Yesterday, the Senate requested that the Central Bank of Nigeria extend the deadline for exchanging old naira notes from January 31 to July 31, 2023.
Recall that the CBN said in October last year that old naira notes would no longer be legal tender as of January 31.
Recently, it has also emphasised that there will be no deviation from the established deadline.
However, Senator Sadiq Umar instigated a motion on the floor of the Red Chamber, demanding an extension until July 31.
Some senators supported the extension, citing a scarcity of new notes in banks and at Automated Teller Machine locations across the country.
The Senate also urged banks to open an exchange window where people without bank accounts could exchange their old notes for new ones.
But this has happened before. In December 2022, the Senate passed a resolution in December requesting that the CBN extend the deadline to June 30.
Sidebar: On Monday, January 23, 2022, the apex bank announced the launch of a Cash Swap Program for rural and underserved areas on Monday, January 23, 2023.
Mafab rolls out 5G.
Mafab Communications has started rolling out its 5G service.
The company stated that the first phase of its rollout would be in six cities across the country to meet the licencing document's rollout obligations.
Remember that MTN Nigeria and Mafab Communications were awarded 5G licences on December 13, 2021, after winning the 3.5GHz spectrum auction held by the Nigerian Communications Commission (NCC) in Abuja.
They paid the Federal Government a $547.2 million licence fee by February 24, 2022.
The Information Memorandum (IM) for the 5G spectrum auction mandated a service rollout in Nigeria in August 2022, with MTN launching the service as a pilot in August 2022 and expanding commercially by September 2022.
Mafab requested a five-month extension from the NCC at the time, which it granted. For more information on 5G in Africa, please read: Africa is not ready for 5G, but experts say it needs to keep pushing
Article by: chpoint.africa
January 25, 2023 - BY Admin