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Scarcity of Redesigned Currency: Nigerian Traders Seek Extension of January 31 Deadline

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New Naira Notes

About a week to the expiration of the January 31 deadline given by the Central Bank of Nigeria (CBN) for the use of the N1000, N500 and N200 old naira notes, some Nigerians have urged the bank to extend the date.

The Nigerians, most of whom are traders, lamented the scarcity of the new naira notes.

Market women and men in Osun State pleaded with the authority of CBN  to extend the January 31 deadline by which the old naira notes would have been completely deposited at the banks.

Investors King had reported that the CBN had stipulated January 31, 2023, as the deadline for issuance and circulation of the old N200, N500 and N1,000 denominations of the country’s currency following the introduction of new banknotes

Speaking at a sensitisation of stakeholders on currency redesign organised by CBN held at Atakunmosa market in Ilesa, some market men and women lamented the scarcity of the new naira notes and appealed to the apex bank to extend the deadline.

They said non-availability of new notes might make it practically impossible to meet up with the deadline set by the CBN.

The market women led by Osun Iyaloja General, Alhaja Awawu Asindemade and her counterpart from Atakunmosa West local Government, Mrs Annah Awe, explained that the commercial banks in the state have not made the new notes available to customers in the state.

Also speaking, a trader at Atakumosa market, Mr Isiah Ojo said he has only come in contact with one piece of the new N1,000 note, adding that most banks and galleries with Automated Teller Machines (ATMs) in his area do not issue the new notes to customers.

Ojo said, “I only saw the new note –N1,000 like twice when a customer brought it to my shop. But all attempts to get it from banks were not successful. At least, I visit banks weekly but they still give out old notes.

“Most of the ATM galleries in my area do not issue the new notes,” Yauza said.

Also speaking, another trader, Mrs Awe Christiana lamented that banks are not given customers the new note as they were complaining not having the new naira note which is contrary to the message the CBN has been preaching to Nigerians.

She begged the financial authority to extend the deadline in the interest of the market women, especially those in rural communities.

While promising to relay CBN’s message on meeting the deadline to all market leaders in the state, who will in turn pass the message to others in rural areas, she commended the officials of the CBN for coming up with the sensitisation.

Reacting, the CBN Director of Research, Dr Adebiyi Micheal Adebayo urged Nigerians not to wait till January 31 to turn in the old notes for the new redesigned currency.

He insisted that the January 31 deadline for old notes to cease being legal tender is sacrosanct.

He urged market traders, business operators and Nigerians to embrace various cashless channel outlets to return old currency notes in their possession, and make use of the same cashless transaction channels as preference for cash transactions.

“You all observed this sensitisation exercise by the CBN has been ongoing. It’s a two leg exercise. “One of them is to tell you to return your old notes in your custody for new re-designed currency between now and January 31. At the expiration of the deadline, your old notes are useless,” he told the traders.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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