Jan 31 deadline for old naira notes remains unchanged - Emefiele – Newstrends
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Jan 31 deadline for old naira notes remains unchanged – Emefiele

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The Central Bank of Nigeria insists the deadline for the validity of the old 200, 500 and 1,000 naira notes remains January 31.

CBN Governor Godwin Emefiele said this after the bank’s monetary policy committee (MPC) meeting in Abuja on Tuesday.

In October last year, Emefiele announced the naira redesign policy which entails the issuance of new higher denomination naira notes to replace the existing ones.

All the other denominations — N100, N50, N20, N10, and N5 notes — will continue to be in circulation while the current N200, N500, and N1,000 naira notes will cease to be legal tender in the country after January 31, 2023.

Emefiele, at the MPC meeting, said the 90-day window given by the CBN for Nigerians to deposit their old currencies was enough.

“We called on the deposit money banks (DMBs) to extend their working hours, and to work on weekends,” he said.

“There is no reason to talk about a shift. The new currencies are available.”

Emefiele said the CBN had mandated commercial banks to feed the new notes into their automated teller machines (ATMs) for Nigerians to have equal access.

“We have increased disbursement of the new notes to them. There is adequate quantity of new notes available. Our mint is producing and we are supplying the banks,” the governor said.

“We have super agents in underserved areas like riverine communities, and CBN staff members have been out on mobilisation. We believe that by January 31, the new naira notes would have permeated the nooks and crannies of the country.”

Emefiele added that the CBN had so far received about N1.5 trillion of the old naira notes.

He urged Nigerians to accelerate the process of taking their old notes to the banks before the deadline, adding that they should not fear harassment from security agents.

There have been concerns from Nigerians over the slow spread, and scarcity of the three redesigned naira notes.

In response to these concerns, the apex bank launched a cash swap programme to enable those in rural areas exchange their old notes with new ones before the deadline.

Meanwhile, the national assembly has asked the CBN to extend the deadline till July.

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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