Business

Naira Redesign: CBN Issues New Cash Withdrawal Policy

Published

3 years ago

December 6, 2022

Editor

The Central Bank of Nigeria, CBN, has issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 will henceforth attract 5 per cent and 10 per cent, respectively, as a measure towards implementing the naira redesign policy.

Also, the apex bank disclosed that Automated Teller Machines, ATM will dispense N200 and below denominations only from now on.

DAILY POST learnt this in a letter signed by CBN’s director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks on Monday.

According to the letter referenced with the BSD/DIR/PUB/LAB/015/069, a third-party cheque above N50,000 will not be eligible for payment Over the counter, OTC, and maximum ATM withdrawal shall be N20,000 per day.

It added that the maximum cash withdrawal via the point of sale (PoS) terminal should be N20,000.

“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 N50,000 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 N100,000 subject to a maximum of N20,000 cash withdrawal per day; Only denominations of N200 and below shall be loaded into the ATMs; The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations,” the letter stated.

The CBN had on October 26 made known its plan to redesign 200, 500 and 1000 naira denominations. It gave December 15, 2022, as the date to start circulating the new notes, while it plans to stop the usage of old naira notes from January 31, 2023.

Business

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

Published

14 hours 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.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

14 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

2 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.