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

Art Business News

MIKE ONYEMAH: DESIROUS OF BRIDGING THE CAPACITY GAP IN NIGERIA’S FASHION INDUSTRY

post-image

 

 

The Nigerian fashion space is worth billions and very creative, churning out lots of designs to other countries. The Nigerian fashion space has been known to be ebullient and always adapting to the global realities, but the snag is that most of the fashion creatives and seamstresses are barely educated and do know know the rudimentary management of fashion business. In this light, Micheal Onyemah, the Founder of MykMary Fashion Show is desirous in exposing the unlettered players to the modern fashion business.

 

Speaking on this, Oyemah pointed out that”We have seen a lot of ripp off in the fashion industry with lots of Nigerians not knowing what it takes to manage a simple fashion business, this has affected their scalability and also profitability. At MykMary Fashion School, we are poised to bring these sets of stakeholders to speed and show them a path to profitability.”

 

“We do not only teach…

Read More
Business Culture Economy

New report shines spotlight on e-mobility innovators unlocking access to the US$3.65bn motorcycle market in sub-Saharan Africa

post-image

Electric motorcycles are set to be a dominant force in sub-Saharan Africa’s sustainable mobility transformation, but continued investment in start-ups tackling barriers across the value chain will be critical to maximise the full potential, says a report recently released by the Powering Renewable Energy Opportunities (PREO) (https://www.PREO.org) programme.

 

Two-wheelers are quicker and more easily manoeuvrable than four-wheeled vehicles, especially across sub-Saharan Africa, where countries often have poor-quality roads. Motorcycles also provide stable income opportunities. The Charging Ahead – Accelerating e-mobility in Africa (https://apo-opa.info/40Es1zQ) report from PREO outlines the market opportunity for e-motorcycles to become a driving force in the African e-mobility sector as, according to analysis by Mordor Intelligence, the market for motorcycles in Africa was worth US$3.65bn in 2021, and is projected to grow to US$5.07bn by 2027.

However, to accelerate progress in the e-mobility sector and meet the demands of a…

Read More
Business Education Finance Fintech International News Technology Technology Trends Telecoms

Capacity Building: EPITECH Benin Republic student courtesy visit to FINTRAK Software Ltd.

post-image

 

 

The Paris Graduate School of Digital Innovation (French: École pour l’informatique et les nouvelles technologies, or EPITECH),recently visited FINTRAK Software Limited Nigeria.s foremost financial technology (Fintech) firm with emphasis on building and developing robust software for banks across Africa. A tour that the educational institution made to FINTRAK to cement their relationship in the area of capacity building and transfer of knowledge.

 

Speaking to the international students, Edwin Aigbogun, the  Brand Communication Manager of Fintrak Software said, “We are elated to have you here, this shows that our works and projects is getting noticed across various African countries, our solutions are designed to meet various peculiarities of financial institutions in various countries. Our solution do come in both English and French and we are desirous to partner with the institution.”

 

“We appreciate this visit and we will have a program that will accommodate your students in te area of internship, this…

Read More
Business Economy

Fez Delivery, a techstars-backed logistics startup announces Seed raise of $1 million led by Ventures Platform

post-image

Fez Delivery (https://FezDelivery.co/), a leading logistics and delivery company, announced its $1 million seed round today.

 

Ventures Platform led the funding round, with participation from Voltron Capital, Acasia Ventures (formerly Cairo Angels), and other angel investors. This funding announcement follows Fez Delivery’s acceptance as one of the only two logistics companies in Nigeria to have received investment from Techstars Toronto, an elite global tech accelerator.

