Business Finance Government News Opinion

PHASING OUT OF NAIRA AND THE INTRODUCTION OF NEW DESIGN OF SAME

 

As it is with most government policies, some Nigerians are already expressing distrust with the latest announcement some hours ago by CBN of its plan to faze out the present Naira notes by January 31st of next year (2023) and the plan introduction of a new design of same by the 15th of December, 2022.

Well, from time immemorial, I give credit to people when they deserve it, even when I don’t like you, and this time around will not be different. Since the inception of this government, I can count at least 5 of the present government policy somersaults and I can boldly say, hardly does it have good ones. But on this plan by the #CBN, they should be commended and not just throw under the bus as usual.

I read where someone (obviously, an anti-government person) alleged it’s a plan by the government to embezzle money towards the tail end of its tenure; reason for the sudden and swiftness of the said plan. i really do not understand that part, but if it is said that some will use the plan to embezzle money, especially, funds earmarked fr the new printing, I would not begrudge such fellow.

Having said the above; I strongly believe the merit of the plan is much more and is of more benefit than the demerits of it. Why do I say so?
Firstly, the most important merit is that it would rendered most criminals jobless, especially those collecting ransom. It will make it easy to detect those planning to use large sum of money for nefarious activities if any one . Every money being hoarded now will be useless, unless you take them to bank for deposit before the time frame elapse; and I’m sure you are aware what that means? You will have to explain where you get huge sum of money coming in to deposit in banks around that period. It doesn’t matter the banks unless your account is not linked with BVN. EFCC will be waiting to receive all the money from your septic tanks, wardrobe, those buried, those in your boot and the sacks, otherwise, you are going back to square one.

In addition to the above, it will also work in one way or the other against those planning to stock cash for vote buying in 2023 general election. If anything, I believe all and sundry should be happy at least for this particular reason.

Also, it will bring some sanity and decency to our notes, at least for some time before some people keep using it to wipe away their sweat after removing from bra.

Lastly, I think it will reduce the money in circulation and help strengthen the purchasing power of the legal tender and in so doing reduce inflation.

These are my humble opinion, so I will implore us all to see the cup half full instead of half empty this time around, even though I understand where most of our pessimism is coming from.

Let’s what and see.

NB: I have seen that more and more people are not okay with the planned changed as against the only person I made mention of when I started out to write early in the morning before I got busy.

#naira #newnote

Femi O Oyedepo

Leave a Comment

Your email address will not be published.

You may also like

Business Economy News

Zoracom® Marks a Decade of Innovation and Excellence in Nigeria’s IT Sector

post-image

 

Zoracom®, a leading technology solution company specializing in cybersecurity, celebrates its milestone tenth anniversary with pride and gratitude. Since its inception, Zoracom® has been at the forefront of empowering businesses with seamless solutions, driving operational efficiency, and ensuring end-to-end visibility.

From its humble beginnings as a startup offering IT services, Zoracom® has evolved into a dominant force in Nigeria’s IT landscape. Renowned for its expertise in business automation and cybersecurity, Zoracom® has continually raised the bar in delivering cutting-edge solutions tailored to the needs of its clients.

Reflecting on this remarkable journey, Kesiena Ogheneruru, Chief Operations/People Officer at Zoracom®, emphasized the company’s steadfast commitment to innovation in Nigeria’s IT industry. Ogheneruru stated, “Zoracom® has been leading the charge in business process automation and cybersecurity solutions, consistently pushing boundaries and driving positive change in the ecosystem.”Zoracom

At the core of Zoracom®’s operations lie infrastructure management, observability,…

Read More
Announcements Business Economy Government

Dr. Bosun Tijani joins Ethnos Cyber for High Impact cybersecurity Erudition Series

post-image

Dr. Bosun Tijani, renowned for his contributions in the field of cybersecurity, is set to join forces with Ethnos and OneIdentity/Quest for the launch of the Ethnos Cybersecurity Erudition Series. This groundbreaking initiative aims to bolster Cybersecurity awareness and expertise among key stakeholders in Abuja, particularly within the public sector.

In an age where digital governance is becoming increasingly prevalent, cybersecurity emerges as a critical concern for governments worldwide, including Nigeria. The integration of modern technologies has undoubtedly improved efficiency in governmental operations, but it has also introduced new vulnerabilities such as Identity Theft and Phishing. Hence, there is an urgent need for comprehensive Cybersecurity education and readiness.

The Ethnos Cybersecurity Erudition Series seeks to address these pressing issues by providing a platform for security experts and public-sector stakeholders to engage in informative discussions and knowledge sharing. With the theme “Navigating Cybersecurity Risks: Strategies for Securing Your…

Read More
Business Economy Investments News Opinion Society

Moppet Foods’ Founder, Roberta Edu, Aims for Global Excellence in Baby Food Manufacturing

post-image

In a remarkable pursuit of manufacturing excellence, Roberta Edu, the visionary IT expert and co-founder of MOPPET, a rapidly growing baby food brand, expressed her commitment to adhering to global best practices. From packaging to meal quality, Edu’s goal is to establish MOPPET as a benchmark in the competitive baby food industry.

“When I decided to become a manufacturer, my aim was clear: to provide the very best for Nigerian children and eventually export globally,” stated Roberta Edu. Not seeking to emulate existing products in Nigeria, she emphasized her focus on surpassing global standards in the baby food category.

