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Central Bank of Nigeria Directs Customers to Reject Old Naira Notes from Banks

The CBN urged customers to report any banks still providing old notes, whether over the counter or through ATMs, to the central bank.

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Central Bank of Nigeria Directs Customers to Reject Old Naira Notes from Banks

Crednews Nigeria  gathered that the Central Bank of Nigeria (CBN) has instructed customers to refuse old naira notes from banks, stating that the old notes are no longer considered legal tender as of the previously stipulated January 31 deadline.

Dr. Rekiyat Yusuf, the Deputy Director of Currency Operations, made this announcement during a sensitization program for market traders in Lokoja, Kogi State.

Yusuf emphasized that banks found dispensing old notes to customers would face appropriate sanctions. The CBN urged customers to report any banks still providing old notes, whether over the counter or through ATMs, to the central bank.

Furthermore, Yusuf encouraged traders to take advantage of the January 31 deadline and visit banks to exchange their old notes for the new ones. She stated that there was no reason for banks to continue stocking ATMs with old notes, as the CBN had made a sufficient supply of redesigned notes available to the public. Banks caught dispensing old notes would face consequences.

In response to a customer’s inquiry about the ongoing dispensing of old notes through ATMs, Yusuf advised individuals to reject such notes and return them to the banks immediately. She assured customers that banks had been provided with enough new currency notes to replace the old ones in circulation.

Yusuf explained that the redesign of the notes aimed to combat issues such as terrorism, kidnapping for ransom, endemic corruption, and inflation control. The move also aligns with international best practices, as currency redesign is typically done every five to eight years. The current naira notes have been in circulation since 1984, making the redesign long overdue.

During the sensitization program, Yusuf inspected several ATMs in the Lokoja metropolis to ensure they were stocked with the newly redesigned notes. Alhaji Ahmed Sule, the branch controller of CBN in Kogi State, highlighted the importance of raising awareness in Lokoja due to its role as a gateway state where numerous currency exchange transactions occur.

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Here are 11 reasons To AAS To Enjoy The Global Coin By An Investor

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AAS

 HI FELLOW INVESTORS, I LOOKED THROUGH THE TOKENOMICS OF THE AAS TOKEN FROM THE White Paper, AND WANTED TO HIGHLIGHT SOME KEY POINTS:

1. THE TOTAL NUMBER OF TOKENS WILL BE 10,000,000,000 (10BIL). THE IS THE TOTAL AMOUNT THAT WILL BE “PRINTED”/”MINTED” SO TO SAY.

2. OF THE 10 BILLION TOKENS, ONLY 5 BILLION OR 50% WILL BE IN SUPPLY.

3. OF THE 50% IN SUPPLY, ONLY 25% (2.5 BILLION) WILL BE PART OF THE INITIAL SUPPLY. THE 2.5 BILLION TOKENS COULD BE ALL PART OF THE PRESALE OR COULD BE ONLY A PORTION OF THE PRESALE. THIS IS SOMETHING THAT WE WILL BE INFORMED ON WHEN THE CEO UPDATES US.

4. THE REMAINING BALANCE OF THE 25% (2.5BIL TOKENS) MAKING UP THE 50% (5 BILLION) TOTAL SUPPLY WILL BE SPLIT UP INTO TWO DIFFERENT CATEGORIES FOR DIFFERENT PURPOSES:

A. 12.5% FOR LIQUIDITY PROVISION: 1,250,000,000. THIS IS VERY CRUCIAL TO THE SUCCESS AND TRADABILITY OF THE TOKEN ACROSS SEVERAL EXCHANGES. LIQUIDITY ALLOWS FOR PURCHASE FULFILLMENT AND ENCOURAGES MORE EXCHANGES TO LIST THE AAS TOKEN AS THEY KNOW THEY CAN FULFILL MARKET PURCHASES, STRESS FREE.

B. 12.5% FOR BUSINESS DEVELOPMENT & SPECIAL PROJECTS: 1,250,000,000.
THIS COULD BE UTILISED FOR COMMUNITY PROGRAMS THAT AAS MAY INITIATE LIKE THE FEEDING PROGRAM, SCHOLARSHIPS, GADGET SUPPLIES, ETC AS MENTIONED IN ROADMAP. IT COULD ALSO SERVE THE PURPOSE OF ESTABLISHING STRATEGIC PARTNERSHIPS WITH BIG CORPORATIONS LIKE AIRLINES, TRANSPORTATION BUSINESS ETC THAT THE CEO HAS MENTIONED. THIS WOULD PROVIDE A SIMILAR SERVICE TO “INTERNAL LIQUIDITY” FOR THOSE STRATEGIC BUSINESS PARTNERSHIPS.

