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Tag: Cashless Policy

  • Cashless policy: CBN begs Nigerians to embrace e-naira transactions

    Cashless policy: CBN begs Nigerians to embrace e-naira transactions

    The Central Bank of Nigeria (CBN) on Thursday called on Nigerians to embrace the nation’s digital payment channel (eNaira) to enhance its cashless policy.

    The apex bank’s Port Harcourt Branch Controller, Maxwell Okoroafor, made the call at a sensitisation workshop in Port Harcourt.

    The workshop, jointly organized by CBN and Zenith Bank, was themed: “Road Map to eNaira Adoption: Understanding the Workability of the E-Naira and its Implications on the Cashless policy.”

    Okoroafor said the workshop was aimed at providing important information about eNaira for students and lecturers of University of Port Harcourt (UNIPORT) and Ignatius Ajuru University of Education (IAUE).

    “The eNaira is an alternative means of financial transaction to cash and is designed to make transactions stress-free as well as improve the nation’s economy.

    “It is cheap and comes with a lot of benefits to Nigerians in tackling financial crime, money laundering and also gives visibility for monetary policies in the country.

    “It will also be beneficial to the institutions in the area of payment of fees while also helping them to reduce the cost of policy management,” he said.

    Okoroafor said the CBN Crypto currency had the same value as the physical naira in the pockets and wallets of Nigerians.

    “The whole world is going digital, hence the CBN is also responding to the innovation by introducing a lot of cashless policies – of which one of the policies is the eNaira.

    “Incidentally, we are the first Central Bank in Africa to introduce eNaira, and only the second in the world,” he added.

    On his part, the apex bank’s Head of Information and Clients Services, Collins Onuosa, said the CBN targeted students because they were more in tune with emerging technology.

    According to him, the CBN has engaged organisations, groups, institutions and students to ensure that everyone is brought on-board the eNaira and other digital payment platforms.

    Speaking, the Vice Chancellors of UNIPORT, Prof. Owunari Georgewill and his IAUE counterpart, Prof. Okey Onuchukwu, said both universities were open to working with the apex bank to drive its policies in both universities.

  • No deadline for going cashless – CBN

    No deadline for going cashless – CBN

    The Central Bank of Nigeria (CBN) has disclosed there is no deadline for Nigeria to go cashless and that options are just being presented to widen payment platforms and make them available for Nigerians.

    TheNewsGuru.com (TNG) reports Mr Chika Ugwueze, CBN’s Assistant Director in charge of Payment System Management, made this disclosure on Monday.

    He made the disclosure at an awareness and sensitisation campaign on cashless policy and e-Naira for traders at the popular Watt Market in Calabar.

    The awareness campaign, put together by the CBN in collaboration with the Bankers’ Committee, featured a popular Nollywood actor, Imeh Bishop-Umoh, popularly called “Okon Lagos”.

    Mr Ugwueze said the campaign was meant to sensitise the public on the CBN cashless policy as an alternative to cash usage in Nigeria.

    Ugwueze said that the CBN initiated the e-Naira platform as an alternative to cash.

    He explained that e-Naira was a digital form of cash that is stored in a wallet, hence all Nigerians are advised to download and use the e-Naira as an alternative to cash.

    “The important message to all Nigerians is that the e-Naira is not an alternative to your bank account, but an alternative to cash in your wallet because it offers efficiency in payment and improves security.

    “Generally, the e-Naira has helped to deepen the payment options in the market. The CBN has developed different platforms of using the e-Naira.

    “As long as you have a telephone in Nigeria, you can have access to the e-Naira

    “There is no deadline for going cashless; we are just presenting options that will widen payment platforms and make them available for Nigerians,” he said.

    Also speaking, Mr Thomas Udie, Relationship Manager, Access Bank, Calabar, said that the initiative was to create awareness on the cashless policy and e-Naira.

