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CBN Won’t Bow on Cash Withdrawal Limit – Emefiele

By Mathew Dadiya, Abuja
The governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele has said that the recently introduced policy on cash withdrawal limit was not meant to hurt anybody but to strengthen the nation’s economy assuring that they will not be rigid on it following criticism from the senate, business experts and some stakeholders.
Recall that the CBN had unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for companies, but the Senate faulted apex bank on the implications and timing of the policy by the Central bank, arguing that it might worsen the tight economic environment while stakeholders worried about the possibility of implementing hitch-free cash withdrawal limits in communities with ‘blind spots or poor network connectivity.
’But the CBN governor who spoke to State House correspondents after meeting President Muhammadu Buhari in Daura, Katisna State yesterday, explained that more and more countries that are embracing digitization have gone into cashless and that this policy not targeted at anybody.
Emefiele who said he visited Daura to greet Mr President and should be briefed about what is happening in central bank and the economy, revealed that President Buhari was very, very happy “and said we should carry on our work, no need to fear, no need to bother about anybody.”
According to him, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
Responding to the objection of the senate, the apex bank boss said, “Well, the senate of the Federal Republic is National Assembly, they are legislative arm of the government and from time to time we brief them about what is happening and about our policies and I’m aware that they have asked for some briefings and we will brief them.
“But I think it’s important for me to say that the cashless policy started in 2012. But almost three to four occasions we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepened our payment system infrastructure in Nigeria.
“Between 2012 and now 2022, almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.
“We heard about people talk about some of the people in the rural areas and the truth is that even online banking, as I was coming out to Daura, I saw a kiosk that has super agent today. It’s because of the way we felt that there was a need for us to deepen the payment system infrastructure. We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.
“And I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents. And having super agent which is different from the banks which is different from microfinance banks, which is different from other financial institutions. Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services.
“We think, Nigeria as a big country, the biggest economy in Africa that we need to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitization have gone into cashless.
“I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them. We will do so because we are humans, we want to make sure that we are make life good for our people. We do not want to make life difficult for them. So there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.
“I can only just assured you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023. So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful you again, so please take it to your bank as quickly as possible,” he added.
On the amount of the old notes the central bank has been able to get back to the vaults, he said, “we have taken more than have a trillion and in the bank we also have close to have a trillion. But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”
He said that there were so many things happening concerning issues bothering on the currency and the fact that only yesterday, the new currency has reached the banks and they believe that the banks will begin to distribute these currencies to the members of the public who are their customers.
This, the CBN governor said it would assure the president that things are going on well about the currency as well as issues bothering on the cashless policy that CBN recently introduced.
The banks have received the new cash and they have started dispensing them, Emefiele said.
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NCS Strengths Ties with China Customs

By Tony Obiechina Abuja
The Nigeria Customs Service (NCS) has deepened its strategic engagement with the General Administration of Customs of China (GACC) through a high-level meeting held in Beijing on July 25.According to NCS Spokesman, Abdullahi Maiwada in a statement on Sunday, Assistant Comptroller of Customs, the meeting aimed to explore bilateral knowledge exchange and capacity development in customs administration.
The NCS delegation, led by Assistant Comptroller-General of Customs Oluyomi Adebakin, discussed customs training methodologies, modernization models, and technology-driven solutions with GACC officials. The Chinese Customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches.The meeting highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers trained since 2023. The Chinese Customs officials commended Nigeria’s growing leadership in international customs platforms and appreciated the election of the Comptroller-General of Customs, Bashir Adewale Adeniyi, as Chairperson of the World Customs Organisation (WCO) Council.Both parties expressed mutual interest in exploring technical exchange programs, joint research initiatives, and officer exchange schemes. The NCS aims to strengthen its human capital, advance intergovernmental partnerships, and modernize customs operations in accordance with global standards.The engagement aligns with promoting knowledge sharing, harmonizing customs procedures, and building an integrated trade infrastructure for sustainable development, particularly under the African Continental Free Trade Area (AfCFTA).COVER
Kaigama Cautions against Rising Religious Intolerance, Marginalization

