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CBN Cash Withdrawal Limit Begins Today, January 9

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Four days after the Central Bank of Nigeria (CBN) directed commercial banks to suspend over-the-counter dispensing of the new naira notes and use their Automated Teller Machines (ATMs) to ensure wider circulation, compliance level has been abysmally low as customers continue to get the old currency slated to be junked on January 31.

Meanwhile, the policy on restriction on daily cash withdrawal takes off today, Monday, January 9.

Under this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is now N500,000 and N5 million, respectively.

Thus, anyone or organisation that has a compelling need to withdraw above the approved limits to transact legitimate businesses will pay a processing fee of 3percent and 5percent for individuals and corporate organisations, respectively.

Aside that, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number (BVN) of the payee; Tax Identification Number (TIN) of both the payee and the payer; Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

More so, third party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsist.

The earlier limit for over-the-counter weekly cash withdrawal for individuals was N100,000 and N500,000 for corporate entities.

The apex bank warned banks and other financial institutions to live above board as anyone caught aiding and abetting the circumvention of the policy will be severely sanctioned.

Anxious customers who thronged various ATMs in Abuja, Lagos and other parts of the country at the weekend were shocked to see old and in some instances, dirty naira notes gushing out of the machines.

In Kubwa, Wuse and other parts of Abuja, customers on various ATM queues at the weekend said they did not get the new notes and many went home sad.

John Akomas, a Point of Sales operator lamented. “I was at three ATM machines in Abuja on Sunday to see if I could get the new notes, but to no avail.

“In Kubwa, all the banks along Gado Nasko Road dispensed old notes. I know because many of us PoS operators do exchange information through our WhatsApp groups. When a colleague tells us where he got his new notes from, we go there because customers in town are really pressuring us to pay them with the new notes. Nobody wants to have the old notes because they expire in three weeks time. The pressure is too much on us”, he lamented.

Mirabel Moses, a flea-clothes dealer also said her customers keep paying with old notes which is a huge challenge for her because she hardly has the time to go to the bank to make deposits.

“I pray this new notes problem is quickly sorted. I don’t want to have old notes with me”, she said.

However, a Tier 2 bank official in Abuja who did not want to be named because he was not authorised to speak on the matter said: “We get tremendous pressure from customers. We keep trying to explain the situation to them on a daily basis. Many come shouting at the staff as if we hoarded the money but it’s not sufficient. That’s the brutal reality. We are expecting more supplies from the CBN. Hopefully, things will be a lot better this week. We also advise customers to use the alternative electronic banking channels. That’s the whole essence of these initiatives of the CBN. It empties into the cashless policy blueprint”, he said.

Meanwhile amid complaints of inadequate supply of the new Naira notes, the Central Bank of Nigeria (CBN) at the weekend, insisted that banks have enough new notes to circulate across the country.

This is coming after reports filtered in that the apex bank had ordered DMBs to immediately stop the payment of the new naira notes to customers over-the-counter withdrawals.

The report noted that the CBN instead, directed that the banks should rather load their Automated Teller Machines (ATMs) with only new notes to ensure that the currency circulates across the country ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.

According to the report, a source in one of the Tier-1 banks who acknowledged the directive from the CBN stated that her bank on Thursday issued a memo in that respect to all the branch managers to enforce the CBN order.

The memo, which was titled, ‘Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, stated, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 & N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals. This is effective immediately please.”

The report also noted that the source, who is a manager in one of the bank’s branches in Lagos, however, complained that the new notes were in short supply, hence the branch decided to load a mixture of the old and new N1,000 and N500 notes in the ATMs for customers to withdraw.

It was earlier reported that twenty five days after the release of the newly redesigned N200, N500 and N1,000 notes and with 22 days left before the old notes cease to be legal tender in the country, Automated Teller Machines (ATMs) in Lagos are yet to dispense the new notes.

This also led to calls to extend the deadline to allow the circulation of the new notes.

However, the CBN clarified that it did not ban the banks from paying customers the new notes over the counter, pointing out that the directive to the banks to dispense new notes via ATMs was to complement over-the-counter transactions and increase the circulation of the redesigned notes.

The Director of Corporate Communication, CBN, Osita Nwanisobi, said adequate plans have been made to heighten the circulation of the new notes while adding that the speculations that the banks did not have enough new notes for circulation were false.

Nwasinobi explained that the directive didn’t categorically ban over-the-counter transactions but was issued as a persuasion to dispense via ATMs to increase circulation.

With higher pressure on electronic banking channels as the cashless policy deepens, customers have called for fortified and expanded platforms and infrastructure of financial institutions as failed transactions spike.

When our correspondents visited various banks, scores of miffed customers besieged their customer care desks to lodge and sort out failed transactions; where initiating accounts are debited but receivers are not credited.

Frustrated customers have been lampooning banks on various social media platforms for serially failing to guarantee successful transactions, especially during the Christmas celebrations.

This amplified calls on banks and other service providers in the electronic banking ecosystem to up their game if the cashless policy is to succeed.

