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CBN Reviews Cumulative Daily Withdrawal Limit On ATMs From N100,000 To N20,000

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The Central Bank of Nigeria (CBN) has again effected a downward review of the daily cash withdrawal limit on Automated Teller Machines (ATMs) to N20,000 from N100,000 across banks.

This means that customers will only be able to withdraw a cumulative daily amount of N20,000 from their account(s) across all ATMs irrespective of the bank or the number of accounts they operate.

The new review was communicated to deposit money banks earlier in the week and already took effect from January 23, 2023.

According to the sources, the apex bank also instructed commercial banks to link customers’ bank verification numbers (BVNs) to their ATM cards to ensure that no customer is able to use two or more banks to exceed the N20,000 limit in a day.

Meanwhile, Fidelity Bank has already communicated the new policy to its customers.

In an email message to its customers on Wednesday, the lender said: “Please be informed that the Central Bank of Nigeria has revised its daily cash withdrawal limit on ATM from M100,000 to 20,000 effective 23rd January 2023.

“This means that you will only be able to withdraw a cumulative daily amount of N20,000 from your account across all ATMs irrespective of the bank.”

With the new policy, bank customers will not be able to withdraw more than N20,000 in a day via ATM cards, no matter the number of bank accounts they operate across different banks as such can be tracked through their BVN.

Recall that the CBN had on December 6, 2022, following the unveiling of new naira notes imposed N100,000 cash withdrawal limit over the counter (OTC), for individuals, and N500,000 for corporate organizations.

However, amid the outrage the new policy generated, the apex bank effected an upward review of the limit, allowing individuals and corporate entities to withdraw a maximum of N500,000 and N5 million, respectively.

Under the updated regime, the bank had said effective January 9, 2023, individuals and corporate entities can withdraw a maximum of N500,000 and N5 million, respectively, away from N100,000 and N500,000, respectively, which was previously announced on December 6, 2022.

In an updated circular dated December 21, 2022, and addressed to all banks and other Financial Institutions, microfinance banks, mobile Money Operators, and agents, the CBN explained that the upward review was as a result of the feedback it received from stakeholders.

The correspondence was signed by the CBN Director, Banking Supervision Department, Mr. Haruna Mustafa.

The CBN stated that in compelling circumstances, where cash withdrawal above the limit was required for legitimate purposes, such request shall be subject to a processing fee of three percent and five percent for individuals and corporate organizations, respectively.

The Central Bank, in yielding to public pressure on the review, noted that it recognized the role that cash played in supporting underserved and rural communities and would ensure an inclusive approach as it implemented the transition to a more cashless society.

BIG STORY

UPDATE: Uncover Negligence, Deliberate Actions Behind Ibadan Stampede — Tinubu To Security Agencies

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President Bola Ahmed Tinubu has ordered an investigation into the incident at the children’s funfair in Ibadan, which resulted in the death of 35 persons.

In a statement issued on Thursday by Bayo Onanuga, his special adviser on information and strategy, the president called for a “thorough” inquiry to determine whether negligence or deliberate actions contributed to the stampede.

“In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event,” the statement reads.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.”

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.

“Among the essential actions are a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.”

The president also called on event organisers to prioritise the safety of all attendees, especially children.

He noted the importance of integrating professional security, protocol, and logistics at events to ensure the safety of all participants.

“Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives,” he added.

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BIG STORY

2025 Budget Proposal Scales Second Reading At National Assembly

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The 2025 appropriation bill has passed the second reading at the national assembly.

The budget cleared the second reading during plenary on Thursday following an extensive debate by legislators in the Senate and the House of Representatives.

On Wednesday, President Bola Tinubu presented a record N49.7 trillion as the proposed budget for 2025 to a joint session of the upper and lower legislative chambers.

The lawmakers, during plenary on Thursday, took turns discussing the general principles of the money bill, offering recommendations that included thorough scrutiny of the budget breakdown during engagements with heads of ministries, departments, and agencies (MDAs).

Leading the debate, Julius Ihonvbere, majority leader of the green chamber, said the budget would improve the nation’s economy and consolidate the achievements of the president.

In his debate, Kingsley Chinda, minority leader, said Tinubu’s assertion that the budget would reduce inflation from the current 34.6 percent to 15 percent is “ambitious” and not realistic.

The ranking lawmaker said the allocation of N4.91 trillion to defence and security “will not take us to the promised land.”

He added that the budget should also prioritize human capital development and environmental sustainability.

“The budget might appear very beautiful, but there is much more for us to do as a nation,” Chinda said.

‘2025 BUDGET IS INADEQUATE’

Oluwole Oke, a Peoples Democratic Party (PDP) member from Osun, stated that the budget is “grossly inadequate” and won’t sufficiently fund development projects.

Abdussamad Dasuki from Sokoto supported Oke’s position, describing the budget as inadequate.

“The budget may look robust on paper, but if you convert it to dollars, you will realize that the budget is not where we should be,” he said.

“With the challenges we have, if you convert it to dollars, the nation will be inadequately provided for. I urge the relevant committees, particularly the committee on finance, to work on this.”

Also speaking, Ismaila Dabo from Bauchi called for an increased allocation to the agricultural sector to boost food production.

“Inflation is on food items, and Nigerians are finding it difficult to cope. I urge the house to do everything possible to ensure enough allocation is reserved for agriculture,” he said.

Some lawmakers from the north-east and south-east geopolitical zones demanded more funding for their development commissions.

The lawmakers unanimously voted in support of the bill when it was put to a voice vote by Benjamin Kalu, the deputy speaker, who presided over the session.

Kalu referred the bill to the committees on appropriation for further legislative work.

He said the bill will be passed before January 30.

In November, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

Also, the national assembly maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.

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BIG STORY

JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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