7 minute read
Editorial
EDITORIAL No beating Nigerian disingenuousness
Criminally minded Nigerians have wasted no time trying to work the the government’s latest monetary policy to their advantage. Last November, the Central Bank launched a redesigning of the 200, 500 and one thousand naira notes. Deposit banks began issuing them second week of December. But almost immediately, counterfeits were already in people’s hands. In a video, gone viral, a man was heard saying his wife, who operated a Point of Sale (PoS) machine, had been given a fake new 1,000 naira note. He displayed the genuine and counterfeit for viewers to spot the difference.
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President Muhammadu Buhari in November unveiled the new notes, the three highest denominations of the national currency. CBN governor Godwin Emefiele, during the unveiling, said the introduction of new notes was a deliberate step taken by the government to check corruption and counterfeiting of the notes.
The CBN is, by law (Sections 17, 18 and 19 of the CBN Act), responsible for the issuance of naira notes. It is against the law for any individual or establishment, outside the CBN, to print money or be in possession of counterfeit notes. “If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20),” the CBN said in a circular on its website last week.
The CBN said the new naira notes were protected by a number of security features “to enable easy recognition of genuine ones”. The distinguishing features, which can be recognized by touch and visibility, are the raised print, the security thread and the watermark. Others, such as the portrait, lettering and the denominational numerals on the obverse and reverse of the notes, are embossed.
“The raised prints provide the tactility, while the security thread, which ordinarily, looks broken but is not when held up against light, has “CBN” in small lettering printed on
both sides of the notes,” said the apex bank. “The notes are also protected against photocopying. There are also features which are visible under ultraviolet light. For example, the serial number on each banknote is black, but turns green under ultraviolet light.” The CBN’s Banknote Fitness Standards also provides the general public with “clear, acceptable criteria” for determining the quality of banknotes in circulation. It shows the stages of degradation by soiling, limpness and thus defines the acceptable threshold for fit “ The CBN’s notes in circulation. The fitness criteria include the durability and functionality of security features on the Banknote Fitness notes, structure and durability, and quality, Standards also that is, print and provides the general public appearance of notes. The Clean Note Policy was instituted with “clear, by the CBN in a acceptable bid to improve the physical appearance criteria” for and lifespan of determining the quality of the banknotes in circulation. The concept of Clean Note banknotes in circulation Policy requires that the production, issuance of new banknotes and recirculation by the DMBs/CPCs must conform to the predetermined standards. It also aims at ensuring that the quality of banknotes in circulation must be in good condition to allow for processing and acceptability by the public. These are welcome elaborate steps the CBN has taken to ensure the integrity of the national currency. However, clearly, it has not reckoned with the disingenuousness of criminals to find a way to break through the cordon. That they have done, regrettably. Regrettably again, the CBN can do little to stop counterfeiters. But the banking public can help by being vigilant. Secondly, we encourage all and sundry to embrace e-commerce. Cash transactions should be minimized to reduce the risk of falling into the hands of fraudsters. This way, their number will be kept small and manageable.
OUR MISSION
OUR PEOPLE
Chief Operating OffiCer /editOr, Hameed m. Bello, PhD
Manager, adMinistratiOn Hassan Hammanyaji
OUR VISION
Letter to the Editor
Ease of doing business: Nigeria to be investors’ haven
By Musa Ilallah
There’s no doubting the fact that President Buhari’s administration is on record as being the first to consciously determine to address Nigeria’s perennially low ranking in global ease of doing business (EDB) and competitive ratings. This was also acknowledging the inevitability of taking composite reform actions to significantly improve Nigeria’s EDB rankings in the global business world.
In pursuance of the declared goal to improve Nigeria’s EDB ratings, President Buhari inaugurated the Presidential Enabling Business Environment Council (PEBEC) chaired by Vice President Yemi Osinbajo in July 2016 to make recommendations on institutional reforms to promote Nigeria’s investment attractiveness.
