BusinessDay

Five things to know to start your Wednesday

We are not introducing N5000 note – CBN

The Central Bank of Nigeria (CBN) has said that it has no plans to introduce a N5,000-denominated bank note. The bank had to put up this statement following unfounded allegations being circulated on social media about its plans to introduce such a banknote.

Ahmed Umar, the Director, Currency Operations, of the CBN, clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Financial Correspondents Association of Nigeria (FICAN) and business editors.

The News Agency of Nigeria (NAN) reported that the workshop, which opened on Monday in Port Harcourt, had as its theme “Building Depositor Confidence Amidst Emerging Issues and Challenges in the Banking Industry.”

Umar, who was represented by Amina Halidu, the Head of Policy Development Division, Currency Operations, spoke on the topic “Redesign of the Naira: Benefits to the Financial System and the Nigerian Economy” said that the apex bank was not carrying out note restructuring.

“We are not introducing any new note because there was noise; some people have seen one N5000 note that we don’t know about,” he said.

He explained that if the central bank wanted to carry out note restructuring, it would need to coin lower bills, such as the N100 note.

Read also: Naira redesign policy to drive CBN OPEX downward

Non-oil exporters repatriated $4.99bn in 2022 – Emeifele

The Central Bank of Nigeria (CBN) says that non-oil exporters repatriated the sum of $4.99 billion into Nigeria in 2022.

Godwin Emefiele, the Governor of the CBN, stated this during his keynote address at the second edition of the RT-200 Bi-annual Export Summit held on Tuesday in Lagos.

The theme of this year’s summit, titled “RT Non-Oil Export: The Journey So Far,” provided an ample opportunity for the apex bank to brief Nigerians about the success stories of the policy.

Emefiele said that the 2022 figure was higher when compared with the $3.19 billion repatriated in 2021.

“Of this amount, only $1.97 billion qualified for the rebate programme, while only $1.56 billion was sold at the Investors and Exporters (I & E) window or for own use,” he said.

Emefiele said that the apex bank paid out about N81 billion in rebates to Nigerian exporters during the period.

2023: APC unveils Tinubu/Shettima Crowdfund App for campaign donations

The All Progressives Congress (APC) Presidential Campaign Council (PCC) on Tuesday launched the Crowdfund App to encourage voluntary donations towards supporting Ahmed Bola Tinubu, its presidential candidate, and his running mate, Kashim Shettima, who have ambitions to occupy the presidential villa come May 2023.

This app will give Nigerians the opportunity to put money into supporting Tinubu and Shettima campaign activities as campaigns gather momentum ahead of the 2023 general election.

Unveiling the app in Lagos, the APC Vice Presidential Candidate, Shettima, said that the Tinubu/Shettima Crowdfunding Application was to enable supporters to make donations towards the campaign as part of efforts to make people take ownership of the party.

Shettima, who spoke on behalf of Tinubu, described the APC candidate as a creative politician who has the intellectual sophistication and ability to keep promises.

Shettima praised the Fund Raising Committee, saying that such a platform had given people ownership of the political movement by allowing them to contribute their hard-earned resources to become co-drivers and make it their business to promote the movement’s ideals.

NATO vows more help for Ukraine as Russia attacks on multiple fronts

NATO has promised to step up its supplies of arms for Ukraine and provide equipment to help restore the heat and power destroyed by Russian strikes. This comes as Russian forces are attempting to attack from multiple locations and reclaim lost territories.

According to Reuters, Ukrainians had fled for bomb shelters after air-raid warning sirens blew, although the all-clear later sounded across the country. In the eastern Donetsk region, Russian forces pounded Ukrainian targets with artillery, mortar, and tank fire.

President Volodymyr Zelenskiy had said on Tuesday that the Russian military was also attacking in Luhansk in the east and Kharkiv in the northeast, the latter of which Ukraine recaptured in September.

“The situation at the front is difficult,” Zelenskiy said in his nightly video address. “Despite extremely large losses, the occupiers are still trying to advance” in Donetsk, Luhansk, and Kharkiv. And “they are planning something in the south,” he said.

Apple threatens to remove Twitter app

Apple Inc. has threatened to remove the Twitter app from its App Store following Elon Musk’s weak stance on Twitter’s content moderation.

Musk tweeted on Monday that Apple “had threatened to withhold Twitter from its App Store” but refused to say why.

Apple’s threat could result in a monumental disaster for the microblogging company if it goes through. Twitter could lose almost 40 percent of its users if the issues raised are not resolved by Musk.

CNBC reported that on Monday, Musk called Apple’s App Store fees a “secret 30% tax” and ran a poll with his 119 million followers asking if “Apple should publish all censorship actions it has taken that affect its customers.”

He added that “Apple has mostly stopped advertising on Twitter” and ended the barrage with a meme stating he would rather “go to war” with the tech giant than pay its commission.