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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

NASS Passes ₦54.99trn 2025 Budget

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3 weeks ago

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February 13, 2025

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National Assembly Complex Abuja.
National Assembly Complex Abuja.
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The National Assembly on Thursday passed the ₦54.99trn 2025 Appropriation Bill.

The bill was passed separately by the Senate and the House of Representatives.

A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund), with fiscal deficit put at N13.08trn.

The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.

Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives.

The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.

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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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2 years 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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