In February 2017, PEBEC approved a 60-Day National Action Plan “with clear deliverables and timelines for federal government’s Ministries, Departments and Agencies (MDAs) responsible for implementing each line item in the Plan, culminating in the then Acting President issuing three Executive Orders (EOs) for immediate and effective actions targeting public service improvements to touch every sphere of Nigeria’s economy. The Executive Orders target the Promotion of Transparency and Efficiency in the Business Environment with its attendant implications on businesses and investments in Nigeria.
Far away across the Atlantic, former USA’s President, Donald Trump in May 2017 signed 36 EOs since his assumption of office in January, 2017.
On the legality or otherwise of the EOs, section 315(2) 1999 Constitution (as amended) unambiguously provides that “the appropriate authority (President or Governor) may at any time by order make such modification in the text of any existing law as the appropriate authority considers necessary or expedient to bring that law into conformity with the provisions of this Constitution.”
Since the President is the Chief Executive of the Federation, it behoves him to exercise functions of his office to drive policy direction, especially to give full effect to laws already in place, or their amendments, to ensure fulfilment of electoral promises. As mentioned previously, it is desirable that the President from time to time issues Executive Orders, to steer economic policies which promote investments in Nigeria.
Since the EO is particularly focused on improving Nigeria’s EDB through transparent and efficient service delivery by various government Ministries, Departments and Agencies to promote transparency in their dealings, the EO makes it mandatory for them to make public all the requirements for licence, permits, waivers, approvals and tax related information. To further actualise its commitment to ensure ease of doing business in the country as a way of attracting domestic and foreign investors into the country’s economy, government in its wisdom in the area of trade facilitation recently crashed Ship Berthing Cost From $150,000 to $20,000
Supported by a group, Convention on Business Integrity (CBI) in its collaborative efforts with Federal Government agencies has resulted in a drastic reduction in the cost of birthing ships in Nigerian ports.
A delegation of CBi led by Olusoji Apampa during a courtesy call on Vice President Yemi-Osinbajo recently stated that the government agencies that collaborated to eliminate unreceipted extortions were the Shippers Council, ICPC, DSS and the Nigeria Ports Authority, the Technical Unit on Governance & AntiCorruption Reforms, TUGAR alongside CBi through the Maritime Anti-Corruption Network, MACN.
This outstanding feat has earned international praise and won the first ever “Outstanding Achievement in Collective Action Award” of the Switzerland-based Basel Institute on Governance.
According to Apampa, the success recorded has now attracted international reviews as countries such as Egypt, Ukraine and India were planning to adopt the “Nigerian miracle” model to produce similar gains in their ports’ operations. The international award recognised the work of the Nigerian MACN, which created a real time-based Help Desk to resolve complaints and concerns of shipping companies as soon as they berth at the ports.
The Buhari Media Organisation (BMO) has described the drastic reduction in the cost of berthing ships in Nigerian ports from $150,000 to $20,000 as another laudable feat of the President Muhammadu Buhari administration.
According to the group, this has attracted international reviews and countries such as Egypt, Ukraine and India are now taking a cue from the Nigeria model to produce similar gains in their ports’ operations.
BMO in a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, BMO commended government for the reductio, noting that it is a reflection of the government’s conscious effort to enable ease of doing business and trade, making investment flows into the country seamless.
According to BMO, “aside the facts that the reduction will lead to increased trade at all Nigerian ports and make them more competitive compared to our neighboring ports, it is also going to, by implication, reflect on our inflation rate whether at the level of direct consumption or manufacturing because the bulk of our raw materials come from abroad.”
In joining well meaning Nigerians to celebrate President Muhammadu Buhari for this “insight and for creating momentum for international trade”, BMO passed a vote of confidence on the leadership of President Buhari in the last seven years.
It is very heart warming seeing the country grow from strength to strength as her ease of doing business strategy is paying off and the country now stands to be the beautiful bride of foreign direct investments (FDI).
EMEKA ANYAOKU SYREET, ABUJA musahk123@yahoo.com
