Business

CBN Releases $3.5bn For Foreign Education Under Buhari

Published

3 years ago

November 15, 2022

Editor

Data obtained from the website of the Central Bank of Nigeria on Sunday revealed that Nigeria’s educational sector suffered massive capital flight during the regime of President Muhammadu Buhari.

Specifically, using the CBN’s balance of payment statistics, Nigerians have spent a hefty sum of $3.5bn on foreign education in the past seven years (June 2015 to August 2022).

The PUNCH reports that education in Nigeria, most especially in the tertiary education sector, has been marred by industrial actions by unions such as the Academic Staff Union of Universities and the Academic Staff Union of Polytechnics.

Recently, academic activities in Nigerian universities, polytechnics and colleges of education were grounded for months in 2022.

According to the CBN data gathered from amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange, a sum of $375.99 million was released by the apex bank between June 2015 and December 2015,

Further analysis of the data revealed that a total of $269.1 million was released in 2016.

There was a huge leap in 2017 when the apex bank disclosed that a total of $514.16 was released for foreign education.

In 2018, a total of $546.78 was released.

For 2019, there was a huge decrease as the bank released $197.52 million.

It was also noted that $270.42 million was released in 2020 amidst the coronavirus pandemic.

There was a huge leap in 2021 as the bank recorded a total of $720.05 million released for same purpose.

So far in 2022, only the data from January to August has been made available which revealed that a total of $609.5 million has been released so far.

The data from the apex bank revealed that Nigerians remitted more than $3.5 billion to foreign academic institutions under Buhari without significant reciprocity in the form of inflows from foreign sources to the local education sector.

The huge net dollar outflows have dual adverse effects of underinvestment in domestic education and creates pressure on the naira exchange rate, economists said.

The high demand for dollars to pay foreign educational institutions affects Nigeria’s foreign reserves and contributes immensely to piling pressure on the exchange rate.

PUNCH

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

24 hours ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

2 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

5 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.