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Tag: CBN Cash withdrawal policy

FG to restart cash transfers to poor Nigerians
Policy and Regulations

Kuda, mortgage banks, others excluded from cash withdrawal limits

The Central Bank of Nigeria has excluded primary mortgage Banks and Microfinance Banks providing banking services to people experiencing poverty from its cash withdrawal limit.   In a circular released on Monday, July 31, to the banks and other financial institutions and signed by the Director of Payment System Management, Musa Jimoh, the bank said […]

Godwin Emefiele, CBN Governor and the redesigned naira note
Business featured

ICYMI: Old naira: What to know about CBN deadlines

The Central Bank of Nigeria on January 29, extended the deadline for phasing out the old note from January 31 to February 10. Following the naira crunch, the the Supreme Court temporarily stopped the CBN’s deadline. It means for now, the CBN has not communicated any other deadline for the old naira note to stop being […]

New naira note: CBN insist on January 31st deadline
Banking

We’re not hoarding new naira, banks debunk CBN’s claims

Oluwanifemi Ojo   Commercial bank operators in Nigeria have disputed assertions made by the Central Bank of Nigeria that they are hoarding naira notes despite having enough supply.   The claims of the Central Bank of Nigeria were countered by the officials of commercial banks that appeared before the ad hoc committee of the House […]

Senate ask CBN to extend deadline of new naira note
Banking

Extend old, new naira deadline, NLC urges CBN

Wilson Adekumola     President of the Nigeria Labour Congress, Comrade Ayuba Wabba, on Thursday, has urged the Governor of Central Bank of Nigeria, Godwin Emefiele to extend the date for the expiration of old naira notes adding that it would affect the lives of people in the rural areas.   Comrade Wabba made this […]

CBN fines banks N1m daily over refusal of new naira
Banking

New naira: 50% unbanked Nigerians may lose savings, says report

Oluwanifemi Ojo   A new report by the Inclusion for all Initiative predicts that over 50 percent of Nigerians without access to banking services could lose their savings as the deadline for the naira exchange announced by the Central Bank of Nigeria approaches.   The CBN Governor Godwin Emefiele, announced the introduction of the new […]

Banking

Old naira: Commercial Banks to work Saturdays

The Central Bank of Nigeria has announced that commercial banks would work on Saturdays to receive the old Naira notes from customers.   The Leader of the CBN inspection team to Ebonyi State on new Naira notes, Kama Ukpai, said this during an enlightenment campaign to traders, on Friday at Eke Market, Afikpo.   Ukpai […]

News

PoS operators won’t increase service charge – AMMBAN

The Association of Mobile Money and Bank Agents in Nigeria have said they have no plans to increase their service charges.Speculations have gone round following the Central Bank of Nigeria’s decision to review cash withdrawal limits for Automated Teller Machines and over-the-counter withdrawals, that Point of Sale operators might have to increase their charges to […]

Monarchs begs CBN to extend old naira deadline
News

CBN’s cash withdrawal limit kicks off today

  The Central Bank of Nigeria’s policy restricting daily cash withdrawal is expected to start today, Monday, January 9. Under this new policy, the maximum weekly withdrawal limit for individuals and corporations across all channels is now N500,000 and N5 million, respectively. As a result,anyone or entity with a compelling need to withdraw above the […]