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Cashless policy: Despite calls for extension by lawmakers, CBN insists Jan 31 remains

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Despite calls by federal lawmakers for extension of deadline for new cashless policy, the Central Bank of Nigeria (CBN) says its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.

The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

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The CBN also raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He also said the time given for the swap of the old naira notes with new ones were enough for Nigerians to go to commercial banks and get new notes.

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The CBN governor said, “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies.

The reason is because just like the President has said more than two occasions and even to people privately, that for us, 90 days, in fact, we feel it is 100 days, that it is enough for anyone who has money or the old currency to deposit it in the bank. And we took every measure to ensure all the banks remain open to receive all old currencies.

“100 days we believe is more than adequate. We called on the banks, not only are we requesting you to extend your banking hours so that you can receive old currencies, but we are also asking you to keep your doors open on Saturdays, ladies and gentlemen, the banks did not even have any reasons to even keep their banking halls open on Saturdays neither did they see the kind of rush that they anticipated.

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We do not see any reason to begin to talk about a shift because people could not deposit their old monies into their banks.

“There is adequate quality of new notes available but let all know that it is a process of increasing, not producing. Our Mint is producing and we are supplying to the banks and so it will continue to circulate in the system.”

Emefiele also said he recently met with the Nigeria Governors’ Forum and Governors Inuwa Yahaya (Gombe) and Mai Mala Buni (Yobe) and he told them that there is no going back on the January 31 deadline.

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He said the CBN has 1.4 million super agents nationwide to collect old naira notes in exchange for new notes in riverine and upland areas, saying “money is going down and is circulating to the lower rung of the community”.

“We have 1.4 million points of our super agents; those agents are going to be available to conduct cash exchanges. The super agents are like kiosks, shops in your community, whether it is a riverine or upland area, they are there, selling sweets, selling kola nuts but they have been appointed as agents that will do cash exchange and cash swap for you. This, we have put in place,” he said.

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

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There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

The CBN also recently directed commercial banks to halt over-the-counter payment of the new notes and load their Automated Teller Machines (ATMs) with the redesigned naira notes to boost circulation.

The apex bank also launched a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes for new notes before the deadline.

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However, the House of Representatives, the Senate and the Nigeria Governors’ Forum have asked the CBN to extend the date to enable more Nigerians get the new notes as the timeline was too short.

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NBC Slams TVC, Arise TV N2m Fine For Broadcast Violation

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By Gloria Ikibah

The Nigeria Broadcasting Commission NBC, has sanctioned Television Continental (TVC) and Arise television stations for breaching sections of the Nigeria Broadcasting Code.

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According to a letter by the Director General of the Commission, Barabe Shehu Ilelah, the television houses are to pay a fine of N2m each.

The letter reads in part: “The penalty shall be paid within two weeks of the receipt of this letter or sanction shall be graduated.

“The broadcaster shall ensure that its presenters handle programme with professionalism and sound judgement, to ensure that it does not lose focus or lead to unfair treatment of any person or institution.

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“Broadcasting shall promote human dignity; therefore, hate speech is prohibited. The Broadcaster shall not transmit any programme, programme promotion, community service announcement or station identity, which is likely, in any circumstance, to provoke or perpetuate in a reasonable person, intense dislike, serious contempt or severe ridicule against a person or groups of people because of age, colour, gender, national or ethnic origin, disability race, religion or political leaning”.

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SAD! Customer Dies Inside Bank In Delta

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A customer slumped and died after standing in a queue for long hours at a commercial bank in Agbor, Delta State.

According to the Tribune on Friday, the yet-to-be-identified man died after waiting for hours on end to collect his Automated Teller Machine (ATM) card at the bank’s branch in Ika South Local Government Area, Delta State.

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Confirming his death, the state’s Police Public Relations Officer, DSP Bright Edafe, said, “He was not trying to withdraw cash as claimed; however, he came to the said bank to collect his ATM card.”

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Angry Customers Attack Wema Bank in Ibadan For Inability To Withdraw Money+VIDEO

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A group of angry protesters have attacked Wema Bank Plc at the Ibadan the Oyo State capital.

Naijablitznews.com reports that this is amid the Protest of scarcity of the new naira notes and fuel in Ibadan

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Naijablitznews.co recalled that residents of Ibadan had taken to the streets in protest against the hardship triggered by the naira notes swap and the hike in fuel price.

The Central Bank of Nigeria (CBN) late last year introduced newly-designed N200, N500, and N1,000 notes and gave a January 31st deadline to phase out the old notes. The deadline was later extended by ten days following the outcry by Nigerians over the policy.

Despite the extension, the new notes are scarce and Nigerians are finding it difficult to get the old ones.

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Also, in several parts of the country, the pump price of fuel has increased with people buying the product for as high as N500 per litre. Long queues have also resurfaced in many places.

People are Fed Up with the situation forcing some residents to take to the streets, demanding that the authorities urgently address the situation.

The roads leading to the Iwo area of Ibadan were deserted as the protesters barricaded them. They were also burnfires on the road and reports suggest that a commercial bank was attacked in the process.

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