 

Fez Delivery was founded in 2020 by Seun Alley, as a pivot from her previous company which offered janitorial services to businesses but suffered from absenteeism of the janitors because they were running errands for employees. “We launched a janitorial service company in 2016. The following year, we observed a trend of janitors being absent from their duty posts because they were on errands for employees.”, says Seun Alley. “As a stop-gap, we introduced delivery services to the companies we were working…

Read More
Business Finance Fintech Technology Technology Trends

Accountants add the power of search for robust financial controls

post-image

 

Accountancy is a profession driven by detail and tight deadlines, requiring accurate data inputs in order for a practitioner to fulfil their duties. Accountants depend on information being supplied by their clients, external third parties and other sources, and they need to rely on the reliability of these sources for their numbers to add up – literally.

Professional duty of care

Sometimes, however, gaining access to this information is easier said than done. “Accountants are duty bound to submit accurate audited statements and financial reports to clients, financial institutions, and government departments like SARS. However, they cannot do this if they do not have the means to verify the information they are expected to present,” says Sameer Kumandan, Managing Director of SearchWorks, an innovative data platform that allows users to conduct live, accurate searches on individuals and companies and in-depth…

Read More
Business Culture Economy Tourism Travels

Canadian Start-Up Visa Program Offers Path to Permanent Residency for Nigerian Entrepreneurs8

post-image

 

 

Unlock your freedom and travel without borders!

 

Mobility Options, a global immigration consultancy firm, highlights the benefits of the Canadian Start-Up Visa program for Nigerian entrepreneurs looking for a stable and welcoming environment to build their businesses. With the current political climate in Nigeria causing increased uncertainty for businesses, the program presents a lifeline for entrepreneurs seeking to establish their innovative startups on a stable foundation.

Canada’s economy has experienced one of the fastest recoveries among advanced economies after the onset of the COVID-19 pandemic. It’s net debt-to-GDP ratio, at 30.5%, is the lowest in the G7 countries. Furthermore, the country has announced plans to significantly increase the number of immigrants entering the country, with a goal of 500,000 arriving each year by 2025 to address a critical labour shortage. To address a major labour shortage, Canada has announced intentions to drastically expand the number of immigrants entering the nation, with…

Read More
Business Economy Featured Finance Government Opinion

WITH PRICE CONTROL REMOVED, WHAT/ WHO IS THE BUDGET OF 3.5 TRILLION NAIRA FOR SUBSIDY IN 2023 FOR?

post-image

 

Directly or indirectly, officially or unofficially, it is clear that the cap on the pump price of Petrol (PMS) has been removed. All over Nigeria, for a few months now, the price of Petrol has varied from one filling station to the other. As at 6th of January, Prices ranged from a minimum of 240 Naira per liter in Benin, 340 Naira in Kaduna, 360 Naira in Umuahia, 400 per liter in Owerri to 500 Naira per liter in Port harcourt , no filling Station is selling at the so called controlled price, except in some filling stations in Abuja and Lagos. And nobody is enforcing any price as it used to happen in the past. So it is clear we have deregulated. Thats fine!

I think the Government should own up and announce this policy officially. It is deceitful and dis-ingenious for this Government to announce that payment of…

Read More
Business Fintech Gadgets International Technology Technology Trends

Digital Industries (Pty) Ltd signs an AVEVA Select partnership agreement to grow its footprint in the East and West Africa regions

post-image

Digital Industries (DI) (www.DigitalIndustries.co.za) through its business unit Industry Software Solutions and Support (IS³), announced that it has become an AVEVA Select  (https://apo-opa.info/40uonZj) partner for the East and West Africa regions. AVEVA Select partnership allows Digital Industries to deliver AVEVA’s full portfolio of leading-edge industrial software solutions to customers that will help them become more sustainable and profitable.

 

The AVEVA Select agreement has set specific strategic intent to support customers’ requirements for improving operational efficiency, driving better returns and increasing the sustainability of their businesses. A people-based ecosystem driving digital transformation is the key enabler to achieving these strategic objectives on the African continent. DI will expand its ecosystem of customers and partners who want to adopt technologies to enable their digital transformation. Leveraging existing indigenous knowledge and skills and creating new skills pools is the key differentiator.

In East Africa, the regional…

Read More