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Naira Note Redesign: CBN Issues New Directives On Bank Accounts

The Central Bank of Nigeria (CBN) has directed all banks in the country, that individuals can only make a deposit of 5 million naira for a new account and 50 million naira for an old account monthly. This directive was issued by the CBN Director of Currency, Ahmed B. Umar, stating that this development was a result of the new redesigned note which is to take effect next month. According to Umar, individuals whose transaction involves a new account can only make a maximum deposit of N5 million, while those operating an old account can only make a maximum deposit of N50 million monthly. More so, stating that those with multiple accounts will be monitored via the Bank Verification Number (BVN). Noting that those who hoarded large sums of naira notes stand a chance of losing.

CBN Advised Students To Pay Their School Fees Through eNaira Platform

The central Bank of Nigeria, CBN, has called on students of the Nigerian tertiary institution to maximise the usage of the eNaira as a choice currency for payment of their tertiary education fee. The advice came from the Director of Information Technology department at the CBN and also coordinator technical working committee eNaira secretariat, Rakiya Muhammad during an awareness campaign at the University of Lagos, Akoka, Lagos state.

Nigeria Partners With India To Battle Corruption

The Nigeria Economic and Financial Crimes Commission (EFCC) and India’s Enforcement Directorate (ED) have reached an agreement to collaborate in the battle against corruption in both countries. The spokesperson of EFCC, Wilson Uwajuren, while disclosing this in a statement on Wednesday, said Abdulrasheed Bawa, EFCC chairman, and Sanjay Kumar Mishra, ED’s director, announced the decision at a meeting in India on Wednesday on the sidelines of the 90th Interpol general assembly in New Delhi, India.

Buhari Approved Naira Redesign-CBN

Less than 48hours after the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele came out to announce plans on redesigning 200, 500, and the 1,000 naira notes, the Finance Minister, Zainab Ahmed has faulted the move, mainly describing it as ill-timed. Zainab claimed that CBN never consulted her ministry before forging ahead.“We were not consulted,” she said. “It was an announcement that we heard. Part of the reasons that were advocated is that it is one of the ways to mop up the liquidity to manage inflation.“But there are also consequences, we are looking at what the consequences will be. There will be some benefits but there will be some challenges.”

Second Niger Bridge Completed

The Minister of Works and Housing, Babatunde Fashola has confirmed the completion of the second Niger bridge he also stated the road will soon be available for public use immediately after the construction of the link road presently being submerged by flood. Fashola made this known during a press briefing to present to the President, Major General Muhammadu Buhari's scorecard on the 19th of October 2022 in the nation's capital. He said, “I can confirm that the second Niger bridge itself is finished. People can walk through the bridge now unimpeded. What remains is the four-kilometer link road on the Asaba side.

Transport Sector To Generate Jobs For Millions Of Nigerians

The Minister of Transportation, Muazu Sambo has revealed that the Federal Government is ready to procure full-time jobs for millions of Nigerians in the next 10 years through the Transportation sector, this was contained in a statement by Special Assistant on Media and Publicity, Dr. Sam Idiagbonya on 28th 0ctober 2022 at the ongoing 2022 Ministerial Retreat at Uyo, Akwa Ibom. Sambo stated infrastructural gaps that existed in the sector necessitated the development of the National Development Plans; Medium-Term Development Plans 2021-2025 and a Long-Term Plan called the Nigeria Agenda 2050.

FG: No Plans To Privatize Transmission Company

The Federal Government through the Minister of Power, Abubakar Aliyu has debunked rumors of FG privatizing the Transmission Company of Nigeria (TCN), This speculation was made due to the reoccurrence of grid collapse. In a statement issued on 12th October 2022, by the minister's aide on Media, Malam Isa Sanusi urged the public to dismiss the information on plans to sell the company. “This is a response to media reports and statements claiming that there is a plan to privatize TCN. “Some of the reports even falsely claimed that the said privatization is going to take place in coming months,” the ministry said. “These reports are untrue and are only mere misinformation aimed at spreading panic in the power sector, which is making progress towards ensuring that Nigerians enjoy uninterrupted power supply".

Redesigned Naira Notes To Be Released

The Central Bank of Nigeria (CBN) has revealed through its Governor, Godwin Emefiele, that the current 200,500, and 1000 Naira notes will be mopped up in an effort to curb inflation and also to take charge of money control supply in the nation, hence the current notes will no more be accepted from 21st January 2023, giving 100 days to swap old notes for the new incoming notes. It is said that the redesigned notes will be in circulation on 15th December 2022, Emefiele, therefore, urges Nigerians to begin depositing such cash in possession from 27th October 2022, at no cost ahead of disbursement.

Dangote, Kogi Government Battle Over Ownership Of Obajana Cement

The faceoff between Dangote Cement Plc and Kogi State government, over ownership of the Obajana cement plant in Kogi State took a nasty turn on Friday as the parties involved continued to lay claims to the facility. The Management of Dangote Cement Plc. yesterday firmly declared that the Obajana Cement plant in Kogi State is owned 100 per cent by it and that the invasion of the plant last Wednesday by armed vigilantes “on the orders of the state government” was illegal. In a swift reaction, the Kogi State Government said the state “has all the relevant documents to prove that the purported acquisition of Obajana by Dangote is null and void.” There was pandemonium on Wednesday when officials of the Kogi State government reportedly moved to seal the cement plant.
Although the government said one person was shot during the chaos that ensued, the cement company claimed that 27 of its workers were shot by vigilantes acting on the orders of the state government.

Visa Ban: FG To Repatriate Foreign Airline’s Trapped Funds – CBN Governor

The Central Bank Governor, CBN, Godwin Emefiele has said the United Arab Emirates is threatening visa ban due to the funds of airlines trapped in Nigeria. He told House of Representatives leadership that the apex bank released $110 million to the foreign airlines in August and is due to release another $120 million on 31st of October. Emefiele said this during a meeting convened by the leadership of the House of Representatives to resolve the $700 million of trapped funds of foreign airlines operating in the country. According to him, Nigeria is a big market for their business, adding that they should not continue to threaten the country over little disagreements.

NIPOST: President Buhari Appoints New Postmaster General

President Muhammadu Buhari has approved the appointment of Hon. Adepoju Sunday as the new Postmaster General (PMG)/Chief Executive Officer (CEO), of the Nigerian Postal Service (NIPOST). According to reports, Adepoju was appointed following the recommendation of the Minister of Communications and Digital Economy, Prof. Isa Pantami.

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