Capital Market Expert Charges CBN on New Naira Notes

Professor Uche Uwaleke, a Capital Market expert and President of the Capital Markets Academics of Nigeria has advised the Central Bank of Nigeria to do more to ensure the proper and efficient distribution of the new Naira notes.

Professor Uwalaeke gave this advise while featuring on the Business Nigeria Programme on TVC News on Monday afternoon with Tolulope Ogunjobi.

Professor Uwaleke said the implementation of the Cashless Policy by the Central Bank of Nigeria has led much bitterness and created unhealthy situations across the Country with Fuel Queues now joined by queues across banking halls and Automated Teller Machines Points and POS Machines.

He added that the Central Bank of Nigeria has to do more in terms of Logistics of the distribution of the new notes across the Country and prevent hoarding.

He disclosed that having assured Nigerians that it has printed enough notes to go round the Country, the Central Bank Should also involve the Security Agencies to ensure that those hoarding the new notes are brought to book.

Professor Uwaleke added that the Central Bank of Nigeria needs to take charge and be on top of the situation and ensure that new notes get to all Nigerians.

He expressed his belief that once this is done effectively across the Country, the pressure will gradually ease over the next few days and will ease the tension in the Country.

He also commended the decision to allow the withdrawal of money over the counter by the Central Bank of Nigeria which is currently pegged at twenty Thousand Naira a limit he said is rather too low.

He urged the bank to raise the withdrawal limit from the current twenty Thousand Naira.

He called on Political leaders across the Country to stop making inflammatory statements about the Cashless Policy describing them as unhelpful.

He said their support is critical to the success of the Policy while all Statements against it makes it more complicated to be implemented.

He also condemned the decision by 3 Northern States to drag the Federal Government to court over the Cashless Policy adding that it makes it a little bit more challenging to use the Policy as silver bullet to address some issues.

He said the Cashless Policy despite the teething problems associated with it has a lot of merits and should be sustained.

He described the huge amount of money outside of the formal Sector that are not productive and lying idle will be brought back into the Financial System through the policy making it easier for the Central Bank to implement Monetary Policies.

Going Further, Professor Uwaleke said the Policy will also help in aiding the move towards Financial inclusion in Nigeria.

He said since the Policy was announced, the nation’s Economy has witnessed a surge in Electronic payments with many Businesses also attesting to how easy it has been for them to operate with the increased level of E-payment options that have been adopted by Nigerians.

According to him all the Central Bank of Nigeria needs to do is to fine tune the Policy and ensure the efficient circulation of the new notes to all parts of the Country.

 

WORLD BANK TO ASSITS NIGERIA IN RURAL ELECTRIFICATION PROGRAMME 

 

The World Bank is about to release funds for project implementation to the Rural Electrification Agency that will serve to complement the annual budgetary allocation from the Federal Government

The Minister of State for Power, Goddy Jedy-Agba revealed this at the REA Management and Retreat in Abuja.

Vision 7, 2030 of the sustainable development goals, is about ensuring access to clean and affordable energy, which is key to the development of agriculture, business, communications, education, healthcare and transportation.

The lack of access to energy hinders economic and human development.

Latest data suggests the world is making appreciable progress towards its sustainable energy targets.

At this gathering, Minister of state for Power, Jeddy Agba says the projects implemented through the Rural Electrification Agency will go a long way in closing the energy gap and bringing life to unserved and underserved Nigerians.

Thee chief of the rural Electrification Agency on his part, implores stakeholders to contribute ideas on how Nigeria can build sustainable rural communities that thrive and deliver their quota to the economy especially in areas of agriculture, mining and light manufacturing.

Rural Electrification remains important as it continues to play an important role in the global conversation in energy transition and off-grid Electrification.