CBN to penalise banks selling new naira notes to hawkers

The Central Bank of Nigeria says it will heavily penalise banks with empty ATMs and those selling ‘mint’ cash to naira hawkers.

Solaja Olayemi, CBN’s acting director for the currency operations department, said this in a memo to DMBs on Friday.

Mr Olayemi said that the CBN would engage in “mystery shopping” exercise and periodic “spot checks” on cash distribution and disbursement activities of DMBs to ascertain the source of such Naira notes.

He said that the initiatives were introduced to monitor and prevent practices that facilitate the flow of mint banknotes to hawkers of naira cash, thereby discouraging abuse of the naira.

He said that the initiatives would also ensure that DMBs support efficient and responsible cash disbursement to the public.

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“For the avoidance of doubt, it should be noted that DMBs, to whom cash seized from hawkers of cash is traced, will be penalised 10 per cent of the total value of cash withdrawn on the day the seized cash was withdrawn from the CBN.

“Every subsequent offence will be charged an incremental penalty of five per cent.

“DMBs found engaging in cash hoarding, diversion, or any actions that hinder efficient cash distribution, including violations of the Clean Note Policy, will incur appropriate sanctions,” he said.

He urged DMBs to implement internal controls for responsible disbursement and accountability regarding mint banknote payouts at their outlets, as the yuletide season approached, with an anticipated increase in cash demand.

“To enhance public access to cash, we encourage banks to prioritise cash distribution through Automated Teller Machines (ATMs).

“During this season, the CBN, in collaboration with relevant law enforcement agencies, will intensify spot checks and mystery shopping activities to monitor and enforce responsible cash distribution and prevent naira abuse,” he said.

CBN to penalise banks selling new naira notes to hawkers

(NAN)

RT Briscoe appoints Femi Eguaikhide as Deputy Managing Director

The Board of RT Briscoe Plc has appointed Dr Olorunfemi Abidemi Eguaikhide, the Executive Director responsible for business operations to a new position of Deputy Managing Director.

The appointment, according to the management of the organisation, will take effect from January 1st, 2025.

Born on March 28, 1968, Eguakhide holds a Postgraduate Diploma in Business Administration and an MBA in Marketing Management from the Enugu State University of Science and Technology.

He is an Alumnus of the prestigious Lagos Business School of the Pan Atlantic University having attended the Advanced Management Programme (AMP) in 2016.

He is a full member of the Chartered Institute of Personnel Management of Nigeria (MCIPM); associate member of the Nigerian Institute for Training and Development (AITD); Fellow of the Institute of Credit Administration (FICA), Certified Digital Marketing Professional (CDMP) and Fellow of the Institute of Corporate Administration of Nigeria.

The core experience of the new Deputy Managing Director is in the areas of operations management, sales and marketing management, human resources and business leadership.

Dr. Eguaikhide previously worked with Genesis Group variously as deputy general manager in charge of Human Resources and IT; general manager HR & IT; general manager, operations and chief operations officer at the Bridge Healthcare Company in 2010.

He joined RT Briscoe as group head, human capital development in 2012 and was appointed to manage the Briscoe-Ford Business unit in 2014 as the general manager.

He was subsequently appointed as head of the Briscoe-Motors Business unit in 2017 and later as the group chief operating officer in September 2018.

He obtained his doctorate degree in December 2021 and was appointed a director of RT Briscoe with effect from September 1, 2019.

Reacting to his latest promotion, Mike Ochonma, Chairman of Nigeria Auto Journalists Association (NAJA), described the appointment as a square peg in a square hole.

He said it was as a well deserved elevation, coming at a time when businesses are going through very difficult times, adding that he has no doubt that Eguaikhide would bring his wealth of experience to bear on the role in the company.

Food price, transport fare hike push Nigeria’s inflation to 33.88% 

Rising cost of living based on the increase in food prices and transport fares among others has reflected in the latest inflation figures in Nigeria, put at 33.88 per cent.

Nigeria’s headline inflation rate rose to 33.88 per cent in October 2024, up from 32.7 per cent in September 2024, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday.

Newstrends.ng observes that the Central Bank of Nigeria (CBN) has raised interest rates five times this year in an effort to rein in inflation.

The NBS in its latest report attributed the rise in inflation to increased transportation costs and higher food prices.

On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33 per cent recorded in October 2023, highlighting a substantial increase in inflation over the past year.

On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64 per cent, representing a 0.12 per cent increase from the 2.52 per cent recorded in September 2024

This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.