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CBN Limits Cash Withdrawals To N100,000, 500,000 Weekly For Individuals And Organisations

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2 years ago

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Nigerias-Naira
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The Central Bank of Nigeria (CBN) has set N100,000 as the maximum limit for weekly cash withdrawal over the counter by individuals.

CBN also set N500,000 as the maximum withdrawal by organisations with effect from January 9, 2023.

The apex bank made this known via a memo signed by the Director of Banking Supervision, CBN, Haruna Mustafa, on Tuesday.

Withdrawal at POS terminals was also limited to N20,000 per day.

The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.

The memo read: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:

The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

Third party cheques above 50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be #100,000 subject to a maximum of N20,000 cash withdrawal per day.

Only denominations of #200 and below shall be loaded into the ATMs.

The maximum cash withdrawal via Point of Sale (POS) terminal shall be N20,000 daily.

In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed #5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose,” the CBN noted.

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Breaking

Court Sacks APC Governorship Candidate In Bayelsa

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1 year ago

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October 10, 2023

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Timipre Sylva
Timipre Sylva
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The Federal High Court, Abuja, has disqualified the All Progressives Congress (APC) Governorship candidate, Chief Timipre Sylva, from contesting the November 11 Guber election in Bayelsa state.

The suit number FHC/ABJ/CS/821/2023 was filed on June 13, 2023, by Deme Kolomo, a member of the APC.

Justice Donatus Okorowo ruled that Sylva, having been sworn in twice and ruled for five years as governor of the state, would breach the 1999 constitution as amended if allowed to contest again.

The judge also declared that Sylva was not qualified to run in the November poll because if he wins and is sworn in, he would spend more than eight years in office as governor

Citing the case of Marwa vs Nyako at the Supreme Court, Okorowo noted that the drafters of the country’s constitution stated that nobody should be voted for as governor more than two times and that the parties to the suit agreed that Sylva was voted into office two times.

He further stated that the Supreme Court ruled in the case of Marwa vs Nyako that nobody can expand the constitution or its scope, stressing that if Sylva was allowed to contest the next election, a person could compete as many times as he wanted.

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Senate stops El-Rufai, 2 Others Confirms Wike, Keyamo, Oyetola, Others As Ministers 

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1 year ago

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August 7, 2023

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Cross Section of Ministerial Designates
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The Senate has put the confirmation of former Governor of Kaduna State, Nasir El-Rufai on hold and confirmed 45 ministerial nominees presented to it for screening and confirmation by President Bola Tinubu.

Two others affected are Stella Okotete (Delta State), and Abubakar Danladi (Taraba State). The Senate said the trio were still undergoing security clearance.

The Senate had spent a week in screening all the ministerial nominees presented to it by the president.

Those confirmed are:

Abubakar Kyari (Borno)

Abubakar Momoh (Edo)

Nyesom Wike – Rivers

Engr Joseph Utserv (Benue)

Senator John Owan Enoh (Cross River)

Hon Bello Mohammad (Sokoto)

Mohammed Badaru Abubakar (Jigawa)

Amb. Yusuf Maitama Tuggar (Bauchi)

Uju Kennedy Ohaneye (Anambra)

Hon. Olubunmi Tunji-Ojo (Ondo)

Nkieruka Onyejeocha (Abia)

Dr Betta Edu (Cross River State)

imaan Sulieman Ibrahim (Nasarawa)

David Umahi (Ebonyi)

Adebayo Olawale Edun (Ogun)

Arch. Ahmed Musa Dangiwa (Katsina)

Chief Uche Geoffrey Nnaji (Enugu)

Mr Dele Alake (Ekiti)

Waheed Adebayo Adelabu (Oyo)

Mohammed Idris (Niger)

Prof Ali Pate (Bauchi)

Dr Doris Anite Uzoka (Imo)

Lateef Fabemi SAN (Kwara)

Rt Hon Ekperikpe Ekpo (Akwa Ibom)

Hannatu Musawa (Katsina)

Ibrahim Geidam (Yobe)

Aliyu Sabi Abdullahi (Niger)

Hieneken Lokpobiri (Bayelsa)

Alkali Ahmed Saidu (Gombe)

Dr Tanko Sununu (Kebbi)

Atiku Bagudu (Kebbi)

Bello Matawalle (Zamfara)

Adegboyega Oyetola (Osun)

Simon Bako Lalong (Plateau)

Abdullahi Tijani Muhammad Gwarzo (Kano)

Bosun Tijani (Ogun)

Dr Mariya Mahmoud Bunkure (Kano)

Dr Iziaq Salako (Ogun)

Dr Tunji Alausa (Lagos)

Lola Ade-John (Lagos)

Prof Tahir Mamman SAN (Adamawa)

Zephaniah Jisalo (FCT)

Uba Maigari Ahmadu (Taraba)

Prince Shuaibu Abubakar Audu (Kogi)

Festus Keyamo SAN (Delta)

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Africa News

INFLATION: Strike Action Imminent in Nigeria Office of ICRC Over Poor Staff Remuneration.

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1 year ago

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August 2, 2023

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There are indications that workers of International Committee of Red Cross (ICRC) will down tools for the first time since coming to Nigeria over the recent increase in the price of Premium Motor Spirit (PMS) which has brought inflation and economic hardship to medium income earners in Nigeria and neighboring countries. The Authority Newspapers Reports.

This is as Nigeria’s current cost of living is on the increase and the failure of the management of ICRC Nigeria to address the situation.

Findings showed that the trouble started earlier this year, when the organization announced a global funding gap that led to the downsizing of its operations.

Investigation revealed that the situation resulted in a significant reduction of staff and the scaling back of ICRC’s operations.

In March, the Nigeria management made a controversial decision to suddenly remove the Cost of Living Allowance, intended to help the staff cope with the country’s soaring inflation.

“Shockingly, the allowance was canceled for Nigerian staff but was retained for expatriate employees” a source in the intervention agency hinted.

The source who does not want her name mentioned said the situation ignited outraged by the Nigerian staff, which voiced their concerns, eventually leading to the restoration of the allowance. But the divide between expatriate and Nigerian salaries remained a significant point of contention.

According to the source, “Recently, following the unification of the exchange rate and removal of fuel subsidies, Nigerian staff raised a compelling argument. They pointed out that the value of their salaries’ had eroded significantly (up to -76%), while expatriate counterparts enjoyed a substantial increase (+76%) when converted to the local currency.

“To break this down further, the ICRC mission in Nigeria receives the funds for its operations in CHF (Swiss Francs). Expat staff in Nigeria are paid in CHF but the Nigerian staff are paid in NGN. CHF used to convert to Naira at 1CHF to 509NGN as of June 1, 2023. As of Tuesday 25 July 2023, 1CHF exchanged for 913NGN.

“What this means for ICRC’s expatriate staff in Nigeria who get their salaries in CHF is that the value of their salaries in NGN has almost doubled.

“The value of the salaries of the Nigerian staff has been halved because their salaries are pegged at the numerical value of the NGN, independent of the exchange rate. This also means that as of today, when the salaries for Nigerian staff are converted to Naira, the ICRC is making a significant savings on their salaries.

“How are staff of a global humanitarian organisation expected to selflessly carry out their duties if they can barely pay their bills?”

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