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BREAKING: CBN extends use of old N200, N500, N1000 notes indefinitely

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The Central Bank of Nigeria (CBN) has declared that the old naira banknotes will retain their legal tender status. Earlier, in October 2022, the CBN had introduced redesigned N200, N500, and N1,000 denominations, with set deadlines for discontinuing the use of the old notes of these denominations.

However, on Tuesday, the CBN announced its intention to indefinitely extend the legal tender status deadline for the old design of N200, N500, and N1,000 denominations. The decision is in accordance with international best practices and aims to prevent the recurrence of previous issues. According to a statement by Isa AbdulMumin, the Director of Corporate Communications, all banknotes issued by the CBN, as per Section 20(5) of the CBN Act 2007, will continue to be legal tender indefinitely, surpassing the initial December 31, 2023, deadline.

The CBN is actively working with relevant authorities to overturn an existing court ruling on the same matter. Consequently, all CBN branches nationwide will continue to issue and accept all denominations of Nigerian banknotes, both old and redesigned, to and from deposit money banks (DMBS).

The public is urged to accept all Naira banknotes, whether old or redesigned, for everyday transactions and to handle them with care to preserve their lifecycle. Additionally, individuals are encouraged to adopt alternative payment methods and electronic channels for their day-to-day transactions.

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Cofinity Group, Inc. Announces Strategic Channel Partnerships with Leading African Data Center Providers

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The pace of technology adoption and digitization is accelerating in Africa, driving the need for highly secure data center facilities with exceptional levels of power availability, redundancy, and connectivity
TAMPA, United States of America, July 23, 2024/ — Cofinity Group, Inc. (CGI) (www.CofinityGroup.com), a leader in the data center industry for over 15 years, is pleased to announce strategic Channel Partnership Agreements with leading data center providers in Africa including PAIX Data Centres, Rack Centre, Raxio, and Digital Realty which includes Digital Realty’s African entities; iColo, Teraco and Digital Realty Nigeria. Collectively, these data center providers operate in markets that represent over 75% of Sub-Saharan Africa’s GDP across 11 countries.

The pace of technology adoption and digitization is accelerating in Africa, driving the need for highly secure data center facilities with exceptional levels of power availability, redundancy, and connectivity. “CGI is in a unique position to help enterprises secure and optimize their mission-critical applications in key African markets with experienced, trusted data center operators. We have had the privilege of working with the leading data center providers in Africa and we are confident that enterprises will benefit from our deep knowledge and streamlined commercial processes”, said Ray Lawless President of CGI.

“Cofinity Group’s initiative is further evidence of the surging demand in Africa for the services of data center companies. We welcome CGI’s role in bringing together key sectors, such as Fintech, with data center providers in Africa, continuing the transformation of Africa’s digital infrastructure and accelerating economic growth”, said Ayotunde Coker, Chairman of the Africa Data Centres Association.

Enterprises opting for a colocation solution can secure their mission-critical operations in a cost-effective manner, benefitting from the data center’s robust infrastructure and connectivity, while also allowing for future growth with access to expansion space and increased power capacity. CGI’s vast experience in various markets and close relationships with these data center operators provides a unique opportunity to assist enterprises looking to migrate to a quality colocation data center solution in Africa.

More information regarding our channel partner arrangements can be found on our website at www.CofinityGroup.com/partners
Distributed by APO Group on behalf of Cofinity Group Inc..
About Cofinity Group, Inc.:
Cofinity Group has worked extensively with global data center operators since 2008, assisting these fast-growing businesses by arranging financing for organic growth and M&A transactions. We have extensive experience working with management teams to develop business cases and long-term plans for delivering profitable growth and establishing KPIs to track business performance. In addition, we have worked with client management teams to prepare investment analyses for over 100 data center builds and expansions across many continents. To learn more about Cofinity Group, please visit www.CofinityGroup.com or follow us on LinkedIn (http://apo-opa.co/46dxJwF).

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Abuja Set To Commence Smart City Project

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In an unprecedented move that promises to revolutionise Nigeria’s capital, the Federal Capital Territory (FCT) is set to commence the transformative Abuja Smart City Project.

