Cashless Policy And The Cashless Banks Of Nigeria

 By Ezinwanne Onwuka

It was in October 2022 that the Central Bank of Nigeria, CBN, announced its intention to redesign the currency, which it said was in the best interest of Nigerians to check terrorism financing, counterfeiting and imbalances in the fiscal space, and to enable the apex bank to take control of the currency in circulation.  

*Buhari and Emefiele 

As a result of the currency redesign, the CBN also set the maximum cash withdrawal limit via the Automated Teller Machines and point of sale, PoS, agents at N20,000 per day for individuals subject to N100,000 per week, instructing commercial banks to load only denominations of N200 and below into the ATMs. 

Politics Of New Naira Scarcity

 By Sola Oni

On Thursday, February 2, 2023, during a zoom interview on Channels TV, the National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, was put on the spot over the current naira crisis. The Central Bank of Nigeria mandates banks to pay customers with the new naira. The banks complain of inadequate supply of the new notes and innocent Nigerians are groaning under the yoke of the buck passing between the CBN and the commercial banks.

Responding to a question that the Point of Sale operators were taking advantage of the naira scarcity to charge those desperate to withdraw money huge interest, Olojo explained that his members  also had to source for naira notes in many places, including filling stations at a cost.

Nuisance Around New Naira Notes

 By Ray Ekpu

When Mr Godwin Emefiele announced in October last year that the Central Bank of Nigeria (CBN) would be redesigning the N200, N500, and N1000 notes many Nigerians might have thought that they would have an opportunity to touch clean naira notes. The truth is that the common people of Nigeria never have a glimpse at clean naira notes in Nigeria.

 Only the rich, the very rich, get to hold clean notes. They are also the ones who buy mint fresh notes for spraying at parties. The rest of us just lick our lips when the extravagant rich engage in that obscene vulgarity at weddings, birthdays, chieftaincy ceremonies. As they spray stylishly the notes drop on the floor and other eager sprayers march them as they take their turn to display their vanity.

Sack Your Grossly Incompetent Economic Team – Dino Melaye Tells Buhari

PRESS RELEASE 

Deeply worried by the poor state of the economy which has brought unprecedented hardship and hunger on the masses of the Nigerian people, a federal lawmaker, Senator Dino Melaye (APC Kogi West) has called on President Muhammadu Buhari to take urgent and drastic measures, including the immediate sack of three prominent members of his Economic Team as the solution-precedent to reboot the ailing economy.

*President Buhari and Finance Minister, Kemi Adeosun

In a Statement in Abuja Sunday, Melaye said the President must shake up his Cabinet, and accused most of the members of gross incompetence, inexcusable ineptitude and a distressing lack of capacity to deliver on the mandate of their ministries/Agencies.

Those to face the axe immediately if the economy must be effectively rebooted to deliver on the Change Agenda of the present administration, in the estimation  of Melaye include the Minister of Finance, Kemi Adeosun, Budget and National Planning Minister, Senator Udoma  Udo Udoma and the governor of the Central bank of Nigeria (CBN), Mr Godwin Emefiele. 

" At the moment, it must be crystal clear to all discerning minds that the President's widely-acclaimed magical body language has lost its presumed  aura and efficacy. His  no-nonsense demeanor is equally neither instilling fear nor commanding respect and loyalty from amongst his cabinet members. It is therefore obvious that the time for barking is over, now is the time to bite and boot out all those who have demonstrated, in the past several months, a crass lack of capacity to effectively carry out the functions of their office", Melaye declared, stressing:

" The Finance Minister has not only displayed gross incompetence on the Job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy like the Finance Ministry. It is time for her to go now and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently under her stewardship".

On Udoma Udo Udoma, he stated : "To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished lawyer, and a quintessential gentleman with a fairly untainted reputation. In everyday parlance, he is a good man. But the critical job of Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges requires much more than being a good man with a great personality.