CBN Imposes Strict Daily Cash Withdrawal Limit of N100,000 on PoS Users
The Central Bank of Nigeria (CBN) has introduced a new policy limiting daily cash withdrawals via point-of-sale (PoS) terminals to N100,000 per customer and capping agents’ total daily cash-out transactions at N1.2 million. This directive, detailed in a circular titled ‘Cash-out Limits for Agent Banking Transactions’, also restricts weekly withdrawals per customer to N500,000. The […]
National Assembly to Extend 2024 Budget Cycle as Tinubu Presents N47.9tn 2025 Budget
The National Assembly is set to extend the 2024 budget cycle due to delays in budget submission. President Bola Tinubu will present the N47.9 trillion 2025 budget to a joint session of the legislature today at noon. Senator Osita Izunaso, Chair of the Senate Committee on Capital Markets, acknowledged that the late submission makes it […]
Edo Assembly Suspends All Local Government Chairmen and Deputies Over Financial Misconduct
The Edo State House of Assembly has suspended all 18 local government chairmen and their deputies for two months, citing insubordination and failure to submit financial records. The legislative arms of the councils have been directed to assume leadership during the suspension. The decision followed a petition from Governor Monday Okpebholo, who described the officials’ […]
Nigerians Paid Over ₦2 Trillion in Ransoms for Kidnappings Between May 2023 and April 2024 – NBS
Between May 2023 and April 2024, 65% of Nigerian households affected by kidnapping paid ransoms, amounting to an average of ₦2.67 million per case and a staggering total of ₦2.23 trillion, according to the National Bureau of Statistics (NBS). The latest NBS report estimates 2.2 million kidnapping cases nationally, with rural areas accounting for most […]