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Nigerian church buildings have advised members to supply solely new N1,000, N500 and N200 notes. Their instruction comes just a few days forward of the Central Financial institution of Nigeria, CBN January 31 deadline for phasing out the outdated notes. Stories say faculties and retailers have additionally established closing dates for the gathering of the outdated currencies.
This instruction is available in response to one of many Central Financial institution’s pressing directives to utterly section out the outdated N200, N500 and N1,000 notes by the tip of January. Recall that the CBN lately redesigned Nigeria’s foreign money. The Naira’s redesign was accompanied by a number of financial insurance policies and directions that can assist accomplish the will of the apex financial institution for the redesign.
The church and CBN’s coverage
In line with a report, a number one church, Deeper Christian Life Ministry, launched a memo asking church leaders to cease the gathering of the outdated naira notes earlier than the tip of the month. The memo was signed by the Secretary of the ministry, Pastor S.M. Afuwape.
A replica of the assertion sighted by newsmen charged leaders “to sensitize your members and the brethren to lodge all Tithes and Choices collected within the Group on or earlier than twenty ninth January 2023.” The church additionally famous that “any outdated notes (within the prescribed denominations) dropped at the headquarters which weren’t lodged within the financial institution will probably be paid for by the Group.” Different church buildings have additionally given comparable directives to their members.
Whereas this motion displays the church’s position in making certain residents adjust to the CBN’s insurance policies, most Nigerians nonetheless don’t know the right way to get the brand new currencies.
CBN launches Nigerian Home Card, AfriGo
Because the nation continues to battle to get the brand new naira notes, CBN retains on releasing extra directives that can make the monetary system handy. One such is the lately launched Nigerian Nationwide Home Card Scheme, AfriGo. AfriGo seeks to create a strong cost system able to driving monetary inclusion within the nation.
The CBN’s Governor, Godwin Emefiele who launched the platform nearly famous that AfriGo could be cheaper. He added that transaction expenses on all playing cards would henceforth be paid in Naira, apart from worldwide transactions. Emefiele stated “home card transactions that will probably be carried out in Nigeria should be by means of the Nigerian Home Playing cards. Your current playing cards are effective. You’ll be able to proceed utilizing them however provided that expenses by overseas playing cards are in {dollars}, we’ll not pay {dollars} for the fees on these playing cards.”
NEXT:CBN insists On Deadline For Old Naira Notes, Raises Interest Rate To 17.5%
