FirstBank, Visa partner to deploy Naira Visa debit card for inclusive retail payments - ITREALMS

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Premier banking giant First Bank of Nigeria Limited has partnered with global payments leader Visa to launch the Naira Visa Debit Card, reports ITREALMS.

The deployment represents a standardized transformation in retail banking, strategically engineered to lower the entry barrier for electronic transactions and bring secure, everyday digital payment capabilities within seamless reach of millions of Nigerian consumers.

Dangote suspends sales of petroleum products in Naira - ITREALMS

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The management of Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira, reports ITREALMS.

This decision, ITREALMS gathered, has become necessary to avoid a mismatch between "our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars."

No deadline on circulation of old Naira notes says CBN - ITREALMS

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The Central Bank of Nigeria (CBN) has declared that there is no deadline set on the circulation of old Naira notes in the country, reports ITREALMS.

A press statement from CBN, endorsed by the Acting Director, Corporate Communications, Sidi Ali, Hakama (Mrs.) informed ITREALMS that their attention has been drawn to discussions at different fora which suggested that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.

Dangote projects $30bn revenue to boost Naira - ITREALMS

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The President of Dangote Group, Aliko Dangote, on Sunday stated that his company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it targets $30 billion in revenues by the year 2025.

During a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives at the weekend, he said the plan is to attain independence from the Central Bank of Nigeria (CBN) in forex sourcing, highlighting a strategic shift in revenue composition within the cement business from the current 75 percent to 15 percent in the future.

National sabotage: No plans to convert domiciliary accounts to Naira says CBN - ITREALMS

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The Central Bank of Nigeria (CBN) has refuted media report that it plans to convert domiciliary account holdings in the country into Naira, describing it as national sabotage, reports ITREALMS.

CBN in a press statement, Saturday made available to ITREALMS and signed by the acting Director, Corporate Communications, Mrs. Sidi-Ali, Hakama, said that their attention has been brought to a story published by a national newspaper alleging that the Federal Government is considering converting $30bn domiciliary deposits to Naira.

CBN warns banks, PoS operators over alleged Naira hoarding - ITREALMS

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The Central Bank of Nigeria (CBN) has cautioned commercial banks and Point of Sale (POS) operators in the country over the alleged scarcity of Naira, reports ITREALMS.

CBN in a press statement available to ITREALMS and signed by the Acting Director, Corporate Communications, CBN, Mrs Sidi-Ali, Hakama alleged cases of collusion between some Deposit Money Banks (DMBs) and Point-Of-Sale (PoS) operators which have affected the availability of cash and disrupting the seamless circulation of the Naira.

Supreme Court reaffirms CBN directive, insists banks to issue, accept old, redesigned Naira – ITREALMS

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The Supreme Court of Nigeria on Wednesday, November 29, 2023, granted the Central Bank of Nigeria extension order on the use of the of old Naira banknotes ad infinitum, reports ITREALMS.

With this, Supreme Court has reaffirmed CBN recent directive on the use of both old and redesigned notes beyond December 31, 2023.

CBN: We've no plans to redenominate Naira - ITREALMS

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The Central Bank of Nigeria (CBN) has denied any plans to redenominate the Naira, reports ITREALMS.

The apex body insisted that its attention has been drawn to the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024.

Official: CBN unmasks, says old naira notes still legal tender - ITREALMS

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At last, the Central Bank of Nigeria (CBN) has unmasked to say that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023, reports ITREALMS.

The acting CBN spokesperson, Dr. Isa Abdulmumin, made this known to 
ITREALMS in a press statement on Monday evening.

New Naira notes racketeering lands Oando Accountant in ICPC net - ITREALMS

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arrested an accountant of Oando Filling Station, Dutse Alhaji, Abuja, over alleged racketeering of the new Naira notes, reports ITREALMS.

Confirming this to ITREALMS, the spokesperson to ICPC, Mrs. Azuka Ogugua said that this latest arrest followed the continued onslaught by the Commission on some elements who have taken advantage of the scarcity of the new Naira notes to swindle unsuspecting Nigerians.

Trader: How KongaPay saved my life amid Naira scarcity - ITREALMS

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A petty trader, Mrs. Bolade Inuwa, has narrated how she was spared huge embarrassments and inconveniencies in the wake of the recent policy pronouncement on the redesign of select denominations of the national currency – the Naira, specifically referencing how KongaPay, a mobile money wallet operated by Nigeria’s leading e-commerce giant, the Konga Group, came to her rescue.

Nigerians from all walks of life have had to contend with severe difficulties in the wake of the announcement by the Central Bank of Nigeria (CBN) which initially pegged January 31, 2023 as the deadline for the return of old series of 200, 500 and 1000 Naira notes. Amid concerns raised in various quarters, the CBN had stuck to its guns, insisting there are no plans to shift the deadline, prompting some businesses to stop receiving the old series of affected denominations even ahead of the deadline for their return.

