CBN to work with PoS Agents to smoothen Currency Swap process

The Central Bank of Nigeria says it will work with POS agents to ensure a smooth transition from the old to the new naira notes.

The apex bank launched this intervention in Port Harcourt in response to the difficulty being experienced by bank customers since the first cash
swap deadline was announced.

Banking halls began to witness large crowd of customers who were trying to exchange the old naira notes for the new one, before the CBN’s first
deadline- January 31st.

As circulation and acceptance of the old notes dropped, people in need of money had no other choice than to turn to the ATMs.

Whether it’s a cash swap or a withdrawal, the commercial banks have been unable to handle the high demand for the new naira notes.

That’s why the CBN is bringing in POS agents to ease the pressure on the banking system and make the process easier for customers.

The POS agents are allowed a weekly maximum withdrawal limit of 500,000 naira.

Those engaged for this purpose can only give out a maximum of 10,000 naira to one customer.

Customers are also restricted to a 20,000-naira maximum withdrawal from the ATMs.

This means that the commercial banks still have much work to do even though their performance so far still leaves much to be desired.

The CBN says the direct cash swap service will visit all 23 local government areas of Rivers State until the last day of the new deadline.

EXPERTS CALL FOR SYNERGY BETWEEN FG AND PRIVATE SECTOR OVER SOLID MINERALS

Nigeria has ended its first ever Solid Minerals Resources Trade Fair and Seminar with a call for synergy between the government and the Organised private sector to maximise gains.

The three-day seminar also charged the organised private sector to add value to solid minerals before export.

The Nigeria-Israeli Chamber of Commerce, Industry and Agriculture hosts the first ever solid Minerals resources trade Fair tagged MINEXPO 2023.

In focus is the Role of the Organised Private sector in achieving sustainable and inclusive economic growth and development through solid Minerals.

The Director General, National Metallurgical Development Centre, Linus Asuquo, is the speaker at the event

He believes the foundation of any industrialised nation is usually firmly rooted in its minerals and metal sector.

Other contributors underscore the dire need for the country to tap into the economic gains abounding in the sector, particularly in bridging the unemployment gap

Linus Asuquo worries about the low participation of the Organised Private sector despite the abundance of solid minerals in Nigeria.

In 2015, the contribution of the sector to the gross domestic product was N1.03 billion.

Seven years after in 2022, it recorded a slight increase to N1.07 billion at a time South Africa had a GDP in the mining sector of N5.5 trillion.

Of more concern is the stagnant state of Ajaokuta Steel Company, conceived to revolutionise the nation’s economy.

MIN. OF WORKS DEMARCATE ROAD IN PREPARATION FOR REPAIR WORKS ON LAGOS-IBADAN EXPRESSWAY

The ministry of works has demarcated the road on the outward section of the Lagos-ibadan expressway.

This is in preparation for the construction work that is expected to take place on the road.

Also, the road leading out of CMD area has been blocked off to allow for free flowing movement on the expressway.

For now, the traffic situation isn’t as bad as many thought but we will be monitoring the situation even as the government predicts that the work should be competed in 10 weeks.

NASENI – LAUNCHES SKILLS ACQUISITION AND YOUTH EMPOWERMENT PROGRAMME

The National Agency for Science and Engineering Infrastructure (NASENI) says it is set to partner with the Borno State Government to fastrack its poverty alleviation plan and ensure full restoration of socio-economic activities in areas affected by Insurgency.

Chief Executive of the agency, Professor Sani Mohammad Haruna stated this during the launch of its Skill Acquisition Training and Youth Empowerment Programme in Maiduguri.

It’s the second visit of the chief executive of the National Agency for Science and Engineering Infrastructure to Borno this year.

The agency was here on the 13th of January 2023 to meet with the state governor Babagana Zulum to intimate him on their plans to revamp the state with technical support.

Now, it is flagging off a training and empowerment programme for about 100 youths in the state.

The training would focus on modern methods of vulcanizing and capacity building on the use of other modern equipments.

The agency would also distribute 500 units of efficient smoke-free stoves to IDPs, in an effort to mitigate climate change.

The state government lauds NASENI for this gesture.

NASENI is also collaborating with the state government to establish a mobile science technical school in affected communities in the state.