Economy
CBN Denies Directing Banks to Accept Old N500, N1,000 Notes
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has denied reports making the rounds that it has directed deposit money banks (DMBs) operating in the country to accept the old N500 and N1,000 notes from their customers.
On Friday afternoon, several reputable media platforms, excluding Business Post, reported that the apex bank had ordered commercial banks to receive the old currency notes from Nigerians.
According to the reports, this was to reduce the number of Nigerians taking their funds to the branches of the CBN in states of the federation.
The CBN Governor, Mr Godwin Emefiele, on Tuesday said the old N200, N500, and N1,000 ceased to be legal tender in Nigeria from February 10, 2023.
But the next day, the Supreme Court extended the validity of the currency notes till Wednesday, February 22, 2023, when it should hear the matter brought before it by some state governments.
On Thursday, in a nationwide broadcast, President Muhammadu Buhari emphasised that the old N500 and N1,000 notes have lost their legal tender status as affirmed by the apex bank, asking those still with the banknotes to take their money to the CBN offices for redemption.
However, he directed the central bank to recirculate the old N200 notes into the financial system until April 10, 2020, when they would lose their validity.
Earlier, Mr Emefiele had said after the February 10 deadline, Nigerians had till Friday, February 17, 2023, to return their funds through the central bank by filling out a form on its website to generate a code.
This morning, its offices were filled with Nigerians coming with their old currency notes.
Quoting CBN sources, it was claimed that the apex bank had asked DMBs to accept old currency notes not more than N500,000, as those above the limit would be required to deposit their funds at CBN offices.
But in a statement on Friday evening, the central bank denied the reports, emphasising that such a window has not been created, urging members of the public to disregard the reports it described as fake news.
“The attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 banknotes.
“For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and recirculate the old N200 banknotes, and this is expected to circulate as legal tender for 60 days up to April 10, 2023.
“Members of the public should, therefore, disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.
“Media practitioners are advised to please verify any information from the correct sources before publication,” a statement signed by the Director of the Corporate Communications Department of the CBN, Mr Osita Nwanisobi, said.
By Adedapo Adesanya
Bitfinex has listed the wrapped Minima ($WMINIMA) token, an ERC-20 token, aimed at helping build a truly decentralized network that empowers freedom worldwide and increases access to Web3 for any person with a mobile or IoT device.
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By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023.
The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP,” he said.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Mr Emefiele added.
According to Mr Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth-enhancing sectors by the CBN as responsible for the growth.
He said that the CBN had also disbursed huge sums as an intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving the liquidity status of the Discos, there aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
By Adedapo Adesanya
Baron and Cabot, a UK-based international real estate firm, has launched a portal that will use artificial intelligence technology to predict property prices in Africa to allow real estate agents to sell properties and earn in pounds, providing an unprecedented opportunity for growth and financial success.
The novel approach will allow real estate firms to de-risk their investments in international markets and gain access to a wide range of fully compliant properties.
Baron & Cabot has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets. It is one of the top fastest-growing property companies in the world and transacts around £100 million per annum ($120 million) of UK property while having access to some of the best property developments in the UK.
Speaking on this, Mr Mark Pearson, Managing Director of Baron & Cabot, said, “We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth.
“We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.”
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market.
The company also revealed that it would provide its agents with comprehensive 2 to 4-week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6 per cent and deposits below 35 per cent, making it easier for clients to invest in UK properties.
“Our management company boasts an impressive occupancy rate of over 99 per cent, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70 per cent.
“In addition, our Airbnb or short-term rental products have an average occupancy rate of over 70 per cent, resulting in substantial rental returns and secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied,” Mr Pearson added.
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