News
Nigerians groan as Naira scarcity persists nationwide
A few days into the Christmas and New Year festivities, Nigerians are once again grappling with a shortage of Naira notes. Despite assurances from the Central Bank of Nigeria (CBN) regarding the availability of currency notes, the resurgence of Naira scarcity, akin to the cash crunch experienced in December last year and the first quarter of 2023 due to the failed Naira redesign policy, is beginning to impact Nigerians significantly.
As of Monday, Automated Teller Machines (ATMs) of Deposit Money Banks (DMBs) in various parts of the country are either not dispensing cash or are witnessing long queues. DMBs have imposed maximum withdrawal limits ranging from N20,000 to N50,000, and transaction fees through Point-of-Sale operators (PoS) have doubled due to the scarcity.
Despite the CBN attributing the Naira scarcity to panic withdrawals by Deposit Money Banks (DMBs) from various CBN branches, it insists there is no actual scarcity and that the economy has an adequate supply of currency. However, the prevailing situation contradicts the CBN’s assertion.
Dr. Uju Ogunbunka, the President of the Bank Customers’ Association of Nigeria, dismissed the CBN’s explanation as meaningless and emphasized the real scarcity of Naira in the country. He urged the CBN to fulfill its mandate by printing more currency to facilitate transactions.
Elegede Segun, the secretary-elect of the Mobile Money and Agent Banking industry in Nigeria, highlighted that PoS operators were severely affected by the Naira scarcity, resulting in increased charges to avoid losses. Banks’ cash withdrawal limits and scarcity-induced self-help measures among the public have contributed to the challenges faced by PoS vendors.
Renowned economist Prof Segun Ajibola criticized the CBN’s reason for the Naira scarcity, urging the regulator to diagnose and address the problem swiftly to prevent counterfeiters from taking advantage.
Mr. Idakolo Gbolade, CEO of SD & D Capital Management, attributed the Naira scarcity to communication issues between the CBN, DMBs, and the public. He emphasized the need for improved communication from the CBN to assure Nigerians that there is no reason to hoard Naira notes.
The Naira redesign policy implemented from December 2022 to February 2023 led to a cash crunch until the Supreme Court extended the deadline to December 31, 2023, and later vacated the extension following a federal government request.
News
Maiduguri flood: Ogun Govt donates N200m to Borno State
The Ogun State Government has donated N200 million to the Borno State Government in response to the severe flooding that recently devastated the area, causing significant property damage and displacing thousands of residents.
The flooding was triggered by the collapse of the Alau Dam in Maiduguri on September 10.
Reports indicate that at least 414,000 people have been displaced, with 30 lives lost due to the disaster.
Ogun State Governor Dapo Abiodun had previously sent condolences to the people and government of Borno, praising the state government’s swift actions and the support from the Federal Government.
Kayode Akinmade, the Governor’s Special Adviser on Media and Strategy, stated on Saturday that the donation aims to aid flood victims and provide immediate relief. He noted the unprecedented humanitarian crisis in Borno State caused by the flooding and called on all Nigerians to help those in need.
News
Ekiti: Gov Oyebanji appoints over 300 board chairmen, members
Ekiti State Governor Biodun Oyebanji has approved the appointment of chairpersons and members for various government agency boards and parastatals.
This initiative aims to facilitate the efficient operation of government activities and improve service delivery.
The announcement was made in a statement on Friday by the Governor’s Special Adviser on Media, Yinka Oyebode.
The appointments, which include both full-time and part-time roles, will take effect on Monday, October 7, 2024.
Governor Oyebanji congratulated the new appointees, highlighting that their roles present valuable opportunities for public service. He encouraged them to maintain the highest standards of professionalism and ethical behavior in their duties.
News
Nigerian govt mobilises contractor to F107 Road, collapsing bridge in Abia
Users of the Umuahia-Bende-Arochukwu-Ohafia road will soon heave a sigh of relief as the Federal Government has mobilized a new contractor, China Civil Engineering Construction Corporation (CCECC), to begin work on the collapsed sections of the road.
The mobilization of the new contractor followed a viral video by ABN TV titled “How Your Area,” which highlighted that the Onu Uduma Bridge, commonly known as Nmuri Bridge on the federal road, was on the verge of collapse.
The critical bridge, previously rehabilitated by the Federal Road Maintenance Agency (FERMA), has come under severe pressure due to repeated downpours and the movement of heavy-duty vehicles, which exposed it to structural threats.
The Federal Executive Council approved additional funds for the project, supplementing the money initially approved in 2018.
The arrival of CCECC equipment at the affected site on Wednesday has brought hope to the people of Ohafia and all users of the road. This follows the termination of the previous contractor, Heartland, whose contract was revoked due to issues concerning the quality of work.
Speaking on the arrival of the new contractor, the member representing Arochukwu/Ohafia Federal Constituency, Ibe Okwara Osonwa, stated that the progress was a result of his engagement with the Minister of Works, David Umahi, through the Abia State Government, to ensure repairs on the road and the Nmuri Bridge to prevent total collapse.
He expressed gratitude to Governor Alex Otti, his deputy, and Senator Orji Uzor Kalu for their swift response to the road’s condition, but urged host communities to offer maximum cooperation to the contractor to ensure smooth and timely completion of the work.
CREDIT: DAILY POST
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