New Naira notes: CBN intensifies sensitisation at major markets, stores across Nigeria – Newstrends
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New Naira notes: CBN intensifies sensitisation at major markets, stores across Nigeria

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2 years ago

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New Naira Notes

To guarantee the success of the cashless policy and usage of the new naira notes, the Central Bank of Nigeria (CBN) has deepened sensitisation at all major markets across the country.

In Abuja, the apex bank officials visited Wuse and Garki markets, the two major ones in Abuja. Speaking at the Garki market, CBN Director and Managing Director of NIRSAL Micro-Finance Bank, Abubakar Abdullahi Kure, told the traders and other stakeholders to ensure they empty the old notes in their possession at the banks, while using other banking channels for their transactions.

He added that the new policy would help control inflation, as it would bring the hoarded currency into the banking system, thereby making monetary policy more effective.

“It will also help with better design and implementation of monetary policy as we will have much more accurate data on money supply and monetary aggregates.

“We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy,” he said.

He assured that the banks would be closely monitored, adding that those found culpable of hoarding and diverting the new notes will be sanctioned.

He said: “We’re taking stock to know those getting new notes and what they are disbursing or why they’re not disbursing. We’re monitoring to know whether the banks are hoarding, diverting or not even picking the new money.

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“Appropriate penalties will be meted out where infractions are determined,” he said.

On possible extension of the deadline, Kure said: “At this point, I can’t say yes or no.”

He added that there has been massive deployment of CBN directors across the country to deepen sensitisation on new naira notes and cash restriction.

He further revealed that the apex bank was consulting with religious leaders and traditional rulers to secure their buy-in and ultimately make the initiative a success.

Stakeholders in the market appealed to the apex bank to ensure availability of the new notes as their livelihood depended on it.

In line with its policy direction, the CBN has stated that banks that dispense old naira notes with their automated teller machines in Cross River would be sanctioned.

The Branch Controller, CBN Calabar, Glory Iniunam, who stated this during a sensitisation drive across major markets in Calabar at the weekend, expressed worry that banks were still issuing old notes over the counter. Iniunam enjoined those with the old notes to take them back to the bank before the 31st of this month.

“What we are here for is to sensitize the people on the acceptance and the deadline for the new redesigned naira to let them know that as at 31January 2023 the old note will cease to be a legal tender and February 2, 2023 the new note will come to into being completely and we are not going to use the old notes anymore.

“Anyone that has the old notes should take them to the bank before 31st January 2023 and get the new notes. If you are going over the counter we are still giving the old notes the reason being that it is the ordinary people that use the ATMs and we want the money to get into circulation.

“You can still collect the old note from over the counter and use but before January 31, take it back to the bank and they must have received enough so they can give to you.

“If there is anybody dispensing old notes we are doing spot checks and are going to do another one today, tomorrow and by the weekend. Any ATM dispensing old notes we will make report and there are sanctions for them,” she said.

She explained that those in remote villages and communities without financial institutions across the state should come together and write to the bank so that POS agents will be mobilised to such areas.

According to her, the essence of the sensitization is to keep people informed on the new naira notes as well as the deadline for the use of the old notes.

In Bayelsa State, CBN took its sensitization campaign on the new currency notes to the Swali Ultra Modern Market, Yenagoa, with a declaration that the January 31 deadline for the old notes is sacrosanct.

 The Branch Controller, CBN, Yenagoa, Mr Francis Ene Asuquo, who commended the traders at the Swali market for coming out to attend the sensitization campaign said the choice of Swali market was very important to raise the awareness level of the traders on the need to take the old notes they collect from customers to the bank for the deadline.

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Asuquo who noted that the cashless policy had come to stay in Bayelsa explained that the redesign of the naira note is part of the implementation of the cashless policy.

“The change in our currency design is well timed as it seeks to discourage counterfeiting, money laundering, tackle inflation, and then enable the control of currency in circulation. Associated with this policy is the need to move from cash-based to cashless forms of payment channels, which are available, accessible and easy to use. So let us open bank accounts, have our BVN, and at the same time identify the features and benefits of our new redesigned currency notes.

