www.peoplesdaily-online.com
Vol. 9 No. 10
Friday, August 24, 2012
. . . putting the people first
NUPENG calls Presidency, NNPC off one-week silent on ex-militants’ strike largesse >> PAGE 3
>> PAGE 2
Shawwal 6, 1433 AH
N150
FRCN staff protest Three-month-old baby stolen non-payment in Benue of salaries >> PAGE 5
>> PAGE 7
CBN introduces N5,000 note
The new currency denominations
Converts N5, N10 and N20 to coins
Notes N5,000 N1,000 N500 N200 N100 N50
Coins N20 N10 N5 N2 N1 50k
By Abdulwahab Isa
T
he Central Bank of Nigeria (CBN) has announced the introduction of a higher currency denomination of N5,000 notes. By the same stroke , the existing denomination of N50, N100, N200, N500 and N1,000 are to be -designed and new security features added to them; while lower banknotes denominations of N5, N10, and N20 are to be coined, thus altering the nation's currency structure to be 12- six coins and six bank note denominations. CBN Governor, Sanusi Lamido Sanusi, announced the proposed currency restructuring exercise at a media briefing yesterday in an exercise he code named 'Project Cure'. The new N5, 000 denomination including the redesigned ones are to be launched in early 2013. Accordingly, he announced that the old notes would circulate side by side as legal tender with the new ones Contd on Page 2
L-R: Yobe state Deputy Governor, Engr. Abubakar Aliyu, Taraba state Deputy Governor, Abubakar Danladi, Sokoto state Governor, Alhaji Aliyu Magatakarda Wamakko, and Plateau state Deputy Governor, Ignatius Longman, during the National Economic Council meeting, yesterday at the State House in Abuja. PHOTO: JOE OROYE
Insecurity: Kano businesses crashing — Survey From Bala Nasir and Edwin Olofu, Kano
...Tops illicit drugs use chart
n independent survey on the effects of security challenge on businesses carried out in Kano recently has shown that 70 per cent of businesses have been adversely affected leading to job losses and pay cuts. The study which was conducted by the Centre for
Research and Documentation reveals that earnings of 80 per cent of businesses in Kano have gone down considerably since the bomb explosions of January 20 this year. In addition to this, yet another 80 per cent of businesses in the city have either laid off some of their workers or have cut down
A
on operating hours and other expenses in order to adjust to the situation, the survey revealed. Result of the research also showed that hospitality business is the worst hit by the current security situation which has forced many of them to cut down their staff strength and operating costs.
In addition to the security situation, the study found out that insufficient power supply has also affected 89 per cent of businesses in the city adversely. It showed that, while 46 per cent of businesses in Kano lack access to credit facilities, another 46 percent are negatively affected by harsh and inconsistent government policies. The survey revealed that with Contd on Page 2
PD INDEX
23rd Aug, 2012
CBN RATES $ £ EURO CFA RIYAL
BUYING 154.8 242.9 191 0.2704 41
S ELLING 155.8 244.5 192 0.2904 41.5
PARALLEL RATES EURO £ RIYAL $
BUYING 201 259 40 162
S ELLING 203 261 42 163