The convener of the Abuja Smart City Project, Dr Ahmed Badanga, who made this known yesterday at a roadshow event, underscored the project’s aim which is to harness data and technology to elevate Abuja to the ranks of the world’s most advanced cities.

The event marks the beginning of an ambitious vision that aims to transform Abuja into a smart city by 2040, positioning it alongside global metropolises like Dubai and Hong Kong.
Badanga, who is also the chief executive officer of ioSafe Nigeria, said the city’s existing infrastructure, provides a solid foundation for this transformation, and that Abuja currently has the infrastructure that they can key into to become smart like any other country.

“We are going to be unveiling the strategic roadmap for the smart city, as well as the logo for the smart city. Our vision is between now, 2024 to 2040, we should be able to be like Dubai, Hong Kong, and others,” he said.

Moreover, the Abuja Smart City Project enjoys the support of the Federal Capital Development Authority (FCDA) and the Federal Capital Territory (FCT). Dr Badanga praised the efforts of the minister of FCT, who has laid down significant infrastructure.

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“We believe that the Honorable Minister of FCT has been doing very much, and we know that he’s going to do more. But what we are saying is that it goes beyond just infrastructure; we also need to take technology to drive the city,” he said.

Robb Moore, the founder of ioSafe said, ‘I am excited to be here in Nigeria for my very first trip to Abuja, to speak at the Smart City Smart Data conference.”

“We are going to be talking a lot about smart city and smart data and how to hopefully make Nigeria grow and Abuja grow. We will talk about what I have learned in Silicon Valley and how we can help Nigeria grow stronger,” he said.

CREDIT: LEADERSHIP NEWS

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Nigeria, UK Collaborate To Counter Terrorists’ Use Of Drones In Nigeria

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The National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA) and the UK Government have taken steps to mitigate aviation threats associated with counter-terrorism operations in Nigeria.

The national coordinator, NCTC, Maj.-Gen. Adamu Laka, speaking at the opening of the Counter Man-Portable Air Defence Systems (MANPADS) Workshop in Abuja yesterday, said the workshop was one of the aviation security aspects covered during the Nigeria-UK Strategic Defence Partnership Conference in February 2024.

He said the use of unmanned aerial vehicles by terrorists and other criminal elements to disrupt the country’s socio-economic activities was of serious concern.

He added that the development must be adequately tackled through continuous collaboration by aviation security stakeholders.

According to him, the workshop is a welcome development and could not have come at a better time as no agency can solely achieve laudable success in the fight against terrorism.

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“It once again emphasises the need for us to work together, identifying our crucial roles and collaborating to record great progress in the country’s aviation security.

“It therefore stresses the need for inter-agency collaboration and cross-border relationships to stem this tide because terrorism recognizes no borders.

In view of this, the NCTC-ONSA in collaboration with the UK Department for Transport Aviation Security seeks to address this aspect of aviation security management in Nigeria with this workshop.

“This workshop should be seen as a call to re-awakening for collaborative effort which we all must embrace, as victory by one is victory by all of us and a greater victory for our entire nation, the African continent and the world at large,’’ he said.

On his part the Aviation Security Assistance officer for the UK Department for Transport, at the British High Commission, Mr Jonathan Kendall said the workshop was looking to mitigate what he called a ‘standoff threat’.

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Kendall said that while a nation could secure the terminal building as much as it could, the workshop looks at countering the wider threat beyond the perimeter fence.

According to him, on takeoff and landing, aircraft are vulnerable to shoulder launched missiles which can impact an aircraft up to 30,000ft.

“So we have brought a team from the Royal Air Force regiment who are experienced in countering these threats and they are looking to further develop the Nigerian capability in this area, particularly in the area of vulnerability mapping.

“So I would expect the Nigerian agencies to further develop their MANPADS capability, the counter MANPADS capability, particularly when it comes to patrolling and mapping vulnerable areas of the airport,’’ he said.

CREDIT: DAILY POST

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