The Central Bank of Nigeria (CBN) has began the disbursement of smaller naira notes to traders in order to improve circulation of N5, N10, N20, and N50 in the market.
The acting Director, Currency Operations Department, CBN Mrs Priscilia Eleje said this at a publicity campaign on “Disbursement of Lower Denominations of the Naira’’ in Wuse Market, Abuja on Tuesday,
She said the campaign was targeted at the informal sector, especially traders in markets with the aim of increasing the circulation of the smaller units of the naira to make doing business easier.
According to her, the Federal Capital Territory will be used as the pilot stage of the new campaign and if successful, will be replicated nationwide.
Eleje said the new strategy would ensure that traders desist from hiking prices of goods, simply to avoid looking for “change.’’
According to her, new naira notes will be distributed to traders within Wuse and Garki Markets and others through their associations.
“The notes we will be disbursing are mints. This money is not meant for you to keep in your house or to go and spray at weddings or sell.
“We have our operatives everywhere and whoever is caught selling these notes will be prosecuted.
“These notes are meant to be used for daily transactions so that when a customer comes to the market, you won’t tell him or her that you don’t have change,’’ she said.
Eleje said that the money was not free, adding that rather, the CBN through the various associations in the market would exchange lower denominations for larger ones.
Also, the Deputy Director, Currency Operations Department, CBN Mr Vincent Wuranti, lectured the traders on ways to handle and maintain the naira notes.
He urged all users to desist from squeezing the notes, writing on them or using dirty hands to handle the notes.
Wuranti also urged the public to inculcate the habit of using wallets in order to safeguard the naira and allow it to have a longer life span.
The Chairman, Wuse Market Association, Mr Rapheal Okoro, said insufficient lower denominations of the naira was one of the greatest problems being faced by traders.
“When you buy something you cannot get change. There are instances where customers change their minds about buying items because of change.
“As a trader, you lend another trader change and he cannot give you back when you need it. This has led to a lot of crisis in the market. So we are happy that the CBN has come up with this plan,’’ he said.
Okoro said the CBN had agreed to make the funds available to traders on a weekly basis and the volume depends on the market demand.
‘Spray naira notes and go to jail’ — CBN warns Nigerians
The Central Bank of Nigeria says it is a crime to spray, sell or mutilate naira notes.
Speaking in Ibadan on Saturday, Priscilla Eleje, acting director, currency operations department at the apex bank, said the offence is punishable by six months imprisonment or N50,000 fine.
Eleje was represented at the public sensitization and enlightenment campaign on CBN direct intervention on lower denomination banknotes at Alesinloye market by Olufolake Ogundero, a deputy director at the bank.
“It is a criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes,” she said.
“It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the naira. Naira is our pride as a country. So respect it.”
In May, the apex bank had told bank customers to reject bad naira notes because commercial banks are sabotaging its effort in replacing mutilated notes with new ones.
Isaac Okorafor, CBN’s spokesman, had said the bank was trying another option of withdrawing the unfit notes from circulations rather than depending on the commercial banks.
The bank is now engaging various market associations to encourage traders to change genuine dirty notes for new ones at no cost to the trader.
“The bank has already taken the new measure to Kano, Kaduna and Abuja and also intends to bring it to the south.”
Ogundero said the disbursement has commenced in Abuja and will be extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Jos.
REVEALED: Check Out 4 Interesting Ways Of Making Money Right From Your Phone Today
Author of Practical Steps to Financial Independence and business & finance coach, Mr Usiere Uko, writes about how to make money from your phone
The mobile phone means different things to different people. To some, it is a status symbol. It announces their class in society. It has become an addiction for many; the first thing they interact with, in the morning and last thing at night. They could go into a panic attack if they forget their phone at home. I have seen friends and families sit at restaurants each glued to their screens while waiting for their order.
The mobile phone has become a weapon of mass distraction. We are inundated with information virtually 24/7. I have come to realise over time that there is no correlation between the tons of stuff we consume online and the increase in wisdom. Most of the information we take in from social media are either not actionable or not acted upon. There is so much noise but little action.
There are also groups of people that have turned their smartphones into a tool for doing business and making money. It ranges from artisans to employees making money on the side to self-employed business people and entrepreneurs. It has become a tool to reach people or markets they otherwise would not have been able to. The phone has also become a powerful time-saving device.
Before smartphones became mainstream, my plumber or electrician had to make three trips in order to purchase a fitting for installation. This includes going to the market to get the price, coming to me to collect the money and going back to the market for the actual purchase. This has now been reduced to one trip: go to the market, confirm prices and send me pictures, I give the go ahead and make a transfer and the purchase is made. This frees up time to service more clients that can be acquired by referral without meeting face to face.