In another development, the Nigerian Security Printing and Minting (NSPM) Plc, at the weekend, reiterated that the recently released new naira notes were of same quality with the current ones in circulation, warning skit makers and the public to desist from subjecting them to crude experiments just to prove otherwise.

The Managing Director of NSPM PLC, Ahmed Halilu gave the warning in a statement he personally signed, noting that the establishment has been meeting the currency needs of the Central Bank of Nigeria (CBN) since 2014 due to its improved capacity.

“Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period.

“We want to inform all Nigerians that the new naira notes are of the same substrates and passed through the same printing processes and finishing procedures. It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces.

“It is, however, important to note that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture.

“In addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design. One of the properties of intaglio inks is non-solubility in water and ease of transfer (light stain) on plain white materials owing to the size of the particles. This is generally a security feature of all banknotes that easily differentiates them from forged or counterfeit notes.

“The naira is our legal tender and national symbol. We, therefore, urge Nigerians and other users of the naira banknotes not to subject our banknotes to experiment in order to prove a point”, Halilu stated.

He added that the best international practices have been deployed in the production of the new naira notes, adding, “we shall continue to ensure that it meets international standards”.

BIG STORY

Rejoinder To Daily Trust Article: President Tinubu Positioned For Victory In 2027 — By Prince Adeyemi Shonibare

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President Tinubu is well-positioned to secure victory in the 2027 elections. His achievements, leadership experience, and the significant strides made across key sectors of governance solidify his place as the frontrunner.

  • Key Achievements and Factors for Victory

1. Direct Funding to Local Governments:

For the first time in Nigeria’s history, the 774 local government chairmen will receive funds directly from the federal government starting this month. This bold move decentralizes resources, empowers grassroots development, and strengthens loyalty to the man who initiated this transformative policy—President Tinubu.

2. Empowering Citizens:

President Tinubu’s administration has rolled out impactful programs, including student loans, consumer credit initiatives, and direct cash transfers. These initiatives have touched millions of lives and earned him unwavering support from beneficiaries who recognise the positive impact of these policies.

3. Political Dominance:

APC remains the most dominant political party in Nigeria, controlling more states than any opposition party. APC governors will rally behind Tinubu in 2027, leveraging the party’s expansive structure to consolidate support.

4. Regional Strength:

South West:

President Tinubu will sweep all six South West states. APC currently controls four states, and Tinubu’s win in Oyo during the 2023 elections further demonstrates his stronghold. By 2027, even Osun, which narrowly escaped APC control, will fall back in line.

South-South:

Tinubu will likely secure Cross River, Rivers, Edo, and Delta while achieving the required 25% in other states. APC’s current control of Edo and Cross River further reinforces this projection.

South East:

The establishment of the South East Development Commission has endeared Tinubu to the region. He is expected to win Enugu, Imo, and Ebonyi while securing 25% in Anambra and Abia. APC governs Imo and Ebonyi, and with strategic campaigning, Anambra might surprise everyone in 2027.

North West & North East:

These regions remain APC’s strongholds, and Tinubu’s track record ensures that they will deliver the necessary states.

North Central:

States like Abuja, Kogi, Nasarawa, and Plateau are expected to align with Tinubu, given his strong rapport and ongoing development efforts in the region.

5. Resilience and Leadership Experience:

Tinubu’s journey from private sector success to public service is unparalleled. He served as a lawmaker, a transformative governor, and now a results-driven president. His international experience in oil, gas, and finance, coupled with his fearless leadership style, makes him a standout leader. Tinubu is the only president in Nigeria’s history to take bold steps like subsidy removal and exchange rate unification, laying the foundation for long-term prosperity

6. Economic Reforms and Policies:

Tinubu’s tax reforms exempt minimum wage earners and small businesses (earning less than ₦25 million annually) from federal taxes. By 2027, Nigeria will become a major exporter of refined petroleum products, with all four refineries operational.

The federal government’s agriculture policies, in collaboration with states, will yield significant results.

Security will improve, potentially with the full implementation of state policing.

Electricity management, now involving states, will lead to a more reliable power supply.

Mass transportation systems, including local, state, and federal rail services, will transform mobility.

With growing FDI, increased earnings from oil and gas, and direct investments, Nigeria will witness unprecedented progress under Tinubu’s leadership.

7. Broad-Based Support:

Tinubu’s influence transcends party lines, garnering support from private enterprises, public institutions, and even opposition leaders. Some PDP governors from the East may align with Tinubu’s vision in 2027, recognizing his ability to unify and deliver results.

8. Legacy of Leadership:

Tinubu’s record of governance in Lagos—one of Africa’s largest economies—is unmatched. When he assumed office in 1999, Lagos generated ₦400 million monthly against expenses of over ₦600 million. By the end of his tenure, Lagos’ monthly IGR had risen to ₦8 billion. This same transformational leadership is now evident at the federal level, with Nigeria’s reserves growing and states receiving triple their previous allocations.

