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Nigerian Banks Still Distributing Old Naira Banknotes As Demonetization Date Approaches

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Nigerian Banks Still Distributing Old Naira Banknotes As Demonetization Date Approaches

With just a few days left before old Nigerian naira banknotes are removed from circulation, some banks have accused the Central Bank of Nigeria of failing to distribute enough new banknotes. Despite growing pressure for it to extend the period for returning the old notes, the central bank insists the Jan. 31 deadline still stands.

Less Than 40% of ATMs Are Dispensing New Banknotes

As the Central Bank of Nigeria (CBN)’s Jan. 31 deadline for returning the old naira banknotes approaches, banks in several Nigerian states are still distributing the soon-to-be demonetized banknotes, a report has said. In addition, fewer automated teller machines (ATMs) — less than 40% according to an investigation by the Guardian — were reportedly dispensing new banknotes.

According to the Guardian report, some bank insiders are adamant that the shortages are caused by the CBN, which has not distributed enough new banknotes. One unnamed banker from Lagos claimed that their branch got “just N1.5m new notes” in the previous week and had no new stock of the redesigned naira at the time of writing.

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The banker, however, suggested that the CBN planned to do a massive rollout of the new banknotes in the last week of January. The banker said:

The deadline is fast approaching, but we are not getting the expected quantity. We are suspecting that they will roll it out massively next week because there are no indications that the deadline will be extended.

Another banker from Nigeria’s Ogun state said while the CBN has refused to extend the current deadline the increased anxiety suggests that “a massive rollout of the money” should have been done by now.

CBN Refuses to Bow to Pressure

The fears that many Nigerians will lose out when the old naira banknotes are phased out has prompted some politicians to call for an extension of the deadline. However, the CBN has so far refused to bow to pressure and has insisted that the deadline still stands.

In the past, the central bank has dismissed claims that the decision to demonetize the old banknotes is aimed at punishing certain groups. Instead, the CBN insists that the exercise is designed to help it reduce expenditure on cash management as well as to weed out counterfeit banknotes.

Meanwhile, some Nigerian commentators have suggested that the CBN may be deliberately injecting inadequate banknotes as part of an attempt to force residents to switch to digital alternatives including its central bank digital currency (CBDC). Such speculation has in turn prompted the Nigeria Governors’ Forum (NGF) to issue a statement cautioning the CBN.

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In the statement, the governors reportedly said that while they are not against the currency redesign policy, the central bank should “consider the peculiarities of states especially as they pertained to financial inclusion and under-served locations.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Africa

Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill

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Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill

The Central African Republic (CAR) president, Faustin-Archange Touadéra, recently said his government has established a 15-member committee tasked with creating a comprehensive legal framework that governs the use of cryptocurrencies. According to an official document issued by the CAR cabinet, the committee has already started its work and will regularly update the government.

CAR’s Ambitions

The Central African Republic (CAR) leader, Faustin-Archange Touadéra, recently revealed that his country has set up a committee that is expected to draft a bill on the use of cryptocurrencies. The committee, which is comprised of 15 experts drawn from various government ministries, is expected to create a legal framework that helps the CAR achieve its goal of becoming a globally recognized blockchain technology-embracing country.

15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d’élaborer un nouveau projet de loi plus complet sur l’utilisation des crypto-monnaies et d’offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3

— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023

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In an update issued via Twitter, President Touadéra, whose country became the first African state to adopt bitcoin, also shared a communique outlining his country’s vision as well as the various government ministries that have seconded experts to the committee.

“15 experts from several ministries of my government make up the committee responsible for drafting a new, more comprehensive bill on the use of cryptocurrencies and offering CAR this unique opportunity for economic & technological development,” President Touadéra said in a recent tweet.

The CAR leader’s latest remarks come just a few weeks after a team promoting his country’s crypto token known as the sango coin announced the postponement of the scheduled listing of the coin. As reported by Bitcoin.com News, the postponement was prompted by what the team called “current market conditions.”

Before being forced to delay the listing of the coin, the Touadéra government’s coin offering suffered a major setback after a constitutional court ruled that the proposal to grant citizenship to sango coin holders was illegal.

However, despite these setbacks, the CAR leader’s government has vowed to proceed with its work. Meanwhile, in the communique, the CAR government said the committee is already at work and will regularly issue progress updates.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: Somalia To Fight Inflation And Counterfeiters With New Banknotes

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Report: Somalia To Fight Inflation And Counterfeiters With New Banknotes

According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and currency counterfeiters with newly issued shilling banknotes. The bank reportedly said it hopes to complete the process of replacing old and high-value shilling bills with newly designed banknotes in 2024.

Preserving the Value of New Money

The Central Bank of Somalia (CBS) plans to replace old, high-value shilling bills that have been in circulation since 1991 with redesigned banknotes. The central bank hopes this process, which it expects to complete by 2024, will help the war-torn country fight inflation as well as undercut counterfeit currency dealers, a report said.

In his remarks during an interview with Bloomberg, Ali Yasin Wardheere, the deputy governor at the CBS, revealed that the central bank began replacing high-value bills with redesigned banknotes in 2018. The International Monetary Fund and the World Bank have both assisted with this process, Wardheere reportedly said.

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According to the deputy governor, the central bank has also established a unit with a mandate of “combating the counterfeit money market.” The unit is further tasked with the job of preserving the value of the new currency that the central bank is planning to print.

To help the central bank achieve some of the objectives, Wardheere said the CBS would establish new branches in the capitals of federal member states. These branches, which the central bank hopes to have in place by June, will help the CBS collect taxes and store money.

Since the ouster of Siad Baare in 1991, Somalia has not issued new shilling banknotes while the old ones are now worn out and not widely available. As a result, the use of U.S. dollars and privately printed currency has grown.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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East African Community To Decide On Regional Central Bank Launch In 2023

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East African Community To Decide On Regional Central Bank Launch In 2023

The East African Community (EAC) will decide during the course of the year 2023 when and where it will locate the envisioned regional central bank, the regional intergovernmental organization’s Peter Mathuki has reportedly said. The setting up of the regional central bank is expected to help the EAC achieve its goal of attaining a single currency regime in three years.

Location of the Regional Central Bank

As the East African Community (EAC) inches towards its single currency regime objective, a top official said the regional intergovernmental organization would decide when and where it will locate the planned regional central bank in 2023. According to a report, the financial institution, which will be known as the East African Monetary Institute (EAMI), is seen as an establishment that is vital to implementing a single currency regime.

According to Peter Mathuki, the EAC secretary general, the organization’s council of ministers is expected to deliberate on the location of the regional central bank.

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“The EAMI will be in place this year in what will allow us to harmonize member states’ fiscal and monetary policies, then in about three years we will have a common currency in place,” Mathuki reportedly said.

Once the regional currency is implemented, the EAC will move closer to its objective of enhanced movement of businesses and persons within the region. This, in turn, will ostensibly boost intra-regional trade, which stood at $10.17 billion by September 2022.

Eliminating Non-Tariff Trade Barriers

As previously reported by Bitcoin.com News, the EAC, which consists of seven African countries, hopes to have a single currency in place by 2024. The same report also revealed that member states had explored the possibility of having a central bank digital currency replace the moribund East African Payment System (EAPS).

Meanwhile, in addition to helping to ease the movement of businesses and persons within the region, the EAC leadership has also held discussions on how the organization can eliminate non-tariff trade barriers. As noted in the report, a total of 257 non-tariff barriers (NTB) have been solved since 2007.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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