With effect from Monday 23, January 2023, rural dwellers and Nigerians living where there are no banking services can swap their old N1,000, N500 and N200 notes for the redesigned notes.
The Central Bank of Nigeria (CBN) had insisted that anybody who wished to have the redesigned notes must open a bank account and deposit their old notes.
However, the CBN sent out a circular signed by Haruna Mustafa, Director Banking Supervision Department and Musa I. Jimoh, Director, Payment System Management Department to all Deposit Money Banks (DMBs) Mobile Money Operators (MMOs), Super Agents and Agents.
In the circular at the weekend titled: “Naira redesign policy: CBN launches cash swap programme in rural/underserved areas” the CBN said the programme will enable “citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes”.
From Monday, old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
Under the new initiative, agents can only exchange a maximum of N10,000 per person. “Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy”.
Agents are also required to demand for BVN, NIN, or Voter’s card details of the customers before accepting to exchange more than N10,000.
The new cash swap programme, the CBN said “is also available to anybody without a bank account.
“Agents were urged to open a wallet or account instantly upon request, “leveraging the CBN Tiered KYC Framework”.
This will, the circular, said will “ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost”.
Agents were authorised to sensitise their customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.
Some designated agents are eligible to collect the redesigned notes from DMBs “in line with the Revised Cash Withdrawal Limit policy”.
Agents have been given permission to “charge cash out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service”. The apex bank was however silent on how much the agents should charge as cash out fees.
As part of the cash swap programme, agents are expected to “render weekly returns to their designated banks regarding the cash swap transactions, while DMBs will in turn render same to the CBN on a weekly basis”.
The CBN warned that Principals (Super Agents, MMOs, DMBs) will “be held accountable for their agents adherence to the above guidelines”.
It assured rural dwellers and those targeted by the programme that “Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas”.
Recent Windows 11 Insider builds include support for ReFS, the Resilient File System. The file system is currently only available in Windows server operating systems, but not in client systems. Could this feature mean the end of NTFS? Is ReFS as safe as NTFS?
Resilient File System is designed to “maximize data availability, scale efficiently to large data sets across diverse workloads, and provide data integrity with resiliency to corruption” according to Microsoft.
Enabling ID 42189933 will allow you to install Windows to a ReFS partition without any other workarounds! pic.twitter.com/YO6aieo0fl
ReFS vs NTFS
NTFS, the New Technology File System, is the default file system on client versions of Microsoft’s Windows operating system. It is a proprietary file system introduced in Windows NT 3.1 and also supported on Linux and BSD.
ReFS and NTFS support a wide range of features, but there are major differences between the two file systems as well.
The Resilient File System, for example, supports file and volume sizes of up to 35 petabytes. NTFS, on the other hand, supports a maximum of 256 terabytes 8 petabytes since Windows 10 version 1709 and Server 2019.. A petabyte equals 1024 terabytes. While most home systems are very far away from reaching these file and volume sizes, it is clear that the 256 terabyte limit will be reached eventually.
ReFS supports the following features exclusively (compared to NTFS):
Block clone — aims to convert expensive physical file copy operations to quick logical ones. Reduces workloads, reduces I/O and increases the performance of the operations.
Sparse VDL — allows ReFS to zero files rapidly, which reduces the creation time of fixed VHDs significantly.
Mirror-accelerated parity (on Storage Spaces Direct) — designed to deliver high performance and capacity efficient storage. ReFS divides volumes, which can have their own drives, into performance and capacity tiers. Writes occur in the performance tier and data is moved to the capacity tier in real-time.
File-level snapshots — creates a new file that contains data and attributes of a source file.
ReFS lacks support for several important features that NTFS supports. Major features that are missing include file system compression and encryption support, support for disk quotas and removable media, or booting.
ReFS support in Windows 11
ReFS support adds a new option to the Windows 11 operating system. It is possible that the file system will only be supported in Enterprise, Education and Workstation editions of Windows 11. On the other hand, a Pro version of Windows 11 was used by the Twitter user who revealed the support information.
Another aspect that needs to be considered is that there is no direct NTFS to ReFS conversion; this makes it very likely that ReFS can only be selected during initial setup of the operating system, but not while it is running.
Windows 11 administrators may enable ReFS on Windows 11 Insider builds using ViVeTool and the ID42189933. It is recommended to create a full system backup before attempting to install Windows 11 on ReFS.
Closing Words
ReFS support is not yet available in non-development versions of Windows 11. Even when it is launched, it is a file system that is designed for specific use cases mostly. NTFS is in no immediate danger of being replaced by ReFS, and it seems unlikely that this is going to happen during the lifetime of the Windows 11 operating system.
Still, support for the file system gives users and organizations additional options, which is always good.
Now You: would you switch from NTFS to ReFS if such an option would be provided?
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