By Sandra Orim A former Central Bank of Nigeria’s Deputy Governor, Kingsley Moghalu, has expressed dissatisfaction over the series of crises created by the naira redesign...
Amid the lingering forex (FX) scarcity in the country, commercial banks have announced that international school fees and upkeep requests through Form A will now be processed...
By Rosemary Iwuala Following Monday’s declaration by the Central Bank of Nigeria (CBN) elongating the validity of old N200, N500 and N1,000 naira notes, Nigerians have...
An indigenous software development company Upperlink, licensed by the Central Bank of Nigeria (CBN) as a Payment Solution Service Provider (PSSP) announced it has signed a...
As Buhari Disowns Emefiele, Malami on Attitude to S’Court Order The Central Bank of Nigeria (CBN) has said the old N200, N500 and N1000 notes remain...
Since the onset of the cash crisis that trailed naira redesign policy of the Central Bank of Nigeria, the Nigerian economy has lost an estimated N20...
The Centre for the Promotion of Private Enterprises (CPPE) has condemned the muteness of President Muhammadu Buhari and that of Godwin Emefiele, governor of the Central...
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....
Demand and supply pressures in the currency market persisted for another week but the value of the naira strengthened last week across the board. Naira regained...
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...
The Central Bank of Nigeria (CBN) has disbursed N114.17 billion to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the initiative....
The Centre for the Promotion of Private Enterprises (CPPE) on Friday said Nigerians deserve an apology from the Federal Government for subjecting them to hardship via...
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...
As Apex Court Trashes CBN’s Naira Redesign, Cashless Policies The Supreme Court of Nigeria on Friday in Abuja nullified the Federal Government’s cashless and Naira re-design...
Economic and financial experts at S&P Global Ratings have hinted that Nigeria’s inclusion in the Financial Action Task Force’s (FATF’s) grey list on money laundering could...
Worries are mounting amongst stakeholders as Africa’s two largest economies, Nigeria and South Africa, have been included in the Financial Action Task Force’s (FATF) money laundering...
As a leading financial institution in the country with over 30 million customers, First Bank of Nigeria Limited (FirstBank), which also holds the title as Nigeria’s...
![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...
Cross-border remittances and digital wallet company EziPay, has partnered with MFS Africa, the continent’s leading digital payments gateway, to bring last mile connectivity for remittances and...
Approves only old N200 as Legal Tender till April 10 President Muhammad Buhari has directed that only old N200 notes remains a legal tender till April...