    Udie said that there was the need for traders and residents of the state to embrace the different platforms of electronic transactions with a view to reducing the movement of cash.

    According to him, Access bank branches in Calabar have no issues with cash disbursement to customers, adding that the CBN has been supplying them with cash for business.

    He said that the queues in most of the Access bank branches in Calabar metropolis have also reduced.

    Also, Mrs Ebere Bassey, Assistant Banking Officer, Zenith Bank, Calabar, said that the awareness was timely in view of the cashless policy of the CBN.

    Bassey encouraged the traders to embrace the electronic means of payment and reduce the over dependence on cash.

    One of the traders at the event, Mrs Theresa Okon,  said that although the policy was a good one, they still needed cash for their day-to-day businesses.

    Meanwhile, the Nollywood actor, who spoke in the Efik language, urged the traders to embrace electronic payment with a view to reducing movement of cash and to making transactions seamless.

  • Just In: NLC Suspends proposed nationwide strike over Naira scarcity

    Just In: NLC Suspends proposed nationwide strike over Naira scarcity

    The Nigeria Labour Congress (NLC), has suspended its strike scheduled to commence tomorrow, Wednesday, March 29, 2023, over Naira scarcity rocking the country.

    The suspension of the nationwide strike over naira scarcity was made known on Tuesday at the end of its National Executive Council meeting.

    Recall that the pressure group earlier disclosed that it would begin an indefinite strike from tomorrow, (Wednesday), adding that it would picket branches of the Central Bank of Nigeria across the country.

    However, the group gave CBN additional two weeks to ensure Naira notes circulate across the country.

    TheNewsGuru.com, (TNG) had reported last week that the NLC had issued a seven-day ultimatum to the Federal Government to end the petrol and cash scarcity being experienced in the country.

    Joe Ajaero, the national president of the union, said the decision to picket the CBN branches became necessary as the federal government and the CBN had failed to show any commitment to addressing the situation.

  • Strike over cash crunch: We’re discussing with organised labour – Ngige

    Strike over cash crunch: We’re discussing with organised labour – Ngige

     

    …says we’ve apprehended the situation

    The minister of labour and employment, Chris Ngige, has said
    that the federal government has started a conciliatory move with the Nigeria Labour Congress (NLC) over organised pabour’s threat to embark on an industrial strike to register their anger over cash crunch.

    TheNewsGuru.com, (TNG) recalls that the NLC had issued a seven-day ultimatum to the federal government to end the petrol and cash scarcity being experienced in the country.

    Following the ultimatum’s expiration, the union directed public sector workers in the country to embark on strike. The strike is billed to commence on Wednesday.

    The minister invited the NLC leadership and the Central Bank of Nigeria (CBN) to a meeting on Monday to resolve the issue.

    Speaking on Tuesday at the weekly ministerial briefing at the state house in Abuja, Ngige said there is an ongoing dialogue regarding the issue, adding that the government has “apprehended” the situation.

    The minister also noted that the CBN has taken steps to address the naira scarcity situation.

    He said the NLC’s national executive council will have a meeting today to “review the situation” and chart a way forward.

    “They said they will call up their national executive council meeting because the initial decision to give that ultimatum was given by this same council.

    “Members of the council reside in the states and in the local governments so they will come up today, which is Tuesday, the 28th, to review the situation because much as it is, the important thing is that we have emphasised to them that we have apprehended this dispute.

    “By section 7:8 of trade dispute act, once the minister apprehends and starts conciliation on it, you maintain status quo ante bellum. So they have gone back now to review the situation. If they’re not satisfied with what they see, they will come back to me and I will invite the CBN again.

    “But for now, the issue of discussion is no longer strike, the issue of discussion is implementation and how far it is gone and how far it affects Nigerian workers and the general population.

    “So that is it, the final decision will be done today by NEC and they will then do a resolution, of course, inform me and CBN what their resolution is. But like I said, we have apprehended and we are now conciliating”, Chris Ngige said.

