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Central bank limit cash withdrawals to $225 a week

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ATM in Abuja

Nigeria’s central bank has imposed restrictions on weekly cash withdrawals to limit the use of cash in an apparent bid to curb counterfeiting and discourage ransom payments to kidnappers.

Under a new policy announced late on Tuesday, the Central Bank of Nigeria (CBN) said that weekly cash withdrawals for individuals had been slashed to 100,000 Nigerian naira ($225) from 2.5 million naira ($5,638).

A majority of Nigerians have no bank accounts and use informal markets where cash is preferred. This move aims to bring more people into the banking system, and will take effect on January 9, the CBN said.

“The maximum cash withdrawal per week via automated teller machine shall be 100,000 naira subject to a maximum of 20,000 naira ($45) cash withdrawal per day,” it said.

Only denominations of 200 naira and less will be loaded into ATMs, it said.

For businesses, the weekly limit has been cut to 500,000 naira ($1,128) from the current daily limit of three million naira ($6,766).

“Withdrawals above these limits shall attract processing fees of five percent and 10 percent, respectively,” the CBN said.

But in compelling circumstances individuals and businesses could withdraw a maximum of five million naira ($11,277) and 10 million naira ($22,553) respectively once a month, it added.

The central bank warned commercial lenders against violating the new cash limits, which it said were in line with its policy to promote cashless transactions.

The bank has expressed concerns in the past over currency counterfeiting, the volume of money outside the banking system and huge ransom payments to kidnappers and bandits.

Last month, Nigeria launched newly designed currency notes, another move the central bank said would help curb inflation and money laundering.

More than 80 percent of the 3.2 trillion naira ($7.2bn) in circulation in Nigeria are outside the vaults of commercial banks and in private hands, CBN Governor Godwin Emefiele said when he unveiled the new notes.

“The currency redesign will also assist in the fight against corruption as the exercise will rein in the higher denomination used for corruption and the movement of such funds from the banking system could be tracked easily,” he explained at the time.

The new notes – denominations of 200, 500, and 1,000 naira – come into use on December 15, but Nigerians have until January 31 to turn in old notes when they will cease to be legal tender.

source – Aljazeera

Nigeria Breaking News

Bad leaders making life of Nigerians miserable – Pastor Giwa

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Adewale Giwa

The senior pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, on Sunday, lamented that the economic situation in Nigeria has gone from bad to worse under President Bola Tinubu. The clergyman noted that bad leaders were intentionally making life miserable for Nigerians.

Speaking with DAILY POST, Giwa said Buhari’s utterances that Nigerians will appreciate his administration when he’s gone is being fulfilled under Tinubu’s government. According to Giwa: “Nigerians found themselves in the hands of bad leaders having passed through the worst experience under former President Muhammadu Buhari.

“The success of a nation is determined by the kind of leaders you have. When the biblical Jeroboam became leader of Israel he led people to sin and we all know what happened.

“What Nigerians are presently going through makes me remember what Buhari said that ‘Nigerians will appreciate his government after his tenure’.

“If Buhari, the worst leader in history, could say Nigerians would appreciate his government then what should we say is currently happening in Nigeria under Tinubu? I wonder why in Nigeria, a leader will take over power and situations will get worse. Is it not better if we don’t have a nation called Nigeria or have a nation where the citizens continue to wallow in abject poverty and penury?

“For now, Tinubu’s government has fared worse than Buhari’s government because under Buhari there was nothing like subsidy removal. We all know how much a litre of petrol was during Buhari’s administration. We can now see how much it is under Tinubu, so I can’t say Tinubu’s government is better than Buhari’s government. In all fairness and coupled with the present events, the present political leaders are intentionally making the lives of Nigerians miserable.

Source: Dailypost

In other news – Police vow to tackle vandalization of public facilities in Akwa Ibom

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Police

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. Read more

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Nigeria Breaking News

Police vow to tackle vandalization of public facilities in Akwa Ibom

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Police

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs.

The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town. Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.

The DPO said that it was wrong to steal or vandalise public facilities, saying,” Those who do so are agents of underdevelopment”. We have observed that acts of vandalism are happening in some areas in Eket. We have begun our surveillance, we shall get hold of them,” he said. Ekpoudom urged residents of Eket to support the support with credible information to tackle the ugly menace.

”We need the cooperation of the community, you have to work with the police to tackle this challenge. We are committed towards tackling vandalism and other unlawful activities in the area. We shall apprehend them,” he added.

Earlier, the community Youth Leader, Mr Willie Mbong, described the issue of public facility vandalism in the area as worrisome. That water fountain is adding to the aesthetic beauty of the town. It is a bad thing to vandalise and steal some of its components.

”We shall take this issue seriously by reporting it to the appropriate authorities. Those behind this act must be unmasked.” He assured that the community would do everything possible to support the Police towards apprehending those involved in the act.

Source: Dailypost

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Nigeria Breaking News

Court Fixes May 27 to Hear Applications on Ganduje’s Suspension

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Abdullahi Umar Ganduje

A Kano State High Court has set May 27, 2024, for the commencement of hearing in the case of the alleged suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.  The court, presided over by Justice Usman Malam Na’abba, will hear three applications: a preliminary objection, a joinder application, and an application challenging the court’s jurisdiction.

The applicants, Haladu Gwanjo and Laminu Sani Barguma, are seeking an order of interim injunction on Ganduje’s suspension from the APC.Counsel for the applicant, Ibrahim Sa’ad, requested a new date to respond to the counter affidavit filed by the respondents. Counsel for the respondents did not object to the request.

Counsel for the fourth respondent, Lydia Oyewo, informed the court that her client was not served with the court processes. Parties seeking to be joined in the case also informed the court of their position.

Justice Na’abba fixed May 27 for the hearing to allow all parties to serve their processes and respond to the applications.

Source: sunnewsonline

In other news – Military forcefully took away suspected oil bunkerers from police custody – IGP tells court

The Inspector-General of Police, IGP, has told a Federal High Court in Abuja that the military forcefully took away some suspects allegedly involved in oil bunkering from police custody.

Military

 

Counsel to the IGP, Idris Mohammed, revealed this to Justice James Omotosho when the matter was called for the alleged oil bunkerers to take their plea in a five-count criminal charge filed against them. The IGP had, in an earlier charge marked: FHC/ABJ/CR/60/2024, listed 19 alleged oil bunkerers for prosecution. Read more

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