Business
Naira redesign: No charge on cash deposits, says CBN
As the Central Bank of Nigeria now allows banks to accept cash deposits above the previously set limit of N500,000, it has asked commercial banks not to charge customers on cash deposits..
This follows the CBN announcement of its plans to redesign some naira notes and set the deadline for introducing the new notes for December 15, 2022, and January 31, 2023, to cease the circulation of the old notes.
The notes to be redesigned by the bank are the N200, N500 and N1,000 notes.
Already, some of the banks said they had adjusted their operational procedures to comply with the CBN deadline for the introduction of new banknotes.
The CBN’s Director of Corporate Communications, Osita Nwanisobi, disclosed this at the ongoing 2022 Lagos International Trade Fair.
Nwanisobi who spoke through the bank’s Deputy Director of Corporate Communications, Samuel Okagbue, said banks had been asked to return existing naira notes to the apex bank immediately and instructed to accept cash deposits above the cashless policy threshold without charges.
According to the CBN’s cashless policy, a cumulative daily limit of N500,00 and N3m withdrawals and lodgments for individuals and corporate customers, respectively, without charges, is allowed.
“While Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN, they have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charge to customers,” Nwanisobi said.
Explaining the reasons for the Naira redesign, Amina Abdulmalik, deputy director, currency operations department, CBN,said counterfeiting and hoarding were the reasons for redesigning and introducing new banknotes.
“We have a huge challenge of counterfeiting; Nigerians have set up factories and are just churning out bank notes because those banknotes do not come back into the banking system.
“We are not able to fish out the counterfeits; and most central banks in the world redesign when they see the level of counterfeits growing. But if you don’t have confidence in your bank notes then there’s a problem,” she said.
Banks have adjusted the operation hours and offered alternative deposit methods to their customers.
According to a ThisDay report, Access Bank, in a recent message to its customers, said it was offering alternative channels to its customers and extending its banking hours to 6pm to allow cash deposits.
Also, the bank stated that it would begin Saturday banking to allow customers to meet the CBN deadline of January.
The bank said, “Our customers can deposit their existing naira notes using any of these channels closest to them with ease. Our branches will be open for longer hours during the week for your convenience, and they will also be open on Saturdays from 10 am to 2 pm to receive cash deposits.”
Fidelity Bank also said it had started weekend banking and extension of banking hours for its customers to enable them to cope with the deadline.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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