  • Relief for Nigerians as banks confirm receiving enough cash, load ATMs

    Relief for Nigerians as banks confirm receiving enough cash, load ATMs

    The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents.

    TheNewsGuru.com, (TNG) recalls the apex bank had last Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday

    Reports several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

    Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

    Visits to banks’ branches in Lagos, Abuja, Ogun and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

    Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensing cash to their customers.

    The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

    The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over-the-counter.

    The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

    Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

    Meanwhile, it was not observe any of the banks dispensing crispy naira notes and customers didn’t care as long as they got the cash.

    A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

    “You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

    Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

    Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

    Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

    It was observed that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

    In Ogun State, findings by our correspondent at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

    It was observed that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

    Also, both old and new naira notes were dispensed.

    Along the Ojodu-Berger axis of Lagos State, our correspondent visited six banks. The banks were Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. All six banks, apart from Guaranty Trust Bank did not open their banking halls to customers. ATMs were also not loaded.

    Source: PUNCH

  • Despite cashless policy: Nigeria’s inflation rate rises further to 21.91% in February 2023

    Despite cashless policy: Nigeria’s inflation rate rises further to 21.91% in February 2023

    Despite the imposed cashless policy by CBN, Nigeria’s inflation rate climbed to a new 17-year high of 21.91% in February 2023, representing a 0.09% point increase when compared to the 21.82% recorded in the previous month.

    This is according to the recently released Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

    The rise in the inflation rate is following a significant cash crunch experienced across the country on the backdrop of the new naira note design and uncertainties relating to the presidential election.

    In the same vein, food inflation rose to 24.35% year-on-year in the review month from 24.32% recorded in the previous month.

    On the other hand, core inflation dropped to 18.84% from 19.16%.
    According to the NBS, the rise in food inflation was caused by increases in prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and Other Tubers, Fish, Fruits, Meat, Vegetable, and Food Products.

  • LAGOS BUS-TRAIN CRASH: “If not for this cashless policy, my daughter would not have followed that bus”-Father of deceased cries out

    LAGOS BUS-TRAIN CRASH: “If not for this cashless policy, my daughter would not have followed that bus”-Father of deceased cries out

    Femi Aina, father of Oreoluwa, deceased of Thursday accident when a Lagos State Government (LASG) staff bus collided with a train in the PWD area of the state, has said “if not for this cashless nonsense policy” his daughter, a National Youth Service Corps member (NYSC), would not have followed the bus.

    In his words: “If not for this cashless nonsense policy, she would not have followed that bus. But she did not have cash, so she had to follow the bus. She had just N200. They just kill people anyhow in this country.”

    Aina, in an interview, pointed out that his late daughter was preparing for master’s in UK.

    The deceased’s father explained that he was in Abuja watching television around 9 am when he saw the incident. An hour after that, he got a call that his daughter was involved in it.

    LAGOS BUS-TRAIN CRASH: "If not for this cashless policy, my daughter would not have followed that bus"-Father of deceased cries out

    “Then I immediately called my younger brother and sister in Lagos. I later received two more calls in another 10 minutes and by then, she was already in the ICU (intensive care unit). They were attending to her and at the same time calling me from there.

    Oreoluwa was very dear to me. She was a gift from God to me and that is what her name implies. She feared God and she was hard-working

    “I even heard some of the staff members praying for her. So, I rushed to the airport to get any available flight back to Lagos but when my plane was ready to take off by 4 pm, I was told that she had passed away,” he said.

    According to him, the last time he communicated with her was on Wednesday when his younger brother’s wife celebrated her birthday.

    “She recorded the birthday and sent it to us. We all laughed at the video and the following morning (Thursday) she sent a WhatsApp message to me saying, “Daddy how was your night? Hope you slept well,” and I replied, “All is well” and there was no response after then. I even thought she did not respond because she ran out of data, not knowing that she was already involved in an accident,” he added.

