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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.’’
News
Just in: Tinubu swears in Rivers Sole Administrator Ibas
Just in: Tinubu swears in Rivers Sole Administrator Ibok-ete Ibas
President Bola Tinubu has sworn in Vice Vice Admiral Ibok-ete Ibas (Retd.) as the Sole Administrator of Rivers State.
The administrator was sworn in on Wednesday after a short meeting with the President.
Tinubu announced the appointment of the retired naval chief at a nationwide broadcast on Tuesday, when he declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor, Ngozi Odu, and the state House of Assembly members.
The President said his decision was based on Section 305 of the 1999 Constitution, saying he could not continue to watch the political situation in Rivers escalate without taking concrete action.
The suspension of Fubara and other elected representatives has been rejected and condemned by many eminent Nigerians, legal luminaries, groups such as Atiku Abubakar, Peter Obi, Femi Falana, the Labour Party (LP), the Peoples Democratic Party (PDP) and the Nigerian Bar Association.
However, the emergency rule has been praised by the pro-Nyesom Wike Assembly led by Martins Amaewhule, accusing Fubara of contravening the Supreme Court ruling on the political situation in the state.
Ibas was the Chief of Naval Staff from 2015 to 2021.
He is from Cross River State where he had his early education.
The new sole administrator went to the Nigerian Defence Academy in 1979 from where he proceeded to have a successful career in the Navy, rising through the ranks to the very top.
He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management.
President Muhammadu Buhari who appointed him as Chief of Naval Staff conferred him with the National Honour of Commander of the Federal Republic (CFR) in 2022.
News
Breaking: Tinubu declares state of emergency in Rivers State
Breaking: Tinubu declares state of emergency in Rivers State
President Bola Tinubu on Tuesday night declared a state of emergency in Rivers State following the protracted political crisis in the state.
Tinubu made the declaration during a nationwide broadcast, saying it is for six months.
He announced the suspension of the Executive Governor, Siminalayi Fubara, his deputy and all the members of the House of Assembly for six months.
He immediately named an administrator, Vice Admiral Ibok-Ete Ibas (Retd), to take charge of the affairs of the state for the six-month period.
Section 305 of the 1999 Constitution interprets a state of emergency as a situation of national danger or disaster in which a government suspends normal constitutional procedures to regain control.
A state of emergency allows the President to immediately make any desired regulations to secure public order and safety. (Channels TV)
News
BREAKING: Tinubu addresses Nigerians on Rivers political crisis
BREAKING: Tinubu addresses Nigerians on Rivers political crisis
President Bola Tinubu on Tuesday night will hold a nationwide broadcast to address the crisis in Rivers state.
Bayo Onanuga, special adviser to the president on information and strategy, said the broadcast will be transmitted by the Nigerian Television Authority (NTA) and the Federal Radio Corporation of Nigeria (FRCN).
The broadcast is expected to be held by 7pm today.
Video: President Tinubu has declared state on emergency on Rivers state effective immediately, suspends Governor Fubara, his deputy governor and house of assembly members for six months.
He also nominated an administrator pic.twitter.com/jD1g9FHOez— Nigeria Stories (@NigeriaStories) March 18, 2025
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