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Withdrawal Limits: Senate Raises Concerns, To Debate New CBN

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A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.

A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.

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The Senate has raised concerns about the latest Central Bank of Nigeria (CBN) policy on cash withdrawals.

Senate Minority Leader Phillip Aduda in a point of order during plenary on Wednesday called the attention of his colleagues to the new policy and demanded for caution as it will affect many Nigerians, especially small business owners.

In his response, Senate President Ahmad Lawan cautions the CBN not to approach the policy by jumping into it at once as many Nigerians will be affected.

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He further noted that there is a need to engage the CBN in discussions to get more details of the policy and he directs the committee on banking to discuss this matter during the screening of the CBN Deputy Governors expected to hold before next week.

The Senate has set next Tuesday to debate the new CBN policy.

Under the new withdrawal policy, the CBN restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

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READ ALSO: CBN’s New Policy Will Lead To More Job Losses, Disorganize Businesses – University Don

The CBN stated, however, that withdrawals above the thresholds would attract processing fees of 5 per cent and 10 per cent respectively for individuals and corporate entities going forward.

In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10 million on clearing cheques still remain.

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The new withdrawal regime further pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day.

 

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NiMet Forecasts Three-day Thunderstorms, Rain From Wednesday

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The Nigerian Meteorological Agency has predicted thunderstorms and rain from Wednesday to Friday across the country.

NiMet’s weather outlook released on Tuesday in Abuja envisaged  early morning thunderstorms on Wednesday  over parts of Taraba,

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Kaduna and Adamawa in the northern region.

It anticipated thunderstorms with rain over parts of Kebbi, Taraba, Zamfara, Katsina, Kaduna, Kano, Sokoto, Gombe and Bauchi states later in the day.

According to it, early morning thunderstorms are expected over parts of Benue, Kwara, Niger, the Federal Capital Territory and Nasarawa States in the North central region.

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Later in the day, thunderstorms with rains are anticipated over parts of the Federal Capital Territory, Niger, Nasarawa, Kwara, Kogi and Plateau states.

READ ALSO: NiMet Forecasts 3-day Sunshine, Cloudiness In Some States Starting Sunday

“In the southern region, a cloudy atmosphere is expected with chances of morning rain over parts of Ondo, Ekiti and Edo states.

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“Later in the day, isolated thunderstorms with rain are anticipated over parts of Imo, Enugu, Abia, Ebonyi, Anambra, Ondo, Oyo, Ogun, Ekiti, Edo, Delta, Cross River, Akwa Ibom, Bayelsa and Rivers  during the afternoon or evening hours,” it said

NiMet envisaged prospects of morning thunderstorms on Thursday over parts of Kaduna, Kebbi, Zamfara, Adamawa and Taraba in the northern region.

Later in the day, thunderstorms with rain are anticipated over parts of Taraba, Adamawa, Kebbi, Kaduna, Zamfara, Kano, Gombe and Bauchi states.

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READ ALSO: NiMet Predicts 3-day Rains, Thunderstorms Across Nigeria From Sunday

“In the North-central region, patches of clouds with sunshine intervals are expected with prospects of early morning thunderstorms to affect parts of Niger, Nasarawa, Benue and the Federal Capital Territory.

“Later in the day, thunderstorms with rain are anticipated over parts of the Federal Capital Territory, Niger, Nasarawa, Kwara, Kogi, Benue and Plateau states,” it  said.

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According to NiMet, morning thunderstorms are expected over parts of Rivers, Bayelsa, Akwa Ibom and Cross River states in the southern region.

It envisaged isolated thunderstorms with rain over most parts of Imo, Enugu, Abia, Ebonyi, Anambra, Imo, Ondo, Oyo, Ogun, Ekiti, Edo, Lagos, Cross River, Akwa Ibom, Delta, Bayelsa and Rivers states later in the day.

On Friday, prospects of morning thunderstorms are expected over parts of Jigawa, Gombe, Bauchi, Adamawa and Taraba  in the northern region.

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READ ALSO:NiMet Predicts Three-day Haziness, Thunderstorms From Tuesday

“Later in the day, thunderstorms with rains are anticipated over parts of Taraba, Adamawa, Kano, Kaduna and Bauchi states.

