The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
The Central bank of Nigeria has been urged to rethink its Naira Redesign and Cash Swap Policy so that Nigerians can stop paying a high price for the poor implementation of the Policy.
Political Analyst Michael Oluwagbemi made this call while speaking on the effect of the Naira Redesign and Cash Swap Policy of the Central Bank of Nigeria on Nigerians especially rural Communities.
He said the Central Bank of Nigeria is one Government agency that has all the data when it comes to the Socio-Economic situation of Nigerians.
He added that the Central Bank of Nigeria is aware that more than 60 percent of Nigerians are unbanked and should have been aware of the complications that should come with it.
He added that this is despite the bank’s numerous decisions around Monetary management and digitisation of access to banking services across Nigeria.
He also alleged that the failure of the Bank to license Telecommunications company to provide Financial Services has also compounded the problem because they have the ability to quickly ramp up Financial Inclusion across the Country.
He added that what is being witnessed across the Country today is a show of the inefficiency of the Central Bank of Nigeria.
According to Mr Olugbemi, the available Statistics show that the money in circulation relative to what he described as the M0 of 51 Trillion Naira and cash in circulation of 3.3 Trillion is quite low which is about 6 percent.
He said compared to what happens in Other Economies who usually have between 15 and 25 percent it is very low.
He disclosed that based on available data, Nigerians are still relatively low in terms of using cash when compared to Other Countries who are also said to be cashless.
He added that this is despite the fact Nigeria’s Economy is still vastly rural.
He described the approach by the Central Bank Of Nigeria as burning down a whole house trying to kill a snake.
Mr Oluwagbemi said the need to change the currency cannot be placed on a higher pedestal than the interest of the vast majority of Nigerians who will suffer from food Price inflation and a higher inflation rate due to the impact of the cash crunch and currency swap.
The impact of the poorly implemented Naira Redesign and Currency Swap Policy of the Central Bank of Nigeria is being more acutely felt in the rural areas than the urban areas despite the unusual Videos of people fighting in banking halls and the shocking picture of a man who had to go naked to get access to his money.
Food Security Expert, African Farmer Mogaji disclosed this while speaking on TVC News Breakfast on Monday Morning.
African Farmer Mogaji said in defining Nigerians affected by the policy, it should be noted that there are two categories of people affected.
He said one is the Urban dwellers who are affected and their reactions can be seen all over Social Media with fights, people going naked and protests that have led to the burning of Banks and loss of lives.
He however disclosed that the Other people who are suffering more acutely from the Policy but are not being given the same level of attention are those in the rural areas who are either in underbanked or unbanked communities.
He gave the example of the Food Production belt of Oke Ogun in Oyo State with the specific Example of Sepeteri in Atisbo Local Government Area of Oyo State where their is no single bank in the community with a large concentration of Labourers, Farmers and Farming settlements who work daily and expect to be paid at the end of the day.
He said the settlement is in the South West where many people think is the most developed part of Nigeria.
He added that people usually contribute their ATM’s for someone to go to Shaki from Sepeteri to go and withdraw cash for them to get things done.
African Farmer Mogaji said this has been the case in most villages where he has worked in the south West.
According to him moving to the North Shows that things become very challenging with many unbanked communities littering the whole region.
He added that the Policy has ensured that the Agric Sector is under serious strain and will lead to Food Price Inflation will start going up from this week since most workers in the sector work in the morning and expect to get paid in the evening.
According to Mr Mogaji, most Youth in the South West are involved in menial jobs where they are paid cash daily, it becomes a problem for them to survive, he said the scenes we see in the urban areas pale into insignificance when compared to what obtains in the rural areas.
He said Nigeria focus too much on the elite and the urban areas.
He added that if care is not taken, Nigeria will soon pay a very high price for what is going on across the Country all in the name of Cash Swap and Naira Redesign.
He said the Northern part of Nigeria is still very far in knowing what people are going through.
Going Further He said the Central Bank of Nigeria going from its experience in the Anchor Borrowers Scheme is aware that more than 60 percent of Nigerians are unbanked adding that the Currency Redesign and Swap is nothing short of trying to make magic.
2003 ELECTION:2.7 MILLION ELIGIBLE VOTERS TO PARTICIPATE IN BENUE ELECTION
The Independent National Electoral Commission INEC says it is not prepared for electronic mode of voting even though the law now allows for it, but will only accredit voters electronically during the forthcoming general elections.
Benue Resident Electoral Commissioner Sam Egwu made this known at a stakeholders meeting in Makurdi, He further explained that the bimodal verification and accreditation machine is not a voting machine.
Sam Egwu confirmed that a total of 2.7 million voters in the state are expected to participate in the exercise.
It is just a few days to the general election, critical stakeholders comprising traditional and religious leaders, CSOs, party candidates, and their leaders as well as opinion leaders have converge here in Makurdi, at the instance of the independent national electoral commission.
The Resident electoral commissioner sets the tone for deliberations by revealing statistics of registered voters, and also disclosed the number of polling units without registered voters.
He also talked about what is expected from the political actors and voters during the exercise.
The Benue State Governor Samuel Ortom commended the the engagement between INEC and relevant stakeholders in the political space, and pledged his commitment to ensure a peaceful process.
Again Governor Ortom used the platform to speak on the scarcity of the redesigned naira notes insisting that it is the worst policy of the President Muhammadu Buhari led administration.
According to the electoral umpire 10 polling units in five local government areas of the state are without registered voters, but so far, the Commission says it is ready to conduct a credible, free, fair and transparent election.
Related posts:
CBN failed Nigerians with currency Redesign, Currency Swap – Economist
Naira Redesign, Currency Swap based on faulty foundation – Expert
Naira Redesign, Currency swap poorly conceived, managed – Ologun
Fashola urges rethink by CBN on Naira Redesign, Currency Swap
CBN has failed Nigeria on Naira Redesign, Currency Swap – JH
Naira Notes Confusion shows Redesign, Swap poorly Implemented
Naira Redesign, Swap is having massive negative impact in rural areas
Nigerians lament scarcity of new naira notes as CBN monitors cash swap process
