CBN clears air on reported introduction of N2000, N5000 notes into the economy
The Central Bank of Nigeria (CBN) branch controller, Umar Ibrahim Biyu, stated that the CBN has no plans to introduce N2,000 and N5,000 notes.
He stated this during a sentisation exercise at Dawanau International Grains Market, Kano.
Biyu described the naira redesigned policy as necessary and called on the marketers to ensure they deposit the old currencies with them before January 31, 2023.
He said everyone is allowed to deposit any amount of money he or she has within the given period without charges.
Biyu explained that the redesigning of the currency is necessary as provided by Section 2(b) of the CBN Act, which states that currencies are due to be renewed every five years.
“But the last time the Naira was renewed was 18 years ago. This has given room for fake currencies (counterfeits), lesser money in the bank with over 80 percent in circulation in the public and reduced financial inclusion.
“The redesigning of it also serves as a major step in fighting corruption in the country,” he said.
He added: “Redesigning the larger denominations of the Naira will curb the circulation of fake currencies which affects the economy.
“Only 15 percent of the currency is in the banks. Over 80 percent are out there in circulation or hoarded.
“This has reduced financial inclusion, even with the people’s oriented policies of the government,” the CBN controller said, dismissing speculations that the apex bank has planned to introduce N2000 and N5000 notes.
He also dismissed claims that the redesigned notes are substandard, explaining that the texture and quality are enhanced and well secure.
“The colour that is said to be coming off when rubbed with a slightly wet tissue is not abnormal; it is the reflection of a high-quality ink called interblio used in minting it. Even a brand new Dollar note is like that.
“You should therefore return all the N200, N500 and N1000 denominations in your possessions. Those who have accounts should open the eNaira accounts to ease transactions and those who don’t have accounts should quickly go to commercial banks and open accounts,” he stated.
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JUST IN; Saudi Arabia sponsors several Nigerians for Hajj
JUST IN; Saudi Arabia sponsors several Nigerians for Hajj
The Saudi Arabia embassy in Abuja has hosted a farewell ceremony for 20 Nigerians selected for the Custodian of the Two Holy Mosques’ Guests Programme for Umrah 2025.
A statement issued by the embassy in Abuja said the ceremony held under the leadership of Faisal Al-Ghamdi, the Saudi Ambassador to Nigeria.
It said the initiative highlighted Saudi Arabia’s commitment to supporting Muslims and fostering spiritual connections through pilgrimage.
The News Agency of Nigeria (NAN) reports that the programme, initiated by the Custodian of the Two Holy Mosques, King Salman Al Saud, provides Muslims the opportunity to undertake the lesser Hajj with full sponsorship.
The statement quoted the ambassador as thanking King Al Saud and the Crown Prince, Mohammed bin Salman, for their dedication to Islam’s holy sites.
He also praised their exceptional leadership in enhancing the services provided to pilgrims and ensuring that their journey to the sacred sites is both spiritually fulfilling and seamless.
“The Custodian of the Two Holy Mosques and the Crown Prince have prioritised the well-being of pilgrims, viewing it as a sacred duty and an immense honour.
” Through this programme and other initiatives, Saudi Arabia continues to strengthen bonds of brotherhood among Muslims while ensuring their comfort and safety during their spiritual journey,” he said.
Al-Ghamdi, according to the statement, said the country had invested over 100 billion dollars in the recent expansion and modernisation of the two holy mosques.
According to him, these ambitious projects, encompassing state-of-the-art infrastructure, advanced crowd management systems and cutting-edge technology, reflect Saudi Arabia’s commitment to accommodating the increasing number of pilgrims.
He added that Saudi Arabia was sparing no effort in mobilising resources to improve pilgrimage experience for all Muslims.
Al-Ghamdi also emphasised the importance of adhering to the country ‘s laws and regulations, designed to maintain order and ensure the safety and comfort of all pilgrims.
“The leadership of Saudi Arabia remains fully committed to serving the guests of God.
” This is a responsibility we hold dear, and we continuously strive to enhance the spiritual and logistical aspects of the pilgrimage experience,” he said.
Guests at the occasion expressed appreciation for the opportunity made available through the sponsorship initiative.
NAN reports that the programme provides pilgrims with the opportunity to perform the lesser Hajj, covering all costs, including travel, accommodation and other logistics. (NAN)
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Tinubu’s Tax Reform Bill -TUC tables fresh request to Federal Goct ove
Tinubu’s Tax Reform Bill -TUC tables fresh request to Federal Goct ove
The Trade Union Congress has advocated that the Value Added Tax rate remains at 7.5 per cent as any increase will place additional financial burden on Nigerians.
Mr Festus Osifo, TUC President said this in a statement on Tuesday in Abuja.
