Tag: CASH

Report banks with empty ATMs directly to CBN as from Dec. 1 – CBN tells Nigerians

Aminu Imam
CBN on banks ATMs

The Central Bank of Nigeria (CBN) has said that with effect from December 1, 2024, bank customers who are unable to make withdrawals from Automated Teller Machines (ATMs) will be able to report directly to it through designated phone lines and emails for their States. The apex bank governor, Olayemi Cardoso, stated this in his address at the Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday. He said: Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash…

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CBN suspends 2% processing fee for deposits above N500, 000

Aminu Imam

The Central Bank of Nigeria, (CBN), has suspended a two percent processing fee for deposits above N500, 000 for individuals and N3m for corporate bodies. The apex bank’s Acting Director of Banking Supervision, announced the suspension in a letter to all financial institutions yesterday. The letter reads: Please recall the processing charges imposed on cash deposits above N500, 000 for Individuals and N3,000,000 for Corporates as contained in the Guide to Charges by Banks, Other Financial Institutions and Non- Bank Financial Institutions, issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042.…

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Chaos, as cash shortage forces Nigerians to wait for hours at ATMs

Aminu Imam

Nigeria is staring at chaos as Automated Teller Machines, (ATMs) across the country run out of new notes, days before a deadline that will render the high-value currency illegal. According to a fresh report by Bloomberg, hundreds of people were stranded at a popular electronics market in the heart of Lagos, Nigerias biggest city, Thursday night victims of the chaotic rollout of a policy to redesign the naira. Residents are allowed to withdraw a maximum of 20,000 naira ($43) but many ATMs werent dispensing any cash. The cash shortage…

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Former Honduran President stopped at airport with thousands in cash

Abdul-Azeez Ahmed Kadir

Former Honduran President Manuel Zelaya was stopped at the airport in the capital Tegucigalpa with 18,000 dollars in cash in his bag. Zelaya was detained and released four hours later. Zelaya said on Twitter that he was unjustly detained and that the money did not belong to him. He was planning to fly to Mexico for a seminar with the PT political party, he wrote. Honduran law states that anyone leaving the country can only take up to 10,000 dollars with them. There were protests at Toncontin airport. According to…

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