“We must be cashless in line with international best practices. We want to encourage the use of electronic transactions of business by ATM, Internet transfer or through the POS.

“Part of the policy why the naira was redesigned is to discourage money laundering and kidnapping for ransom. CBN is changing the narrative by changing some of the monetary policy of the bank and making sure that people comply with it in order, to make sure the issue of fake notes is eliminated.”

He also noted that part of the policy is to make sure the money outside the banking system is brought back.

“We want to stop the abuse of our naira note either by spraying it during ceremonies or squeezing it or any other abuses. Anybody found spraying money in any ceremony will pay a fine of N50,000 or get six months imprisonment or both. It is also to stop the habit of selling money.

In her goodwill message, the officer in charge of Swali Ultra Modern Market in the Ministry of Trade and Investment, Mrs Mildred Francis Egele, said the sensitization was very timely as it would enlighten the traders on how to differentiate a fake note from the real one.

“With this sensitization, everybody is aware that come 31st January 2023, the old note will no longer be in circulation.”

In Benue, the CBN introduced a cash swap programme to ensure rural access to the newly redesigned naira notes. The bank also stated that it has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks, (DMBs), and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.

“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their old naira notes, the bank is launching a cash swap programme in partnership with Super Agents & DMBs.”

The Director, Financial Markets Department, Angela Sere-Ejembi disclosed this while speaking to newsmen in Makurdi yesterday.

She said the programme would enable citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes, adding that the initiative would take effect from tomorrow.

She explained “The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations; N100, N50 and N20, among others which remain legal tender.

“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.”

She stated that the service would also be make available to anybody without a bank account saying agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered KYC Framework.

“This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

“Agents shall sensitize customers on opening wallets/bank accounts and the various channels for conducting electronic transactions. Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy.

“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.”

While urging stakeholders in Benue State to take advantage of the programme, Sere-Ejembi said cash swap agents will be readily identifiable in all local governments, particularly those in the rural areas while the CBN will continue to monitor implementation.

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Wike: Demolition of illegal buildings, shanties in FCT to continue

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7 minutes ago

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January 1, 2025

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Federal Capital Territory Minister, Nyesom Wike

Wike: Demolition of illegal buildings, shanties in FCT to continue

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike has vowed that he will continue his demolition of shanties, illegal buildings and enforcement of payment of ground rent in the territory in the new year without bothering about what anybody will say.

Speaking after he inspected the ongoing construction Outer Southern Expressway (OSEX), Abuja Division of the Court of Appeal and Saburi – Dei Dei road, in Abuja on Tuesday, Wike said he will not be distracted by the controversies that have trailed his ongoing demolition of structures in the FCT.

“Nothing distracts me. I am very focused,” Wike replied when asked by journalists whether the outcries over ongoing demolition and enforcement of ground rent may cause a huge distraction in 2025.

“Even if people are complaining, it is part of governance. You don’t expect that you will superintend over the affairs of people and then you satisfy everybody.

“People must complain, but I can tell you such complaints cannot distract us. I am very focused, and since it is part of our job, we will continue to do what is necessary.

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“Forget about what people say about demolition, demolition must go ahead. We demolish shanties, we demolish illegal buildings. It doesn’t matter what anybody will say.

“At the end of the day, they will still come back to say, ‘you did a good job.’

“So, don’t bother about what people say, be focused and at the end of the day, you will achieve results for a greater number of people, not for a few individuals,” Wike added.

The Minister however said the FCT Administration will do more for the residents of the capital city in 2025.

According to him, things will get better, God willing, for residents of FCT in the coming year.

“All we still require is the support of residents; of business owners, so that we can achieve more than what we have achieved in 2024.

“So, I pray that God Almighty will continue to protect us and give us better security as we experienced in 2024.

“Everybody can see, even within this festive period, security is quite intact, and we believe in 2025, we will get a better Abuja,” he said.

