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....
The Nigerian Communications Commission (NCC) has concluded arrangements to host an event to mark the 2023 World Consumer Rights Day (WCRD) in Abuja with spotlight on...
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...
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 bullish impetus in the Nigerian stock market switched into a higher gear, as investors cherry-picked stocks following decent 2022 Full Year corporate earnings releases. The...
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...
The Nigeria Exchange Group (NGX Group) has reported 68.9% decrease in its profit after tax (PAF) for the financial year ended December 31, 2022. The audited...
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...
The African Development Bank (AfDB) has identified the trio of Côte d’Ivoire, Ghana and Nigeria as the leading economies to lift the gross domestic product (GDP)...
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...
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...
The Lagos Chamber of Commerce and Industry (LCCI) has warned that the sustained rise in the general price level in recent times has caused some weakening...
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...
Udechukwu Obi Osakwe has been appointed a non-executive director of the leading hospitality brand Transcorp Hotels Plc, effective February 17, 2023, subject to the approval of shareholders....
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...
Trading activities in the Nigerian equities market closed positively on Wednesday as the bargain hunting in the shares of Dangote Cement which gained 1.9% underpinned market...