    Speaking about Oreoluwa, 28, (deceased) he said: “Oreoluwa was very dear to me. She was a gift from God to me and that is what her name implies. She feared God and she was hard-working.

    LAGOS BUS-TRAIN CRASH: "If not for this cashless policy, my daughter would not have followed that bus"-Father of deceased cries out

    “I used to tell her that she took the job like she was already a staff member of the state government. She was a very nice girl with visions and ambitions. She was preparing to go to the United Kingdom for her Master’s programme after her youth service ends in May, but unfortunately, all her plans had been dashed.

    “She happened to be the first grandchild of my parents and she stayed with my mum here in Lagos because our dad passed away last year, so she had always been with her grandmother. She was dear to everyone around including church, school and at work. Her death is a great loss.”

    TheNewsGuru.com (TNG) reports that late Oreoluwa studied Pure and Applied Chemistry at Osun State University. Until her death, she was undergoing her one year NYSC service with the state government and aimed at getting a meritorious award.

  • Cash swap: 10 states to file contempt charges against FG, CBN

    Cash swap: 10 states to file contempt charges against FG, CBN

    …Kogi, Zamfara, Ekiti, Ondo, Sokoto and others

     

    Ten states have concluded plans to file contempt charges against the Federal Government (FG) and the Central Bank of Nigeria (CBN) over their non-compliance with the March 3 judgement of the Supreme Court on the extension of the validity of the old naira notes.

    TheNewsGuru.com, (TNG) recalls that the Supreme Court ruled that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

    The Federal Government and CBN have however yet to implement the apex court order as Nigerians wait for their directives for the resumption of the use of the old denominations, with traders, filling stations, and transporters still refusing to accept the notes.

    Many Nigerians still queue in commercial banks across the country to get either the old or new naira notes.

    However, it was gathered that the governments of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto states, on Friday, March 10, 2023, served the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), the enrolled order of the Supreme Court on the extension of the validity of the old N200, N500 and N1,000 notes to December 31, 2023.

    By the service, the order became automatically applicable to all agencies of the Federal Government, including the Central Bank of Nigeria (CBN).

    It was reliably gathered that the 10 states have concluded plans to file contempt charges against Malami and CBN Governor, Godwin Emefiele, if they defy the order of the Supreme Court.

    “We have finally served the Attorney-General of the Federation the enrolled order of the Supreme Court.

    What we did on Friday was to fulfill all righteousness by serving the enrolled order on the AGF.

    “The Federal Government has been evasive by claiming that it had not received the Certified True Copy (CTC) of the judgment, which we have obtained and made available to it.

    “The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order.

    There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B,” one of the lawyers in the matter disclosed on Friday.

    The enrolled order of the Supreme Court, which was obtained on Friday, read: “It is ordered that this suit has merit. That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old 200, 500, and 1000 naira notes is not consistent with the provision of the Constitution of the Federal Republic of Nigeria 1999 (as amended) which makes provision for the Executive power of the President of the Federation and the extant laws on the subject matter.

    “That the three months’ notice given for the implementation and completion of the said demonetization policy by which time the old N1,000, N500 and N200 naira notes shall cease to be legal tender does not satisfy the condition set out in Section 20(3) of the CBN Act 2007

    That the President cannot unilaterally give a directive to embark on the demonetization policy pursuant to Section 20(3) of the CBN Act 2007 in view of Nigeria’s Fiscal Federalism, the economic interest of the Constituents of the Federation and without consultation with, and advice from the plaintiff, individually, and in their capacity as members of the National Council of States and National Economic Council and that the directive cannot be given without consultation with, and advice from the cabinet, the National Security Council and other stakeholders.

    That in issuing the directive for demonetization policy pursuant to Section 20(3) of the CBN Act, 2007 on behalf of the Federation of Nigeria, the President is under an obligation to ensure that adequate structures are put in place for the plaintiffs and Nigerian citizens prior to the implementation of the said directive.

