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Redesigned Naira: CBN Launches Cash Swap Programme For Rural Dwellers …CAN Pledges Support For New Notes
The Central Bank of Nigeria (CBN), is to launch a Cash Swap Programme in partnership with Super Agents and Deposit Money Banks (DMBs), to enable rural dwellers and those with limited access to formal financial services to exchange old Naira notes for the redesigned notes.
Director, Financial Markets Department of the Bank, Dr. Angela Sere-Ejembi, made this known at the weekend when she led a team to the popular Modern Market and North Bank Market all in Makurdi to sensitise traders and their customers on the redesigned Naira notes and the urgent need to return the old notes to commercial banks for new ones.
Represented by a Deputy Director in the bank, Mr. Demenongu Yanfa, Sere-Ejembi, disclosed that the Cash Swap Programme would take effect from today.
She said the initiative was part of a concerted effort by the apex bank to maximise the channels through which undeserved and rural communities could speedily exchange their old Naira notes.
Giving an insight into the swap process, Sere-Ejembi explained that “the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
“The agent shall exchange a maximum of N 10,000 per person. Amounts above N 10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
“This service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered Know Your Customer, KYC, Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
“Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions. The designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cashout fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.”
According to her “Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in tum render same to the CBN on a weekly basis.”
She said, “Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.
“The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas and the CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
Sere-Ejembi told the gathering that since January 31, 2023 was the deadline for the withdrawal of the old Naira notes, there was a need for the people to take advantage of the remaining days to lodge their old notes in the banks.
She disclosed that the new notes were designed with special security features and produced to last long thereby saving the country the money spent on reproducing notes.
She advised the people to report to the CBN through a phone number provided on flyers, any bank that refuses to accept the old Naira notes before the January 31 deadline.
Meanwhile, Christian Association of Nigeria (CAN), has promised to support the Central Bank of Nigeria, to ensure the actualisation of the goals of the change of old currency notes.
CAN Secretary, Abia State, Rev. Dr OkechukwuMgbeahuru, who made the pledge when he received in audience a monitoring team from the CBN said, that churches in the state would help to sensitises their members about the new policy.
Mgbeahuru thanked the CBN for deeming it necessary to carry the church along in the new policy, and promised to help pass the message through the various CAN blocs.
He said that the public awareness on the new policy could be spread faster through faith-based organisations.
CAN noted with concern that the new Naira notes were still scarce, and urged the apex bank to help clear the impediments slowing down the circulation process.
Adding his voice, the Abia State Coordinator of Nigeria Prays, Dr Chuks Alozie, lauded the CBN for the policy, saying that any economic policy that would help revive Nigeria’s economy would receive the tacit support of the church.
Speaking earlier, leader of the CBN team, and the Head, Corporate Communications Department of the apex bank, OsitaNwanisiobi, said that they were in the state to enlighten the public on the details of the new policy, and to assess the level of compliance by commercial banks on the distribution directives of the new currency notes.
He noted some complaints by traders and members of the public that the new notes were not fully circulating.
The CBN Spokesperson said the team had visited some banks where it was found that many of the banks were still dispensing the old currency notes in their Automated Teller Machines (ATMs).
Nwanisiobi said the team had noted some of the challenges that commercial banks said they had in distributing the new currency notes, promising that in the coming days more new Naira notes would be in circulation.
He said the banks had been sternly warned to ensure they load their ATMs with only the new naira notes, and not to dispense the new notes over the counter for now.
Nwanisiobi threatened heavy sanctions against any commercial bank found hoarding the new currency notes or flouting the guidelines on their distribution.
He said that the CBN had enough of the new currency notes, while urging commercial banks to come to the apex bank and collect their allocations.
Addressing traders earlier at Ubani Ultra Modem Market, Nwanisiobi said that the January 31 deadline for the old currency notes to cease being a legal tender was sacrosanct.
He urged traders to deposit all their old currency notes before the deadline, adding that people without bank accounts could still sway their old currency notes through super agents in communities and hamlets where there are no banks.
He also urged people to embrace other payment options for their financial transactions to minimise the use of physical cash.
In a remark, Vice Chairman of the market, Chief Chikaodi Chukwunyere, pleaded with the CBN to send super agents to the market for currency swap for people without bank accounts.
The CBN team also took the public enlightenment to the mosques in Umuahia to sensitise Muslim faithful.
In an interview with newsmen, Chief Joseph Anosike (Niger Tailors), accused commercial banks of sabotaging the new policy by taking the new naira notes to politicians.
