Senate cautions CBN over cash withdrawal limits – Newstrends
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Senate cautions CBN over cash withdrawal limits

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The Senate on Wednesday asked the Central Bank of Nigeria (CBN) to exercise restraint on its latest policy on cash withdrawals.

The apex bank, under the new withdrawal policy, limited the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.
Senate President Ahmad Lawan said the CBN should not approach the policy by jumping into it at once, saying many Nigerians would be affected.
He was responding to concerns raised by senators on the issue during plenary on Wednesday.
The Senate Minority Leader Phillip Aduda (PDP, FCT) during the session had called the attention of his colleagues to the new policy while seconding a motion that the nominations of Mrs Aishah Ahmad and Mr Edward Lametek Adamu as deputy governors of CBN be referred to the committee for screening.
Aduda called for caution on the cash withdrawal limit, saying the policy would affect the country’s economy.
He said, “Our commerce, I think, is not ready for this and our economy cannot take this shock.
“There is a need for us to speak about it because people are suffering and it is a very serious issue.”
Senator Gabriel Suswam (PDP, Benue) also urged the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.
Suswam said, “My phone was inundated by calls from constituents, who are outside the former sector. People are extremely worried. You should have allowed us to discuss this issue for the sake of Nigerians.”
Senate President Lawan noted that there was a need to engage the CBN to get more details on the policy.
He therefore directed the Senate committee on banking, insurance and other financial institutions to discuss the matter during the screening of the CBN deputy governors.
Lawan said the new CBN policy would be thoroughly debated next Tuesday.
He said, “At the moment, I will advise that these two deputy governors had been in the CBN for the past four years. So they are part of this system. They are not new people.
“This should be part of the major issues to be raised when they appear for screening.
“I want us to be properly informed and guided. Most of us, if not all of us have not had an engagement with that institution.
“My personal opinion is, if we want to be a cashless society, we should take time to be cashless society and not to jump on it at once. Most Nigerians will be out of business.
“But we need to take the opportunity of the screening to be better informed on the policy.”

Railway

Vandals destroy rail track in Kaduna community

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Vandals destroy rail track in Kaduna community

Vandals have destroyed a rail track at Chidunu village in the Chikun Local Government Area of Kaduna State.

The hoodlums taking advantage of high rate of insecurity in the area stormed the village and reportedly loaded their three trucks with track materials forcefully removed from the rail.

Public Relations Officer for the Northern District of the Nigeria Railway Corporation, Alhaji Abdullahi, in a statement on Monday, said two of the truck were stopped and impounded by security agents.

However, a Canter truck driver absconded with a portion of the stolen materials.

Some of the vandals were also apprehended by security operatives around the community.

Abdullahi highlighted the logistical challenges with the urgency to act before nightfall and the volatile nature of the area.

“It was difficult to arrange for logistics to evacuate track rails and sleepers before it got dark,” he said, emphasizing the collaborative efforts with local vigilantes and hunters to bolster surveillance along the affected railway stretch.

“We received a report on Sunday that the vandals were arrested during their illicit operation with two long trucks loaded with rail track materials,” Abdullahi said.

He added that the case has been handed over to the Nigeria Security and Civil Defence Corps (NSCDC) for further investigation.

“The case is at present with the NSCDC, O.C. Anti-Vandal for further investigation,” Abdullahi stated.

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Panic as CBN set to fire more directors

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Panic as CBN set to fire more directors

About 12 more directors of the Central Bank of Nigeria are said to have been listed for sacking in a reorganization move by the Governor of the apex bank, Olayemi Cardoso.
This is coming after seven directors were fired last Friday.
Two of the seven terminated directors are currently facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Jim Obaze report.
Obaze was appointed as Special Investigator by President Bola Ahmed Tinubu to scrutinise the activities of the CBN under the watch of its former Governor Godwin Emefiele.
While the two directors are said to have accepted their fate, the other five are planning to take a legal action against the bank for alleged unlawful termination of their appointments.
The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as reasons for their dismissal.
The letters stated that they were relieved of their jobs with effect from Friday March 15, 2024.
They were directed to hand over all bank properties in their care to their department’s administrator immediately.
The Nation reported that 12 more directors are set to be dismissed.

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Release Nigerian traders’ data to EFCC, court orders Binance

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Release Nigerian traders data to EFCC, court orders Binance

 

A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.

The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.

He said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.

He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”

He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

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