By Yvonne-Faith Elaigwu, Head of Operations and Governance, OnePipe ‘Cashless’ has probably become one of the most popular words in Nigeria in the last few months....
By Umar Suleiman In fostering the growth of the digital innovation and entrepreneurship ecosystem in the country and consolidating the achievements made by the Ministry of...
By Christy Animam Spotify, proprietary audio streaming and media services provider, has disclosed its all-time payouts to music rights holders are approaching $40 billion. The company...
Contrary to earlier media reports, African fintech unicorn Flutterwave has denied losing the sum of N2,949,557,867 to hackers. It was earlier reported on Sunday that hackers...
By Umar Suleiman National Institute of Security Studies (NISS) has engaged the Nigerian Communications Commission (NCC) to advance strategic collaboration that would enhance the application of...
As women’s presence continues to grow in technology industries with careers aligned to the personal goals of female professionals, Infobip, a global cloud communications platform has...
By Umar Suleiman Africa’s drive to transform its agriculture and become a breadbasket has continued to receive strong global support, with development partners agreeing to commit...
By Christy Animam The African Development Bank (AfDB) has projected in a new report that Africa economies remain resilient with a stable outlook in 2023-2024, despite...
7% of African Users Fall Victims Led by S/Africa, Kenya, Nigeria Global cyberbsecurity firm, Kaspersky, has reported that based on its anti-phishing system, it prevented more...
By Sandra Orim Africa’s largest payment gateway, MFS Africa, has partnered with Western Union to enable individuals and businesses across the continent to receive money from...
By Umar Suleiman The Independent National Electoral Commission (INEC) has declared Bola Tinubu, the candidate of Nigeria’s ruling party, All Progressive Congress (APC), as the winner...
Minister of Communications and Digital Economy, Prof. Ali Ibrahim Pantami on Thursday inaugurated a committee to advise the Federal Government on appropriate measures to take in...
By Nuruddeen Sani The Nigerian Communications Commission (NCC) is the regulatory body responsible for overseeing the telecommunications sector in Nigeria. Since the appointment of Prof. Umar...
In view of the importance attached to the upcoming Presidential Election, the Nigerian Communications Commission (NCC) has dedicated its Consumer Toll-Free Number 622, to serve as...
Stock investors in Nigeria lost N281 billion at the end of the last five-day trading week during which the naira scarcity crisis in Nigeria also deepened...
![CPPE Pleads with CBN, Buhari to Review Process of Returning Old Notes The Centre for the Promotion of Private Enterprise [CPPE] has pled with the Central Bank of Nigerian (CBN) and President Muhammadu Buhari to review the process through which Nigerians can return the old naira note they have at hand without losing their hard-earned money. In a statement signed Sunday by its chief executive officer, Muda Yusuf, CPPE beseeched the government to give a human face to the, lamenting that the agony and trauma inflicted by the entire management of the policy is unspeakable. Accordingly, CPPE urged the apex bank to allow the old 1,000 and 500 naira notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes. It further added: “The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate. “The current guidelines which require filling of forms on the CBN portals, generating codes etc. does not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country. “They are Nigerians and are entitled to a fair consideration in the implementation process.” The Centre said most of the vulnerable victims of poor execution of the policy are women, microenterprises and small businesses which are contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of the country. “It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented. “We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” the Centre said. Current approach Practically Impossible Meanwhile, the Centre said the current approach being employed by the apex to handle the process is evidently impractical. “It is impractical for the CBN offices to properly handle the process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians. “It noted that there is only one branch of the CBN office in each state of the federation and the FCT. “It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.” It said the experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position. Conflicting Directives Businessmetrics reported that the CBN last week issued two conflicting directives within few hours which further heightened tension. While the CBN was believed to have directed Deposit Money Banks (DMBs) in the country to start taking deposit of old 1,000 and 500 naira notes of not more N500,000 from their customers, the apex bank deny same directive hours later which led to more confusion for Nigerians. Nigeria is currently undergoing the process of withdrawing the old version of N1,000 and N500 notes from the system, to be replaced with the redesigned version of the currency notes as well N200 which, President Muhammadu Buhari, however, said would still remain a legal tender in the meantime. In the face of scarce new notes coupled with old notes still held by Nigerians outside the banking system, the February 10 deadline given by the CBN to swap the noted has led to economic disruption and hardship for most Nigerians as they remain cashless.](https://i0.wp.com/businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM.jpeg?resize=400%2C240&ssl=1)
![CPPE Pleads with CBN, Buhari to Review Process of Returning Old Notes The Centre for the Promotion of Private Enterprise [CPPE] has pled with the Central Bank of Nigerian (CBN) and President Muhammadu Buhari to review the process through which Nigerians can return the old naira note they have at hand without losing their hard-earned money. In a statement signed Sunday by its chief executive officer, Muda Yusuf, CPPE beseeched the government to give a human face to the, lamenting that the agony and trauma inflicted by the entire management of the policy is unspeakable. Accordingly, CPPE urged the apex bank to allow the old 1,000 and 500 naira notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes. It further added: “The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate. “The current guidelines which require filling of forms on the CBN portals, generating codes etc. does not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country. “They are Nigerians and are entitled to a fair consideration in the implementation process.” The Centre said most of the vulnerable victims of poor execution of the policy are women, microenterprises and small businesses which are contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of the country. “It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented. “We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” the Centre said. Current approach Practically Impossible Meanwhile, the Centre said the current approach being employed by the apex to handle the process is evidently impractical. “It is impractical for the CBN offices to properly handle the process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians. “It noted that there is only one branch of the CBN office in each state of the federation and the FCT. “It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.” It said the experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position. Conflicting Directives Businessmetrics reported that the CBN last week issued two conflicting directives within few hours which further heightened tension. While the CBN was believed to have directed Deposit Money Banks (DMBs) in the country to start taking deposit of old 1,000 and 500 naira notes of not more N500,000 from their customers, the apex bank deny same directive hours later which led to more confusion for Nigerians. Nigeria is currently undergoing the process of withdrawing the old version of N1,000 and N500 notes from the system, to be replaced with the redesigned version of the currency notes as well N200 which, President Muhammadu Buhari, however, said would still remain a legal tender in the meantime. In the face of scarce new notes coupled with old notes still held by Nigerians outside the banking system, the February 10 deadline given by the CBN to swap the noted has led to economic disruption and hardship for most Nigerians as they remain cashless.](https://i0.wp.com/businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM.jpeg?resize=80%2C80&ssl=1)
The Centre for the Promotion of Private Enterprise (CPPE) has pled with the Central Bank of Nigerian (CBN) and President Muhammadu Buhari to review the process...
LG OLED – Celebrating a Decade at the Top and No Sign of Slowing Down Is the world ready to move beyond movie, standard, and vivid?...
By Christy Animam IT solutions company, Cedarview Communications Limited (CCL) has fortified its business relationship with leading data centre, RackCentre, in its effort to raise the...
The number of phones supported by the Nigerian Communications Commission for sale and use in Nigeria has hit about 1,891 as of January 2023. The Commission...
Looks at an industry in perpetual transition The Nigeria’s Top 50 Digital Economy Enablers 2023 holds this week in Lagos February 14, 2023 at the prestigious...