According to him, many Nigerians are already struggling with economic challenges, allowing the Value VAT rate to remain at 7.5 per cent is in the best interest of the nation.
“Increasing VAT would place an additional financial burden on Nigerians, many of whom are already struggling with economic challenges.
”At a time when inflation, unemployment, and the cost of living are rising, imposing higher taxes would further strain households and businesses,”he said.
Osifo, however, said that the congress welcome the inclusion of derivation component in the Value Added Tax distribution amongst the three tiers of government.
He said that when passed into law and properly implemented, it would encourage productivity at the sub-national level.
He also said that the threshold for tax exemptions should be increased from the current ₦800,000 per annum, as proposed in the bill, to ₦2,500,000 per annum.
He added that this would provide relief to struggling Nigerians within the income bracket, easing the excruciating economic challenges they face by increasing their disposable income.
Osifo also explained that the proposed bill assigning royalty collection to the Nigeria Revenue Service (NRS) appeared beneficial on the surface but would most likely result in significant revenue losses for the government.
He said royalty determination and reconciliation required specialised technical expertise in oil and gas operations which NUPRC possessed but NRS lacks, potentially leading to inaccurate assessments and enforcement issues.
”Additionally, this shift would create regulatory burdens, increase compliance costs for industry players, and reduce investor confidence due to overlapping functions and inefficiencies between NUPRC and NRS,” he said.
Osifo, however, said that the union had a shared responsibility to promote policies that would improve the lives of Nigerians amongst whom are workers.
“We believe that proactive measures, when implemented, are for the maximum good of the citizens and evidences of great and sincere leadership.
“As the conversations around the Tax Reform Bill continue, it is our expectations that the focus would be on equitable economic growth and improved living conditions for all Nigerians,” he said.(NAN)
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JUST IN; NAHCON hints of possible reduction in 2025 Hajj fare
JUST IN; NAHCON hints of possible reduction in 2025 Hajj fare
Professor Abdullahi Saleh Usman, the Chairman/CEO of the National Hajj Commission of Nigeria (NAHCON), has suggested that the cost for Nigerians intending to undertake this year’s Hajj pilgrimage to Saudi Arabia could be reduced, pending the approval of certain waivers by the Federal Government.
On Monday, NAHCON announced the Hajj fares, with the Adamawa/Borno zone set at N8,327,125.59, the Northern zone at N8,457,685.59, and the Southern zone at N8,784,085.59.
The Commission described these fare structures as the result of extensive collaboration.
The Hajj Commission stated that the fare was approved by the Office of the Vice President, with input from the commission, the Presidency, and state pilgrims’ welfare boards “did their best to maintain the Hajj fare within the same range as previously charged”.
In an interview with journalists in Makkah, Saudi Arabia, a transcript provided by the Commission’s media team to reporters in Abuja, Prof. Usman revealed that NAHCON is anticipating waivers on certain charges.
If approved, these waivers could potentially reduce the fare for Nigerians this year.
Although Usman clarified that the commission did not receive direct financial support from the Federal Government, he acknowledged the government’s crucial role in facilitating engagements and discussions with various institutions.
“Actually, we have not received any financial support from the Federal Government. However, the Federal Government has played significant role in facilitating all the engagements, discussions with some institutions.
“We are also expecting waivers on some charges which if approved may likely being down the fare,” the NAHCON CEO said.
He stated that as a result of the commission’s consultations with Saudi-based service providers, it had successfully secured a reduction in the charges for services at the Masha’ir (the holy sites of Arafat, Mina, and Muzdalifah), bringing the cost down to SR4,050 from last year’s SR4,770.
“Our consultation, our contacting with service providers result to huge get huge discount from service providers. For example, the service provider who used to give us service at Masha’if, that is Arafat, Mina, and Muzdalifah, last year charged us SR4,770.
“With this discussion, this year they bring it down to SR4,050. This is the way we got it, ” the chairman informed.
Usman also announced that the deadline for payment of this year’s Hajj fare is January 31, emphasizing that any intending pilgrims who do not make their payment by this date will not be able to participate in the pilgrimage.
“The deadline for payment of Hajj fare this year, 2025 is by 31at January 2025. Anyone who could not pay before this date, it means he cannot participate in this year’s Hajj.
“This is not our decision, I mean it is not a decision of the commission. Even it is not a decision if the Federal Government; it is a decision if the Saudi Arabia government. So we cannot do any otherwise,” he said.
Usman explained that the variation in this year’s Hajj fare was due to the distance to Saudi Arabia, noting that the Adamawa/Borno zone is closer to the Kingdom than other parts of Nigeria.
He further clarified that airlines set their prices based on the distance to Saudi Arabia.
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