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Naira Notes: There’s Sufficient Stock For Economic Activities, CBN Assures Nigerians
Amidst complaints by some Nigerians about scarcity of Naira notes, the Central Bank of Nigeria (CBN) says there is adequate supply of the currency.
The Tide’s source reports that CBN gave the assurance against the beckdrop of complaints by some bank customers on scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).
Some officials of Deposit Money Banks (DMBs) also claimed that the DMBs were not getting adequate supply of cash from the CBN.
But, according to a statement issued by the Corporate Communications Department of the CBN, there is no shortage of Naira notes, as there is adequate supply of the currency in the economy.
The apex bank said that the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by DMBs.
It said that panic withdrawals by bank customers was also partly responsible for the seeming scarcity.
“The attention of the CBN has been drawn to reports of alleged scarcity of
cash at banks, ATMs, PoS and BDCs in some major cities across the country.
“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.
“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.
“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” it said.
The CBN advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.
It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.
Meanwhile, the CBN also warned Nigerians to beware of fake Naira banknotes in circulation.
Its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, gave the warning in a statement.
Sidi-Ali said that the counterfeit Naira notes were mainly used for transactions in food markets and other commercial centres across major cities in the country.
She said that any person found complicit in the circulation of the counterfeit currency notes would face severe sanctions.
The director said that the law provided punishment by a term of imprisonment of not less than five years, for any person found culpable of counterfeiting Naira notes or any other legal tender in Nigeria.
“The attention of the CBN) has been drawn to the circulation of counterfeit banknotes, especially higher denominations by some individuals.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters.
“Members of the public are also encouraged to report anyone suspected of having counterfeit naira notes to the nearest police station, branch of the CBN, or via contactcbn@cbn.gov.ng,” she said.
She enjoined all DMBs, Financial Houses and Bureaux de Change and the general public to be more vigilant.
Sidi-Ali urged them to take all necessary precautionary measures to curtail the acceptance and distribution of counterfeit notes.
“Furthermore, the general public is encouraged to embrace alternative modes of payment for day-to-day transactions to mitigate the risk of spreading counterfeit banknotes,” she said.
The Nigerian rail system generated N1.69billionn in revenue from passengers in the second quarter of 2024, reflecting a 53.14 per cent increase compared to the N1.10billion recorded in the same period of 2023.
This data was disclosed by the National Bureau of Statistics in its report released yesterday.
According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.
The volume of goods transported via rail also saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023. Additionally, the Nigerian Railway Corporation reported a volume of 5,940 tons of goods transported through pipelines in Q2 2024, an increase from the 2,856 tons recorded in the same period of the previous year.
Revenue from goods conveyed via rail stood at N537.36m in Q2 2024, a remarkable increase of 206.68 per cent compared to N175.22m in Q2 2023. The movement of goods through pipelines also contributed to revenue generation, with N42.08m collected in Q2 2024, compared to N12.81million in Q2 2023.
Other revenue receipts amounted to N994.68million in Q2 2024, representing a staggering increase of 5,206.68 per cent from the N18.74m recorded in the corresponding period of last year.
In the first quarter, of 2024, The Tide source reported that Nigeria spent more on servicing the debt incurred for building its railways than the revenue generated by its railway system. The country spent 2,470 per cent more on railway debt servicing than it made from revenue from rail services in the first quarter of 2024.
The Niger Delta Development Commission (NDDC) says it is committed to advancing projects and programmes that enhance food security and sustainable growth in the region.
Chief Monday Igbuya, the Delta State representative on the NDDC Board, made this pledge in a statement issued in Port Harcourt, yesterday by the NDDC’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama.
Igbuya spoke at the inauguration of a training and empowerment programme for women and youths in livestock and agro processing in Amukpe, Sapele area of Delta.
He stated that the NDDC was prioritising livestock training in line with President Bola Tinubu’s Renewed Hope Agenda.
“NDDC is focussed on implementing programmes to ensure food security and agricultural growth in multi sectors, aiming to improve living standards.
“It is our belief that for socio-economic development to take place, there is need to develop manpower in the agricultural sector,” he said.
Igbuya expressed confidence that training farmers would enhance livestock production, create jobs, and alleviate poverty in the Niger Delta.
Mrs Winifred Madume, NDDC Director of Agriculture and Fisheries, said that training farmers and entrepreneurs was essential for improving productivity and market access.
“The commission has been promoting research and development through various institutions and providing farming techniques to beneficiaries,” she said.
The Project Consultant, Dr Simon Akhaine, said that 200 women and youths had registered for the livestock and agro-business skill acquisition programme.
According to him, the programme aims to equip them with the essential knowledge and skills for self-sufficiency in livestock farming, thereby boosting regional food security.
President Bola Tinubu will not attend the 79th session of the United Nations General Assembly in New York this year.
In his stead, Vice President Kashim Shettima will lead Nigeria’s delegation to the annual summit.
Tinubu “wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding,” a statement from the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, revealed yesterday.
The statement is titled ‘Vice President Shettima to Lead Nigeria’s Delegation to the 79th United Nations General Assembly.’
It reads, “President Bola Tinubu will not attend the 79th session of the United Nations General Assembly in New York this year.
“Therefore, the President has directed Vice President Kashim Shettima to lead Nigeria’s delegation.”
Tinubu, who returned to the country last Sunday after his trips to China and the United Kingdom, “wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding,” said Onanuga.
At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.
The high-level General Debate, with the theme “Leaving No One Behind: Acting Together for the Advancement of Peace, Sustainable Development, and Human Dignity for Present and Future Generations,” will run from Tuesday, September 24, through Saturday, September 28, 2024.
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