The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, has the real sector of the economy is undergoing...
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Nigerian government to address supply side issues to succeed in its effort at taming...
The Centre for the Promotion of Private Enterprise (CPPE) has warned Nigerian regulatory authorities to soft-pedal in discharging their duties lest they suffocate investors and manufacturers...
The Centre for the Promotion of Private Enterprise (CPPE) has condemned latest rate hikes by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria...
The Centre for the Promotion of Private Enterprise (CPPE) has explained factors that led to the slowing down of the Nigerian economy in the second quarter...
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned against the tendency to mistake the recent unification of naira exchange rates across various windows...
By Rosemary Iwuala The Centre for the Promotion of Private Enterprises (CPPE) says some tax and import duty provisions in the 2023 Fiscal Policy Measures of...
Prominent economic experts in Nigeria have cautioned the federal government against raising the value added tax (VAT) from 7.5 per cent to 10 per cent by...
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...
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) on Friday said Nigerians deserve an apology from the Federal Government for subjecting them to hardship via...
![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://businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM-400x240.jpeg)
![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://businessmetricsng.com/wp-content/uploads/2023/02/WhatsApp-Image-2023-02-20-at-12.13.47-AM-80x80.jpeg)
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...
The Centre for the Promotion of Private Enterprise (CPPE) has expressed concerns that despite the 10-day deadline extension given on Sunday, shortcomings surrounding the ongoing currency...
The Centre for the Promotion of Private Enterprise (CPPE) has urged President Muhammadu Buhari not to leave a legacy of unbearable tax burdens for Nigerians and...
The Centre for Promotion of Private Enterprises (CPPE) has hinted the government on some 11 ways to boost the economy as a response to dwindling gross...
The N3.92 trillion spent as subsidy on Premium Motor Spirit, popularly called petrol, from January 2020 to June 2022 is higher than the cumulative individual federal...
The Centre for the Promotion of Private Enterprises (CPPE) has argued that the Nigerian Bureau of Statistics (NBS) under-reported the contribution of Nigeria’s Maritime sector to...
The Centre for Promotion of Private Enterprises (CPPE) has again urged the Central Bank of Nigeria (CBN) to adopt a flexible exchange rate regime to end...
The Centre for the Promotion of Private Enterprise [CPPE] has urged the Central Bank of Nigeria to repeal its recently introduced electronic invoicing and evaluator for...
