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Business News

CBN partners law enforcement as it readies to combat Naira hawkers

The CBN said it will establish mobile courts in partnership with law enforcement to combat Naira hawking

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Naira notes

The Central Bank of Nigeria, CBN, said it will establish mobile courts in partnership with law enforcement agencies and the judiciary, with the intention of combating the rising incidents of naira hawking and other forms of crimes against Nigeria’s legal tender.

The decision was reached yesterday in Lagos at the end of the Bankers’ Committee meeting, which was attended by CBN’s Director of Banking Supervision, Mr Ahmed Abdullahi, and Mr Isaac Okorafor, Director of Corporate Communications at the CBN.

Some of the banking industry’s notable figures who were also present at the meeting include Mr Herbert Wigwe of Access Bank, Union Bank Plc’s Emeka Emuwa and Mrs Hamda Ambah of FSDH Merchant Bank.

Speaking during the meeting, Mrs Ambah stated that the Bankers’ Committee came up with the mobile court idea as a means to quickly prosecute and jail those found guilty naira hawking offenses.

“Specifically, one of the things that were found out and action is to be taken soon has to do with people who actually sell the currency; people who are selling the mint notes. In the very near future, there is going to be the introduction of mobile courts that would be on the spot to handle such situation; people who are selling the naira would be handled and dealt with on the spot.” -Ambah

She further disclosed that efforts are being made to sensitise the public on this issue, whilst educating them on the correct way to handle Nigeria’s legal tender.

Understanding naira hawking…

Naira hawking simply entails any illegal exchange of the naira. It is any black market activity whereby Nigeria’s currency is sold by anyone who is not authorised by the law to do so. This activity is commonplace in the country, especially at wedding parties where ‘money changers’ meander through crowds offering to change higher denominations to lower ones for a fee.

Earlier today, the apex bank tweeted a link to a comprehensive list of all the approved Bureaux De Change in Nigeria.

Why the CBN is trying to curb naira hawking

According to CBN’s Corporate Communications Director, Mr Okorafor, it costs Nigeria a lot of money to print naira notes. Therefore, it is wrong for anyone to abuse it.

He further stated that “the CBN Act 2007 outlaws any action by anybody, either by spraying, squeezing, by dancing upon the naira or writing on it.” Anyone found guilty of such crimes could face up to six months in prison.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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