Under Tinubu, local governments will receive significant funds. If each of the 774 local governments spends ₦2 billion monthly, the ripple effect will transform communities and improve lives nationwide. Without constitutional reforms, Tinubu is restructuring Nigeria by empowering states and local governments while maintaining harmony with governors, legislators, and the judiciary.

9. Strategic Reallocation of Subsidy Funds:

Funds from subsidy removal on petrol and exchange rates are now being redistributed across federal, state, and local governments. The judicious use of these funds will catalyse development, creating visible progress that further cements Tinubu’s leadership legacy.

10. A Leader for the Future

By 2027, Tinubu’s achievements will speak louder than promises. Nigeria will see improved security, stable electricity, a revitalized economy, and a robust transportation system. His reforms will deliver real, measurable results, leaving opponents to merely speculate on what they could do better.

If God grants him life and strength, and he chooses to contest in 2027, President Tinubu’s re-election will not just be a possibility—it will be a certainty. His vision, achievements, and widespread support make his victory inevitable.

 

By Prince Adeyemi Shonibare .

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BIG STORY

JUST IN: Fuji Icon K1 Loses 105-Yr-Old Mother Days After Wife’s Death

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Nigerian Fuji legend, Wasiu Ayinde, popularly known as “K1 de Ultimate,” is in mourning following the death of his mother, “Halimotu Anifowoshe,” just days after the passing of his former wife, “Hafsat,” at the age of 65.

It was gathered that the mother of the music icon was declared dead by medical professionals in her hometown, “Ijebu Ode,” Ogun State, where she resided.

A family source revealed that the centenarian passed away in the early hours of Saturday, causing the entire community of “Ijebu Ode” to mourn her loss.

It was further gathered that the deceased would be buried in accordance with Islamic rites later that day in her hometown.

According to a source, the Fuji musician has been deeply affected by his mother’s death, as they shared a close bond. He often praised her during his stage performances.

The centenarian’s death followed the artist’s earlier revelation that he inherited his musical talent from his mother, who, despite her own potential, was not permitted to pursue a career in music.

He explained that his mother was the daughter of a king, and her parents did not allow her to sing because they wanted her to marry.

K1 added that his mother was highly talented, but her parents feared that her career in music would delay her marriage.

“I was blessed with the gift of music from a young age, I was born into music. My mother was a singer before she got married. She had the gift of music and she was a princess.”

“She was not allowed to sing back then because she was a princess, and her parents were worried that allowing her to be a musician would delay her from getting married sooner. Her parents said my mother won’t be allowed to sing because she is the daughter of a king.”

It should be noted that the singer’s former wife, “Hafsat,” passed away after battling an undisclosed illness and was buried following Islamic traditions at “Abari Cemetery,” Lagos State.

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BIG STORY

Nigerians Recruited As UK Prison Officers Sleep In Cars, Camp Near Jails

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The United Kingdom’s prison service has started recruiting prison officers from Nigeria and other countries to address staffing shortages.

However, many of these new recruits, including Nigerians, are facing accommodation difficulties, with some resorting to sleeping in their cars or camping near prisons to save on housing costs, according to a report by The Telegraph on Thursday.

This is the first time the UK prison service is sponsoring skilled worker visas for international recruits, following a rule change in 2023 that added prison officers to the list of eligible professions.

Many of the new recruits are Nigerians, including some who transitioned from other visa routes to the prison service.

The Prison Officers Association (POA) has reported cases of Nigerian recruits arriving at UK prisons under the assumption that accommodation would be provided.

Mark Fairhurst, the president of the POA, shared an example of a recruit who commuted 70 miles daily from Huddersfield to Nottingham, eventually deciding it was cheaper to sleep in his car outside the prison.

At another location, some officers set up a camp in a wooded area near the prison after learning they would need to arrange their own housing.

“We have got problems with people who turn up at the gates with cases in tow and with their families saying to the staff: ‘Where is the accommodation?’,” Fairhurst stated.

Sources from the Ministry of Justice in the UK indicate that approximately 250 foreign nationals have been recruited into the UK prison service after Zoom interviews and vetting.

In 2023, a significant portion of the 3,500 monthly applicants were from Africa.

Tom Wheatley, the president of the Prison Governors Association, attributed the influx to word-of-mouth promotion by Nigerians already working in the UK.

“It’s turned into an approach that has been promoted online by the expat Nigerian community,” Wheatley noted.

However, he acknowledged challenges, including language barriers and the difficulty of integrating foreign recruits into rural communities.

Despite these challenges, the UK prison service insists its recruitment and training processes are thorough.

A spokesperson for the Prison Service told The Telegraph, “all staff – regardless of nationality – undergo robust assessments and training before they work in prisons. Our strengthened vetting process roots out those who fall below our high standards.”

The reliance on virtual interviews has also raised concerns, with some questioning the suitability of officers recruited this way.

Fairhurst has called on the prison service to return to face-to-face interviews, stating that six weeks of training is insufficient for recruits to manage prisoners effectively.

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