From Sylvia Udegbunam, Enugu
The Catholic Archbishop of Abuja, Most Rev. Ignatius Kaigama, has called for religious tolerance among religious groups in Nigeria.Kaigama made the call during the 25 years Priestly Celebration of the Auxiliary Bishop of Enugu Diocese, Most Rev.
Ernest Obodo, held at St. Mary Catholic Church, Udi Council Area of Enugu State at the weekend. The celebration began with Holy Mass officiated by the Metropolitan Archbishop of Onitsha, His Grace, Most Rev. Valerian Okeke.In his homily, Kaigama decried what he described as ‘very severe’, the existence of religious intolerance in the country, warning that, “if we do not get rid of it, we shall continue to make three steps forward and five steps backward.“Professor Chinua Achebe did identify the problems of Nigeria as bad leadership, corruption, and tribalism, and I wish to add religious intolerance and fanaticism.He expressed the need for more solidarity of the Catholic Church in Eastern Nigeria with the Church in Northern Nigeria in view of the present socio-economic, cultural and religious circumstances in the world.The clergyman equally called on those in political leadership to ensure that the resources of the nation were equitably distributed and also to ensure a fair representation in government.He advised them not to let any section of the nation become marginalised for whatever reason but to ensure honesty, transparency, and accountability in the leadership of the country.“My village was once captured, destroyed, and our chief was subordinated to the religious leaders. Since then, it was only some three years ago that we received a government response.“Nigerians expect from political leaders a corporal work of mercy to feed the hungry, give water to the thirsty, care for the sick and wounded, educate the school children, care for prisoners and the poor.“Build and maintain the roads, keep our schools and hospitals open, and not only when there are casualties, then we rush to open them and be concerned,” he stressed.The Archbishop added that while we demand good governance from those voted in authority, we demand equally a changing mentality on the part of those Nigerians who saw government resources as available to be used with reckless abandonment.To the celebrant and his class of 2000, Kaigama said, “25 years ago, they answered the Lord’s call to serve the church as shepherds of God’s people.“Today we give thanks to God for the gift of their vocation, perseverance in ministry, and for the grace that has sustained them through joys and trials alike,” he said.In his remark, Gov. Peter Mbah of Enugu State, described Obodo as an embodiment of initiatives geared towards lifting people out of poverty through his agricultural project.“So I want to join your well-wishers and indeed your congregation here to congratulate and to celebrate with you. There is something that you represent, which I would also love that we continue to imbibe, that is, the true spirit of service.“But your humility is also something very disarming,” Mbah said.Commending the participants, Obodo announced that 33 bishops all over Nigeria attended the event, saying that 20 of them were present while 13 were represented.He thanked God for sparing 10 of them who were ordained priest in 2000, disclosing that, “10 of us are healthy and hearty today and we give gratitude to God”.Many priests, laity, traditional rulers and government officials graced the celebration.COVER
Niger Boat Mishap: NSEMA Recovers 13 Bodies, Rescues 26

From Dan Amasingha, Minna, Attah Ede, Makurdi
The Niger Emergency Management Agency (NSEMA), said 13 dead bodies have been recovered while 26 people were rescued from the recent boat mishap in Gini village, Shiroro Local Government Area.This is contained in a statement by Alhaji Abdullahi Arah, the Director- General of the agency on Sunday in Minna.
The incident occurred at about 11:45am on Saturday around Kwata, as the boat was heading to Zumba market. According to the agency, the boat, which was fully loaded with goods and passengers capsized while conveying them to the weekly market.“We have confirmed a boat mishap incident with 13 bodies recovered while 26 were rescued bringing the total number of people in the boat to 39.”“Those that were recovered had since been buried and among them were eight women, three men and two children,” he said.NSENI’s Director of Information and Special Duties, Dr. Ibrahim Hussaini confirmed in a statement that the boat driver and few passengers were rescued.Hussaini said that one of the victims was admitted at the General Hospital Kuta, and had been discharged.The Niger Government through NSEMA, National Hydro Electric Power Producing Areas Development Commission N-HYPPADEC and NIWA have distributed life jackets to various riverine communities.Abductors of Six Nigerian Law School Students Opens Discussions, Demands N20M RansomThe kidnappers of the six Nigerian Law School students, have contacted and opened discussions with the families of their victims, demanding N20 million as ransom for their release.The six Nigerian Law School Students were reportedly abducted by suspected armed bandits while on their way to resume at the school’s Yola campus in Adamawa State on Saturday.It was gathered that the incident took place in the late hours of Saturday, along the ‘deadly’ federal highway between Wukari in Taraba State and parts of Benue State.According to a fellow student of the Yola campus, who identified himself as Johnson, said the kidnappers have contacted families of the victims and are demanding a ransom of N20 million for their release.The abducted students were on their way back to campus after completing their mandatory court externship, ahead of the resumption of academic activities scheduled for Monday.Those confirmed to be abducted includes; Rev. Ernest Okafor, Ogbuka Fabian, Nwamma Philip, Okechukwu Obadiegwu, Obalem Emmanuel, and Obiorah David.They were reportedly travelling in a vehicle operated by AJ Dan Pullo Transport Company, a commercial operator based in Onitsha, Anambra State.Authorities have yet to release an official statement.The Wukari-Benue axis, where the kidnapping is suspected to have taken place, has long been flagged as a high-risk corridor due to recurring incidents of abduction and violent crime.