Business
CBN excludes Abuja, Lagos PoS operators from cash swap programme
The Central Bank of Nigeria has excluded mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme.
The Punch reports the development ahead of the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes.
It reports a Frequently Asked Questions document released to selected agents obtained on Monday that the CBN provides some guidelines for the cash swap programme.
According to the document, the only five banks approved for the programme are Access Bank, Zenith Bank, United Bank for Africa, First Bank of Nigeria and First City Monument Bank.
It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”
On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos State and FCT, Abuja). Lagos and Abuja agents are excluded from this.”
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The PUNCH also learnt that the agents are restricted from using the new notes for their regular transactions, only for the programme.
On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”
It added, “you must go to the bank you have informed operator (super agent/MMO/bank) of. That is where your agent details will be submitted to for verification when you get there to collect the new notes.”
Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.
The document added that the bank would also verify the agent’s picture and finger print.
The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.
It was also noted that why there is no restriction on how much a customer can deposit, only N10,000 can be released per customer under the cash swap programme.
The CBN also urged the agents to open a bank account or wallet for customers with bank accounts.
The PUNCH also learnt that an agent can only get up to N500,000 new notes weekly for the programme.
Also, each agent is expected to record all transactions performed with the new notes and submit the record to the operator (super agent/MMO/bank).
CBN threatens sanction
Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”
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In a memo by Moniepoint to their agents, agents were asked to collect BVN, NIN, or voter’s card details from customers paid new notes.
The memo read in part, “The Swap should be in the form of PoS withdrawals only of not more than N10,000 per person. Any withdrawal more than N10,000 per person should not be paid with new notes.
“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.
“You are to collect BVN, NIN or votes card details from customers paid with new notes for weekly submissions to the CBN.
“The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
The National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, told our correspondent that a proposed meeting with the CBN did not hold.
He further noted that the agents were still actively involved in the process and a framework had been provided to guide the programme.
The CBN when announcing the cash swap programme which began on Monday, noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.
It said agents might, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer framework. This, according to the bank, will ensure that this category of the populace (unbanked citizens) is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.
The CBN also directed agents to sensitise customers to opening wallets/bank accounts and the various channels for conducting electronic transactions.
A PoS agent (name withheld), who reached out to the executive members of the AMMBAN, noted that PoS agents were risking their lives in Kebbi to circulate the new notes.
He said, “Here in Kebbi State, the new notes are only in circulation within the Birnin Kebbi the state capital, and agents are doing their best to mop up the old notes, taking the risk of traveling with huge cash from rural areas to the state capital as most of the banks in Kebbi State has only one branch in the state capital while the few banks exist in the selected local governments are over-crowded.”
The AMMBAN president had earlier told the PUNCH that the issue of insecurity would likely affect the operations of some PoS agents, noting that some measures were also in place to safeguard the agents and the cash.
Business
Tron Founder joins Trump-backed crypto project, invests $30m
Tron Founder joins Trump-backed crypto project, invests $30m
Justin Sun, the founder of the Tron Blockchain has joined the World Liberty Financial project as an advisor after investing $30 million into the project.
The World Liberty Financial project is backed by the Donald Trump family and aims to become a leading crypto project in the global crypto space.
Justin Sun joined the project as an advisor after purchasing $30 million worth of WLFI tokens making him the largest shareholder in the project.
The development was announced via the official X page of the World Liberty Financial project welcoming the Crypto founder to the project.
“Exciting Announcement!
We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)! Justin is the founder of @TRONDAO an advisor to @HTX_Global, and a supporter of @BitTorrent
. A graduate of the University of Pennsylvania, he recently won Sotheby’s auction for the iconic banana artwork.
#TRON is among the world’s top 10 cryptocurrencies and one of the largest public blockchains. Justin’s insights and experience will be instrumental as we continue to innovate and grow. Welcome to the team, Justin!” WLFI tweeted
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Justin Sun’s $30 million investment in the project boosted the sales traffic of its native token raising it from $21 million to $53 million.
The increased inflow of capital into the project better positions the project to achieve its goals which include a stablecoin-focused credit card and infrastructure enhancement.
Justin Sun brings onboard his wealth of experience as the founder of one of the Top 10 blockchains in the industry by market cap and his advisory role at HTX and BitTorrent.
Sun’s previous track record of bold investments and innovation is expected to be a huge boost to the WLFI project.
The WLFI gig is another feather to the hat of Justin Sun as he expands his activities in the crypto space. The Tron founder recently purchased a 6.3 million NFT art in a bid to revive a stagnant sector.
The World Liberty Financial project is backed by Donald Trump’s family and it looks to promote the mass adoption of Defi and stablecoins. This project aligns with the Donald Trump pro-crypto mantra and has all the credibility a project of that status needs.
Tron Founder joins Trump-backed crypto project, invests $30m
Auto
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.
The Toyota By CFAO Open Day holds from Tuesday, November 26 to Thursday, November 28, 2024, according to a statement by the company.
The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.
It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.
This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.
General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.
“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”
The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.
The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.
With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.
The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.
Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.
In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.
The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.
The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.
Business
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
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