Business

CBN to sanction banks still loading ATMs with old notes

Published

2 years ago

January 19, 2023

‘Sell new naira notes, go to jail’

The Central Bank of Nigeria (CBN) says it will sanction banks that continue to fill their automated teller machines (ATMs) with old naira notes as the January 31, 2023 deadline to phase out the notes approaches.
Director of the Legal Services Department at the CBN, Mr Kofo Salam-Alada, stated this on Wednesday, during a sensitisation event in the Computer Village Market, Lagos.
He said the apex bank was currently monitoring banks still dispensing old naira notes from their ATMs.
He said, “I can tell you today that the CBN on a daily basis issues out the new notes. As we speak, banks are with the CBN taking money. We are actually begging banks to come and take money from the Central Bank. We have these new naira notes in our vaults, and we are begging banks to come and take them.
“We found out that a lot of things are happening that we need to checkmate, so we stopped withdrawal of new notes over the counter to ensure that everyone can have access to it and not one chief who is known to the manager, walks in, and carts away all the new notes in a particular branch. That is why we said it should be in the ATMs, which cannot distinguish people.
“We also have monitors going around banks now. I have been to some ATMs this morning and I have done the reports. We are not mobilising the masses against the banks because the banks are there to serve you, but be rest assured that they will serve you now that they know that the CBN is on them to serve you with the new naira notes.”
When asked why some people were selling the new notes, Salam-Alada said that anyone found selling the new notes or any denomination of the naira would be jailed.
President of the Coalition of Associations in Computer Village, Timi Davies, noted that the new naira notes are a good initiative.
“But unfortunately, the new notes are not well circulated within our market. The ATMs are not dispensing the new notes and only a few privileged ones seem to be having access to the new notes.
“We want to encourage the CBN and the government to enforce the deadline on the banks. There should be no bank that should not be giving the new naira from their ATMs.
“All ATMs should load the new notes. As we are giving the old notes, we should be able to get the new notes. If the ATMs are not dispensing, the new notes will not flow around.”

Auto

Yuletide: Chisco deploys new luxury, mini buses, top quality services

Published

52 minutes ago

January 1, 2025

Trends Admin

Yuletide: Chisco deploys new luxury, mini buses, top quality services

…hails Tinubu for 50% fare rebate

Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.

It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.

It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.

It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.

It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.

“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”

It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.

All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.

Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.

He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.

Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.

“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.

According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”

Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.

Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.

“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”

On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.

The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.

Business

Naira exchanges N1,650/$ in parallel market

Published

4 hours ago

January 1, 2025

Trends Admin

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

Business

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

17 hours ago

December 31, 2024

Trends Admin

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.