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CBN To Penalise Banks That Fail To Load New Naira Notes In ATMs

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The Central Bank of Nigeria (CBN) has threatened to penalise commercial banks who fail to comply with the directive of loading the redesigned naira notes in their automated teller machines (ATMs).

Ahmed Umar, CBN director, currency operations, made this known in Abuja on Monday at the training session for state directors of the National Orientation Agency (NOA).

Last week, the apex bank ordered banks to halt dispensing the new currency notes over the counter — and to only make them available via ATMs.

Umar said the purpose of the CBN directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation.

“We want to use this training session to pass a message that CBN has enough currency notes to go round the general public,” NAN quoted him as saying.

“We, CBN management, have mandated banks to stop putting old notes in their ATM machines. They should only put the new notes.

“And there is a serialisation of the policy that they can put either N500, N1000 or N200 note whichever denomination they have or combination of any of those notes, they should just put a new note in their machines.

“We are going to monitor to ensure that the banks comply and if they don’t, we have a penalty for non-compliance.”

He said in many countries across the world, it takes a few years to change a currency note design.

“In our own case what we had was basically over 20 years of having the same design of note,” Umar explained.

“Over that period, what it did to us was to create an avenue for some people to master the act of counterfeiting the note.

“In our own case, what we have is the minimum of 17 years or more for us to redesign our currency.

“If you notice the N1000 note that was introduced in 2005, it took 17 years for us to redesign it. N500 and N200 notes were also redesigned after 21 years and 22 years respectively.

“So, if currency notes stay too long in the system, there is a tendency that people who counterfeit make a lot of efforts to produce the same notes.

“So, that is why there is a need to change our notes regularly.”

He said N500 and N1000 naira notes constitute 99 percent of the currency notes that are being targeted by counterfeiters.

“It is simple logic, the effort you put to counterfeit N1000 is the same effort you put to counterfeit N5,” he said.

“So, why will they waste their energy doing small note; they always target the higher note particularly N1000, because of values attached to it.”

Garba Abari, director-general of NOA, said his agency partnered with the CBN to educate the agency’s staff to assist in enlightening Nigerians on the redesign of new banknotes policy.

BIG STORY

Access Bank Advocates For Innovative Financing Models To Realise SDGs

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At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

  • About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

 

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Nigerians Will No Longer Work Under Inhuman Conditions — Senate President Akpabio

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Nigerian workers have been reassured by Senate President Godswill Akpabio that the National Assembly and the executive branch of government will cooperate to provide them with improved working conditions and a livable wage.

The Senate President declared that  “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best.”

He made this known in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, to congratulate the workers as they commemorate the 2024 May Day.

Akpabio, in the message, extolled the sterling qualities that stood out to the Nigerian workers, saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian workers in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly.”

Speaking on this year’s theme for Workers’ Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian workers.

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices, assuring that Nigeria would not be left behind.

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NLC, TUC Give FG May 31 Ultimatum For New Minimum Wage

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The Organised Labour has handed the Federal Government May 31 deadline to come up with a realistic and reasonable new minimum wage for Nigerian workers.

Labour made this known during the Workers’ Day celebrations at the Eagle Square in Abuja on Wednesday.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero; and his counterpart in the Trade Union Congress (TUC), Festus Osifo were unanimous that the N30,000 current minimum wage has been grossly insufficient for Nigerian workers in the light of current economic realities and inflationary pressure including food inflation, hike in energy and transportation cost, amongst others.

They insisted that a new living wage of ₦615,000 be expeditiously approved by the President Bola Tinubu administration before the end of May.

Ajaero said, “The Nigeria Labour Congress and the TUC have made it clearly and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country.”

On his part, Osifo asked the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the trade union boss said.

Nigerians mark this year’s May Day amid spiralling, and unending snake-like queues at filling stations as scarcity of Premium Motor Spirit (PMS) also known as petrol worsens across the Federation.

Although there have been assurances by the major oil supplier in the country, the Nigerian National Petroleum Company (NNPC) Limited to alleviate this issue, however, the queues have persisted for over one week.

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