Tag: CBN

Redesigned Cash Policy: Reps. read Riot Act to CBN Governor, others

Aminu Imam

The leadership of House of Representatives on Wednesday read Riot Act to the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and its management team over the public outcry on the 31st January, 2023 deadline issued on the cash withdrawal limit and cash-swap policy. Chairman, Ad-hoc Committee investigating the policy, Hon. Alhassan Ado-Doguwa, stated this while briefing members on the communication from CBN on the inability of the CBN management to attend the investigative hearing. While noting that the CBN Governor and other Directors are employees of Nigerians, Hon.…

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Redesigned Naira Notes: ‘No going back on Jan. 31st deadline to phase-out old notes – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) on Tuesday said there is no going back on the January 31st deadline on the phase-out of old 200, 500 and 1,000 naira notes. CBN Governor, Godwin Emefiele, who spoke at the apex bank’s Monetary Policy Committee (MPC), meeting in Abuja, stated that Nigerians were given enough time to replace their old notes with new ones. Recall that the CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000…

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CBN to fine Commercial banks not paying out new Naira notes 1 million naira per money box daily

Abdul-Azeez Ahmed Kadir
Nigerian New Naira Notes

Central Bank of Nigeria (CBN), on Friday, said that any commercial bank that failed to pay the new naira notes to customers would be fined N1 million per money box on daily basis. CBN Governor, Godwin Emefiele, made this known at a sensitisation organised for market women operating at Ayegbaju International Market, Osogbo, on the new naira notes, eNaira and other related matters. Emefiele, represented by a CBN Deputy Director, Adeleke Adelokun, said that the apex bank had printed enough naira notes, but observed that commercial banks were not collecting…

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CBN Act: ‘Nigeria is now worse than Idi Amin’s Uganda’ – Ex-lawmaker, Olasupo

Aminu Imam

The former lawmaker, who represents Iseyin, Itesiwaju, Kajola and Iwajowa federal constituency, Olasupo Abiodun, has described Nigeria under President Muhammadu Buhari as worse than the regime of the former Ugandan despot, Idi Amin. Olasupo, who made the observation while featuring on a radio programme, said the President’s flagrant violation of the Central Bank of Nigeria (CBN) Act and other policy crisis have left Nigerians poorer. He attributed the action of the Presidency in ordering the CBN to print more than the stipulated five percent of the nation’s naira denominations as…

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Cash withdrawal limits: NLC demands suspension of policy

Aminu Imam

…Say CBN trying to kill fly with machine gun The Nigeria Labour Congress (NLC) has asked the Central Bank of Nigeria (CBN) to suspend its recent cash withdrawal limit policy, as it is tantamount to ‘trying to kill a fly with a machine gun’ in view of its implications for the lower rung of the society. President of the NLC, Ayuba Wabba, in an issued statement, said although the policy may be well intended to check the abuse of the financial system by the rich, its implementation will hit workers and the…

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‘Why POS agents are needed in CBN’s cashless policy’ – Emefiele

Aminu Imam

The Governor of Central Bank of Nigeria, (CBN), Godwin Emefiele, has explained why Point of Sale (PoS) agents are needed in the cashless policy of the apex bank. Emefiele said the POS agents are needed because it was important to ensure that the people at the hinterlands where there may not be financial institutions are given access to financial services. The CBN governor said the quickest financial service would be the POS at the rural communities. The apex bank’s Deputy Governor, the Financial System Stability, A’isha Ahmed, who represented Emefiele stated…

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Arewa, Middle-Belt youth leaders back CBN cashless policy, says “it is timely”

Aminu Imam

The Arewa Youth Consultative Movement and the Middle-Belt Youth Forum have said that the best time to implement the cashless policy introduced by the Central Bank of Nigeria (CBN) is now. Addressing a press conference in Abuja yesterday, the Chief Convener of the groups, Godwin Meliga, raised alarm over the plot by some stakeholders to rubbish the policy. The groups urged all lawmakers of Northern extraction in both chambers of the National Assembly not to lend any support at all to any unpatriotic elements who approach the National Assembly to…

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CBN Cash Withdrawals, ATMs Limits: ‘Policy is a heavy blow on looters of Govt Funds, kidnappers, fraudsters, others – Experts

Aminu Imam
Nigerian New Naira Notes

Economic experts have said that the Central of Nigeria, (CBN)’s revised policy on cash withdrawals is a heavy blow to looters of government funds, kidnappers and fraudsters. Recall that the CBN’s revised guidelines on the practical implementation of the Naira redesign policy stated that starting from 9th January 2022, Automated Teller Machines (ATM) and Point of Sales (POS) withdrawals would be limited to N20,000 Per Day. The notification also disclosed that ATMs will only dispense N200 and downward denominations, and that defaulters of the maximum deposit limit will have to…

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Nigeria records N16tr oil sales, as NNPC remits nothing to CBN

Aminu Imam

Several weeks after the Central Bank of Nigeria, CBN said the state-oil company, NNPCL, has yet to make remittance to it, records from newly released government data have shown that Nigeria recorded N16 trillion from crude oil sales between January and September this year. Recall that the CBN Governor, Godwin Emefiele, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily, from above $3 billion monthly in 2014 to $0 today. According to data gathered from the National Bureau of Statistics (NBS),…

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CBN limits maximum ATM, PoS cash withdrawals to N20, 000 per day, N100, 000 weekly for individuals

Aminu Imam

…N500, 000 for companies The Central Bank of Nigeria has imposed fresh cash withdrawal limits via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals for individuals and organisations. According to a new memo to banks issued yesterday and signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, individuals will only be able to withdraw N100,000 per week from over-the-counter, (OTC), PoS machines or the ATMs, while organisations can access N500,000 per week. Banks have also been directed to load only N200 and lower denominations into their ATM vending…

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