He regretted that the masses expecting to get the new naira notes via ATMs get disappointed as most of the banks still dispense the old notes through their ATMs.
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Arson: Those Behind It’ll Account For Atrocities -Fubara …Swears In Bipi, Three Others As Commissioners
Rivers State Governor, Sir Siminalayi Fubara, has said that his administration will not fold its hands and watch sponsored political thugs run berserk, committing arson in the State.
The Governor, therefore, assured that, working with the Nigerian Police Force and the Directorate of State Services (DSS), measures will be taken to unravel those behind the recent burning of council Secretariats at Ikwerre, Emohua and Eleme Local Government areas, with a view to making them account for their atrocities.
Governor Fubara gave the assurance while swearing in four new commissioners into the Rivers State Executive Council at Government House in Port Harcourt yestersday.
Those sworn in are Hon. Israel Lebura Ngbuelu, PhD; Hon. Evans Bapakaye Bipi; Barrister Otamiri John Ngubo; and Hon. Barrister Benibo Anabraba.
Governor Fubara recalled mentioning when he sworn-in newly elected Local Government Councils’ Chairmen on 6th October, 2024, that there was intelligence on planned mayhem by misguided persons, who had threatened to prevent the elected officers from resuming duties.
True to it, Governor Fubara said, the sponsored political thugs hatched their plans, and burnt valued buildings at some council secretariats.
He said, “I said it before it happened. I knew because they were unhappy, they would go extra miles to create disaffection in the minds and hearts of the good people of Rivers State.
“We want to also let the people know that what has happened (arson) after the election, we are not going to allow it to go uninvestigated.
“A similar event had happened in this manner before, and after some weeks, some of our supporters were declared wanted in order to turn the story around.
“But this time around, I strongly believe, with the support and cooperation of the Nigerian Police and the Directorate of State Services (DSS), we will unravel those behind the assault and make sure that they account for their atrocities.”
Governor Fubara expressed appreciation for the show of patience and calmness by majority of Rivers people despite the fact that they are angry with the reckless acts of the misguided miscreants.
The Governor said he has continued to show leadership, provided the climate that has engendered productive endeavours, and will not mislead those he is leading.
“As your leader; the one steering the ship, I assure you I will not mislead anyone of you. I still stand on the path of peace. We have cases of arson in some local government areas.
“But, I appreciate your calmness. I have always maintained that we are going to be the greatest losers, if we meet them force-for-force. We need to go with peace.
“So, I will encourage everyone of you not to follow them with violence. We are carrying a basket of precious eggs in our hands. So, we need to follow them with carefulness and wisdom.”
Governor Fubara reiterated what he said the previous day on what should matter most for Rivers State, which is a firm support to ensure that the progress of Nigeria is sustained.
He said, if oil theft is not checked, the country’s economy will be badly impacted, and there will not be funds to address critical issues.
“We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.
“Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalisation.
“This is the only way that the allowances (revenue) will increase and more will also come to our State, and more progress will also be achieved in this State.”
Governor Fubara explained that his administration is doing a lot for the good people of the State, that are not being seen because of the political drama that takes their attention away.
He, however, said that his administration is working out modalities, and will soon choose a day, which could probably be before the end of October, 2024, to showcase a few projects and services that have positively impacted lives in the State.
Governor Fubara congratulated the newly sworn-in commissioners for making it into the Rivers State Executive Council.
He explained that more persons whose loyalty are for Rivers people and the administration needed to be admitted into the Rivers State Executive Council to help drive the policy of government because they will not resign their appointment.
Governor Fubara said: “We want to be sure, at this point, who we are adding into the Council, so that we will not wake up one morning and see resignation letter. So, we are taking our time.
“And usually, after a normal political period, there used to be what we call balancing. So, I can also say that the new Commissioners that are coming in are coming from their zones to also balance the political equation.”
Governor Fubara charged them to be dedicated, forthright, diligent and productive while rendering quality services to the State.
The Governor said he believed in their capacity to deliver because of their exposure to the workings of government, and expressed the hope that they will contribute positively to the success of the administration.
He said, “So, let me thank everyone of you. Let me also use this opportunity to thank the good people of Rivers State for their support, and to assure them that we will continue to defend, protect the interest of Rivers people.
“I want to thank everyone of you for your support, more especially before, during and after the elections. I appreciate your doggedness, your belief in our course to salvage this State, to protect the integrity of this State,” he added.
Head of Civil Service of the Federation (HoCSF), Mrs Didi Walson-Jack, has sought media support to fast-track the implementation of the ongoing reforms in the civil service sector.
