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Cash limits: PoS operators give CBN ultimatum
The Association of Mobile Money and Bank Agents in Nigeria has expressed optimism that the Central Bank of Nigeria will reverse its cash withdrawal limits policy before the new year.
The AMMBAN National President, Victor Olojo, disclosed to The PUNCH on Sunday that the National Assembly has promised to prevail on the CBN Governor, Godwin Emefiele, to revise the policy.
The new policy by the CBN fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000 weekly.
The directive further said withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent respectively, for individuals and corporate entities effective January 9.
In addition, third-party cheques above N50,000 shall not be eligible for over-the-counter payment while extant limits of N10 million on clearing cheques still remain.
The PoS operators had in a petition dated December 16, 2022 called on the CBN to review its policy and save 1.4m bank agents from losing their means of livelihood.
But giving an update on the issue, Olojo explained that the assurances given by the CBN and National assembly that POS operators would not be affected by the policy has made the group soft-pedal on its planned legal action.
He, however, warned that if the policy was not reversed before the end of the year, its members would take to the streets to demand its reversal and also drag the apex bank to court.
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The PoS operators’ union president said, “We have not gone to court yet because we have gotten assurances and we are waiting for a formal response from the CBN. We have visited the National Assembly and we have also explored other tools at our disposal at this time.
“They have given words of assurance that mobile money and POS operators would not be affected. So, we are waiting for an official statement from the CBN. However, if anything doesn’t change by the end of the year, we will go to the streets to protest and go to court.
‘’Remember that the Director of Banking Supervision, Mustafa Haruna, was quoted on a television station to have categorically stated that mobile money and bank agents would not be affected, so we just want to take that as an assurance while waiting for a formal report. We have written to the CBN but we are yet to get a response.’’
Olojo further hinged his hopes on the assurances by the CBN governor that the policy would be flexible.
“The CBN governor also said they will be flexible, so we are waiting for a revised policy that shows the flexibility. The national assembly also said they will prevail on the governor as they are opposed to the new CBN policy,’’ he noted.
Also commenting on the policy, the Chairman, Nigerian Association of Small and Medium Enterprises, Lagos State chapter, Dr Adams Adebayo confirmed to our correspondent that the association met with the Senate Committee on Banking, Insurance And Other Financial Institutions on the matter last week.
“The Senate committee has assured the Council of MSMEs that the CBN Governor will review it, especially for PoS and small business owners,’’ Adebayo explained.
The CBN spokesman, Osita Nwanisobi, could not be reached for comments Sunday on when the apex bank would announce the review of the policy as calls to his phone indicated he was unavailable.
Commenting on the policy, the President, National Union of Banks, Insurance and Financial Institutions, Abakpa Anthony said it was too harsh, adding that the CBN should have run a pilot system and see the level of compliance before introducing it.
He also argued that as much as the cashless policy would help Nigerians, the nation has not developed to the extent of implementing a full-blown cash limits policy.
The NUBIFI boss said, “The people in the rural areas do not have phones that support online transactions, and in most cases there won’t be a network to consummate transactions.”
He further stated that the ATM and PoS withdrawal limits may throw many Nigerians into poverty and render the POS operators jobless.
”Some cattle dealers who buy and sell in large numbers in the rural areas where there is no network; what will happen to them? When Nigeria is ripe for such policy, Nigerian workers will know.”
Meanwhile, the Special Adviser to Gombe State Governor on Strategy and Information Management, Ahmed Gombe, has said the state government was also opposed to the CBN policy on the grounds that the amount stipulated by the CBN was inadequate.
Gombe was reacting to a report that the NGF was opposed to the cash withdrawal policy and that the 36 state governors planned to meet with the Presidency on the matter.
Speaking in a chat with one of our correspondents, the media aide stated, “The governor of Gombe state supports any Federal Government policy provided it is in the interest of the Nigerian people , especially in Gombe state. At the same time, he also supports any collective decision taken by his colleagues in the best interest of the Governors Forum.’’
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Falana, Jibrin, Bugaje Lead Opposition to US Military Presence in Nigeria
Falana, Jibrin, Bugaje Lead Opposition to US Military Presence in Nigeria
Some prominent Nigerians have condemned the reported US military presence in Nigeria, describing it as a violation of Nigeria’s sovereignty, a potential breach of the 1999 Constitution, and a dangerous precedent for foreign military interference in the country’s security affairs.
The criticism followed the arrival of United States military aircraft in Nigeria last week, shortly after American and Nigerian officials disclosed plans to deploy about 200 US soldiers in advisory and training roles. US officials said the aircraft movements would continue for several weeks as part of a temporary counterterrorism mission.
Nigeria’s Defence Headquarters (DHQ) has insisted that the US personnel are technical specialists, not combat troops, and that they will operate strictly under the authority and control of the Nigerian government, in coordination with the Armed Forces of Nigeria. The military stressed that the deployment does not amount to the establishment of a foreign base or independent US operations on Nigerian soil.
Despite these assurances, a coalition of lawyers, academics and civil society figures issued a joint statement titled “No to Foreign Forces in Our Land: Defend Our Sovereignty”, warning that the presence of foreign troops raises serious constitutional, legal and national security concerns.
The statement was signed by human rights lawyer Femi Falana (SAN), political scientist Jibrin Ibrahim, Dr Abubakar Siddique Mohammed, Dr Dauda Garuba, Prof Massaud Omar, Prof Mohammed Kuna, Engr YZ Ya’u, and political activist Usman Bugaje.
