CBN introduces e-Naira to Nigerian tertiary institutions – Newstrends
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CBN introduces e-Naira to Nigerian tertiary institutions

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CBN introduces e-Naira to Nigerian tertiary institutions

The Central Bank of Nigeria (CBN) has introduced a digital currency called e-Naira to Nigerian tertiary institutions.

This is to enable members of the academic environment to offer better payment prospects in retail transactions when compared to cash payments and to enable students to pay their school fees through e-Naira.

The Branch Controller of CBN in Jos, Plateau State, Mrs. Tinat Esther Catherine, who disclosed this during a courtesy call on the Vice-Chancellor, University of Jos, Professor Tanko Ishaya, said Nigeria is the first country in Africa to introduce the digital currency.

According to her, the e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira, adding that it serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

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The branch manager disclosed that e-Naira can be used for a number of things, including the payment of school fees, adding that payments with e-Naira are seamless and the settlement is instant.

“Students are the targets of the CBN’s engagement in this regard, and the best place to engage students is in the university because they will take it around and introduce it to their peers outside the university. We are introducing it to the University of Jos because we want school fees to be paid via E-Naira.

“The whole world is going digital; hence, the CBN is also responding to the innovation by introducing a lot of cashless policies, one of which is the e-Naira. Incidentally, the Central Bank of Nigeria is the first to introduce e-Naira in Africa and the second in the world.

Also, CBN Consultant, Mr. Godson Izuchukwu, stated that the issue of an unreliable network for e-payment has been resolved as over 20 million Nigerians have keyed into the system.

Responding, the Vice Chancellor, Professor Tanko Ishaya,urged the team to work on making the use of the eNaira accessible to Nigerians outside the country as it could help facilitate easier international transactions.

He added that if the platform could help ease payments at the university, improve financial inclusion, and provide a source of income for the students, the university would consider adopting it.

CBN introduces e-Naira to Nigerian tertiary institutions

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FG may stick to imported fuel, says Dangote refined products inferior

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FG may stick to imported fuel, says Dangote refined products inferior

The Federal Government has disclosed that the quality of petroleum products from the Dangote refinery is not at the level and standard they need to be.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, who disclosed this stated that the Dangote refinery’s products as well as those from Watersmith, Aradel, and other modular refineries, is inferior compared to imported ones.

Chief Executive Officer of NMDPRA Farouk Ahmed made the disclosure in a recent interview with journalists, a video of which was published by TVC.

He debunked narrative that some elements within the oil and gas sector were trying to sabotage the Dangote Refinery.

He stated that the 650,000 barrel-per-day refinery has not been issued an operational licence by NMDPRA.

He noted that the Lagos-based Dangote Refinery is still in the pre-commissioning stage and about 45 per cent completed.

According to him, it is risky for the country to depend on Dangote Refinery by suspending petroleum products, especially Automotive Gas Oil and Dual Purpose Kerosene, DPK.

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He said: “That is not so. Dangote Refinery is still in the pre-commissioning stage. It has not been licenced yet. We haven’t licenced them yet. I think they are about 45 per cent to completion.

“We cannot rely on one refinery to feed the nation, because Dangote is requesting that we suspend or stop imports, especially of AGO and DPK, and direct all marketers to his refinery. That is not good for the nation in terms of energy security, and it is not good for the market because of the monopoly.”

Ahmed said that in terms of quality, Dangote’s current AGO (diesel) suffers from the lowest quality in terms of sulphur content, falling short of West Africa’s requirement of 50 parts per million (PPM).

“Dangote Refinery, as well as some modular refineries like Watersmith Refinery and Aradel Refinery, are producing between 650 and 1,200 PPM. Therefore, in terms of quality, their products are inferior to imported ones,” he stated.

This development comes days after the Chairman of Dangote Group, Aliko Dangote, said Dangote Refinery is set to commence fuel supply in August 2024.

Earlier, Devakumar Edwin, the Vice President of Dangote Industries Limited, had alleged that most fuel products imported into Nigeria are substandard.

He also accused international oil companies of frustrating the kickoff of the Dangote Refinery by selling oil crude at a higher price in Nigeria.

However, the Nigerian Upstream Petroleum Regulatory Commission dismissed Edwin’s claim of substandard petroleum products in Nigeria.

FG may stick to imported fuel, says Dangote refined products inferior

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CBN to sell $20,000 to each BDC at N1,450/$

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CBN to sell $20,000 to each BDC at N1,450/$

The Central Bank of Nigeria (CBN) says it will offer foreign exchange (FX) to eligible Bureau de Change (BDC) operators at N1,450 to a United States dollar.

The apex bank said the sum of $20,000 would be sold to each BDC at that rate (N1,450/$), which is the lower band of the trading rate at NAFEM in the previous trading day.

This is contained in a statement on Thursday by the CBN’s Acting Director in Charge of Trade and Exchange Departments, Aliyu Mahdi.

It said the apex bank had observed the continued distortions in the retail end of the market, feeding into the parallel market and further widening the exchange rate premium.

“Following the ongoing reforms in the foreign exchange market, to achieve an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued distortions in the retail end of the market, which is feeding into the Parallel market and further widen the exchange rate premium,” the statement partly read.

“To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.”

According to the apex bank, all BDC operators are allowed to sell to eligible end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

The financial regulator instructed all eligible BDCs to make naira payments to CBN’s naira deposit account numbers and submit confirmation of payment with other necessary documentation for disbursement at its branches in Abuja, Akwa, Kano and Lagos.

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Updated: FG, NURTW set to launch CNG initiative in Lagos

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Updated: FG, NURTW set to launch CNG initiative in Lagos

The Federal Government in collaboration with the National Union of Road Transport Workers (NURTW) will Saturday launch the highly anticipated Compressed Natural Gas (CNG) initiative in Lagos State.

Apart from rolling out CNG-powered vehicles, the government has also unveiled plans to convert one million petrol and diesel vehicles to run on CNG.

Commuter vehicles belonging to members of recognised transport associations including NURTW are to be converted free of charge with FG bearing the cost 100 per cent.

The CNG initiative was first launched in Kaduna State, while the Lagos version is next in line for the roll-out.

This initiative aims to provide a cleaner, safer and more cost-effective alternative to traditional fuels for the transportation sector.

Speaking on the project, Chairman, Board of Trustees (BOT) of the NURTW, Alhaji Najeem Usman Yasin, said the CNG initiative is expected to significantly reduce greenhouse gas emissions, improve air quality, and enhance the overall transportation experience for millions of Nigerians.

He added that the project would create new job opportunities, stimulate economic growth, and contribute to the country’s sustainable development goals.

According to him, the Federal Government and NURTW have been working tirelessly to ensure the successful implementation of this project.

The launch event will be attended by dignitaries from the government, transportation sector, and other stakeholders.

With the CNG initiative, Nigeria is poised to join the ranks of countries leading in sustainable energy solutions.

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