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eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

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eNaira

Crystal News earlier reported that President Muhamadu Buhari has launched controversial digital currency, eNaira introduced by the CBN.

This online news platform understands that the eNaira has become available for download, with more than 5000 downloads within hours of the launch.

Following the launch, apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the e-Naira platform will be free in the first 90 days commencing from October. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speed wallet app meant for individuals had, as of 4 pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury e-Naira wallet to warehouse eNaira received from the CBN e-Naira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The e-Naira branch sub wallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end-users to transact on the e-Naira platform.”

To ensure the security of funds, the eNaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just a phone number without a verified National Identity Number, were set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr. Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the e-Naira will compliment cash as a less costly, more efficient, generally acceptable safe, and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide an alternative less costly channel for the collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote the low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” it reads in part.

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Nation

”Your mentorship, humility, and resilience was exemplary” Oando Boss, Wale Tinubu Mourns Barkindo

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The Group Chief Executive, Oando Plc, Jubril Adewale Tinubu, has mourned the death of H.E. Mohammad Sanusi Barkindo, the Secretary General of the Organisation of Petroleum Exporting Countries, OPEC.
Tinubu said Barkindo’s death has robbed him of a good friend.
He wrote: “We had many conversations and speeches together  yesterday but this wasn’t one of them.
“The most profound reminder of the fragility of life is death.
“You were a good man who lived a great life. Y
“I still can’t believe the news, but Allah knows best. Till we meet again my good friend.”
Barkindo died at about 11pm on Tuesday, 5th July 2022.
His death confirms the old saying of a thin line separating life from death. But once that line is crossed, the gulf created becomes as large as an ocean, and so treacherous that it’s impossible to cross back.
The sad incident of the death of H.E. Mohammad Sanusi Barkindo has again brought to the fore what difference a few hours coiuld make between life and death.
Mohammad Sanusi Barkindo was among other top and eminent personalities that delivered speeches at the ongoing 21st Nigeria’s Oil and Gas conference in Abuja . His speech earned him a standing ovation.
Unfortunately, the technocrat died of heart attack hours after he was honoured by President Muhammadu Buhari at the Presidential Villa.
A former managing director of the NNPC,  Barkindo was appointed OPEC Secretary-General in 2016. He was the fourth Nigerian to hold that position and the 28th person in the role overall.
He was GMD of the NNPC between 2009 and 2010.
He was 63 years old.

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Oando,  LAMATA sign MoU on electric mass transit buse

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 Oando

 

Oando Clean Energy Limited has announced the signing of a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority (referred to as LAMATA), the Lagos State Government agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos.

The MoU establishes a partnership between OCEL and Lagos State in her journey to becoming a sustainable city via the rollout of electric mass transit buses, supporting charging infrastructure and service centres (EV Infrastructure Ecosystem).

The statement obtained from the NGX noted that with over 25 million residents, Lagos is the most populous city in Africa and among the top ten of the world’s fastest-growing megacities.

 

Speaking at the MoU signing ceremony, Commissioner for Transportation, Lagos State, Dr. Frederic Oladeinde said the MoU represented the State Government’s commitment to cutting greenhouse gases by replacing them with cleaner sources of energy.

Oladeinde said, “With an understanding that transportation is a key emitter of greenhouse gases in Nigeria, we developed a strategy to cut greenhouse gases by 50%. A key component of this strategy was identifying and developing a more robust mass transit system for Lagos that would include rail and waterways amongst others. Using electricity to power mass transit is a step in the right direction, and from there we would gradually transit to private cars.

“This is just the beginning, there is still a lot more to come on stream. I commend LAMATA and Oando on this MoU signing, and both parties can be rest assured that they have my full backing to ensure success,” he added.

Commenting on the MoU signing, the Managing Director, LAMATA, Engr. Abimbola Akinajo said: “We began this journey late last year, and for us, this has been a rapid development. It speaks to the energy and zeal of both organizations, and that is commendable. Oando Clean Energy came to us with a comprehensive solution that went beyond electric mass transit buses to include supporting infrastructure, and this was key for us, as the full remit of an EV support ecosystem is the only way to achieve success.

“This initiative will not only accelerate the Government’s transportation agenda, but also positively impact the health of Lagosians and the environment. The magnitude of its impact is far-reaching, and when you start to look at it as more than a transport initiative, you will see how laudable a project it is. The Oando brand comes with know-how and experience, and we are relying on this to successfully move from MoU signing to actual implementation that will in the medium to long term benefit over 22 million Lagos commuters. We look forward to a very robust and fruitful partnership.”

In his response, the Chairman, Oando Clean Energy, Adewale Tinubu, who was represented at the MoU signing by Dr. Ainojie ‘Alex’ Irune said: “Oando Clean Energy was born out of a need to curate the best energy mix to propel Nigeria and indeed Africa, to its full potential.

As a company, Oando has always championed Public-Private Partnerships as fundamental to Nigeria’s industrialization. Through the signing of this MoU, we are revolutionizing the landscape of mobility by pioneering e-mobility in Lagos. Furthermore, we remain dedicated to achieving our national commitment to net-zero by 2060, ending energy deficiencies and further propelling the country to an industrialized phase through decentralized and sustainable energy systems.

We are excited to be embarking on this journey with Lagos State and must commend their foresight and willingness to forge a template for others to follow. It’s easy to be perturbed by the perceived challenges that come with the mega-city status tag, but by taking this bold step, Lagos is showing the continent what is indeed possible and giving other cities the impetus to redefine today how to build a public transport system for the future.”

 

Over the last decade, the number of vehicles on Lagos roads has quadrupled, yet studies suggest that Lagos could become the world’s most populated city by 2100 with as many as 100 million residents; and as the city grows, so will the number of vehicles.

This upward trajectory in vehicle numbers poses a significant challenge as transportation has been identified as the key contributing sector at circa 23% to 30% in annual CO2 emissions.

Against this backdrop, the Public-Private Partnership (PPP) between LAMATA and OCEL will enable the successful fulfilment of the objectives of the Lagos State Government through the deployment of an EV Infrastructure Ecosystem towards the attainment of a sustainable road transport system in the State.

Furthermore, this initiative will bridge the existing gap in available mass transit buses for the increasing number of Lagos commuters.

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Ogun State Governor, Dapo Abiodun, Wins Primary for Second term

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The Ogun State Governor, Prince Dapo Abiodun, has  emerged winner of the state governorship primary of the All Progressives Congress.

In the primary election conducted at the MKO International Stadium, Abeokuta, five other aspirants contested against the governor.

The aspirants include Olubiyi Otegbeye, Mrs Modele Sarafa- Yussuf, Mr Owodunni Opayemi, Remilekun Bakare and Abdukadir Akinlade.

Of the six aspirants, only Abiodun, attended the primary, while agents of all other aspirants, announced their presence and did what was expected of them.

Giving the details of the  election, that was conducted in a peaceful atmosphere,  the Chairman of the Ogun State  APC Primary Election  Committee, Chief Wale Ohu, disclosed that 1,180 delegates, from the 20 local governments, were accredited for the exercise.

Announcing the results, Ohu, said Abiodun scored 1,168 votes, while other aapirants, did not secure any vote, saying that two votes were voided.

Prior to the commencement of the process, Ohu, announced to the delegates and all the leaders of the party that attended the event, that all required agents, were present.

Ohu took time to read out names of the officials of the Independent National Electoral Commission (INEC) and other officials of the APC officials that were sent from the National Secretariat.

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