MALI RENAMES COLONIAL FRENCH STREET NAMES. (PHOTO).

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 Mali renames colonial French street names Mali followed Burkina Faso and Niger on Wednesday in renaming streets and squares in its capital to get rid of their French colonial names, AFP reported. Streets bearing the names of members of France's colonial administration have been rebaptised in Bamako, according to a decree by the junta chief. Cedeao Avenue (the French acronym for the Economic Community of West African States or ECOWAS) is also now named after a new strategic confederation that Mali has formed with Burkina Faso and Niger – the Alliance of Sahel States (AES). In all, nearly 25 names have been replaced, among them boulevards, streets, squares and public establishments. Niger and Burkina Faso have already made several changes to street and monument names in the last two years. In October, Niger renamed several historic sites in its capital Niamey which previously bore references to old colonial master France. Mali has been ruled by the military since back-to-back coups ...
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REPS URGE CBN TO TACKLE ONGOING CASH SCARCITY. (PHOTO).

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 Reps Urge CBN to Tackle Ongoing Cash Scarcity


The House of Representatives has raised concerns over the persistent cash scarcity in commercial banks across Nigeria, calling on the Central Bank of Nigeria (CBN) to resolve the issue that has caused significant hardship for Nigerians.


In a motion presented by Uguru Emmanuel under Matters of Urgent Public Importance, the House highlighted the severe economic and social consequences of the cash shortage, which has left many citizens unable to access funds for essential needs.


Emmanuel emphasized that consumer spending and business investment are vital for economic growth, but the ongoing cash shortage is hindering these activities. He recalled the CBN’s December 21, 2022 policy that set cash withdrawal limits of N500,000 for individuals and N5 million for corporate entities. However, he noted that commercial banks have largely ignored this policy, with some limiting withdrawals to as low as N10,000 or even none at all.


The lawmaker also pointed out the struggles faced by individuals and entrepreneurs, especially in rural areas, who depend on cash for transactions but lack access to digital payment options. He raised concerns about the link between commercial banks and Point of Sale (POS) operators, who appear to have unrestricted access to cash, often selling it at inflated prices.


Emmanuel warned that unless the CBN takes swift action, the situation could worsen, particularly with the upcoming festive season, deepening economic hardship for businesses and citizens alike.


In response, the House resolved to mandate the Committee on Banking Regulations to investigate the cash shortage in commercial banks and report its findings within one week. The CBN was also urged to address the scarcity or clarify if it is not the source of the problem.

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