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Speaker Asks CBN to Suspend Charges on Deposits, Withdrawals

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Central Bank of Nigeria (CBN) has been informed to suspend the newly introduced charges on cash deposits and withdrawals of funds by individuals and corporate organisations in the country.

 

The implementation of the cashless policy took effect on Wednesday, September 18, 2019 in some states in the country, including Lagos, Ogun, Rivers, Abia, Abuja amongst others.

 

According to a circular issued by the apex bank on Tuesday, individual customers intending to deposit cash in banks would pay 2 percent for logdments above N500,000 and three percent for withdrawals more than the same amount.

 

For corporate customers making cash deposits, they are required to pay a three percent processing fee for money above N3 million and five percent for withdrawals above the same amount.

 

Reacting to the issue on Thursday, Mr Femi Gbajabiamila, speaker of the House of Representatives,  through his official Facebook page, disclosed that the apex bank has been asked to put a hold on the policy for now.

 

“The House of Representatives, Federal Republic of Nigeria has urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively,” his post stated.

 

This is not the first time the central bank would be coming with such policy and charges and like in the past, it has been met with harsh criticisms.

 

The latest directive of the CBN to banks to begin implementation of this policy came days after the Federal Executive Council (FEC) approved the raising of Value Added Tax (VAT) from 5 percent to 7.5 percent beginning from 2020 and subject to the approval of the National Assembly.

 

The present government of President Muhammadu Buhari has complained of low revenue, stressing on the need to jerk up its earnings so as to meet the needs of the citizens, who want to begin to feel the dividends of democracy.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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