 

Wike: Demolition of illegal buildings, shanties in FCT to continue

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Police identify woman set on fire in deadly New York City attack

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29 minutes ago

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January 1, 2025

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It took authorities more than a week to identify the victim of the 22 December incident

Police identify woman set on fire in deadly New York City attack

Police in New York City have named a woman who was set on fire and burned to death last week on a subway train in Brooklyn.

Debrina Kawam, 57, of New Jersey, has been identified as the victim of the seemingly random 22 December attack that burned her body beyond recognition.

Sebastian Zapeta, 33, is accused of starting the blaze with a lighter while Ms Kawam was asleep. He allegedly fanned the flames with a shirt and then watched the fire grow from a bench outside the subway car.

Last week, a grand jury indicted Mr Zapeta, who claims to have no memory of the incident, on four counts of murder and one count of arson.

Julie Bolcer, a spokesperson for New York City’s Office of Chief Medical Examiner, said the death was ruled a homicide and caused by “thermal and inhalational injuries”. She made the identification public on Tuesday.

“The identity was confirmed by the medical examiner yesterday through fingerprint analysis, following a multi-agency effort with our partners in law enforcement,” she said.

It took authorities more than a week to identify Ms Kawam’s body.

At a press conference on Tuesday, New York City Mayor Eric Adams said that Ms Kawam had recently spent time at a city homeless shelter.

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“It really reinforces what I’ve been saying, people should not be living on our subway system, they should be in a place of care. And no matter where she lived, that should not have happened,” he said.

Eric Gonzalez, the Brooklyn district attorney, said at a press conference early in the investigation that authorities had worked to collect DNA evidence and fingerprints from Ms Kawam’s remains.

“It’s a priority for me, for my office, for the police department to identify this woman, so we can notify her family,” Mr Gonzalez said.

False and unverified information about her, including a fake AI-generated picture, had circulated online in the aftermath of the attack.

There was also an outpouring of support, including a vigil held for the then-unidentified victim last week.

Police say that Ms Kawam was motionless, apparently asleep, on a stationary subway train at the Coney Island-Stillwell Avenue Station in Brooklyn early on 22 December when Mr Zapeta allegedly approached her with a lighter.

The pair never interacted, and police believe they did not know each other.

Jessica Tisch, New York’s police commissioner, said that the smell of smoke drew police officers and Metropolitan Transit Authority personnel to the fire and they extinguished the flames.

“Unbeknownst to the officers who responded, the suspect had stayed on the scene and was seated on a bench on the platform just outside the train car,” Ms Tisch said.

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Authorities declared Ms Kawam dead at the scene.

Ms Tisch described the incident as “one of the most depraved crimes one person could possibly commit against another human being”.

In a preliminary hearing on Tuesday, prosecutor Ari Rottenberg said Mr Zapeta told investigators that he had been drinking and did not remember the incident, but did identify himself in photos and surveillance video showing the fire being lit.

The suspect, who is originally from Guatemala, was deported from the US in 2018 and later re-entered the country illegally, immigration authorities said.

He is due back in court on 7 January, prosecutors said.

Despite a decline in crime rates on New York City’s subway, the incident is one of a string of attacks that has raised concerns for riders on America’s largest mass transit system.

The subway safety issue arose again on Tuesday afternoon when someone was pushed on to the tracks in Manhattan’s Chelsea neighbourhood in front of an oncoming subway, according to New York City police.

The unidentified male victim was admitted to hospital with a head injury, authorities said. Police later detained a suspect, according to local media.

Police identify woman set on fire in deadly New York City attack

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Wike’s loyalists kick as Fubara presents N1.18tn budget to three-man Assembly

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37 minutes ago

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January 1, 2025

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Wike’s loyalists kick as Fubara presents N1.18tn budget to three-man Assembly

Rivers State Governor, Siminalayi Fubara, on Monday, presented a N1.18tn budget estimate for 2025 to the factional state House of Assembly comprising three lawmakers.

