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Just in: CBN To Deal With Banks For Not Dispensing Cash Via ATMs

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By Kayode Sanni-Arewa

The Central Bank of Nigeria (CBN) has announced that it will sanction banks failing to dispense cash through their automated teller machine (ATMs), as part of efforts to ensure sufficient cash in circulation.

This Nigeria news platform understands that CBN Governor, Yemi Cardoso said this during a press briefing at the end of the 297th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The governor emphasized that all deposit money banks must ensure there is always enough cash available for withdrawals.

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CBN monitors banks
The CBN governor said that the apex bank has set up a monitoring system to ensure compliance, and any bank not adhering to this directive will face penalties.

Cardoso reiterated that the CBN’s monitoring and spot-checking system would keep track of banks’ compliance, and those failing to meet the requirement would be sanctioned.

He said: “We ourselves, have devised a monitoring system, a spot-checking system, whereby we will go to the banks and just ensure that these things are done in the way and manner in which they are meant to be done.

“And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realises that stakeholders play their part in ensuring that cash gets to the desired places they are intended to be.”

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N1.4 trillion to be released in next three months
Cardoso further disclosed that the CBN plans to release an additional N1.4 trillion into circulation over the next three months to improve cash flow within the banking system.

This move, he said, is aimed at ensuring sufficient cash availability in ATMs and across bank branches, addressing the challenges of cash insufficiency that many customers have faced.

He said: “Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system and cash velocity.

“So, from our perspective, we are doing everything possible to ensure that there is sufficient cash in the system. There is no excuse for not having sufficient cash in the system.

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“Now it goes to the deployment of that cash and quite frankly, we are working very, very closely, we are engaging with all the deposit money banks to ensure that they are putting these things through their ATMs, effectively dispensing cash to those that are in need.

“And whether they are in need or not, that’s the function of the deposit money banks. And at all points in time, there should be sufficient cash in their system that nobody should go there without being able to withdraw.”

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Security operatives nab El-Rufai’s personal physician

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The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has nabbed Professor Bello Abubakar, the personal physician to former governor Nasir El-Rufai of Kaduna State.

In a statement by John Odey, the ICPC spokesperson, Abubakar was arrested on Tuesday after what the commission described as abuse of privilege by El-Rufai and the medical doctor and violation of court order.

The anti-graft agency’s spokesman revealed that based on the court’s directives, the commission facilitated the former governor’s request to receive medical attention and allowed him to visit the National Hospital in Abuja under security arrangements in order for him to meet with his personal physician.

The visit to the hospital was, however, turned into a meeting, which one of the former governor’s political associates, Isa Ashiri Kudan, posted photographs of on Facebook at about 2 pm yesterday.

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According to Odey, thisindicated that the visit was utilised for activities outside the scope contemplated by the court and the ICPC.

“The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has expressed concern over developments surrounding a court-approved medical visit granted to former Governor of Kaduna State, Mallam Nasir Ahmad El-Rufai, who is currently in the Commission’s custody.

“The Kaduna State High Court had fixed July 6, 7, and 8, 2026, for an accelerated hearing of the criminal charges pending against the defendant. On the first day of hearing, however, Mallam El-Rufai did not appear before the court.

“During proceedings, the prosecution informed the court that when officers of the Commission prepared to convey the defendant to court, he declined to accompany them, insisting that he wished to consult his personal doctor.

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“The prosecution further informed the court that no prior request had been made to the Commission for such medical consultation and that, when asked by the Commission’s medical doctor, the defendant reportedly indicated that he had no immediate medical complaints but stated that his wife, Asia El-Rufai, who is also one of his legal counsel, had requested that he see his personal physician, Professor Bello Abubakar,” Odey said in the statement.

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Just in: Tinubu orders ICPC immediate probe into controversial ‘PFIFC

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President Bola Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a comprehensive investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC).

This directive was contained in a statement issued on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the President directed that the investigation be concluded and a comprehensive report submitted to him within 30 days.

“The directive follows the discovery of the fictitious PFIPC, which was never established by the Federal Government of Nigeria and has no basis in any law, presidential instrument, executive approval, or other lawful act of government.

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“One Adeniyi Adeyemi Matthew presented himself as the Director-General of the so-called PFIPC and falsely claimed to be a presidential appointee.

“Among the issues to be investigated by the ICPC are the forged appointment letters and other official government documents; the use of a false claim of presidential appointment to seek or obtain official recognition and diplomatic support, including visa facilitation; and the opening of multiple bank accounts in the names of purported government agencies using allegedly forged documents,” the statement stated.

In addition, President Tinubu has directed the ICPC to investigate not only the conduct of the principal individual and other collaborators involved but also the wider circumstances that may have enabled a fictitious body and a false claim of presidential appointment to acquire an appearance of official legitimacy.

“The investigation is to examine the provenance and use of false official documents; the processes through which official recognition or diplomatic support may have been sought or obtained; the opening and operation of any related bank accounts; the source and movement of any funds involved; and the role of any public officer, private individual, financial institution, intermediary, or other person or entity that may have facilitated, enabled, or participated in the alleged scheme.”

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The President further directed the Commission to identify any weaknesses in government and institutional procedures that may have been exploited and to recommend immediate measures to prevent the recurrence of similar abuses.

“All ministries, departments, and agencies of the Federal Government have been directed to provide the ICPC, upon lawful request, with all relevant information, records, and assistance required for the expeditious completion of the investigation.”

President Tinubu stated that the integrity of the Presidency and the institutions of the Federal Government must be protected against impersonation, forgery, abuse of official identity, and the exploitation of weaknesses in the public service.

The President directed that all persons found culpable be treated strictly in accordance with applicable law.

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Petrol price crashes to ₦800 per litre as marketers seal deal with Dangote

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that petrol prices will drop significantly once its members begin purchasing products directly from the Dangote refinery.

Elijah Shettima, IPMAN’s national president, said that direct access to the 650,000-barrel-per-day refinery would cut out middlemen and slash distribution costs.

“Our major concern is to ensure that independent marketers can purchase products directly from the Dangote Refinery,” Shettima said.

He added that if imports become necessary, marketers should also be granted the freedom to bring in products independently.

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₦125 Already Slashed More to Come

Shettima revealed that IPMAN members have already reduced petrol prices by about ₦125 per litre nationwide and they’re not stopping there.

“We are ready to reduce prices as long as we can maintain reasonable margins and remain profitable. Our goal is to make fuel more affordable for consumers,” he stated.

Could Petrol Hit ₦800 or Below?

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When asked if Nigerians could expect petrol at ₦900 per litre, Shettima said the price would depend on procurement costs from depot owners.

But he went further:

“If procurement costs continue to decline, marketers could reduce pump prices further even below ₦800 per litre where market conditions permit.”

A Game-Changer for the Downstream Sector

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Shettima described Dangote refinery’s decision to supply independent marketers directly as a major milestone, predicting it would:

· Boost competition
· Lower distribution costs
· Ultimately benefit millions of consumers

He also called on the federal government to continue supporting local refining by creating an enabling environment for existing refineries and encouraging more private investment.

The Bottom Line

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With direct Dangote supply on the horizon, Nigerians could soon see petrol prices drop to levels not seen in years. For now, all eyes are on procurement costs and the promise of sub-₦800 fuel.

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