34.7 C
Singapore
Friday, March 29, 2024

Abuja Chamber of Commerce Wants Deadline Extended

Must read

Nova City Signed A MoU between ICCI

The MoU signing was followed by an Iftar hosted by Nova City and ICCI (Islamabad Chamber of Commerce)nb, which was attended by business leaders...

SCZONE is discussing collaboration with American-Hellenic Chamber

  Waleid Gamal El-Dien, Chairperson of the Suez Canal Economic Zone (SCZONE), received a high-level delegation from the American-Hellenic Chamber of Commerce, led by Nikolaos...

The Indian Chamber of Commerce meets with Beza

A 10-member delegation from the Indian Chamber of Commerce met with the Bangladesh Economic Zones Authority (Beza) to discuss investment in Bangladesh's economic zones. According...

Korea will Construct The World’s Largest System Chip Cluster

In Yongin, Gyeonggi Province, South Korea will construct the world's largest high-tech chip cluster, with Samsung Electronics, the world's largest memory chip maker, leading...

The Abuja Chamber of Commerce and Industry (ACCI) has asked the Central Bank of Nigeria (CBN) to extend the deadline for the discontinuation of the use of current currency notes.

Dr. Al-Mujtaba Abubakar, President of ACCI, made the appeal in a statement issued on Tuesday in Abuja in response to the CBN’s recent announcement on the redesign of the country’s currency.

According to him, experts have had varying reactions to the policy, and while some experts agree with the CBN’s strategic objectives for the exercise, others disagree.

“As a chamber, we recognize the advantages of this policy to include improvements in the integrity of the currency, curbing inflation, the efficiency of its supply, and strengthening the strategy to conduct monetary policy, among others.

“However, we are not unaware of the cons of this policy on the national economy, specifically to the Micro Small, and Medium Enterprises (MSMEs).

“We would recommend to the apex bank to intensify public awareness campaign on the need for people and businesses to transit cash outside the banking system to the banks,’’ he said.

According to Abubakar, the sensitization would allay Nigerians’ fears, deepen citizen buy-in, and build national support for the implementation process.

At the same time, he believes the CBN should extend the deadline for the discontinuation of the use of old currency notes.

“The chamber would also advise the CBN to provide financial and non-financial interventions (support) to cushion any likely negative impact this policy may have on businesses,’’ he said.

The president also stated that the CBN, in collaboration with other stakeholders in the financial services eco-system, must continue to pursue, aggressively pursue, and expand financial inclusion to reach unbanked segments of society.

“This can be achieved through new procedures that match the peculiarities of the informal economy.

“The banking establishments also have a duty to harmonize bank charges associated with cash deposits,” Abubakar said.

The CBN had previously stated that the redesigned Naira notes would be available by December 15, and that the existing ones would cease to be legal tender on January 31, 2023.

 

 

 

Source : pmnewsnigeria

Latest article

Nova City Signed A MoU between ICCI

The MoU signing was followed by an Iftar hosted by Nova City and ICCI (Islamabad Chamber of Commerce)nb, which was attended by business leaders...

SCZONE is discussing collaboration with American-Hellenic Chamber

  Waleid Gamal El-Dien, Chairperson of the Suez Canal Economic Zone (SCZONE), received a high-level delegation from the American-Hellenic Chamber of Commerce, led by Nikolaos...

The Indian Chamber of Commerce meets with Beza

A 10-member delegation from the Indian Chamber of Commerce met with the Bangladesh Economic Zones Authority (Beza) to discuss investment in Bangladesh's economic zones. According...

Korea will Construct The World’s Largest System Chip Cluster

In Yongin, Gyeonggi Province, South Korea will construct the world's largest high-tech chip cluster, with Samsung Electronics, the world's largest memory chip maker, leading...

Egypt contributes to Europe’s energy security: Petroleum Minister

Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that as an investment in its role as a regional center for energy...