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Naira Redesign: CBN Pegs Individual Withdrawals Over Counter at N100,000
By Tony Obiechina, Abuja
Following the Naira Redesign, the Central Bank of Nigeria (CBN) has directed that the maximum cash withdrawal over the counter by individuals and corporate organizations per week shall henceforth be N100,000 and N500,OOO respectively.
The directive was contained in a circular issued on Tuesday by the Director of Banking Supervision, Mr Haruna Mustafa and addressed to all Deposit Money Banks (DMBS) and Other Financial Institutions; Payment Service Banks (PSBs); Primary Mortqaqe Banks (PM3s) and Microfinance Banks (MFBs), takes effect from January, 9, 2023.
CBN Governor, Mr Godwin Emefiele had announced that the newly designed naira notes to be unveiled are N1,000, N500 and N200 notes, effective December 15, 2022, while deadline of January 31, 2023 would be for the withdrawal of the old notes.
The Circular which pointed out that the directive was also in line with the Cashless policy of the CBN, said, “Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively”.
According to the circular, third party cheques above N50,OOO will not be eligible for payment over the counter, while extant limits of El on clearing cheques still subsist, while the maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be NI00,000 subject to a maximum of N20,000 cash withdrawal per day.
The circular further reads: “Only denominations of N200 and below shall be loaded into the ATMs; the maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed and for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (I) above, in addition to enhanced due diligence and further information requirements”.
The circular further directed the banks to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:
*Valid means of identification of the payee (National ID, International Passport, Driver’s License).
*Bank Verification Number (BVN) of the payee.
*Notarized customer declaration of the purpose for the cash withdrawal.
*Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.
*Approval in writing by the MD/CEO of the bank authorising the withdrawal.
The Apex Bank also directed that monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.
The circular also stated:
“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions”.
The Apex Bank then warned “that aiding and abetting the circumvention of this policy will attract severe sanctions”.
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Don’t Diminish Your Influence by Your Actions, Shehu Sani Tells NASS Members
A former member of the Senate, Shehu Sani, has cautioned the National Assembly against allowing its influence to be diminished by its actions.
Sani stated this while speaking at the opening of the National Assembly Legislative Aides’ Forum (NASSLAF) Week on Tuesday in Abuja.
The pro-democracy activist also urged the legislators to selflessly live up to their responsibilities, for the good of the country.
According to him, a subservient posture by the legislature is not in the interest of the country, warning that such can impede good governance and undermine democracy.
Sani compared the current national assembly with the Eighth Assembly, led by Sen.
Bukola Saraki, praising it (Eighth Assembly) for standing firm against executive’s overreach.He observed, with dismay, that the powers of the national assembly appeared to be eroded with time.
“In our time, it was unthinkable for heads of MDAs to ignore our summons. They understood the gravity of our oversight functions,” he said.
Sani warned that the current assembly risked becoming a “rubber stamp” for the executive, sacrificing its independence and weakening democratic checks and balances.
Sani, therefore, cautioned the lawmakers against prioritising their personal gains over their constitutional responsibilities.
“This institution needs respect. If you turn yourselves into stooges, you will lose that respect. Our era defended legislative independence, but it came at a cost,” he said.
The former senator further stated that their insistence on doing the right thing birthed frosty relationships with the executive and caused delay in bills’ passage, warning that excessive cooperation was dangerous, as it could breed tyranny.
Sani cited instances where heads of MDAs openly challenged lawmakers during oversight functions, a behaviour which, he said, would not have been tolerated by previous assemblies.
“The senate president must ensure that nominees for appointments and executive proposals undergo serious scrutiny. This is not a place for automatic approval,” he stated.
Sani reminded the lawmakers that their primary duty was to serve Nigerians, not the presidency.
Sani also acknowledged what he called the vital but often over-looked roles of legislative aides, describing them as the backbone of the legislature, instrumental to drafting laws and policies for the country’s governance. (NAN)
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Court Remands Man, 50, for Alleged Unlawful Possession of Gun
An Iyaganku Magistrates’ Court, Ibadan, on Tuesday remanded a 50-year-old man, Ismaila Aborode, in a correctional facility for allegedly being in possession of a gun, life and expended cartridges.
Aborode, whose address was not provided, was charged with unlawful possession of firearms.
The Magistrate, Mrs Gladys Oladele did not take the plea of the defendant for want of jurisdiction.
She directed the police to return the casefile to the Director of Public Prosecution (DPP) for legal advice.
She adjourned the case until Jan. 7, 2025, for mention.
The Prosecutor, Sgt. Samuel Owolabi told the court that the defendant allegedly committed the offence on Nov.
30, about 5.00 p.m, in Olede area of Ibadan.Owolabi said the defendant unlawfully possessed one locally made double barrel gun, one life cartridge and one expended cartridge, without lawful authority.
He said the offence contravened Section 3 of the Robbery and Firearms Laws of Nigeria, 2004. (NAN)
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Police Trust Fund Begins Construction of Divisional Station in Kogi
From Joseph Amedu, Lokoja
The Nigerian Police Trust Fund has commenced the construction of a modern Divisional Police station to enhance the security of Ekin-Adde community in Ijumu Local Government area (LGA) of Kogi.
The Executive Secretary, the Nigerian Police Trust Fund, Alh.
Mohammed Seidu, who performed the Groundbreaking over the weekend in Ekinrin-Adde, said the project would enable police personnel to have a good working environment towards a more secure society.According to him, Kogi is strategically located at the Centre of Nigeria and Ijumu LGA borders four States, and it is key to locate such a divisional station in the area.
He commended the Inspector General of Police (IGP), Kayode Egbetokun for his continued support in the agency’s efforts to strengthen and provide better welfare and good working conditions for the Nigerian Police.
This, he said, had been enabling the police personnel to perform effectively in protecting the lives and property of the people.
He assured that such a project would be relocated nationwide across the 36 States of the federation including FCT.
Seidu urged the contractor to do a quality job and ensure strict compliance with the specified standard, and deliver the project within the timeframe of four months.
In his remarks, the Kogi Commissioner of Police, Bethrand Onuoha said the command was happy for the gigantic project as it would take security closer to the people at the grassroots.
“You can see that this area actually requires more security presence, and when this project is completed it will attract larger personnel to this place.
“A good working and enabling environment will bring out the best in our personnel. On our side, we are going to redouble our efforts to make sure this area is safe and secured,” Onuoha said.
The CP stressed that the police and other security agencies are committed to doing their best to make sure that Kogi remains safe especially during this festive season.
The Chairman of Ijumu LGA, Alh. Haruna Ibrahim, commended the police trust fund for the gesture, and promised to support and create an enabling environment for the success of the project.
In his address, the Olu-Ade of Ekin-Adde, HRM, Oba Anthony Bamigbaiye commended the police trust fund for the gesture, saying it was a thing that the community had been yearning for.
The royal father noted that the community with over 25,000 populations had only one policeman to secure the entire community.
He stressed that the divisional station would foster economic development and security of lives and property of the people in his domain and the entire Ijumu LGA.
The traditional ruler specifically appreciated the Executive Secretary of the police trust fund being an indigene of the community for facilitating the project to boost the security of lives and property of the people.
The Project Contractor, Alh. Toyin Abubakar of RASWAS Nig. Ltd promised to execute a quality job and delivered within the timeframe by the end of March 2025