Economy

Swapping naira notes creates anxiety in Kogi

Published

1 year ago

February 15, 2023

Many residents of Lokoja have expressed anxiety and fear on what they describe as inability of the Central Bank of Nigeria (CBN) to provide necessary instruments for effective swapping of the old naira notes.

Some of the residents spoke with newsmen in Lokoja on Wednesday, asking why the apex bank could make the process somewhat difficult.

According to some of them, the bank that made the policy should not be given excuses but ought to have made all the necessary arrangements for unhindered currency swap operations.

Mr Joe Agada, a business man from Olawo town in Ofu Local Government Area of Kogi, said that he had been coming to the CBN office on Hassan Katsina Road, Lokoja, for the past two day without any positive result in that regard.

“I was here yesterday, but I was asked to come back today for a form that I need to fill before the swapping of my old notes could be effected.

“Again, on coming here, I was told that the forms are not ready. They asked me to put down my name and phone number and go back until I was called.

“This is stressful because we are afraid they may not help us as promised looking at the Feb. 17 deadline.

“We are innocent villagers who couldn’t have the opportunity to come to Lokoja to change the old notes,’’ he said.

Another resident, Mr Sidi Ibrahim, a farmer from Musu Village in Bassa Local Government Area of Kogi, begged CBN to save his family and others from hunger and suffering.

“You may not believe that we brought all we have alongside N2,000, N1,500 that I gathered from our old men and women to swap with CBN’’.

“The CBN form that I could fill to effect the swap is not a good news to hear because going back before returning here again will be stressful and time consuming,’’ he said.

Ibrahim appealed to the CBN management to hasten the process to ameliorate the suffering of the public in swapping of the currency.

Kogi CBN Branch Controller Ahmed Sule, however, expressed regret over the non-availability of the forms for easy swapping of the old naira notes.

“We are aware of the anxiety and apprehension among the residents but honestly we don’t have the forms to give them.

“Our link that is expected to enable us download the forms is not opening for us; that is why I instructed that names and phone numbers should be taken to enable us to call them back once the forms are ready,’’ he explained.

He said that when the forms were available, residents would be expected to fill them according to the amount of money indicated for swapping.

Related Topics:Central Bank of Nigeria Lokoja naira notes

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Economy

Nigeria’s inflation rate climbs to 28.92%, marks twelfth straight month of increase

Published

4 months ago

January 15, 2024

NewsDirect

By Sodiq Adelakun

Inflation in Nigeria continued to rise for the twelfth consecutive month in December, with the headline inflation rate reaching 28.92%, up from 28.20% in November.

The National Bureau of Statistics released its consumer price index report on Monday, revealing the ongoing impact of inflation on the country’s economy.

More details to come…

Economy

Nasarawa Assembly introduces bill to regulate private schools, tertiary institutions

Published

8 months ago

September 13, 2023

NewsDirect

The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.

The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.

In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.

The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.

Three bills have successfully passed their first reading in Nasarawa State, Nigeria.

The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.

The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.

The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.

This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.

“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.

The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.

These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.

“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.

“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.

Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.

The Minority Leader of the House, Mr Luka Zhekaba, seconded the motion.

The House unanimously passed the bills into first readings.

Economy

Inflationary pressures to ease by December – Economist, Yusuf

Published

10 months ago

July 3, 2023

NewsDirect

The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.

Yusuf disclosed this on Sunday in his Half Year Review of 2023.

His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.

Consequently, the prices of goods and services sharply increased.

The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.

Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.

According to him, the challenges would gradually reduce before the year ends.

Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.

“Inflationary pressure is expected to ease before the end of the year.

“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.