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SMEs Task CBN On Lower Naira Denominations

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The scarcity of lower denominations of naira has continued to be an issue in the business community, especially for men and women who are involved in small and medium business transactions.
In an interview with The Tide in Port Harcourt, businessmen and women in market places transporters, hawkers and even super stores operators bemoaned the effect of the scarcity in their transactions.
A business woman in Mile III market, Port Harcourt, Mrs Chinyere Okechukwu told The Tide that the scarcity of these lower denominations is responsible for the increase in the price of some goods in order to prevent the giving of balance which causes quarrelling and fight among customers.
Okechukwu noted that Central Bank of Nigeria (CBN) only prints the higher denominations like N1,000, N500 and N200 notes, adding that most of the N100 notes in circulation are rejected by customers because of their looks.
She wondered why government would not take proactive steps to help the masses, adding that “because of the scarcity of the lower denominations, you can hardly see any goods being sold for N5, N10, N20 and so on. This is not helping our economy.”
Another business man, Mr Effiong Effiong said that this scarcity normally reduces somebody’s purchasing power, adding that “the N5, N10 and N20 balances which they do not give you in the filling stations, super markets and from one table to another in the market can amount to big money.”
Effiong noted that the smallest denominations exist in other countries and makes life simple, adding that there is the need for CBN to start printing these denominations to help the masses and reduce the rate of inflation in the country.
It would be recalled that the Senate raised a motion on the currency scarcity and expressed worry that banks in Nigeria no longer dispense the lower naira denominations on the excuse that they hardly receive them from the CBN.
Senator Peter Nwaoboshi from Delta State who raised the motion said the Senate is disturbed that the lower denominations are printed and procured outside the country with the attendant economic and security implications.
Meanwhile, the CBN appears to be determined to address the concerns of the Senators as well as the masses who are calling for the intervention by the apex bank.
CBN’s Acting Director, Currency Operation Department, Mrs Priscilla Eleje said that Nigerians, especially the poor groaned under the inflationary effect of the scarcity of the notes mostly used for economic transactions by the masses.
She said the campaign has started in Abuja and would also spread to other states which, according to her, would ensure that traders desist from hiking prices of goods just to avoid looking for customers’ balances.

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Nigerians Spent N2.37trn On Petrol In 13 Months – NNPC

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The Nigerian National Petroleum Corporation (NNPC) has said that, in 13 months, Nigerians spent N2.37 trillion on petrol imported into the country.
According to the data released by the corporation last Wednesday, its total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at N2.39 trillion.
It disclosed that petrol contributed about 98.84 per cent of the total sales with a value of N2.37tn.
The corporation said it made N92.58bn through the sale of petrol in May 2020.
It said the revenue from petrol sale was generated through its subsidiary, the Petroleum Products Marketing Company, as the oil firm also announced a 43 per cent decrease in oil pipeline vandalism in May.
NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that these were contained in the May 2020 version of the corporation’s Monthly Financial and Operations Report.
The report stated that the N92.58bn was made on the sale of white products (only petrol this time) by PPMC during the review period.
The oil firm said 950.67 million litres of white products were sold and distributed by the corporation’s downstream subsidiary, PPMC.
This comprised 950.67 million litres of Premium Motor Spirit, popularly called petrol, only, with no Automotive Gas Oil or Dual Purpose Kerosene.
There was also no sale of special product in the month.

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NCC Revises USSD Pricing, As 20 Seconds Cost N1.63

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The Nigerian Communications Commission, has revised the Unstructured Supplementary Service Data pricing to allow mobile network operators and financial institutions negotiate mutually beneficial rates.
The Executive Vice Chairman, NCC, Prof. Umar Danbatta, said the commission amended the determination earlier issued in July 2019 by removing the price floor and the cap.
According to him, each USSD session is 20 seconds and costs N1.63 per session on the MNO network.
He said the cost should form the basis of negotiations between MNOs and other related service providers using USSD channels.
The amendment was carried out after a dispute between MNOs and financial institutions on the applicable charges for USSD services and the method of billing.
The NCC, in the amended determination which took effect from August 1, said that if MNOs and financial service providers were unable to agree on rates, it would intervene and the commission’s decision would be final and binding.
The telecoms regulators said refusal to pay for services provided or to negotiate in good faith would lead to discontinuation of provision of the service, the possible withdrawal of the USSD short code and/ or imposition of regulatory sanctions.

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NIESV Laments Dilapidation Of RSHA Quarters

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The Nigerian Institution for Estate Surveyors and Valuers (NIESV) has described the Rivers State House of Assembly Quarters as being in bad shape and no longer befitting as a dwelling place for the legislators.
The president of the institution, Mr. Emma Okahs-Wike lamented that the Assembly Quarters could not have dilapidated to the extent of being marked for demolition if the property was maintained.
He noted that a facility of such nature should not have been left in the hands of the occupants, adding that the Rivers State government ought to have employed facility managers to take care of the quarters, noting that facility managers be engaged when the new proposed assembly quarters are completed.
According to him, if we had professionals who are managing the place, I can tell you that it would not have dilapidated to the point we are.
“I want to advise that the Speaker or the house officers should appoint facility managers that would be able to manage those properties. Now that the government is thinking about reconstructing, they should be able to bring out professionals, seek professional advice so that at the end of the day when they finish this kind of structure it would be properly cared for,” he continued.
Okahs-Wike reasoned that professional facility managers would be able to care for and maintain the facility, “let them not just leave it in the hands of the occupants, they should be able to have one stop facility manager that would look after the environment and make sure that the property is well maintained and well structured”.
While enjoining the state government to have the project reevaluated and get the public notified on the reason for demolition and rebuilding of the assembly quarters, the NIESV’s president pointed out that it would cost more to renovate the facility.
He explained: “the buildings, some of them are dilapidated. What I will advise the government to do is to carry out feasibility and viability study of that project. The feasibility is that demolishing and reconstructing, ‘which one would be better for us?’ Then you go to viability, which one would be more costly, which one would be more beneficial to the people? If the viability study says it’s good to renovate, you renovate, if they say no, you reconstruct. Now if the government has done that and they have found out that it would be more cost effective to reconstruct, it’s a better deal… and bring in current and modern building materials”.

 

 

Tonye Nria-Dappa

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