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New Notes: CBN Establishes LGA Cash Swap Centres



The Central Bank of Nigeria (CBN) has established Cash Swap Centres across the 774 Local Government Ares of the federation.

This was contained in a circular issued by the apex bank at the weekend.

Signed by Haruna Mustafa an Musa Jimoh, Directors of Banking Supervision and Payments Systems , respectively and dated January 20, 2023, the circular indicated that the Cash Centres would commence operations tomorrow..

Addressed to Deposit Money Banks (DMBs), Mobile Money Operators, Super Agents and Agents, the circular said that the exercise would enable rural dwellers to seamlessly change their old Naira Notes for the redesigned ones.

It reads in part:

“In furtherance of its Naira Redesign policy, the Central Bank of Nigeria (CBN) has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.

“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Bank is launching a cash swap programme in partnership with Super Agents & DMBs.
The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.

“The initiative takes effect from Monday, January 23, 2023 as follows:

*The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.

*The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.

*To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework.

This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

*Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions.

*Designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy.

Agents are also permitted to charge cash- out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.

*Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render same to the CBN on a weekly basis.

*Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.

*Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas.

*The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”

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NiMet forecasts 3-day sunshine, haziness from Sunday



The Nigerian Meteorological Agency (NiMet) has forecasted a period of sunshine and haziness from Sunday to Tuesday across the country. According to the weather outlook released on Sunday in Abuja, NiMet predicts sunny skies in a hazy atmosphere over the northern region during this forecast period. The North Central region is also expected to experience sunny skies in a hazy atmosphere.

In the Inland states of the South, NiMet anticipates cloudy skies with spells of sunshine. Coastal cities are expected to have cloudy skies with the possibility of thunderstorms over parts of Edo, Ondo, Imo, Ebonyi, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River states during the afternoon and evening hours.

Dust haze is foreseen over the northern region on Monday, while the North Central region is expected to experience sunny skies in a hazy atmosphere. The Inland states of the South and coastal cities are predicted to have cloudy skies with spells of sunshine, along with the likelihood of morning mist over Delta, Bayelsa, Lagos, Cross River, and Akwa Ibom. Thunderstorms are expected later in the day over parts of Rivers, Bayelsa, and Akwa Ibom states.

On Tuesday, NiMet forecasts dust haze with a visibility range of 2km to 5 km over the northern region. The North Central region is expected to experience dust haze as well. In the Inland states of the South and coastal cities, cloudy skies with spells of sunshine are anticipated.

NiMet issues a cautionary note about dust particles in suspension and advises the public, especially individuals with respiratory issues, to take necessary precautions. The agency also warns of the potential for moderate to heavy rainfall leading to flash floods and advises the public to exercise caution. Strong winds are likely to precede and accompany thunderstorms, and disaster risk managers, agencies, and individuals are advised to be proactive during the rainy season.

Finally, NiMet advises airline operators to obtain updated weather reports from its office for effective planning in their operations.

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Kaduna bombing: Senators donate December salaries to victims



Each of the 109 senators in the Federal Republic of Nigeria has contributed their December salaries to assist the victims of the recent bombing incident in Kaduna that occurred last Sunday. The Deputy President of the Senate, Senator Barau I. Jibrin, made this announcement on Sunday during a visit to the Kaduna State Government House, leading a prominent delegation of Senate members. The delegation was welcomed at the Government House by Governor Uba Sani. Further information will be provided soon.

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ECOWAS meeting holds in Abuja



The 64th Ordinary Session of the Economic Community of West African States (ECOWAS) Heads of State and Government is currently taking place in Abuja, Nigeria. President Bola Tinubu of Nigeria is set to chair the session, which is being attended by leaders from the 15-member block.

According to reports from the News Agency of Nigeria (NAN), countries such as Ghana, Liberia, and Sierra Leone have already gathered at the venue, the Banquet Hall of the Presidential Villa in Abuja. Other member states present include Benin, Gambia, Togo, Cape Verde, and Senegal.

In addition to the Heads of State and Government, the meeting is being attended by the ECOWAS Commission and other stakeholders, including former President Goodluck Jonathan, the U.S. Lead diplomat for Africa, Molly Phee, the African Union (AU), and the UN Secretary-General Special Representative for West Africa and the Sahel, Leonardo Simao.

The agenda for the end-of-year meeting includes a comprehensive review of decisions and agreements previously made by the body. This encompasses topics such as the adoption of the ECO as a common currency for the region. The regional body will also deliberate on issues such as the recent coup d’etats in Niger, Burkina Faso, Mali, and Guinea.

Furthermore, the meeting will address concerns related to climate change, democracy, bilateral relations, and the African Continental Free Trade Agreement.

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