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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

Lagos govt denies alleged plan to lure communities for petrol project

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Lagos

The Lagos State Ministry of Physical Planning and Urban Development has debunked reports claiming the ministry is enticing residents of four communities in Ketu to accept the building of a petrol station in their area. The Deputy Director, Public Affairs of the Ministry, Mr Mukaila Sanusi, said this in a statement on Monday in Lagos.

Sanusi, who named the four communities as Demurin, Oba Nle- Aro, Doyin Omololu, and Irawo Osan, said the allegation was false, biased and unfounded.He said, “Contrary to the insinuation of bias by a section of the media, the Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, has disclosed that the stakeholders meeting at Demurin, Oba Nle- Aro, Doyin Omololu, and Irawo Osan community was part of the routine of treating such technical proposals to ensure fairness to all sides.

“Advocacy by proponents for supposedly non-compatible proposals is a welcome development in town planning which, once received by the ministry, must be validated with the host community through dialogue.

“Advocacy has been made to the ministry by the proponents of the project on the basis that Demuren and the adjoining roads are axial roads, serving the Lagos Ikorodu road, with appreciable vehicular coverage.’’

Sanusi explained that the meeting with the community aligned with the Lagos State Urban and Regional Planning and Development Law 2019 (as amended).

He further highlighted that the meeting was consistent with the Lagos State Government’s established approach of involving the public in decision-making, particularly regarding physical planning and governance in general.

He said that such open discussions would help to consider different perspectives and reach the best decision for the state and its residents.

Sanusi added that such dialogues had led to approvals or rejections of various facilities such as markets, cemeteries and petrol stations, among others.

He pledged the ministry’s commitment to fair and transparent procedures, including community involvement, in making decisions related to urban development projects

Source: Dailypost

In other news – Nigeria Customs investigates officer accused of extortion

The Comptroller, Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘B’ Kaduna, Mr Dalha Wada-Chedi has handed over the officer alleged to have extorted N500,000.00 from a car buyer, Muhammad Ahmad, to the Customs Police Unit.

Nigeria Customs

The suspected officer, who was alleged to have committed the offence along Mokwa-Jebba Road in Niger, was on Monday handed over to the Assistant Provost Marshal (APM) of the unit in Kaduna. Read more

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Nigeria Breaking News

Nigeria Customs investigates officer accused of extortion

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Nigeria Customs

The Comptroller, Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘B’ Kaduna, Mr Dalha Wada-Chedi has handed over the officer alleged to have extorted N500,000.00 from a car buyer, Muhammad Ahmad, to the Customs Police Unit.

The suspected officer, who was alleged to have committed the offence along Mokwa-Jebba Road in Niger, was on Monday handed over to the Assistant Provost Marshal (APM) of the unit in Kaduna.The comptroller, while addressing newsmen in the premises of the unit confirmed that the suspected officer involved in this unwholesome act was an operative of the unit deployed to Mokwa Patrol Team.Wada-Chedi said that the unfortunate incident occurred in the early hours of Thursday as reported by the complainant.

The comptroller said, “Upon hearing the alleged unfortunate incident, I directed the Police Unit in the Zone that is responsible for enforcing discipline in the Service to apprehend the Officer and move him to the Unit’s Headquarters here in Kaduna for further interrogation. Also, the complainant was invited to assist in the investigation as well.

“The Comptroller General of Customs, Bashir Adeniyi and his management team frowned at such unruly behavior as such the disciplinary committee will be diligent and firm.

“In fact, the service is very pragmatic and practical in disciplinary cases and this one will not be an exception.” According to Wada-Chedi, the suspected officer was handed over to the APM Customs Police Unit for further investigation.

Source: vanguardngr

In other news – This is why Women rejected me due to my looks – Stephen Alajemba speaks out

Veteran Nollywood actor Stephen Alajemba, aka Uwaezuoke, has revealed that he experienced rejection from women and people in general while growing up due to his physical and facial appearances. The thespian said his mother told him that as a baby, people refused to carry him because he was not looking attractive.

 

Stephen Alajemba

He disclosed this in a recent interview with popular YouTuber, Yan Kontent Factory.Alajemba said he promised his mother that he was going to make her proud because she told him that he did not “earn anything good” for her as a child. Read more

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Nigeria Breaking News

Army arrests suspected kidnapper in Edo

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Edo

Troops have apprehended an alleged kidnapper in Iguomor, a community situated in Ikpoba Okha Local Government Area of Edo State, and retrieved vehicles and other items in the process.

The operation was carried out by troops of 4 Brigade and personnel of Operation Wabaizigan, who arrested a suspected kidnapper and gun runner, Ekenaye Festus, along with four of his accomplices.

The Nigerian Army made this known in a statement issued by the spokesperson of 4 Brigade, Chinonso Polycarp Oteh, on its X handle on Monday.Part of the statement reads: “Consequent upon consistent support of the good people of Edo State through the provision of timely and actionable intelligence to Nigerian Army, troops of Headquarters 4 Brigade, personnel of Operation Wabaizigan, acting on credible intelligence, successfully arrested a suspected kidnapper and gun runner, Ekenaye Festus alongside four of his collaborators in the general area of Agbor Road, in Iguomor community, Ikpoba Okha Local Government Area of Edo State.

“The suspects who were arrested in the early hours of 25 February 2024 have been terrorising the Obagie community and were suspected to have been carrying out kidnappings and other criminal activities within the state.

“Those arrested alongside Ekenaye Festus are Isaac Oghosa, Ameh Innocent, Odion Okpako, and Ajayi Ayoola.

Source: pmnewsnigeria

 

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