Business
He pays N3k after sleeping with me I love him, a girl declares
Business
Banks raise withdrawal limit to N50,000
Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day, findings by The PUNCH have shown.
A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit, enhancing it from N5,000 that was allowed to customers last month.
At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.
An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.
“We now have more cash and that is why we are giving out more money. Simple.”
Meanwhile, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.
Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.
An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.
He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”
Business
PenCom lifts suspension on PFA’s investment in commercial papers
The National Pension Commission (PenCom) has lifted its suspension on investment in commercial papers by licensed pension fund administrators (LPFAs).
The development comes more than one month after PenCom suspended investments on commercial papers due to an unestablished regulatory framework by the Securities Exchange Commission (SEC).
The PenCom had warned the LPFAs to desist from investing in the affected portfolio pending the provision of guidelines on the issuance of commercial papers by the SEC.
A commercial paper is a short-term debt instrument issued by corporations to finance inventory, accounts payable, payroll, and other short-term liabilities.
In a statement on Tuesday, PenCom said the suspension has been lifted.
“The National Pension Commission (PenCom) refers to its circular of 23 October 2024 on the above subject, in which it directed all Licensed Pension Fund Administrators (LPFAs) to immediately suspend further investment in commercial papers where capital market operators (non-banks) are engaged as Issuing and Paying Agents (IPAs) due to the absence of rules governing the issuance,” the statement reads.
“PenCom has noted that SEC has developed draft rules and an amendment to rule 8 (Exemptions) to regulate the issuance of Commercial Papers by its regulated entities.
“Accordingly, SEC is addressing PenCom’s concern about the role of non- bank IPAs in Commercial Paper transactions by bringing them within regulatory boundaries.
“Consequently, to facilitate capital raising and ensure continued market stability, PenCom has lifted the restriction on LPFAs investing in commercial papers where capital market operators act as IPAs.”
The commission said LPFAs must ensure that appropriate legal and financial due diligence are undertaken on all prospectus and offer documents of all commercial papers prior to investment “as stipulated in Section 2.9 of the Regulation on Investment of Pension Fund Assets”.
Business
CBN releases telephone numbers for reporting cash scarcity at ATMs
The Central Bank of Nigeria (CBN) has provided designated contacts for bank customers to report difficulties experienced with withdrawing cash over the counter or at automated teller machines (ATMs).
On November 29, Olayemi Cardoso, governor of CBN urged bank customers to report any withdrawal challenges via designated numbers.
Prior to the directive, the financial regulator had asked banks to prioritise cash disbursement through ATMs or face penalties.
But in a circular on Tuesday, jointly signed by Solaja Olayemi, its acting director of currency operations, and Isa-Olatinwo Aisha, its acting director of branch operations, CBN provided designated lines to help address customers’ challenges.
“Please refer to the various engagements and interventions from the Central Bank of Nigeria (CBN) on the above subject aimed at addressing efficient and optimal currency circulation in the economy,” CBN said.
“As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:
“Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
“General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below.
“This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
HOW TO MAKE A REPORT
To make a report of a bank branch or ATM not dispensing cash, the CBN said affected customers are to provide the relevant details which include, “account name/name of the DMB/amount /time and date of Incident(s) amongst others via the following dedicated channels”.
“Phone Call: Designated phone number(s) of the CBN branch in the state where the incident(s) occurred,” the apex bank said.
“Email: or send an email of the incident to the designated email address for the state in which the incident(s) occurred.”
Below is the list of designated numbers and emails for customers to use:
-
Education1 week ago
Akwa-Ibom to probe 26 schools as video depicts poor nutrition at boarding house
-
Entertainment13 hours ago
Wizkid’s ‘Morayo’ debuts at no. 98 on Billboard 200
-
World1 week ago
‘You’ll pay huge price for allowing illegal migrants into US’, says Trump as he vows to punish Canada
-
News1 week ago
Lagos state government shuts establishments in Gbagada, Ogudu, others over noise pollution, environmental violations
-
Celebrities1 week ago
Helen Ukpabio demands N200bn damages in defamation suit against Bloody Civilian
-
World1 week ago
WHO Africa regional director-elect, Dr. Faustine Ndugulile dies aged 55
-
Celebrities1 week ago
‘Morayo can’t grow on me’ — Kess joins critics of Wizkid’s album
-
News3 days ago
Lagos state government seals Mega Plaza in Lagos Island for discharging untreated washwater into public drain