Economy

Buhari Unveils Redesigned Naira Notes

Published

6 months ago

November 23, 2022

President Muhammadu Buhari has introduced the newly redesigned N1,000, N500 and N200 notes to the country.

President Muhammadu Buhari speaking at the unveiling ceremony of the new naira notes
President Muhammadu Buhari speaking at the unveiling ceremony of the new naira notes
The President performed the long awaited ceremony at the State House Council Chambers on Wednesday shortly before the commencement of the Federal Executive Council (FEC) meeting.

The redesigned N200, N1000 and N500 naira notes
The redesigned N200, N1000 and N500 naira notes
In unveiling the redesigned notes, the President was supported by the Central Bank of Nigeria (CBN) Governor, Goodwin Emefiele, and the Minister of State for Finance, Budget and National Planning, Prince Clem Agba.

The new naira note policy has been generating controversy since it’s announcement by Emefiele, with the Minister of Finance, Budget and National Planning, Zainab Ahmed, kicking against it and saying she wasn’t even consulted.

President Buhari had however repeatedly thrown his weight behind the policy, saying that is the only way to save the naira.

Emefiele announced that President Buhari would unveil the new notes on Wednesday.

Emefiele made the announcement at the CBN Monetary Policy Committee (MPC) meeting that took place at the apex bank Abuja headquarters on Tuesday.

The redesigned N200 note
The redesigned N200 note
During the meeting, Emefiele reiterated that the new notes will become legal tender immediately they are launched today but the old notes will remain acceptable till January 31, 2023.

The apex bank boss however warned that there won’t be any extension to the January 31 2023 deadline to stop accepting the old notes as legal tender

Economy

We Have Not Devalued the Naira, says CBN

Published

3 days ago

June 2, 2023

Sunrise Nigeria

The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and Exporters (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” the statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.

Economy

NPC Boss Canvases Inculcation Of Productivity In The Informal Sector

Published

2 months ago

April 8, 2023

Sunrise Nigeria

The Director General, National Productivity Centre, Dr Kashim Akor said for a virile and robust economic sustainability, productivity should be mainstream into the Informal sector to protect the over 80% of jobs already created by the sector.

Dr Kashim Akor dropped the message saying the small scale businesses created out of these sector will fail or outlive it’s usefulness, without recourse to productivity.

He expressed this concern at a two days workshop to mark the 4th National Productivity Summit held at Nigerian Army Resource Centre, Asokoro FCT, Abuja between Tuesday 4th and Wednesday 5th of April, 2023.

He maintained that the quantum of jobs created by the Informal sector that had addressed unemployment rates in the country, will be counterproductive when productivity is neglected.

Dr Kashim Akor stressed that the only option to extricate failure of businesses in the Informal sector that had been driving force of the world economies was not only to enhance productivity, but it’s sustenance in all areas.

He advised the Informal sector to take productivity as it’s cardinal objectives, so as to continue to protect not only the sector , but unemployment rates in the country.

The two-day event has its theme, “Enhancing the Productivity of the Informal sector for Increased Competitiveness.

Economy

Public Relief, as CBN Directs Banks to Release and Accept Old N200, N500, N1000 Notes

Published

3 months ago

March 14, 2023

Sunrise Nigeria

Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.