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CBN commences New Naira notes distribution

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The Central Bank of Nigeria (CBN) will, today, commence the distribution of the New Naira notes to its branches across the country.

The Director of Currency Operations, Mr. Bello Umar, disclosed this, in Abuja, during yesterday’s Post-Monetary Policy Committee press briefing.

He said, “From Thursday, that is tomorrow (today), we will start distribution to CBN branches across the country. So that whenever we are set to launch, maybe at a later date, we already have the notes across the country.”

The new notes are expected to be in circulation as from December 15, and will circulate side-by-side with the old notes until January, 31 2023, when the latter would cease to be legal tender.

Mr. Umar, said, however, that the apex bank was concerned that the rush to deposit old notes has not yet been seen, as anticipated.

He revealed that as of Friday, last week, only N165 billion had been deposited by banks with the CBN and that even some of the banks with high customer-base records had not made any deposit.

Under the policy, the CBN expects to mop up about N2.7 trillion held outside the banking system, out of the N3. 2 trillion in circulation.

According to the director, “When we designed this policy, there was about N2.7 trillion outside the banking system, out of the N3.2 trillion in circulation. As at Friday last week, 18th November, the total deposit that we have received from the banks, was the sum of N165 billion. Which is still small.

“We are not seeing the rush. Some banks have not even made any deposits and some of them are banks with large customer-base. In fact, the Director Banking Supervision had to bring it to the notice of the Inter-Agency Committee, yesterday.

“It is a problem for us and we are hoping that it does not result in a stampede when we are getting close to the end of January.”

The director said that the CBN had extended its work days to Saturday and that the bank’s branches were opened to receive deposits from banks.

He added that the apex bank has also waived charges and removed all limits in terms of the amount of money that a customer could deposit in his account, adding that there was no reason for anyone to be afraid to deposit their monies in their accounts.

He warned that the January 31, 2023 deadline was sacrosanct and that members of the public should make sure they returned the three denominations (N200, N500 and N1, 000) before January 31, 2023 as all monies held in those denominations would Cease to be legal tender after that day.

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Reps summon Emefiele, demand suspension of new cash withdrawal limit

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The house of representatives has asked the Central Bank of Nigeria (CBN) to suspend the limits on weekly cash withdrawals by individuals and corporate entities.

The lawmakers also summoned Godwin Emefiele, CBN governor, over the new policy scheduled to take effect on January 9, 2023.

The resolution was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa.

In a memo issued on Tuesday, signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

At the plenary, the lawmakers resolved that CBN should halt the implementation pending conclusion of probe.

Emefiele is expected to appear next Thursday.

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Diesel cost: NRC hikes fares on Lagos-Ibadan train service

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The Nigeria Railway Corporation (NRC) has announced new fares for Lagos-Ibadan and Lagos-Abeokuta train services.

In August, NRC reduced the number of trips on the Lagos-Ibadan route due to a hike in the price of diesel.

In a memo seen by newsmen, the train services for the Lagos-Ibadan route were given new fares.

“The new fare on Lagos – Ibadan Train Service (LITS),” the memo reads.

“Lagos – Ibadan, and Ibadan – Lagos; First class (9,000), Business, (6500), Standard, adult (3600), minor (3000).

“Lagos – Abeokuta, and Abeokuta – Lagos; First class (6,000); Business (4,500), Standard, adult (3,000), minor (2,000).

“Abeokuta – Ibadan, and Ibadan – Abeokuta; First class (3,000), Business (2,000), Standard, adult (1,000), Standard, minor (600).”

Meanwhile, last week, the NRC hinted on the increased cost of diesel and other logistics which can be a significant determinant in the new price of train services.

Fidet Okhiria, NRC managing director, had said the increase in price would be done while considering the interests of Nigerians.

Okhiria also called on passengers to make some sacrifices and collaborate with the corporation to ensure the continued provision of the service.

“It is better to have it operating than not operating. It is the service we are providing but in order to provide it, everybody has to make some sacrifices,” Okhiria had said.

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CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals and companies

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The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.

The revised cash withdrawal limits, contained in a circular issued today by the apex bank and seen by newsmen, will take effect nationwide on January 9, 2023.

After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively.

The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.

In line with the new cash withdrawal limits, any third-party cheques above N50, 000 will not be processed over the counter by any bank. The CBN said the “extant limits of N10, 000, 000 on clearing cheques still subsist”.

Weekly withdrawals through automated teller machines (ATMs) will be reduced to N100, 000 per individual. Withdrawals through this will be subject to an N20, 000 daily withdrawal limit.
In the same vein, the daily withdrawal limit through a point of sale (POS) terminals is N20, 000.


Note that the new N500 and N1000 banknotes will not be withdrawn through ATMs, as only N200 and below will be made available through the channel.

The CBN said there is a provision for individuals and corporates to withdraw N5 million and N10 million, respectively, once a month.

However, this is only for rare occasions and all parties intending to take advantage of this provision must provide compelling evidence of legitimate business purposes.

“In compelling circumstances, not exceeding once a month, where cash withdrawal above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5, 000,000 and N10, 000, 000 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to the enhanced due diligence and further information requirements.”


To qualify for this exception, individuals and corporate organisations must provide the following information:

Valid means of identification.
Bank verification number (BVN)
Notarised declaration by the customer stating the reason for the excess cash withdrawal.


Written approval by the Managing Directors for drawees withdrawing on behalf of companies.
The CEOs of banks must authorise such withdrawals in writing.

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