News
CBN unveils fresh cash withdrawal limits
The Central Bank of Nigeria has released fresh cash withdrawal rules that will take effect in January 2026.
The move ends the special approval that once allowed individuals to take out ₦5 million and companies ₦10 million once every month.
In the circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the bank said earlier cash policies were introduced at different times to match changing conditions.
But the bank said that the current financial climate now calls for a clearer set of rules that match today’s needs, reduce the pressure of managing cash, improve safety, and limit risks linked to heavy cash use.
From January 1, 2026, the new limits will allow individuals to withdraw up to ₦500,000 weekly through all channels, while companies will be able to take out ₦5 million.
Anyone who goes above these limits will pay an extra charge of three percent for individuals and five percent for companies.
The fees will be shared between the CBN and commercial banks.
ATM withdrawals will now be capped at ₦100,000 per day, and a total of ₦500,000 per week.
These ATM transactions will count toward the overall weekly limit.
The bank also said ATMs can now hold all naira denominations.
Third-party cheques above ₦100,000 will not be paid over the counter, and withdrawals within that limit will be counted as part of the weekly total.
Commercial banks must file monthly reports on withdrawals and deposits that go above the stated limits and must keep separate accounts for charges collected from extra withdrawals.
The rule does not apply to revenue accounts of federal, state, and local governments.
Microfinance banks and primary mortgage banks are also exempt from the limits and charges.
On the other hand, permissions earlier given to embassies, diplomatic missions, and aid agencies have been withdrawn.
The CBN added that the new circular replaces parts of older instructions listed in its appendices but leaves some earlier rules unchanged.
News
Mark’s ADC writes CJN, wants urgent Supreme Court judgement
The African Democratic Congress (ADC) led by David Mark has written to the Chief Justice of Nigeria, Olukayode Ariwoola, seeking an urgent hearing and judgement from the Supreme Court over the lingering leadership crisis in the party.
In a letter dated April 28, the group urged the CJN to intervene by constituting a panel of the Supreme Court of Nigeria to hear and determine the dispute without further delay.
The group expressed concern that the prolonged legal battle over the party’s leadership has continued to create uncertainty within its ranks, affecting its activities and preparations ahead of future political engagements.
The letter said the matter requires urgent judicial attention in the interest of justice and internal party stability.
“The continued delay in resolving this dispute is detrimental to the party and its members nationwide,” the faction stated.
They further appealed to the CJN to use his constitutional powers to ensure that the case is expedited at the apex court.
The leadership tussle within the ADC has been the subject of multiple legal proceedings, with opposing factions laying claim to the party’s structure and control.
News
2027: FOH Endorses Okowa, Says Delta North Needs Him
A socio-political group, Friends of Hilary (FOH), has thrown its weight behind the possible return of former Delta State governor, Ifeanyi Okowa, to the Senate, saying his comeback would significantly enhance the quality of representation for Delta North Senatorial District.
In a statement issued on Monday, the group said Okowa’s previous tenure as senator between 2011 and 2015 remains a benchmark in effective and responsive representation. According to FOH, his time in the National Assembly was marked by impactful legislative contributions, grassroots engagement, and consistent advocacy for the socio-economic development of the district.
“Senator Okowa’s previous outing remains a benchmark in Delta North. His possible return to the Senate will not only restore effective representation but also deepen the voice of our people at the national level,” the group stated.
The group noted that Okowa distinguished himself during his earlier stint through the sponsorship of bills and motions aimed at improving healthcare, education, and infrastructure, while also maintaining close ties with his constituents through empowerment initiatives and regular consultations.
FOH further argued that at a time when strategic influence and experience are critical in national politics, Okowa’s network and legislative experience would be invaluable in advancing the interests of Delta North.
The endorsement comes amid growing political permutations ahead of the 2027 general elections, with stakeholders in the district weighing options for stronger and more impactful representation at the National Assembly.
News
Court orders MTN, AIRTEL to resume airtime lending services
In a significant development for Nigeria’s telecommunications sector, two divisions of the Federal High Court have issued interim injunctions restoring airtime lending services and restraining the enforcement of the contentious regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC).
The FCCPC had introduced the controversial Digital, Electronic, Online or Non-Traditional (DEON) Consumer Lending Regulations in 2025 prompting the legal action.
The rulings, delivered in Lagos and Abuja, restored services relied upon by millions of Nigerians and offerred relief to licensed Value Added Service providers caught in the dispute.
In Lagos, Justice A. Lewis-Allagoa on April 15, 2026 granted four interim injunctions in suit marked FHC/L/CS/760/2026, filed by the Wireless Application Service Providers Association of Nigeria (WASPA) against the FCCPC.
The court restrained the commission, its officers and agents from enforcing the DEON Regulations, including several key provisions of the framework.
The court further barred the FCCPC from interfering with the operations of WASPA members, imposing sanctions or fines for alleged non-compliance, or issuing directives connected to the enforcement of the regulations and adjourned to 27 April 2026 for further hearing.
Relatedly, the Federal High Court in Abuja on April 24, 2026 granted an interim order in suit marked FHC/ABJ/CS/779/2026 following an ex parte application by Nairtime Holdings Limited and Nairtime Nigeria Limited against MTN Nigeria Communications Plc and Airtel Networks Limited.
The court restrained both telecom operators, their officers and agents from suspending, restricting or otherwise interfering with Nairtime Nigeria Limited’s access to their platforms, including short codes, SMS, USSD and billing services.
The order applies for the duration of Nairtime’s valid licence issued by the Nigerian Communications Commission (NCC) and prevents the operators from relying on the FCCPC regulations as a basis for any disruption.
The applicants had argued that the planned suspension of services was based on a directive linked to the DEON Regulations, despite their compliance with contractual obligations and the absence of any established breach or required notice.
The court found sufficient grounds to grant interim relief pending the determination of the substantive suit.
Taken together, the two rulings effectively place the enforcement of the DEON Regulations on hold, creating a temporary legal framework that allows airtime lending and related services to continue.
The FCCPC is restrained from acting against VAS providers, while telecom operators are prevented from using the regulations to deny licensed operators access to their networks.
The DEON Regulations, introduced by the FCCPC in July 2025, were designed to extend regulatory oversight to unsecured digital lending, including airtime and data credit services.
However, the move triggered strong opposition from industry stakeholders, particularly the Association of Licensed Telecommunications Operators of Nigeria (ALTON), which argued that the regulations encroached on the statutory mandate of the NCC, created overlapping compliance obligations and conflicted with an existing memorandum of understanding between both regulators.
ALTON had raised these concerns with the NCC as far back as August 2025, warning that unresolved jurisdictional conflicts could disrupt the market.
The current litigation and its consequences appear to have validated those concerns.
Although the rulings provide immediate relief for operators and consumers, they remain interim measures.
The substantive suits before the courts will ultimately determine the legality and scope of the FCCPC’s authority over digital lending within the telecommunications sector. (Guardian)
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