Senate orders CBN to increase cash withdrawal limits as new naira enters circulation today – Newstrends
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Senate orders CBN to increase cash withdrawal limits as new naira enters circulation today

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The Senate on Wednesday urged the Central Bank of Nigeria (CBN) to increase the cash withdrawal limits.

The CBN had, on December 6, restricted the maximum cash withdrawal by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

The policy is billed to take effect on January 9, 2023.

But the Senate, after debating the report of its Committee on Banking, which engaged CBN chiefs on the policy, yesterday asked the apex bank to adjust the withdrawal limits in response to the public outcry that trailed it.

The Senate directed the committee to embark on aggressive oversight of the CBN on its commitment to flexible adjustment of the withdrawal limit and periodically report outcomes to the chamber.

It also resolved to support the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate.

Senators, during the debate, expressed divergent views on the withdrawal limits, with the majority saying the implementation would affect the rural economy.

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Senators Yusuf Yusuf (APC, Taraba), Degi Eremienyo (APC, Bayelsa) and Francis Alimikhena (PDP, Edo) urged their colleagues to support the policy’s implementation.

Senator Uba Sani (APC, Kaduna), who chairs the Committee on Banking, said the cashless policy was in line with CBN Act and was intended to foster a safe, credible and efficient payment system.

“It’s neither targeted at any segment of the society nor intended to disenfranchise hardworking Nigerians and businesses as insinuated in some quarters,” he said.

But those who spoke against the policy said it is unsustainable in a rural economy like Nigeria, and that forcing it on the citizens would create a currency black market.

Senator Ajibola Basiru (APC, Osun) described the cash withdrawal limits as unrealistic, given the current average cost of living.

Basiru and Senator Orji Uzor Kalu (APC, Abia) called for an upward review of the withdrawal limits.

Kalu suggested N500,000 daily cash withdrawal limit for individuals and N3m for corporate bodies.

Senators Adamu Aliero (PDP, Kebbi), Hassan Hadejia (APC, Jigawa) and Adamu Bulkachuwa (PDP, Bauchi) said the implementation of the policy would crash the rural economy and render many jobless.

Bulkachuwa said the CBN, with the policy, was trying to pull the wool over the eyes of Nigerians and dismissed the panel’s recommendations as nonsensical.

Senators Biodun Olujimi (PDP, Ekiti) and Francis Fadahunsi (PDP, Osun) raised an issue with the timing of the policy and called for massive enlightenment of Nigerians.

“The policy seems to be targeted at the elite who often devise means to circumvent the law. But it’ll affect millions of Nigerians in the rural areas,” Fadahunsi said.

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Senator Stella Oduah (PDP, Anambra) who described it as draconian, said: “Many rural communities in Nigeria have no internet network. Without necessary infrastructure put in place, the policy will create more trouble,” Oduah said.

Meanwhile, the new Naira notes will go into circulation today as banks are expected to make them available to customers across the country. Director, Currency Operations, CBN, Bello Umar, reconfirmed this in Abuja yesterday during a post-Monetary Policy Committee press briefing.

President Muhammadu Buhari had, on November 23, unveiled the redesigned Naira notes across the N200, N500 and N1,000 denominations.

New naira enters circulation today

The newly redesigned naira notes will go into circulation today with Deposit Money Banks releasing the bills to their customers via over-the-counter payments.

This came about three weeks after the President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Aso Rock Villa.

The President unveiled the redesigned notes across the N200, N500 and N1,000 denominations.

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NCC extends NIN-SIM linkage deadline

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NCC extends NIN-SIM linkage deadline

The Nigerian Communications Commission (NCC) has extended the deadline for the the second phase of SIM-NIN linkage.

Recall that the process to disconnect SIMs not linked to NIN was initiated in stages, with the second phase slated for today, March 29.

The first phase was on February 28, 2024, after NCC directed telecom operators to disconnect millions of subscribers who didn’t link their SIMs to their NINs.

The third phase is slated to commence on April 15, 2024, as previously announced by NCC in December, 2023.

However, the National Association of Telecommunications Subscribers (NATCOMS) said subscriber have been having difficulty linking their SIMs with their NINs, hence it would be unfair to bar them.

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NATCOMS’ President, Chief Deolu Ogunbanjo, therefore, appealed to the NCC extend the deadline scheduled for the disconnection of telephone lines not linked to NIN beyond Friday, March 29, 2024.

Meanwhile, a senior official of NCC said the commission had changed the second phase deadline.

He disclosed that the change, which will now see the deadline extended by one week, was necessitated by the Easter public holiday.

The official, who spoke in confidence with Daily Trust, said the telcos had been directed not to bar any subscriber until after one week, from Friday, March 29.

He explained that, “The telecom operators will not bar any subscriber yet. We will only be talking about barring after a week from tomorrow. Yes, technically, we can say the deadline has been extended by a week.”

Another NCC top staff member who corroborated what the first official told our reporter added that NCC yielded to appeals by some CSOs and telecom right groups calling for deadline extension because of internet glitches experienced in the country two weeks ago

NCC extends NIN-SIM linkage deadline

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30,000 students benefit from Ogun Educash transfer

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Gov. Dapo Abiodun

30,000 students benefit from Ogun Educash transfer

Ogun State said has said 20,000 of its students in tertiary institutions have benefited from Educash transfer of N50,000 to cushion the economic crisis.

Also, it said 10,000 indigent pupils in primary and secondary schools in the state got N10,000 cash transfer.

Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, spoke after monitoring the cash transfer to primary and secondary schools at Ogun West Senatorial District.

Arigbabu noted more would benefit from the scheme.

He said everyone captured would be paid.

“I can tell you that for the tertiary institutions, we have done 20,000 as at today, and the total for tertiary institution beneficiaries is a little bit less than 50,000. Hopefully, by end of next week, we will reach half of that, which is about 25,000 beneficiaries.

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“I want to assure those who have not received theirs, for instance, Olabisi Onabanjo University (OOU), a list of a little bit over 12,000 was sent to us. As we speak, we have paid just a little less than 6,000. The same thing at Tai Solarin University of Education (TASUED), where we have a little bit less than 8,000. We have tried to make sure we are targeting between 45 to 50 per cent,” he said.

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Binance Executive drags NSA, EFCC to court, demands public apology

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Binance Executive drags NSA, EFCC to court, demands public apology

Binance executive Tigran Gambaryan has taken legal action against National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), alleging violations of his fundamental rights.

In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs.

Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

The News Agency of Nigeria (NAN) reports that Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty.

He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

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Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.

Meanwhile, the Federal Government will arraign Binance Holdings Limited and its two top officials, Tigran Gambaryan and the fleeing Nadeem Anjarwalla, on April 4 on allegations bordering on tax evasion.

Binance, Gambaryan, and Anjarwalla, listed as 1st to 3rd defendants respectively, are expected to be arraigned before Justice Emeka Nwite of a Federal High Court (FHC), Abuja on a four-count charge.

Anjarwalla, who had been in detention alongside Gambaryan, was said to have escaped from lawful custody. He escaped on Friday from the Abuja guest house where he and his colleague were detained.

Binance Executive drags NSA, EFCC to court, demands public apology

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