Economy
Government officials spend $3.95 billion on estacodes in 2019—-CBN

The Federal government spent a whopping sum of $3.95 billion as estacodes and Personal Travel Allowances to ministries, departments as well as to fund Bureaux De Change operations in 2019.
“The receipt and authentication of foreign currency deposits by Deposit Money Banks reduced significantly due to the downturn in global trade in 2020,” it said.
The apex bank said it recorded a significant reduction in the volume and cost of forex procurement last year.
It said, “A total of $1,830.00m was procured over the course of 2020. This value represents a decrease of $2,120.00m or 53.67 percent relative to the $3,950.00m procured in 2019.
“This was used to fund Bureaux De Change operations, payment of estacode and Personal Travel Allowances to Ministries, Departments, and Agencies.”
The CBN said it used N538.59m to destroy unfit naira notes worth N698.59bn last year.
The report said, “The bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes
“At end-December 2020, a total of 1,514.66 million pieces (151,427 boxes) valued at N698.59bn was disposed, compared with 1,572.17 million pieces (157,217 boxes) valued at N814.44bn in 2019.
“The boxes and value of unfit notes disposed of in 2020 decreased by 5,790 boxes and N1.12bn, respectively, below 157,217 boxes, valued at N814.44bn in 2019.
“The sum of N538.59m was incurred on currency disposal activities in 2020, compared with N647.82m in 2019. This was N109.23m or 16.86 percent lower than the cost in 2019,” it added.
The report said a total of 79,993 pieces of mutilated banknotes of various denominations valued at N52.82m was audited, disposed and replaced in 2020, compared with 865,775 pieces valued at N45.99m.
The CBN said to maintain the integrity of the banknotes in circulation, it sustained efforts at combating counterfeiting activities in 2020, in collaboration with security agencies.
It said a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83m was recorded in 2020, compared to 84,934 pieces valued at N64.71m in 2019.
It said the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 percent and 30.79 percent, respectively, of the total counterfeit notes.
Economy
Court reverses self over contempt charge against Fidelity Bank chief

A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe and Company Secretary of Fidelity Bank, Mrs. Unuigboje Ezinwa to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.
Economy
Supreme court restrains FG from enforcing naira swap deadline

Economy
CBN succumbs to pressure, extends use of old naira notes to February 10

Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.
Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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