    “That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old N200, N500 and N1, 000 notes unlawfully impede the exercise of the Executive Powers of the plaintiffs’ states and other obligations to facilitate and protect the welfare of the citizens of the said states pursuant to Section 5(2) and other provisions of the Constitution of the Federal Republic of Nigeria 1999(as amended) as well as other extant laws

    That the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law is unconstitutional and not binding on the plaintiffs.

    “That the directive of the President of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts

    That the old version of N200, N500 and N1,000 notes shall continue to be legal tender alongside with the new or redesigned version until 31st December, 2023.

    “That the reception of old N200, N500 and N1,000 notes and the swapping of same with new Naira notes shall continue till 31st December, 2023.

    “That all the consolidated suits listed in pp. 12-13 of the judgment shall abide this judgment.”

    Kaduna State Governor, Nasir El-Rufai, and his Ondo State counterpart, Rotimi Akeredolu, had accused Malami and Emefiele of deceiving President Muhammadu Buhari on the implementation of the naira redesign policy.

    The governors also said Emefiele and Malami introduced the policy to cause hardship in the country after their failed presidential and governorship bids, saying it (policy) was their “revenge plan”.

    The AGF and the CBN Governor have however yet to speak on the Supreme Court order extending validity of the old naira notes as of the time of filing this report.

  • Naira redesign: It’s a soothing relief to all Nigerians-Adegboruwa, SAN hails SC verdict

    Naira redesign: It’s a soothing relief to all Nigerians-Adegboruwa, SAN hails SC verdict

    …Buhari should immediately effect order

    A senior lawyer Ebun-Olu Adegboruwa, SAN has hailed the Supreme Court over its verdict on nullifying the ban on use of the old N200, N500 and N1000 banknotes.

    Olu-Adegboruwa reacted immediately after the court verdict declaring that the judgement is a courageous confirmation of the sanctity of the rule of law and due process in a democracy.

    The senior lawyer noted that the judgment is a soothing relief from the hardship that Nigerians have been subjected to, over the past few weeks, on account of this rather thoughtless policy.

    He called on President Muhammadu Buhari to immediately direct the Central Bank of Nigeria to comply fully with the judgment of the Supreme Court, as stated under section 287(1) of the Constitution and allow ALL the N200, N500 and N1000 old Naira notes to be circulating along with the Naira new notes till December 23, 2023.

    He said: “The judgment of the Supreme Court delivered today on the arbitrary and capricious redesigning of Naira notes is a
    courageous confirmation of the sanctity of the rule of law and due process, in a democracy.

    “It is a soothing relief from the hardship that Nigerians have been subjected to, over the past few weeks, on account of this rather thoughtless policy.

    “The court should always be the platform for the resolution of all disputes by all aggrieved persons. I salute the sagacity and courage of the justices of the Supreme Court for rising up to rescue Nigerians from the pangs of death, frustration and looming economic recession.

    “As there is no room for further appeal against the judgment of the Supreme Court, I urge the President to immediately direct the Central Bank of Nigeria to comply fully with the judgment of the Supreme Court, as stated under section 287(1) of the Constitution and allow ALL the N200, N500 and N1000 old Naira notes to be circulating along with the Naira new notes till December 23, 2023.

    “Across all our land today, there will joy in many homes, businesses will bounce back and Nigerians will find cause to celebrate their freedom from all forms of dictatorship and arbitrariness”.

    Recall that the Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.

    The apex court, in a unanimous verdict by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31.

    It held that the old Naira notes should be used alongside the redesigned currencies.

    It faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

  • Just In:Supreme Court declares N200, N500, N1000 legal tender till Dec 2023

    Just In:Supreme Court declares N200, N500, N1000 legal tender till Dec 2023

    Finally, the Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.

    The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31.

    It held that the old Naira notes should be used alongside the redesigned currencies.

    It faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

    Details shortly…