Walson-Jack made the request during a cocktail organised by her office for media executives from different organisations in Abuja.
The event, according to her, aimed at interacting with the media men one-on-one, appreciate them and implore them to continue to strengthen the bond with the office.
“I want to start by thanking each and everyone of you for honouring this invitation. I want to say that we purposely designed this grail cocktail so that we can have one-on-one interactions.
“Let me also go ahead to thank you for all the supports you have given to the Office of the Head of the Civil Service of the Federation (HCSF) in the years past I know that the Fourth Estate of the realm has always supported this office.
“I will also go ahead to thank you for your support, especially at my announcement as the HoCSF and that support has continued, up till date.
“We, therefore, thought it fit that we should organise this event just to interact with you to strengthen the bond that this office has with the media, “ she said.
The HoCSF recalled that her office had continued with programmes she met on ground upon assumption of office, especially the ongoing reforms on Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025).
She, therefore, appealed to the media for continuous reportage on the initiative, so as to give it the necessary publicity for proper dissemination to the citizens.
“You will recall that the office has the Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025) and that is the plan that we are still driving.
“We want to request that you collaborate more with us, we are asking that the friendship, the partnership go beyond what it is now to ensure that the reforms which this office is driving get the full publicity it requires,” she said.
Walson-Jack used the medium to announce the preparation to re-introduce the civil service national anthem officially for the entire civil servants to recite at every national programme.
“The anthem has been re-introduced to drive the reforms and it’s expected that the anthem will be sung by all federal civil/public servants and indeed Nigerians.
“And it will be an anthem that will encourage every public servants to be efficient, productive, incorruptible and citizen-centred, “ she added.
Participants at the event congratulated Mrs Walson-Jack for her uplifting to the position of the HoCSF and pledged to continue in the relationship.
In a response, Mr Ephraims Sheyin, Editor-in-Chief, News Agency of Nigeria (NAN), pledged the agency’s readiness to give the HoCSF the needed support.
According to him, supporting government policies has always been NAN’ priority as government’s owned media organisation.
“You can take it for granted that we are going to give the Office total support. It is part of our own mandates to support Federal Government policies, so we are going to do that fully for the head of service.
“As she said, she has her policies which are in tandem with the federal government policies, she is asking for the support in implementation of the Federal Government policies.
“She has very lofty ideas, she has lofty things that she believes that we should do. Our job is to make sure that whatever government wants to do, we have to support such policies, “ he said.
Speaking in the same vein, Mrs Halima Musa, Director News, NTA, assured her office’s partnership with the Head of service towards ensuring communicating the needed values on excellence, incorruptibility and new culture of efficiency to the public.
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LG Polls: Rogue Policemen Break RSIEC Gate, Strong Room To Steal Electoral Materials …Fubara Foils Attempt To Cart Away Materials
Rivers State Governor, Sir Siminalayi Fubara has foiled an attempt by the Nigerian Police, led by the Deputy Commissioner of Police (Operations), to take over the Rivers State Independent Electoral Commission (RSIEC) at 1am on Friday, 4th October, 2024.
The rogue policemen were said to have attempted to scale through the gates and strong room of the Commission to cart away sensitive Electoral materials meant for the conduct of Saturday’s local government election in the State.
The deployment was said to have been ordered by the Inspector-General of Police.
However, the evil plots of the rogue policemen and DC Ops were botched when vigilant security officials alerted principal officers of the Commission and relevant government authorities, who immediately informed the Governor of the development.
The Governor immediately led a team of government officials, lawmakers from the National Assembly and State House of Assembly, top political stakeholders, and other leaders to storm the facility.
Addressing newsmen in front of RSIEC Office on Aba Road in Port Harcourt, after an encounter with the rogue policemen, the State Governor, Sir Siminalayi Fubara condemned the conduct of the policemen on illegal duty, saying that the IGP was taking his friendship with some Abuja-based politicians too far.
He restated the position that the attempt to surreptitiously withdraw policemen already deployed to protect the facility, and replace them with a detachment from a neighbouring State was unacceptable.
He reminded the IGP that local government election was the internal affairs of states, and advised him to allow the federation unit conduct its affairs without interference.
At present, the Chief of Staff, the Speaker of the Rivers State House of Assembly, and State and National Assembly members, alongside other stakeholders, are manning the RSIEC office to ensure that the rogur policemen in two trucks and two Hilux vehicles do not return and that elections will go ahead as scheduled on Saturday.