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Nigerians groan as Naira scarcity persists nationwide

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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.

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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.

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Hospital Board Suspends Doctor Over Negligence In Kano

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Dr. Mansur Nagoda, the Executive Secretary of the Kano State Hospitals Management Board, has sanctioned the immediate suspension of a medical officer at the Muhammad Abdullahi Wase Teaching Hospital. This action follows numerous complaints from patients and staff regarding the doctor’s unauthorized absence from duty.

Dr. Nagoda disclosed that the suspended doctor, whose identity is withheld, left the hospital without informing any authority or management personnel. Despite attempts to reach her, she claimed to be on the premises but failed to report to the doctors’ quarters or fulfill her duties, leaving a dialysis patient distressed.

Emphasizing the ethical responsibility of doctors to prioritize patient care, Dr. Nagoda stressed the need for accountability and professionalism within the healthcare system. He warned that proper arrangements must be made with another doctor when absent from duty, and negligence will not be tolerated.

The suspension will remain in effect pending the investigation’s outcome, demonstrating the board’s commitment to upholding standards of conduct among healthcare workers. Dr. Nagoda reiterated the board’s expectation for all personnel to fulfill their duties diligently, emphasizing consequences for those found derelict in their responsibilities.

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Oyebanji approves 50% subsidy on improved oil palm, cocoa, cashew seedlings for Ekiti farmers

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Governor Biodun Abayomi Oyebanji of Ekiti State has authorized a 50 percent subsidy on oil palm, cocoa, and cashew seedlings for distribution to farmers in the state during this planting season. Mr. Ebenezer Boluwade, the State Commissioner for Agriculture and Food Security, conveyed this information in a statement released to the press in Ado-Ekiti.

He explained that this initiative is part of the strategic measures undertaken by the Oyebanji administration to generate employment, foster wealth creation, and revive Ekiti State’s agricultural sector to its former glory, particularly harking back to the prosperous era of the 1970s when it was renowned globally as a leading cocoa production hub in Nigeria.

Boluwade emphasized that the program aims to rejuvenate the state’s agricultural prowess by replacing aging trees in existing plantations and those lost to bushfires with high-quality seedlings possessing shorter gestation periods. Furthermore, concerted efforts are underway to attract enthusiastic young farmers into cocoa plantation farming.

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‘We’ve no hotel’ – Nigerian Correctional Service clears air

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The Nigerian Correctional Service (NCoS) clarified that the Correctional Service Multi-Purpose Co-operative Society (COCOS) Hotel and Gardens Project was not financed by the Federal Government. Umar Abubakar, the agency’s Public Relations Officer, made this statement in Abuja on Wednesday, emphasizing that the hotel was an investment of the NCoS Cooperative Society.

Responding to concerns raised about the facility, Abubakar stressed that the hotel, featured on the Service’s official Facebook page, was solely aimed at enhancing staff welfare. He attributed its establishment to strategic planning and efficiency within the agency’s cooperative unit.

Abubakar expressed bewilderment at attempts to discourage meaningful investments, highlighting that the “COCOS Hotels and Gardens” was inaugurated on March 1, 2021, by former Minister of Interior, Rauf Aregbesola. He asserted that the report in question is not only deceptive but also aimed at spreading misinformation. Abubakar clarified that the hotel was constructed in 2021 and is exclusively owned by the Correctional Cooperative Society, established in 1996 for all personnel of the service.

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