reduced capacity as the deadline for the collection of old naira notes draws nearer. Many of the business owners said they have not even sighted the new naira notes since its release with a reliable source informing Daily Trust that only about N200billion of new Naira notes were produced to cater for a system with about N3.1trillion in circulation, thereby making the new notes inaccessible to residents.

Residents in Gashua, Nguru, Gaidam and other local governments in Yobe State said they have been finding it difficult to get their old naira notes into the banking system as the few commercial banks in the area sometimes refused to open for collection of the old new notes from marketers in some of the LGAs.

Daily Trust gathered that many people were stranded at the banks premises with millions of old Naira and that some of them were chased out by the police officers guarding the banks. 

Furthermore, in other places like Nguru LGA, shop owners have issued a deadline that they will stop collecting the old naira notes on 29th and 30th of this month, an incident that plunged people into a mad rush for food stuff. 

In several local governments in Yobe State, many people were sighted patronising day-to-day useful items from provision stores in huge quantities with many of the shops now closing up due to the fear of whether they may not be able to deposit the old Naira notes in the bank within the required time. 

A resident of Gashua, Nura Dalhatu, said the incident has led to rise in the prices of commodities while some major markets and shops have closed.

He added that some local government areas have no banks and have to come through Gashua and deposit millions of naira but they are now left with fear of whether they will be accepted or not. 

“This morning (Sunday) we woke up to a tragic incident in this town as the major markets that operate within and outside these LGAs are all closed. This is as a result of fear of collecting the old Naira notes. You are not certain whether they can be deposited in banks. Like our market and the Gaidam market are one of the biggest cattle markets and people make huge sales running into hundreds of millions every week. But this time around we have to close. 

“Even some shops inside the town are closing, which led us to buy a mudu of local rice at N2000, something that was normally sold at N1300. The consequences have already started,” he said. 

He lamented that if the situation continues, many people, especially business owners will lose a lot, as people from villages have cash in their hands that are yet to be deposited.

“I know of people that come to these markets from Niger Republic, Kano, Jigawa, and other states. But today, (Sunday) they have not come. Imagine the millions we are going to lose today alone,” he said. 

Umar Madu Bukar, a shop owner in Nguru LGA of the state said the fear of losing one’s capital forced many of them to issue the deadline, adding that he will stop collecting on Monday 30th January, 2023. 

“Even this one I’m just taking risk, how can I deposit it within one day. The banks are congested and before you get your money deposited you have to spend the whole day there. So it is necessary and we have no option than to do that,” Bukar said.

Daily Trust equally gathered that residents are expressing fear as the situation has led to the price hike in almost all food stuffs. 

In Kano, traders in several markets in the state including those at the popular Wapa Bureau de Change market have expressed fears over the impact of the fast approaching deadline set by the CBN on old Naira notes.


Business owners issue Jan 25 deadlines for collection of old notes 

The traders, especially those at Wapa forex market said since last Monday, their clients have been refusing to accept the old Naira notes in exchange for foreign currency brought into the market.

Ali Adamu Jauro, a grains dealer in the popular Dawanau International Market, also said it has been announced throughout the market that traders should stop collecting the old naira notes from January 25. He said the alternative given to them is to switch to cashless banking (transfers) since the new notes are also not readily available. 

Daily Trust reports that the situation is also similar in some villages in Plateau State where marketers have also issued a January 25 deadline for collection of the old notes and trading activities have suffered in the last few days. Yusuf Mairiga Shekarau, a POS operator in Yelwa community of Shendam LGA area of the state said he had stopped collecting the old naira notes as banks in Shendam have warned them not to collect them. 

Shekarau said “We don’t have banks in our community. We always have to take the money to Shendam town where there are banks. The last time we went, they told us they would stop collecting the old naira notes from January 25th. They also said whoever comes with the money, they would have to take it to Jos where they have the main branches and deposit the money or take it to the central bank.” 

In Jigawa State, marketers have also threatened to stop collecting the old naira notes from January 25 so as to be able to beat the January 31 deadline set by the Central Bank of Nigeria. 

In Jigawa, Kaila Muhammad (Ka chanchanta), a rice dealer in Hadejia Market said what many of them, especially those from rural areas, were doing was receiving as many old notes as they can finish spending on other goods in the market. This, he said, is even as many traders have vowed to stop receiving the old notes from January 25. 


Southern traders, farmers seek extension of deadline 

Traders and farmers in Southern Nigeria have expressed displeasure over the non-availability of the redesigned naira notes. 

A cross section of traders who spoke with our correspondent in Lagos sought for an extension of the January 31 deadline, noting that the redesigned notes are not in circulation despite assurance by the Central Bank of Nigeria, CBN. 

“This is affecting us because most of us don’t keep money in the bank. What is the worth of what I am selling that I will be going to the bank? I buy what I need from the money I make from the sales of the previous day so why do I need to keep money in the bank?” noted Mrs Kadijat Abimbola, a pepper seller at Oke-Odo market in Lagos. 

The Deputy Chairman of All Farmers Association of Nigeria (AFAN), Lagos State, Mr Shakin Agbayewa, said it is regrettable that the government has not recognised that micro, small and medium enterprises are the backbone of the economy. He said the policy to redesign the Naira notes didn’t take into cognisance the implications on farmers and traders who don’t operate bank accounts. 


Only 4 out of 17 LGAs have banks in Yobe – Gov Buni 

Yobe State governor, Hon. Mai Mala Buni CON, has appealed to the Central Bank of Nigeria (CBN) to give a special concession and alternatives to the people of the state against the 31st January dateline for change of Naira notes. 

Governor Buni, in a statement by Mamman Mohammed, his DG, Press and Media Affairs, said the appeal became necessary due to lack of banking services in most parts of the state.  

He explained that only four out of the 17 local government areas in the state have banks, making it difficult for people in the remaining 13 local government areas to access banking services. 

“Some of the banks with branches in the local government areas closed the branches at the peak of the Boko Haram security challenge but are yet to reopen in spite of the improved security in the state. 


CBN commence cash swap programme across LGAs 

As part of efforts to facilitate the circulation of its new naira notes, the CBN has launched a cash swap programme across local government areas in Nigeria. 

The apex bank made this known in a circular addressed to all DMBs, mobile money operators (MMOs), super agents and agents. 

The apex bank said the cash swap programme is in partnership with super agents and deposit money banks (DMBs) at different parts of the country. Super agents refer to companies licensed by the CBN to recruit for the purpose of agency banking. 

Meanwhile, the apex bank said, “The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as a cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible. 

“To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,” the bank said. Effort to get the CBN’s Director of Corporate Communication, Osita Nwanisobi to react to the allegation of some banks rejecting the old was not successful as his lines could not be reached as at press time.