5. 15% FOR AFRIQ ARBITRAGE SYSTEM TEAM: 1,500,000,000. THIS IS MOST LIKELY FOR THE DEV TEAM, AAS FINANCIAL BACKERS, AND OTHERS TO BE PREDETERMINED BY THE CEO ON WHO CONSTITUTE “AAS TEAM”. THIS IS IMPORTANT AS AN INTERNAL REWARD MECHANISM FOR AAS.

IT IS IMPORTANT TO NOTE THAT THERE COULD BE RULES/RESTRICTIONS IN PLACE THAT THE CEO CAN APPLY REGARDING WHO IS ELIGIBLE TO HOLD THESE PARTICULAR TOKENS, IF AND WHEN THESE TOKENS CAN ENTER CIRCULATION, OR EVEN BE USED FOR BURN MECHANISMS.

6. 10% FOR MARKETING & OPERATIONS COST: 1,000,000,000. AS THE NAME IMPLIES, THIS CAN BE WIDE RANGING USE FROM PAYING SOCIAL MEDIA INFLUENCERS WITH THE TOKEN, TRADITIONAL MARKETING AND OPERATIONS COST. SOME OF THESE COSTS COULD INCLUDE THINGS LIKE SECURITY UPDATES/UPGRADES, COMPLIANCE PROCESSES, SERVER COSTS ETC.

7. ALL OF THE ABOVE, ACCOUNT FOR 75% OF THE 10BIL TOKENS. THE REMAINING 25% WILL BE LOCKED FOR RESERVE PURPOSES.

8. 25% FOR LOCKED RESERVE: 2,500,000,000. LIQUIDITY LOCKING IS A PRACTICE IN DECENTRALIZED FINANCE (DEFI), WHERE PROJECT DEVELOPERS LOCK A PORTION OF THEIR LIQUIDITY POOL TOKENS IN A SMART CONTRACT FOR A PREDETERMINED PERIOD. THIS PRACTICE HELPS INCREASE INVESTOR CONFIDENCE AND PREVENTS RUG PULLS, WHICH OCCUR WHEN PROJECT OWNERS WITHDRAW LIQUIDITY, LEAVING INVESTORS WITH WORTHLESS TOKENS.

BENEFITS OF LIQUIDITY LOCKING:

INCREASED INVESTOR CONFIDENCE: LOCKING LIQUIDITY DEMONSTRATES A PROJECT’S COMMITMENT TO ITS LONG-TERM SUCCESS AND CREATES A SENSE OF SECURITY FOR INVESTORS.

PREVENTION OF RUG PULLS: BY LOCKING LIQUIDITY, PROJECT OWNERS CANNOT REMOVE LIQUIDITY AT WILL, REDUCING THE RISK OF RUG PULLS.

PRICE STABILITY: LOCKING LIQUIDITY HELPS MAINTAIN PRICE STABILITY BY ENSURING A CONSTANT LIQUIDITY BASE FOR TOKEN TRADING.

ENHANCED PROJECT REPUTATION: PROJECTS WITH LOCKED LIQUIDITY TEND TO BE VIEWED MORE FAVOURABLY IN THE CRYPTO COMMUNITY, AS THEY EXHIBIT TRANSPARENCY AND DEDICATION TO THEIR INVESTORS.

ATTRACTION OF NEW INVESTORS: INVESTORS ARE MORE LIKELY TO INVEST IN PROJECTS WITH LOCKED LIQUIDITY, AS IT REDUCES THE RISK OF SUDDEN LOSSES.

9. IF A BURN MECHANISM IS INTRODUCED, IT WILL INCREASE THE SCARCITY. COUPLE THIS WITH MORE USE CASES COMING ONLINE, THE TOKEN PRICE WILL GROW RAPIDLY. WITH MORE MERCHANTS, COMPANIES AND INDIVIDUALS WILLING TO ACCEPT THE TOKEN FOR GOODS AND SERVICES, IT WILL LEAD TO REAL-WORLD APPLICATIONS AND POTENTIALLY, AN EXPLOSION OF EVEN MORE USE CASES.

10. THINK OF AAS TOKEN AS A GLOBAL CRYPTOCURRENCY WITH GLOBAL ACCEPTANCE, AND YOU BEGIN TO SEE THE PICTURE THAT EVEN IF ALL 10 BILLION TOKENS WERE IN CIRCULATION, THERE IS SIMPLY NOT ENOUGH TO GO ROUND AN EVER-GROWING WORLD POPULATION.

