Business

Banks increase daily cash withdrawal limit for customers

Published

2 years ago

March 28, 2023 2:48 pm

BodexNG

Deposit Money Banks, (DMBs) across the country increase their daily cash withdrawal limits from the ₦20,000 – ₦50,000 range to over ₦80,000 – ₦100,000.

According to some bank officials knowledgeable about the matter, in a bid to cushion the harsh effects of the Naira scarcity was made to cut down the huge number of customers that have besieged the banks since cash began to flow freely some days ago.

Recall just before the elections, the Central Bank of Nigeria, (CBN) had restricted over-the-counter cash withdrawals by individuals and organisations to ₦100,000 and ₦500,000, respectively, per week.

It also limited cash withdrawals via point-of-sale machines and automated teller machines to ₦20,000 daily and ₦100,000 weekly, respectively.

This move, coupled with the naira redesign policy which mandated all old ₦500 and ₦1000 notes to be returned to the banks had caused scarcity of the naira as the redesigned notes could not go around thus destabilising the financial industry.

This lingered till after the elections until the supreme court’s verdict of March 3, 2023, which ruled that all the old notes should be accepted as legal tender till December 31, 2023.

Customers had thronged banks since then to get cash but most times were met with heavy crowds as the ATM were yet to dispense cash.

To mitigate the crises, the CBN last week announced the release of billions of old naira notes to DMBs to ensure there was enough cash in circulation.

The apex bank also mandated most of the DMBs to operate during the weekend (Saturday and Sunday) in order to make sure enough cash was disbursed to customers across the country.

The move would help bank branches to tackle lingering queues in some of their branches across the country.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

13 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

16 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

17 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others