Naira redesign, queues and quest for new Nigeria - ITREALMS

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The amount of queueing Nigerians have been subjected to in the last couple of weeks is unprecedented. It is equally unbecoming. It's almost like the country had gone back four decades.

Fights have broken out in queues at bank facilities, filling stations and INEC and LGAs offices across the country. There are trending videos of people stripping naked in protest inside banking halls, others hitting each other with queue dividers and one person has been confirmed dead inside a banking hall, somewhere in Asaba. Nigerians born in the 2000s, GenZs, should be forgiven for thinking the end of the world is here.

CBN: We didn't anticipate scarcity on redesigned Naira - ITREALMS

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The Central Bank of Nigeria (CBN), on Thursday, admitted that the ongoing scarcity associated with the naira redesign and cash withdrawal policy was not anticipated.

This came amid numerous protests and attacks on banks by angry Nigerians due to the inability to access cash for their regular transactions.

ACAMB: Banks not hoarding new naira notes - ITREALMS

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The Association of Corporate Affairs Managers of Banks (ACAMB) has come in defence of their banks, declaring that banks are not hoarding new Naira notes, just as they reassured on normalcy returning soon, reports ITREALMS.

President, ACAMB, Mr. Rasheed Bolarinwa, told ITREALMS that they empathize with the Nigerian public on the unintended hardships being faced in the process of the ongoing rollout of re-designed naira notes and enhanced cashless policy.

Revised Naira redesign policy: CBN says you’re entitled to N20,000 per day - ITREALMS

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The latest policy of the Central Bank of Nigeria (CBN) on the redesigned Naira notes has indicated that Nigerians are only entitled to N20,000 per day cash and N100,000 per week, reports ITREALMS.

CBN, in a circular BSD/DIR/PUB/LAB/015/069 sighted by ITREALMS addressed to “All Deposit Money Banks (DMBS) and Other Financial Institutions (OFIs) namely the Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)” directed that this new policy takes effect from January 9, 2023.

Senator Ben Bruce accused of defrauding suppliers

ITRealms:

A senator representing Bayelsa State in the 8th National Assembly, Mr. Ben Murray-Bruce has been alleged of defaulting in the payment of suppliers worth millions of Naira, reports ITRealms.

Correspondent also reports that this is coming a few years after the closure of Lifestyle, owned by the Ben Bruce family.

Lifestyle, ITRealms gathered, is a nationwide-based chain store which engages in marketing of books, gift items, toys to name a few and owed in the process of supplying the various goods for sell in their Victoria Island, Lagos galleria and other locations across the country.

ITRealms also learnt that some suppliers who borrowed huge money from banks to procure, import or produce the items before supplying them to Lifestyle were frustrated on learning that key officials of the company supposedly attending to them had been ‘compelled’ to resign their appointments, even as it was difficult to meet Ben Bruce and his brothers on the matter.

“We have made several efforts, including visits, phone calls and text messages to officials of the company without success,” one of the victims, Mr. Udeme Akpan said.

Mr. Akpan who is a Lagos-based journalist and author of the book “Niger Delta and Oil Politics,” reiterated in a telephone chat that he was not paid even after Lifestyle completed the marketing of his books.

“It is true that Lifestyle owed many suppliers, including myself before closing shop a few years ago. The officials of the company have not made any efforts to settle the debts which amount to some millions of Naira. I have been paying interest because the funds we used in producing the book were raised from a bank,” Udeme decried.

Udeme told ITRealms that when he discovered that the usual reassuring messages were no longer coming, he decided to visit the office and again, the lady she met promised that his own payment would be made within weeks.

Consequently, he said, other “staff of Ben Bruce have been very hostile to everyone who goes there to ask for payment. This is to say least most unfair, fraudulent and discourteous, especially coming from Ben Bruce who gives impression that he is committed to building a new Nigeria.”

Further, Udeme said that a company known as Balogun Badejo Consulting Limited, was contracted to liquidate Nu Metro assets in Nigeria and used the proceeds to settle its liabilities or debts. Stressing that at a stage, creditors made up of authors and suppliers were invited to file their claims and provide necessary documents for eventual payment. 

“I supplied all documents requested to process my payment and followed up with several visits. Its consultant, Ibrahim Showa kept on promising that I, and others would be paid. But the company never did despite several visits and calls. It beats my imagination why a company like Balogun Badejo that should have respect for ethics and professionalism should have accepted to execute the task if it was not going to leave up to expectation,” Udeme stressed.

Efforts to contact Senator Bruce proved abortive at the time of filing this story.

 

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Pix: Courtesy: Silverbird.com - Senator Ben Murray Bruce