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Naira Redesign: CBN Launches Cash Swap Programme In All LGAs

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The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs).

The apex bank said this in a circular on Friday, jointly signed by Haruna Mustafa, director, banking supervision department; and Musa Jimoh, director, payments system department.

The circular was addressed to all DMBs, mobile money operators (MMOs), super agents and agents.

Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.

The CBN said the cash swap programme will be effective from Monday, January 23, 2022.

It said the initiative is aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.

The old notes are expected to be out of circulation by January 31.

“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 circular reads.

“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 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.”

To promote financial inclusion, the CBN said the service is also available to anybody without a bank account.

It said agents may, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer (KYC) framework.

This, according to bank, will ensure that this category of the populace (unbanked citizens) are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

CBN also directed agents to sensitise customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.

“Designated agents are eligible to collect the redesigned notes from DMBs in line with the revised cash withdrawal limit policy,” the circular adds.

“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.

“Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render same to the CBN on a weekly basis.

“Principals (super sgents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.”

CBN said cash swap agents would be readily identifiable in all local governments, particularly those in the rural areas.

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My Only Regret In Life Is Bleaching My Skin — Toke Makinwa

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Toke Makinwa, famous Nigerian media personality, has revealed that bleaching her skin is her only regret in life.

Toke made this known during a recent interactive session with her fans on the X (formerly known as Twitter) platform.

A fan had asked, “If you could go back in time, what would you do differently?”

In response, the media personality noted that regret is exhausting and bleaching her skin was the ‘dumbest’ thing she ever did.

She, however, said she is grateful for her good genes and money, which suppressed the side effects of the skin bleaching.

Toke said, “Nothing. Regret is so exhausting! Wait, maybe bleaching my skin. It was the dumbest thing ever and I’m just so thankful for good genes and money cos….”

Meanwhile, Toke Makinwa has disclosed that she underwent surgery to remove 13 fibroids from her body.

Makinwa explained that she had always known something was wrong because she had a very big tummy, irregular periods, and a bulge when she lay down.

She narrated that fibroids affected the majority of women in her family and some had to remove their wombs.

Makinwa made the revelation following the release of Stephanie Coker’s documentary titled “Where the Heck is My Period.”

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Lagos-Calabar Coastal Road: Ohanaeze Distances Self From Peter Obi’s Vilification Of Umahi

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The Ohanaeze Ndigbo on Sunday condemned the unfair slander that Peter Obi and other opponents had perpetrated against Minister of Works, Dave Umahi.

Obi and his backers had publicly blasted Umahi for overseeing the Lagos-Calabar Coastal Road, claiming it was a waste of tax dollars.

In a statement released by its Secretary General, Mazi Okechukwu Isiguzoro, Ohanaeze stated that the organisation remained unwavering in the face of a barrage of unjustified criticism and unfounded insults directed at Umahi’s visionary efforts and the Lagos Calabar Coastal Road.

It said the cacophony of disparagement and negative fervour surrounding these transformative initiatives raised eyebrows and prompts reflections on the true motives behind such aggression; clearly not in the interest of the Nigerian people.

“In response to the recent controversies clouding the Lagos Calabar Coastal Project, Ohanaeze Ndigbo unequivocally denounces the unjust vilification aimed at Senator Dave Umahi by Peter Obi and other detractors.

“Setting the records straight, Ohanaeze calls for private dialogue and constructive engagements rather than resorting to public confrontations that could impede the much-needed infrastructural development in the Southeast.

“The recent expressed interest by President Bola Ahmed Tinubu in reconstructing major federal highways in the Southeast is a monumental step towards remedying decades of neglect, exemplified by ongoing projects like the Markudi-Nsukka-Nightmile-Enugu,the Enugu-Aba-Port Harcourt Expressway, the Aba-Ikot Ekpene-Calabar Expressway and others, enabled by innovative Cement Technology,” the body said.

Ohanaeze urged Obi to seek diplomacy and engage privately with Umahi to gain firsthand insights into critical national development projects.

The organization stressed the importance of fostering respectful dialogue and discouraged actions that could sow discord among the Igbo community and Nigerians at large.

The body said it is privy to intelligence reports debunking the baseless arrest rumours swirling around Obi, dismissing these as spurious fabrications propagated by malicious elements seeking to undermine the transformative infrastructure strides led by the Tinubu administration under the able stewardship of Umahi.

“It is imperative for Peter Obi to refrain from public acrimony towards Senator Dave Umahi, a stalwart of progress and development in Nigeria and the Southeast, in recognition of the monumental efforts by President Tinubu and Umahi to rectify longstanding infrastructural deficits in the region.

“The Southeast craves an infrastructural revolution that transcends political affiliations, cherishing progress over petty opposition accolades,” Ohanaeze stated.

Ohanaeze emphasised its clarion call for unity and mutual understanding and reiterated support for the contentious Lagos-Calabar coastal road project, asserting that the shoreline falls under the Federal Government’s Right-of-Way jurisdiction.

“Ohanaeze reaffirms the unwavering solidarity of Nigerians and the Igbo community in championing President Tinubu and Senator Umahi’s laudable efforts in advancing national infrastructure, exemplified by the recent allocation of a 2.75 billion compensation fund for affected property owners along the project’s Right-of-Way.

“In conclusion, Ohanaeze Ndigbo remains steadfast in its commitment to fostering harmonious dialogues, unity, and progress for all Nigerians. The organization echoes a clarion call for collaborative advancement to ensure a prosperous and united Nigeria,” the body said.

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AY Makun, Seyi Law, Others Grace Dedication Of Ali Baba’s Triplets In Lagos [PHOTOS]

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Atunyota Akpobome, popularly known as Ali Baba, had a dedication ceremony for his triplets, and in attendance were celebrities like AY Makun, Seyi Law, Chi Girl, MC Lively, and many more.

Gathering Ali Baba’s friends, family, and business associates, the celebration was held on Sunday at Lagos.

An event at the Redeemed Christian Church of God, Christ The Lord Central Parish in Lekki, served as the kickoff for the dedication.

At an event centre on Hakeem Dickson Street in Lekki Phase 1, Lagos, there was a reception held after the service.

Other guests at the event included Chigul, Bunmi Davis, Ajebo Comedian, and Adebola Williams.

Ali Baba had on April 1 announced that his wife, Mary was delivered a set of triplets.

Many, however, did not believe the information which they tagged April Fools’ message.

 

See More Photos Here:

 

Photo Credit: The Cable.

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