11. THE FUTURE IS BRIGHT, AND I AM PERSONALLY SO EXCITED FOR AAS.

THE ABOVE IS ONLY THE TOKEN, IMAGINE WHEN WE HAVE OUR OWN BLOCKCHAIN, TRADING ROI GETS BACK TO 1.65% DAILY, INTERNAL TRANSFER AND REINVESTMENT OPTIONS ACTIVATE FULLY, AND ALL THE OTHER THINGS CEO HAS PROMISED US? ALL I CAN SAY, IS BRING IT ON CEO. I FEEL SO PRIVILEGED TO BE ABLE TO CALL MYSELF AN INVESTOR.

https://t.me/+Vxz4OncEhARiYzNk

READERS CAN JOIN OUR TELEGRAM ROOM FOR INFO as trading is ongoing and token coming up will serve as fuel tank to the liquidity pool.

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Business

Dangote Refinery to start production by October and November 2023

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The Dangote Refinery is gearing up to commence refining operations, with plans to produce diesel and jet fuel by October 2023 and petrol by November 30, 2023, according to the Executive Director of the Dangote Group, Devakumar Edwin.

According to reports, Edwin in an interview with newsmen disclosed that the refinery is on track to receive its first crude cargo within two weeks.

Initially, the facility is set to produce up to 370,000 barrels per day of diesel and jet fuel in October 2023.

Furthermore, Edwin outlined the refinery’s strategy for gradually increasing petrol production, to reach an impressive 650,000 barrels per day by November 30.

He expressed the refinery’s readiness to receive crude oil:

  • “Right now, I’m ready to receive crude. We are just waiting for the first vessel. And so, as soon as it comes in, we can start.”

Regarding the shift in the original timeline, Edwin explained that the Nigerian National Petroleum Corporation Limited (NNPCL) had already committed their crude oil to another entity on a forward basis, causing a temporary delay.

He assured that this setback is momentary, and the refinery will exclusively use Nigerian crude oil from November 2023 onwards.

Edwin highlighted that the Nigerian oil will be purchased in US dollars, not in naira, as the refinery operates within a free trade zone on the outskirts of Lagos. However, due to its equity stake, the NNPCL will supply some crude at discounted prices.

The Dangote refinery is equipped to process various crudes, including most African grades, Middle Eastern Arab Light, and even US light-tight oil.

Edwin stated,

  • “We can take even some of the Russian grades… if the global system opens up to allow us to receive them. If you look at our production profile, 50% of my production will meet 100% of the requirements of the country.”

Excess gasoline, meeting 10 ppm sulfur Euro 5 quality, will be exported to other African markets, the US, and South America, albeit in relatively small volumes.

Jet fuel will be exported to Europe, while diesel will be sold in sub-Saharan Africa.

Edwin emphasized that the refinery would benefit Nigeria significantly, providing a reliable supply of environmentally friendly refined products and generating substantial foreign exchange for the country.

Furthermore, he noted that the Dangote refinery will play a pivotal role in addressing fuel supply challenges faced by import-dependent West Africa, particularly following Nigeria’s removal of fuel subsidies, which had resulted in a thriving illicit gasoline market due to price fluctuations.

Edwin added that the revenues generated from the refinery’s operations will be reinvested in further developments, underscoring Aliko Dangote’s commitment to Nigeria.

  • “The money will be coming back in, and it will go for further investments,” he affirmed, highlighting Dangote’s dedication to the nation.
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Business

G20: Tony Elumelu Co-Chairs Business Council in India with President Tinubu

Tony Elumelu, Chairman of Heirs Holdings and CFR, will co-chair the G20 Business Council in India, joining President Bola Ahmed Tinubu for the Nigeria-India Presidential roundtable during the G20 summit in New Delhi.

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G20: Tony Elumelu Co-Chairs Business Council in India

 

This collaborative event, organized by the Nigerian High Commission in India, CII, and NIBC, highlights President Tinubu’s address.

The G20 Business Council, also known as the Business 20 (B20), serves as the official G20 dialogue forum with the global business community.

Established in 2010, the B20 is one of the most prominent Engagement Groups within the G20 framework, bringing together companies and business organizations to provide their perspectives on global economic and trade governance.

It speaks with a unified voice on behalf of the entire G20 business community.

One of the key objectives of the B20 is to promote economic integration in Africa. As stated on the B20 India website, the B20 aims to “offer extensive support to make this process a success and work towards African economic development.”

This agenda is expected to benefit not only nations within Africa but also have broader implications for global economic growth and cooperation.

The G20, comprised of the world’s largest and most advanced economies, is the foremost platform for international economic cooperation. Nigeria’s President, President Tinubu, was extended a special invitation by India, the current G20 host, earlier in the year, underscoring the nation’s role in shaping global economic discourse and collaboration.

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