The incident was reminiscent of Fubara’s conduct last year, when he boycotted the 27-member factional assembly loyal to his predecessor and estranged godfather, Nyesom Wike.

In an interview, the opposition All Progressives Congress in Rivers State accused Fubara of violating the law.

Following the disintegration of Fubara and Wike’s friendship, the Rivers State House of Assembly became factionalised in October 2023.

At the height of the turmoil, Fubara survived an impeachment attempt by pro-Wike members, who also declared their departure from the ruling Peoples Democratic Party for the All Progressives Congress.

Since then, Fubara has labelled the 27 lawmakers, led by Speaker Martin Amaewhule, as illegitimate, claiming he will have nothing to do with them.

On Monday, he presented the N1.18 trillion 2025 budget to the three-man factional Assembly, which was led by Speaker Victor Oko-Jumbo.

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The Assembly also includes the Deputy Speaker, Adolphus Orubienimigha, and the House Leader, Sokari Goodboy Sokari.

The budget presentation was held at the Administrative Block of the Government House in Port Harcourt.

Fubara stated in his address that the budget, dubbed the “Budget of Inclusive Growth and Development,” will be implemented to promote long-term economic growth, expedite development, and improve citizens’ living conditions.

He said, “The total projected revenue for Rivers State for the 2025 fiscal year is N1,188,962,739,932.36.

Two components of the budget are constituted as follows: recurrent expenditure of N462,254,153,418.98; capital expenditure of N678,088,433,692.03; a planning reserve of N35,688,864,931.16; and a closing balance of N12,931,287,890.19.

“This gives a recurrent/capital expenditure ratio of 44:56 percent, indicating the sincere commitment of our administration to both infrastructural and human capital development of our people and state.”

Fubara stated that over N31 billion had been given to fund agricultural development measures as well as programs to help Rivers youths overcome unemployment.

On education, the governor recommended spending more than N63 billion, or 9.3 percent of the budget.

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“With this, we shall access all outstanding matching grants from the Universal Basic Education Commission to rehabilitate, equip, and furnish dilapidated public primary and junior secondary schools and continue to provide free basic education to our children.

“We will also rehabilitate, equip, and furnish as many senior secondary schools as possible across the state, including the provision of new classrooms, perimeter fencing, water, and electricity, to provide a conducive environment for effective teaching and learning to take place,” he said.

Fubara stated that with the projected N97.750 billion for the health sector, which accounts for 14.4% of the budget, all zonal hospitals, the enhanced neuropsychiatric hospital, and the new general hospital in Rumuigbo, which is under construction, will be completed.

On road and transport infrastructure, the governor stated that over N195 billion had been set aside to complete all ongoing road projects and launch new ones.

“In social development and investments, Mr. Speaker, we have proposed spending N15.4bn to advance youth and gender empowerment, jobs and wealth creation, sports development, and social inclusion,” he said.

The Speaker, Oko-Jumbo, praised the governor for recording a gain in IGR of more than N100 billion, noting that it also demonstrated how appealing Rivers’ business climate has become.

He vowed the legislature’s support for the executive to keep the governor focused on delivering democratic dividends to the people. However, the Rivers APC, led by chairman Tony Okocha, denounced Fubara’s choice to deliver the budget to three MPs while excluding 27 pro-Wike lawmakers.

In an interview with our correspondent, the Rivers APC Publicity Secretary, Chibuike Ikenga, accused the governor of violating court orders.

He said, “I think the trajectory is a continuum where a case is sub judice and the government of Rivers State is continuing to act in disobedience to court processes and procedures.

“It is expected that, having disobeyed the decision of the high court and the decision of the appellate court, we await the final decision from the Supreme Court on who is the Speaker of the Rivers State House of Assembly.

“Our party, the APC, expects the state government to obey the judicial pronouncement and positions and await the determination of these issues before the final court so that we can have a reprieve and begin to develop our state.

“That the government is disobeying those positions is unfortunate and does not encourage peacebuilding and development.”

Wike’s loyalists kick as Fubara presents N1.18tn budget to three-man Assembly

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