There are limitless possibilities when it comes to using your phone to make money. I will look at just a couple of them.
Many trainers are going online, using apps like WhatsApp, Telegram, etc, to deliver their training. Promoting events on social media is relatively easy and costs nothing if you do it yourself. All you need to do is find a way to make it go viral.
There are many closed groups on WhatsApp you have to pay to join. It ranges from fitness and nutrition boot camps, seminars on various subjects, coaching, etc. With the Internet, you can get clients from all over the world. They can join the live session or access transcripts and other content like videos, pictures, etc. They get to interact with the facilitator, one on one, who answers their questions and holds them accountable for agreed-upon goals. The training can also be delivered vial video apps like Skype, Zoom, etc
2. Selling your products and services
You will be amazed at what you can do with your business, products and services if you gain the right skills or involve the right people. While others are busy on Facebook, Instagram, etc, putting their lives in the show glass, informing friends, foes and thieves what they are up to, you can build a good following and create a platform to put your products and services in front of those who need it. You can also get instant feedback, which you can use to improve your goods and services.
There is a strategy for each online marketing objective, ranging from brand awareness, lead generation, growing sales, foot traffic, app installation/growing traffic etc. You can spend your time learning the skills to promote your business (if you cannot hire a social media-marketing professional), instead of spending time consuming and arguing over recycled fake news.
You can now trade directly at the Nigerian stock market from your phone. Most stockbrokers now have apps you can use on your phone to enter and exit live trades at the Nigerian Stock Exchange. To buy stocks, all you need is to have your account with your stockbroker adequately funded. You no longer need to send an e-mail to your broker, follow up with calls and wait for the outcome of your instructions. You can do everything online and real-time through your phone. That means you can buy a stock that goes up in the morning and sell for a profit in the afternoon. You can set it up to happen automatically without leaving what you are doing to watch the market.
Gone are the days of buying stocks in 1995, waiting for dividends and bonuses and handing them over to your children when you die. You can profit from the daily movement of stock prices. You can make as much as five per cent on a trade in a day if you pick the right stock.
You can also trade forex global at the Sydney, Tokyo, London and New York trading sessions from your phone. The interesting thing about forex is that you don’t need to come up with all the money you need to trade. You simply have to open a margin account with your broker who offers advantage ranging from 1:50 to 1:1000. All you need is to invest in gaining the skill to trade profitably. There are forex training schools online. Some schools have tools through which their experts share their trades with you by sending you trade signals. In effect, you are entering the same trades the experts are entering into.
You can set up your order and go to do other things and check back later in the day to see if your order closed in profit or loss. It requires continuous learning and improvement. To set aside time to do this, you have to stop doing other things that may make you feel good but does not improve your life or move you towards your key goals.
For questions, comments or enquiries about learning to trade forex email firstname.lastname@example.org; You can visit www.financialfreed ominspiration.com. Follow me on twitter @usiere
ECONOMY C’River residents panic as multiple kerosene explosions wreak havoc
CALABAR- SERIES of kerosene explosions in Cross River Sate in recent weeks have caused indescribable disaster, leaving five persons dead and several others battling for their dear lives at health institutions in the state.
Nine of the victims are lying critically ill at the General Hospital, Calabar and four are at the University of Calabar Teaching Hospital, UCTH, both in Calabar, the state capital.
Family of 4, others perish
In one of the tragic incidents, a family of four, Mrs. Nseobong Uduak (mother), Miracle 10, Silas 3 and a two-month old baby, whose name could not be ascertained were seriously burnt, leading to their death.
Ogolo Eke, a 21-year-old Microbiology student of the Cross River State University of Technology, who was rushed to private hospital for burns suffered on her face and chest in an explosion, could not make it. Hardly a week passes without two or more cases of kerosene explosions in Calabar and other areas of the state caused chiefly by adulterated kerosene. The two-bedroom apartment occupied by Mrs. Uduak and her family was also razed and property worth millions of naira destroyed. Rachael Akpan, who witnessed the incident that razed Uduak’s rented apartment, blamed it on adulterated kerosene, which ignited as one of the deceased’s children, Miracle, was about filling the lantern with kerosene.
How my husband was burnt – Wife
In another incident, Emane, wife of Michael Eze, who also lives at 8 Miles, Calabar, asserted: “I bought the kerosene at a petrol station and had been using it until penultimate Sunday morning. I used the kerosene last in February to cook beans, but at about 5.00 am on Sunday, last week, the kerosene in our lamp ran out and my husband refilled it with the kerosene and when he tried to light it again, an explosion occurred. He was caught in the fire that resulted from the explosion.”
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