“In the North-central region, patches of clouds with sunshine intervals are expected with prospects of thunderstorms with rain over parts of the Federal Capital Territory, Nasarawa, Kwara and Niger,” it said.

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NiMet forecast thunderstorms over parts of Kwara, Benue and Kogi  in the  afternoon or evening hours.

According to it, cloudy atmosphere is expected in the southern region with chances of morning rain over parts of Oyo, Enugu, Imo, Ebonyi, Akwa Ibom and Cross River.

It predicted isolated thunderstorms with rain over most parts of the region later in the day.

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Strong winds may precede the rains in areas where thunderstorms are likely to occur. The public should take adequate precautions and ensure that loose objects are fastened to avoid collision.

“Driving under heavy rain should be avoided. Disconnect electrical appliances from electrical sockets.

“Stay away from tall trees to avoid impact from falling branches and broken trees.

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“Airline operators are advised to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations.

“Residents are advised to stay informed through weather updates from NiMet. Visit our website www.nimet.gov.ng,” it said.

NAN

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Democracy Day: Gov. Mohammed Advocates Unity, Good Governance

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As Nigeria is set to celebrate 26 years of uninterrupted democratic dispensation on Thursday, Gov. Bala Mohammed of Bauchi state has called on all citizens to remain steadfast in promoting unity, peace, and good governance.
This is contained in his felicitation message made available by Mr Mukhtar Gidado, the Special Assistant to the governor on Media and Publicity to the people of the state and Nigerians at large in marking the 2025 democracy Day celebration.
According to him, the governor acknowledged the sacrifices of heroes past and the collective determination of the Nigerian people to uphold the tenets of freedom, justice, and accountable leadership.
“The governor said, Democracy Day serves as a solemn reminder of the nation’s collective journey toward democratic governance, civil liberties, and the rule of law.
“According to him, the day also honours the sacrifices of those who stood firm in the face of oppression and paid the ultimate price in the struggle for democratic freedom .
“He salutes the resilience and unwavering spirit of the Nigerian people, whose commitment continues to sustain the ideals of democracy.
“He also acknowledges the contributions of past and present leaders, civil society actors, and ordinary citizens who have played a pivotal role in deepening the democratic culture in our country,”said Gidado.
He said that Mohammed noted that Democracy Day also honoured the sacrifices of those who stood firm in the face of oppression and paid the ultimate price in the struggle for democratic freedom.
“While observing that the day was not just about elections, the governor said it’s about delivering tangible dividends that uplift the lives of the people.
“He reaffirms his administration’s commitment to transparency, inclusive development, and the protection of the rights of every resident of the state.
“Governor Mohammed further calls on the people of Bauchi State to use the occasion of Democracy Day to reflect on the progress made so far and to renew their commitment to building a more just, equitable and prosperous society for all,”Gidado said.

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Edo Deputy Governor, Idahosa Preaches Unity As Honour For Martyrs Of June 12

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The deputy governor of Edo State, Hon. Dennis Idahosa, has said that Nigerians must continue to fight for a united and indivisible nation as a mark of honour for those who fought for the country’s democracy.

In a statement by the Chief Press Secretary to the deputy governor,  Mr Friday Aghedo, the former federal lawmaker, noted that despite the challenges confronting Nigeria, “there is no alternative to democratic governance.”

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Today, we celebrate not just a date, but a journey; our collective commitment to freedom, justice, and the right of every Nigerian to have a voice. 

“June 12th reminds us of the resilience of our people, the sacrifices made for democratic rule, and the unyielding hope we hold for a better and united Nigeria.

READ ALSO: Democracy Day: FG Declares June 12 Public Holiday

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“As we mark this important day, let us honor the memory of those who stood for truth, uphold the values of transparency and accountability, and continue to build a nation where every citizen can thrive,” he stated.

Idahosa said that the Governor Monday Okpebholo leadership underscores the power of democracy to bring about meaningful change.

He said that the administration remained committed to transformative governance with it’s SHINE mantra.

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This was just as the deputy governor noted that the people’s collaborative efforts  were needed to foster a more effective and responsive democracy.

According to him, “As we commemorate this day, let us renew our commitment to supporting leaders who prioritize the welfare of the people.

“Democracy is not a destination, it is a continuous process. Together, let’s build Edo of our dreams.”

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