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Tag: Tunde Lemo

  • New naira notes ready September ending – CBN

    New naira notes ready September ending – CBN

    The Central Bank of Nigeria would take delivery of new naira notes before the end of September for circulation, the Deputy Director, Operations, Dr. Tunde Lemo, has said.

    Lemo stated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

    The apex bank had earlier said that new naira notes would be in circulation by June, and that the smaller denomination notes (N5, N10, N20, and N50) would be reprinted on paper.

    “We are going to take delivery of the new notes from this month of August. We are taking delivery of the new notes before the end of September.

    “The public would get a large quantity of the new notes to replace the old and mutilated notes, particularly the higher denomination notes in the first instance, then later the lower denominations,’’ he said.

    On the scarcity of the lower denomination notes, Lemo blamed commercial banks for what he called “poor circulation.”

    “For the lower denomination; well, I think the banks are really the ones that are really not allowing the lower denomination in circulation, largely, because of the carrying value.

    “Most people don’t require small denomination. But for buying things in the market, if you look at the veracity, you find out that the N50 circulate more than the smaller ones,’’ he said.

     

  • CBN, stakeholders meet on cashless policy

    CBN, stakeholders meet on cashless policy

    The Central Bank of Nigeria on Tuesday met with banks and Bureau de Change operators on the need for them to sensitise their customers on the cashless policy.

    A Deputy Governor in CBN, Mr. Tunde Lemo, told the audience that it was time Nigeria updated its payment system to enhance her global competitiveness.

    Lemo said the effectiveness of the policy would depend largely on the collaboration of all stakeholders and the government.

    “Some of the benefits include safety of cash from robbers, electoral malpractice and the promotion of financial inclusion.

    “Others are the reduction in cost of credit, transparency and it curbs corruption and leakages,” the CBN chief said at the forum.

    Lemo was represented by Babatunde Ajiboye, a Deputy Manager in the bank.

    Earlier, Mazi Azubuike Okoro, the Branch Controller of CBN in Awka, said that Anambra was strategic because of her high commercial activities.

    Okoro said the policy was also a good option for the people in view of the high volume of cash transactions in the state.

    The News Agency of Nigeria recalls that the cashless policy, which was earlier scheduled to begin in Anambra and five other states on July 1, was rescheduled till October 1.

     

  • CBN to stop polymer production of lower naira denominations

    CBN to stop polymer production of lower naira denominations

    The Central Bank of Nigeria (NAN) is to stop the printing of lower denominations of the naira in polymer because it fades, the he Deputy Governor, Operations, Mr Tunde Lemo, said.

    Lemo made the plan known in an interview with the News Agency of Nigeria (NAN) on Sunday at the ongoing Spring Meeting of the World Bank and International Monetary Fund in Washington DC.

    “By the middle of the year, we will start producing the lower denomination notes in paper not in polymer.

    “My plea is that Nigerians should be patient with us. It wasn’t the fault of the CBN, it is just because we have to go back to the drawing board.

    “We will correct that in the course of the year. Polymer certainly will be phased out. In fact, no new note is being printed in polymer now,’’ he said.

    Lemo said the apex bank had, while introducing polymer notes, conducted endurance test, which showed that it lasted longer than paper substrate.

    “ So, part of the project cure is to move away from polymer substrate to paper. Unfortunately, we had a push back because of the issues around the N5,000 note and coins.

    “The entire programme was put in abeyance, otherwise by now, we would have stopped producing polymer,’’ he added.

    He said CBN had awarded contract for the printing of the higher denomination notes to a foreign company because of the capacity issue around the mint.

    According to him, the apex bank will, from June, take delivery of the new notes.

    Commenting on the handling of the naira, Lemo said that it was unfortunate that the campaign against its mishandling was not successful.

    He, however, said that it was still a criminal act to abuse naira notes.

    “Unfortunately, CBN is not a law enforcement agency; we left that in the hands of the law enforcement institutions.

    “ I still go to parties and see people spraying money, stepping on money, I see touts distributing mints that should go to customers,’’ Lemo said.

    He said the apex bank had talked to the police to reduce the abuse of the naira, adding that the bank had no right to arrest people who sold naira notes on the street