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Emefiele task merchants to come onboard to drive eNaira adoption

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Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has urged merchants in the country to come onboard to drive the adoption of the eNaira so as to deepen it’s usage.

The adoption of the eNaira platform launched by President Muhammadu Buhari in October 2021, has the capacity to increase Nigeria’s Gross Domestic Product (GDP) by $29 billion over the next 10 years.

Speaking on Saturday in Abuja at the eNaira Merchant Mega event organised by the CBN in collaboration with Arabatech, PNAIL and the Abuja Chamber of Commerce and Industry (ACCI), Emefiele, said the platform offers an inclusive payment system.

Emefiele, who was represented by Kingsley Obiora, the deputy governor, Economic Policies of the CBN, said that the event sought to bring together regulators, partners, merchants and other key stakeholders to further deepen the adoption of the eNaira and thereby enhance Nigeria’s quest for economic development that is supported by a world-class payment system infrastructure.

He said: “With the eNaira, the CBN seeks to enable businesses and households across and outside the country to make fast, efficient, and reliable payments.

“The eNaira platform is resilient, innovative and offers an inclusive payment system. Some of the expected benefits arising from the adoption of the eNaira include deepening financial inclusion; improvement in the efficiency of the payments system; enhancement of cross-border payments and remittances; Improved trade integration; a viable option for the distribution of stimulus and government interventions and improved transmisSion of monetary policy.”

The Apex Bank Governor, further said merchants such as petrol stations, supermarkets, e-Commerce and other businesses not only have significant roles to play in driving the adoption of the eNaira, but can also leverage on the opportunities offered by eNaira to improve cash management and make significant savings in operating cost.

“More specifically, benefits to the merchants include reduced cash handling costs, elimination of failed transactions, instant settlement, increased speed of transactions, improvement in records keeping and elimination of challenges associated with giving change to customers, amongst others.

“Ample opportunities for increasing business income abound through the adoption of the eNaira. For instance, the availability of eNaira payment option on e-Commerce merchant platform such as Remita is expected to complement the existing digital payment system, translating to about 50% increment in e-commerce transactions and at a lower cost.

“Also, the implementation of cross-border transactions in phase 3 of the eNaira project is expected to increase cross-border trade by about 30%.

“Furthermore, lower transaction cost is expected to increase the usage (transaction volume and value) of eNaira and improve income generation by businesses. In this vein, I am pleased to inform you that the Bank recently approved a reward scheme for merchants and other users of the eNaira. This reward scheme includes providing merchants with the required promotional (marketing) materials, subsidising the current Merchant Service Charge by 50% and activation of a nationwide sensitization which early business adopters of eNaira can leverage on to market its wider adoption,” Emefiele said.

The Governor therefore assures that the bank would continue to innovate and upgrade the eNaira platform by partnering with Fintechs and putting in place a robust Help Desk to provide support for merchants and other users towards ensuring seamless adoption of the eNaira.

On his part, Al-Mujtaba Abubakar, said the eNaira platform if embraced would help eradicate many issues surrounding cash transactions.

“The idea of the e-Naira comes from the ever-expanding developments in digitalisation and the need for a secured means of effecting transactions across borders. This digital financial inclusion if embraced would help eradicate many issues surrounding cash transactions.

“This event is targeted at merchants, traders, cooperative societies, business association, supermarket, hotels, restaurant chains, service providers, private school owners, transporters, Small and Medium Business Enterprises amongst others, to help them understand the importance of the eNaira.

“This eNaira event comes at a good time to educate the business community on its benefits and importance because despite the high expectations and hype around the CBN digital currency, the eNaira, the business community is yet to embrace it fully. Newspaper research recently revealed that major retailers and vendors in the country are yet to adopt it about 10 months after the launch.

“If fully embraced, there are several benefits attached to it for the business community. Some of the benefits include; speedy delivery, safe, and simple trading and transactional opportunities to customers and end-users”, Abubakar said.

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BREAKING: Appeal Court Sets Nnamdi Kanu Free, Challenges High Court’s Jurisdiction

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Nnamdi Kanu
Nnamdi Kanu
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The Appeal Court sitting in Abuja has discharged the embattled leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu.

Kanu is being prosecuted by the Federal Government at the Federal High Court in Abuja for 15 count charges bordering, including treasonable felony and terrorism, offences he allegedly committed in the course of his separatist campaigns.

A three-man panel of the Court of Appeal said the Federal High Court lacks the jurisdiction to try him in view of his abduction and extraordinary rendition to Nigeria in flagrant violation of the OAU convention and protocol on extradition.

The court held that the 15-count charge preferred against Kanu did not disclose the place, date, time and nature of the alleged offences before being unlawfully extradited to Nigeria in clear violation of international treaties.

The court further held that the Federal Government failed to disclose where Nnamdi Kanu was arrested despite the grave allegations against him.

The court noted that the act of abduction and extraordinary rendition of Kanu from Kenya without due process is a violation of his right.

It added that the manner in which Nnamdi Kanu was procured and brought before the court was not evaluated by the lower court, before assuming jurisdiction to try him.

The lower court having failed to address the preliminary objection challenging its jurisdiction particularly the issue of abduction and extraordinary rendition from Kenya to Nigeria, the lower court failed to take cognizance of the fact that a warrant of arrest can only be executed anywhere within Nigeria, the appeal court judgement said.

