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Business News of Friday, 27 January 2023


CBN licenses 400 money agents in Kogi

CBN headquarters, Abuja CBN headquarters, Abuja

The Central Bank of Nigeria has licensed 400 money agents to facilitate access to the newly redesigned notes in the rural areas.

The CBN said this would enable those in the rural areas in Kogi to meet its January 31deadline for the final withdrawal of the old notes from circulation.

Speaking on Thursday at the palace of Elulu of Mopa, Oba Julius Joledo, the Director of Strategy at CBN, Oluranti Buari, said people could visit any of the agencies to swap their old notes with the newly redesigned notes. He added that an individual would be entitled to swap 10,000 at a time.

“People can also deposit their old notes into their accounts while those without bank account would be encouraged to open one at the point of the licensed agents,” Bari added

According to him, the aim was also to encourage cashless policy as people would also be encouraged to key into the e-payment system of the apex bank.

Former Governor of the state, Chief Clarence Olafemi, who responded on behalf of the Elulu, pleaded with the CBN to consider an extension to the January 31st deadline, particularly for the rural dwellers’ failure if which their economy would collapse.

He said, “Our economy in this part of the state has already collapsed, people are no longer opening their shops, those who manage to open are exploiting the masses. I am pleading with you to prevail on the management to consider the rural dwellers before setting the deadline since the redesigned policy is not aimed at punishing the people.”

Olafemi, who was once Speaker of the State House of Assembly said, “I know a bit about the business of lawmaking; you have to consider consequences before making laws and not the other way round”.

He also called for improvement in access to effective communication to the rural areas which he said was also one of the reasons why the notes swapping must be extended.