Edu recounted her determination to attain the highest quality, even rejecting a machine made in Nigeria for not meeting her stringent standards. Turning to China for a solution, she shared her relentless pursuit of excellence, including a noteworthy incident with an Indian machinery store in Oregun.

Undeterred by…

Read More
Art Business Culture

Award-winning Director Biodun Stephen takes the reins for “Aso Ebi Diaries” produced by Lady Laide Films in Lagos, Nigeria

post-image

 

Lady Laide Films is thrilled to announce the commencement of shooting for its latest project, “Aso Ebi Diaries,” in the vibrant city of Lagos, Nigeria. With leadership from renowned director Biodun Stephen, whose creative talents have earned global recognition, the film promises to captivate audiences with its compelling narrative and stellar cast.

Production responsibilities are shared by Laide Daramola and Taiwo “Bossteewo” Adebayo. Laide Daramola is currently riding the success of her debut feature film “Hotel Labamba” which catapulted to success upon its release on Prime Video. The film’s quality was merited by its #1 ranking on the platform in Nigeria for eight consecutive days and currently holds a top 10 position in nine other countries. A household name in film and television production, Taiwo Adebayo’s slate of films boasts a gross budget of N26.8 billion. Such numbers have made her one of the highest indigenous-grossing producers of all time,…

Read More
Business News

NDPC Strengthens Sectorial Regulation, Signs MoU with NLRC and SMEDAN

post-image

 

The Nigeria Data Protection Commission (NDPC) signed two significant Memoranda of Understanding with the National Lottery Regulatory Commission (NLRC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), aimed at bolstering data protection initiatives across various sectors.

The National Commissioner/CEO of NDPC, Dr Vincent Olatunji, represented NDPC, Director General, NLRC, Mr Lanre Gbajabiamila, represented NLRC, and DG of SMEDAN, Mr Charles Odii, represented SMEDAN during the signing of the MOU at the Headquarters of SMEDAN and NLRC respectively.

The partnership with SMEDAN seeks to promote data protection within the Small and Medium Enterprise ecosystem, with approximately 40 million SMEs.

The MoU establishes a framework for collaboration, including the formation of a working group to focus on capacity building in data protection. This initiative aims to educate SMEs on adopting appropriate technical and organizational measures towards safeguarding data privacy.

Dr Olatunji who expressed optimism about the implementation of the memoranda with the…

Read More
Art Business Economy

Unlocking the future of Journalism: Anambra ICT Agency, Activ8 Hub Empower Media Professionals on AI

post-image

 

In line with its vision aimed at digitally revolutionizing the media landscape, the Anambra State ICT Agency, in collaboration with Activ8 Hub, on Thursday, hosted an enriching workshop on Artificial Intelligence in Journalism for media professionals.

Th workshop took the practitioners through emerging AI models, such as ChatGPT, Gemini, Bing AI, Microsoft Copilot, among others, with the aim to enhance their journalistic practices, ensure more efficient, accurate, and compelling reportage.

The workshop facilitated by experts including Mr. Chukwuma Mezie-Okoye, co-founder of Activ8 Hub, and Nehemiah Onyekachukwu Emmanuel, an AI Engineer with Microsoft, offered deep insight into the transformative impact of AI in journalism. With a focus on leveraging AI to bolster productivity, fact-checking, and narrative crafting, the session illuminated the path for journalists to integrate these cutting-edge tools into their work responsibly.

The event also marked a significant stride in Anambra’s technological advancement, as was highlighted by Chukwuemeka Fred Agbata, CFA, the…

Read More
Business Culture Economy Government Opinion Society

Nigeria Commemorates International Women’s Day 2024

post-image

Today, Nigeria joins the global community in celebrating International Women’s Day, recognizing the remarkable progress and contributions of women worldwide.

This year’s theme, “Celebrating International Women’s Day!” underscores the importance of acknowledging the strength, resilience, and achievements of women in various spheres of life.

From influential leaders to nurturing mothers, women continue to shape our societies, driving positive change and inspiring future generations. International Women’s Day serves as a poignant reminder of the ongoing journey towards gender equality and empowerment.

While celebrating the milestones achieved, it is crucial to recognize the persistent challenges that women face and reaffirm our commitment to creating a more inclusive and equitable world. Empowering women to reach their full potential is not only a moral imperative but also essential for sustainable development and progress.

As…

Read More
Business Economy Gadgets Government International

Tanta Innovative Guides Nigerian Businesses Through Cross-Border Data Transfer Complexities

post-image

 

 

In today’s digitally interconnected world, individuals and organizations often find themselves managing data across international borders, a practice known as Cross-Border Data Transfer. As Nigerian businesses expand globally, navigating the legal and regulatory landscape surrounding data protection becomes paramount.

Tanta Innovative limited, an indigenous cybersecurity firm specializing in data advisory and solutions for Nigerian businesses, is at the forefront of addressing these challenges. Led by Founder and CEO, Abraham Tanta, the company offers valuable insights and solutions to mitigate the risks associated with cross-border data transfers.

Cross-border data transfer presents significant challenges, including potential breaches and legal implications,” stated Abraham Tanta. “At Tanta Innovative, we provide Nigerian businesses with free advisory services and deploy various solutions to preemptively address data breaches.”

Tanta elaborated on the complexities of cross-border data transfer, emphasizing the importance of compliance with regulations such as the Nigerian Data Protection Regulation (NDPR). He…

Read More