Nigeria to get new N20 note Dec
 

Daily Trust (Abuja)
18.05.06
By Joe Oroye

A new N20 polymer note is to be introduced before the end of this year by the Central Bank of Nigeria (CBN).

The Information and National Orientation Minister, Mr. Frank Nweke Jnr. gave the hint at the end of yesterday's federal executive council's meeting presided over by President Olusegun Obasanjo at the council chamber of the presidential villa, in Abuja.

Other denominations he explained would be the re-introduction of N1.50k and N2. coins which are expected to be in circulations before the end of this year.

Also the minister of information said the federal executive council has approved the repeal of the community bank Act number 36 of 1992 and the take over of control of supervisory roles of the banks by the Central Bank of Nigeria.

According to the minister, the approval was in accordance with section 23 of the banks and financial institutions amendment act number 38 of 1998.

The act, Mr. Nweke Junior stated, empowers the National Board for community banks to perform the two functions between the Community Banks and the Central Bank of Nigeria (CBN).

The memo, he explained was presented from the ministry of finance, which he said, bothered on the ongoing reform in the market sector of the economy especially with the consolidation in the banking sector.

The Central Bank of Nigeria, he recalled, recently spoke about licencing the microfinance banks which he said, are expected to emerge from some of the banks that could not meet the consolidation, and also some of the existing community banks are expected to transform into the micro-community banks.

It would be recalled that in 1997, the federal government transferred the regulations of other financial institutions and community banks to the CBN.

Subsequently, the banks and other financial institutions act No. 25 of 1991 was amended in 1998 to enable the CBN take care of the new responsibility.

With the present development, the FEC approved that the federal ministry of finance and the CBN would provide what he called joint fund to ensure full payment of the benefit to all staff of the National Board for Community Bank who may not be absorbed by the CBN in good term, he said.

At the yesterday's federal executive council meeting, approval was given to Swiss Port International to handle some services in the nation's airports.

Parts of the services to be provided by the Swiss Port International, Mr. Nweke stated, include the ground handling operation services to take care of arrival, departure, the groundway, fuelling and passengers baggage handling.

The approval by the council he added, was focused on trying to ensure growing competition among the aviation sector, especially the aviation services sector.