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CBN commences New Naira notes distribution

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The Central Bank of Nigeria (CBN) will, today, commence the distribution of the New Naira notes to its branches across the country.

The Director of Currency Operations, Mr. Bello Umar, disclosed this, in Abuja, during yesterday’s Post-Monetary Policy Committee press briefing.

He said, “From Thursday, that is tomorrow (today), we will start distribution to CBN branches across the country. So that whenever we are set to launch, maybe at a later date, we already have the notes across the country.”

The new notes are expected to be in circulation as from December 15, and will circulate side-by-side with the old notes until January, 31 2023, when the latter would cease to be legal tender.

Mr. Umar, said, however, that the apex bank was concerned that the rush to deposit old notes has not yet been seen, as anticipated.

He revealed that as of Friday, last week, only N165 billion had been deposited by banks with the CBN and that even some of the banks with high customer-base records had not made any deposit.

Under the policy, the CBN expects to mop up about N2.7 trillion held outside the banking system, out of the N3. 2 trillion in circulation.

According to the director, “When we designed this policy, there was about N2.7 trillion outside the banking system, out of the N3.2 trillion in circulation. As at Friday last week, 18th November, the total deposit that we have received from the banks, was the sum of N165 billion. Which is still small.

“We are not seeing the rush. Some banks have not even made any deposits and some of them are banks with large customer-base. In fact, the Director Banking Supervision had to bring it to the notice of the Inter-Agency Committee, yesterday.

“It is a problem for us and we are hoping that it does not result in a stampede when we are getting close to the end of January.”

The director said that the CBN had extended its work days to Saturday and that the bank’s branches were opened to receive deposits from banks.

He added that the apex bank has also waived charges and removed all limits in terms of the amount of money that a customer could deposit in his account, adding that there was no reason for anyone to be afraid to deposit their monies in their accounts.

He warned that the January 31, 2023 deadline was sacrosanct and that members of the public should make sure they returned the three denominations (N200, N500 and N1, 000) before January 31, 2023 as all monies held in those denominations would Cease to be legal tender after that day.

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Dana Air initiates refunds following suspension by NCAA for safety audit

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Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.

The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.

The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.

According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.

  • “In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
  • “To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.

The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.

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Naira falls to N1,300/$ at parallel market

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The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 3.17 percent drop from the N1,260 traded on April 22.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,300 — leaving a profit margin of N40.

At the official window, the naira fell to N1,308.52 against the dollar — a 0.64 percent decline from the N1,300.15 traded on April 23.

According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

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Economic hardship: Soludo’s wife advises Anambra women to embrace backyard gardening

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Nonye Soludo, the first lady of Anambra, says women in the state should embrace backyard garden practice to help their families cope with the rising cost of living.

Nonye, the founder of Healthy Living Initiative, spoke when she received a group of Anambra female farmers and businesswomen in Awka, the state capital.

She said home garden practices have helped families as primary and regular sources of diet and nutrition

The Anambra first lady said backyard gardens would also reduce dependence on commercial food products which are mostly expensive.

“Economic circumstances do not completely determine healthy living practices, including the choice of what we consume to keep the body in good shape,” she said.

“We also need to dispel the notion that eating healthy is about eating expensive food products.

“You only need to go to the small farm behind your house to pick up what the body needs to be healthy.

“This is why I am encouraging families to embrace backyard or home gardens and this is in line with the state government’s agricultural agenda.

“Those who live in areas without enough land for subsistence farming purposes can adopt sack farming, which does not cost anything to set up.

“By having such farms around the house, households can have easier and healthier alternatives, cut down their costs of living and boost the green environment.’’

Nonye said her healthy living campaign aims to sensitise households on adopting healthy living as a culture.

“One of our goals is to ensure that families in Anambra prioritise nutritional values of what they eat to improve their family health,” she added.

On her part, Esther Onyekesi, the leader of the group, said women have a major role to play in food production and should be given every necessary support.

Onyekesi, who is also the women’s leader of the All Progressives Grand Alliance (APGA) in the state, encouraged her colleagues to key into backyard farming to enhance food security.

She added that the recent hike in prices of foodstuffs should encourage everyone to go into farming.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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