The court further held that the trial judge was in grave error to have breached the right to fair hearing of Nnamdi Kanu

The African Charter on Human and People’s rights are part of the laws of Nigeria and courts must abide by the laws without pandering to the aim of the Executive, the appeal court said.

Treason charges

Mr Kanu has repeatedly called for the breakaway of a significant chunk of southern Nigeria to form the Republic of Biafra.

On October 2015, he was arrested by Nigerian authorities on an 11-count charge bordering on “terrorism, treasonable felony, managing an unlawful society, publication of defamatory matter, illegal possession of firearms and improper importation of goods, among others.”

He was granted bail on April 2017 for medical reasons.

However, Mr Kanu fled the country in September 2017 after an invasion of his home by the military in Afara-Ukwu, near Umuahia, Abia State.

He was then sighted in Israel and later continued to rally his supporters in Nigeria to employ violence in achieving secession.

“He has, upon jumping bail, been accused of engaging in subversive activities that include inciting violence through television, radio and online broadcasts against Nigeria and Nigerian State and institutions,” Minister of Justice, Abubakar Malami said after Kanu was rearrested and brought back to Nigeria in June 2021.

“Kanu was also accused of instigating violence especially in the Southeastern Nigeria that resulted in the loss of lives and property of civilians, military, para military, police forces and destruction of civil institutions and symbols of authorities.”

Mr Kanu has denied any wrongdoing.

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3rd time in a row CBN raises lending rate to rein in inflammation

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The Central Bank of Nigeria (CBN) on Tuesday raised its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency.

The lending rate decision comes after annual inflation rose for a seventh straight month in August, to 20.52% from 19.64% in July.

The decision by the CBN’s Monetary Policy Committee (MPC) was the third time in a row the Apex bank would raise its interest rate.

With the inflation at its highest in 17 years, the CBN Governor Godwin Emefiele at the end of the meeting said the Committee had to continue with an aggressive stance.

According to the CBN governor, using the interest rate hike is the easiest and most preferred option, stressing that the option has been adopted globally.

“If you want to rein in inflation, the option is to raise the interest rate to a level that is equal or possibly higher than the inflation rate, so that inflation rate must lag policy rate,” Emefiele told a news conference

He further stated that if the inflation rate does not lag the interest rate, it becomes a negative interest rate and a disincentive to investors.

The Apex bank Governor is of the view that as long as inflation keeps rising, not raising interest rates will retard growth and leave the people poorer than they could have been.

“Therefore it is imperative that you must raise interest rate in order to rein in inflation,” Emefiele further said.

He, however, admitted that though raising interest rates may retard growth all the same but the reason for raising interest rates is not to help slow down inflation but compensate for an aggressive rise in inflation.

According to him, if the CBN does not raise the rate, consumption and expenditure would be affected because the purchasing power of individuals would be eroded or dissipated.

He added that the quantity of goods people will be able to buy would also shrink and this will invariably increase the level of poverty.

He, therefore, concluded thus: “You don’t have a choice but to raise interest rates.”

The Apex Bank adjusted Asymmetric Corridor at +100 & -200 basis points around the MPR (interest rate), raised the Liquidity Ratio to 30 per cent and also increased the Cash Reserve Ratio (CRR) of banks to a minimum of 32.5 per cent and stressed that commercial banks will be debited from their reserves by Thursday at the most.

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Export Rejects: NEPC, other Inter-Agencies on a fact-finding mission to UK

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In a bid to curb the incidences of export rejects, the Nigerian Export Promotion Council (NEPC) is leading an Inter-Agency team to the United Kingdom (UK) as part of strategic effort to address the issue which constitute a major constraint to the growth of the non-oil export sector.

The National Food, Drug and Administration Control (NAFDAC), Nigerian Agricultural Quarantine Service (NAQS), Nigerian Customs Service (NCS), National Aviation Handling Company (NAHCO) Skypower Aviation Handling Company Limited (SAHCOL) Federal Produce inspection Service (FPIS) and Federation of Agricultural Commodities Association of Nigeria (FACAN) are among the Agencies participating on the fact-finding mission.

The Executive Director/CEO of NEPC, Dr. Ezra Yakusak who led the team lamented that these cases of rejection had resulted in stricter inspection regime on Nigerian exports in the importing countries and in some cases led to the suspension or ban of some products.

According to him “It also attracts unfavourable international media attention, gives the country a negative image as well as constitutes financial burden to the exporters who have to bear the cost of either reshipping the banned product to Nigeria or destroying the product.”

A statement by Ndubueze Okeke, the Head Cooperate Communication of the NEPC, the objective of the 5-day visit is to provide Nigerian export-regulatory and facilitating agencies the opportunity of observing the processes of agricultural commodities import procedures and interface with Port Health and Food Import Regulatory Agencies at the Border Control Points (BCPs) in the UK.

Other areas to be visited by the team are, Southampton Port (the second busiest port in UK), Spitafield Market – a one-stop aggregation and distribution centre for imported food in the UK as well as the Food Standards Agency (FDA), the parliament among others.

The team also held an interactive session with some Nigerian food importers in UK as part of effort to address the challenges encountered in importing food items from Nigeria to UK. It will be recalled that the Minister of Industry, Trade and Investment (FMITI) Otunba Niyi Adebayo recently inaugurated a Technical Committee to address the incidences of export rejects with view to proffer solutions to the problem.

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