Business

Soludo Chairs Govs’ Committee On CBN Withdrawal Limit

Published

3 years ago

January 21, 2023

The 36 governors in Nigeria have resolved to set up a six-member committee led by the Anambra State, Governor Charles Soludo, to engage the Central Bank of Nigeria in addressing issues pertaining to the country’s monetary management and financial system.

The governors also resolved to collaborate with the CBN and the Nigerian Financial Intelligence Unit in advancing genuine objectives within the confines of Nigeria’s laws.

The governors arrived at the resolutions arising from its first meeting in 2023 held on Thursday, January 19, under the auspices of the Nigeria Governors’ Forum.

The NGF in a communiqué issued on Saturday signed by the its chairman, the Sokoto State Governor Aminu Tambuwal, noted that the recent NFIU advisory and guidelines on cash transactions were outside the NFIU’s legal remit and mandate.

The CBN on December 6, 2022 had directed banks, and other financial institutions, payment service bank, primary mortgage banks and microfinance banks to limit the maximum cash withdrawal over the counter by individuals and corporate firms weekly to N100,000 and N500,000 respectively adding that withdrawals above the lower limit would require processing fees of 5% and 10% respectively for individuals and corporate firms henceforth.

The apex bank further directed that third-party cheques above N50,000 shall not be suitable for OTC payment while extant limits of N10 million on clearing cheques stay, following the apex bank’s latest naira notes redesign.

Following pressure from Nigerians and lawmakers, the CBN revealed a revised upward in its cash withdrawal limit, saying individuals can now withdraw N500,000 cash weekly while corporate firms can withdraw up to N5 million cash across all channels comprising Automated Teller Machines and Point Of Sale terminals.

The NGF said the CBN governor, Mr Godwin Emefiele, briefed it on the naira redesign, its economic and security implications, including the new withdrawal policy.

The governors stressed that they were not opposed to the objectives of the naira redesign policy, however, observed that there were huge challenges that remained problematic to the Nigerian populace.

Speaking further the governors expressed the need for the CBN to consider the peculiarities of states especially as they pertain to financial inclusion.

The governors therefore resolved to “set up a six-member Committee to be chaired by Governor Charles Soludo of Anambra State, and the governors of Akwa Ibom, Ogun, Borno, Plateau and Jigawa as members, to engage the CBN in addressing anomalies in the country’s monetary management and financial system.

“Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society and several other citizens of our country that are excluded.

“Collaborate with the CBN and the Nigerian Financial Intelligence Unit NFIU in advancing genuine objectives within the confines of our laws, noting that the recent NFIU.”

Business

NNPCL Raises Fuel Price

Published

6 days ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

1 week ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

1 week ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.