Business

Your Policy Causing Hardship, Masses At Receiving End, APC Chieftain Tells CBN

Published

3 years ago

January 28, 2023

A member of the Security and Intelligence Committee of Tinubu/Shettima Presidential Campaign Council, Ambassador Abayomi Nurain Mumuni, has declared that the introduction of the new naira notes is causing hardship for many Nigerians.

The Central Bank of Nigeria, CBN, had last year, introduced new N200, N500 and N1000 notes.

The 2011 gubernatorial candidate of the defunct Congress for Progressives Change CPC, in Lagos State, made this disclosure in a statement made available to DAILY POST on Saturday through his media aide, Rasheed Abubakar.

Mumuni, in his reaction, said that what is happening where Automated Teller Machines, ATMs, are still dispensing old notes is an indication that the CBN was not ready for what it intended to do.

He said that if the CBN is interested to change currency, the first thing to do is to wipe out the old currency from circulation.

Mumuni, who said that the masses are at the receiving end, then advised the CBN to extend the deadline for the exchange of the old naira notes for the new ones.

He added that the need to extend the date was necessary in order to reduce the panic among Nigerians, especially at this time when there is fuel scarcity.

“My personal opinion is that the Central Bank of Nigeria is practically not ready to implement the policy on the new notes. When you want to change currency notes, first thing to do is to wipe out the old ones in circulation but even with the very close deadlines, Nigerian banks are still doling out the old currencies.

“The approach should be that once the old notes get to the banks, they are not making their way out, but reverse is the case. It’s either the ATM is not dispensing at all to avoid possible sanctions or you withdraw on the counter and still get old notes very few days to the deadline. In that regard, I think the CBN has not gotten things right.

“The situation is causing some hardships and the masses are on the receiving end. The CBN should take more time for the policy to fully take effect.

“We should learn not to render our people in further hardship, especially the ones struggling to survive. Considering the COVID-19 armageddon which cripples the global economy and affects every home as the case may be.

“Government policies should not be another avenue to impact hardship on the populist, but to play significant impacts in making life easy for the citizens, not otherwise,” he said.

Business

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

Published

2 days 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

3 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

6 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.