Connect with us

Breaking

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

Published

on

Nigerias-Naira
Cash
Share

 

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking

INEC Brings Forward 2027 Polls, Fixes January 16 for Presidential Election

Published

on

INEC
Share

The Independent National Electoral Commission (INEC) has rescheduled Nigeria’s 2027 general elections, fixing January 16, 2027, for the presidential and National Assembly polls.

The commission also announced that February 6, 2027, will now hold the governorship and State Houses of Assembly elections across the country.

The new timetable was disclosed on Thursday by Mohammed Haruna, National Commissioner and Chairman of the Information and Voter Education Committee, in an official statement.

Why the Shift?

INEC had earlier slated the presidential and National Assembly elections for February 20, 2027, while governorship and state assembly polls were scheduled for March 6, 2027.

However, the commission said it was compelled to adjust the schedule following the repeal of the Electoral Act, 2022 and the enactment of the Electoral Act, 2026, which introduced new legal and administrative frameworks guiding the conduct of elections.

According to the commission, aligning the electoral calendar with the provisions of the new law became necessary to ensure compliance, adequate preparation, and seamless implementation of reforms embedded in the 2026 legislation.

Implications for Political Parties

The revised dates effectively shorten the timeline for political parties, aspirants, and stakeholders preparing for the 2027 race. Parties are now expected to recalibrate their primary elections, campaign strategies, and logistics to meet the updated electoral window.

Political observers say the earlier schedule may also intensify early mobilization efforts, fundraising drives, and coalition talks among major contenders ahead of what is expected to be a fiercely contested general election.

INEC Assures Readiness

INEC reiterated its commitment to conducting free, fair, and credible elections under the new legal framework. The commission urged political actors and the electorate to take note of the revised timetable and cooperate to ensure a smooth electoral process.

With the 2027 general election cycle officially recalibrated, attention now shifts to how political parties and key stakeholders will navigate the compressed timeline under the new Electoral Act regime.

Continue Reading

Breaking

Ibom Air Passenger Who Slapped Crew Lands in Kirikiri!

Published

on

Ibom Air
Share

In a dramatic twist to an in–flight scandal, Comfort Emmanson — the passenger accused of assaulting airline staff during an Uyo–Lagos Ibom Air flight — has traded her trip for prison bars.

The incident, which shocked fellow passengers, has now culminated in her being charged to court and remanded at the notorious Kirikiri Correctional Centre in Lagos.

Tunde Moshood, Special Adviser on Media and Communications to Aviation Minister Festus Keyamo, SAN, broke the news on Monday via his official X handle.

“The more reason the flying public should be more careful… the unruly passenger on the Uyo–Lagos bound Ibom Air, Miss Comfort Emmanson, has been charged to court and she’s now cooling off in Kirikiri,” Moshood revealed.

Witnesses say the altercation left crew members shaken, sparking renewed calls for stricter penalties for in-flight misconduct.

 

 

Continue Reading

Breaking

NASS Passes ₦54.99trn 2025 Budget

Published

on

National Assembly Complex Abuja.
National Assembly Complex Abuja.
Share

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.

Continue Reading