They recalled Nigeria’s long-standing resistance to foreign military domination, warning against what they described as a creeping neo-colonial security arrangement. According to the group, Nigeria’s independence was founded on firm opposition to external military control, a principle they said must not be compromised under any guise.
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The signatories referenced the Anglo-Nigerian Defence Pact of 1960, which was abrogated in 1962 following widespread public protests, arguing that political independence without military sovereignty is incomplete. They also cited Nigeria’s rejection of foreign pressure during the 1976 Organisation of African Unity (OAU) summit on Angola, recalling the historic declaration by Murtala Mohammed that Africa would no longer operate under the influence of extra-continental powers.
The group further highlighted past attempts to impose military cooperation agreements on Nigeria, including a proposed US–Nigeria defence pact in 2001 that was withdrawn after opposition from the Ministry of Defence, and the Bilateral Immunity Agreement (BIA) signed in 2003 and later nullified by the Senate in 2005 for violating constitutional provisions and the Rome Statute.
They cited Section 12(1) of the 1999 Constitution, which requires National Assembly approval before any international treaty can have the force of law in Nigeria, insisting that any foreign military deployment must follow due legislative process.
Rejecting claims that Nigeria lacks the capacity to defend itself, the group pointed to the strong peacekeeping record of the Nigerian Armed Forces under the United Nations, African Union, and ECOMOG missions in Liberia and Sierra Leone. They argued that Nigeria should prioritise modernising its military, strengthening intelligence coordination, improving troop welfare, investing in local defence production, and addressing the root causes of insecurity rather than outsourcing national defence.
In a separate interview, Prof Jibrin Ibrahim warned that Nigerians appear less vigilant today than in the 1960s, when public resistance forced the government to abandon foreign defence pacts. He questioned the effectiveness of US military interventions globally, arguing that such involvement often deepens insecurity rather than resolves it.
Observers say the controversy has reignited debate over how Nigeria should balance international security cooperation with the need to protect national sovereignty, constitutional order, and democratic accountability amid rising security challenges across the country.
Falana, Jibrin, Bugaje Lead Opposition to US Military Presence in Nigeria
News
Ramadan Begins in Nigeria as Sultan Confirms Crescent Sighting
Ramadan Begins in Nigeria as Sultan Confirms Crescent Sighting
Abuja — The Sultanate Council on Tuesday night confirmed the sighting of the crescent moon, officially signaling the commencement of Ramadan 1447AH in Nigeria.
The President-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA) and Sultan of Sokoto, Muhammad Sa’ad Abubakar III, announced that the new moon was sighted in parts of the country, thereby declaring Wednesday, February 18, 2026, as the first day of fasting for Muslims nationwide.
The announcement followed verified reports from moon-sighting committees across several states, in line with Islamic tradition which requires physical sighting of the crescent to mark the beginning of the ninth month of the Islamic lunar calendar.
In his message to the Muslim faithful, the Sultan urged Nigerians to use the holy month to pray for peace, unity, and national development. He also called on Muslims to embody the virtues of patience, compassion, charity, and self-discipline which Ramadan represents.
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Ramadan, one of the five pillars of Islam, requires adult Muslims to abstain from food, drink, and other physical needs from dawn until sunset throughout the month. The period is also marked by increased devotion, nightly congregational prayers in mosques, recitation of the Qur’an, and acts of charity to the less privileged.
Across major cities including Abuja, Lagos, Kano, and Port Harcourt, mosques recorded increased attendance for special night prayers following the announcement. Markets also witnessed heightened activity as families made last-minute purchases in preparation for the fasting period.
Ramadan will last 29 or 30 days, depending on the sighting of the next crescent, and will culminate in the celebration of Eid al-Fitr, marking the end of the fasting month.
Muslim leaders have encouraged faithful to observe the fast in accordance with Islamic teachings while maintaining harmony and mutual respect within Nigeria’s diverse society.
Ramadan Begins in Nigeria as Sultan Confirms Crescent Sighting
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Saudi Arabia Confirms Sighting of Ramadan Crescent, Fasting Begins Wednesday
Saudi Arabia Confirms Sighting of Ramadan Crescent, Fasting Begins Wednesday
Riyadh, February 17, 2026 — Authorities in Saudi Arabia have officially confirmed the sighting of the crescent moon marking the beginning of the holy month of Ramadan, signaling that fasting will commence on Wednesday, February 18, 2026.
The announcement was made Tuesday evening following reports from moon-sighting committees across the Kingdom. In a statement carried by state media, the Supreme Court confirmed that verified testimonies of the crescent’s sighting had been received after sunset on the 29th day of Sha’ban.
With the confirmation, Muslims throughout the Kingdom will begin the first fast of Ramadan at dawn on Wednesday.
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Religious authorities had earlier called on citizens and residents to look for the crescent on Tuesday evening and report any confirmed sightings to the nearest court. Observations were conducted in various regions, including areas around Riyadh and Mecca, as part of the Kingdom’s longstanding tradition of physical moon sighting.
Ramadan, the ninth month of the Islamic lunar calendar, is observed by Muslims worldwide as a period of fasting, prayer, charity, and spiritual reflection. The start of the month is determined by the sighting of the new crescent moon, in accordance with Islamic tradition.
Several other countries in the Gulf region are also expected to begin fasting on Wednesday following similar confirmations, while some nations may rely on local moon sightings to determine their own start date.
Further announcements regarding the duration of nightly Taraweeh prayers and official Ramadan working hours are expected from relevant authorities in the coming days.
Saudi Arabia Confirms Sighting of Ramadan Crescent, Fasting Begins Wednesday
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