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CBN Directs Banks to Prioritize ATM Cash Distribution Amid Rising Demand

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The Central Bank of Nigeria (CBN) has instructed banks to primarily distribute cash through Automated Teller Machines (ATMs).

In a circular to banks on Friday, Solaja Olayemi, the acting director of the CBN’s currency operations department, cautioned banks against handing naira notes to individuals involved in the illegal sale of the currency.

The apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.

“Please refer to the subsisting circular on mystery shopping exercise and periodic spot checks on cash distribution/disbursement activities of Deposit Money Banks (DMBs).

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As you will recall, these initiatives were introduced to: 1. Monitor and prevent practices that facilitate flow of mint banknotes to “hawkers” of naira cash, thereby discouraging abuse of the Naira; and 2. Ensure that DMBs support efficient and responsible cash disbursement to the public.

For the avoidance of doubt, it should be noted that: a) DMBs, to whom cash seized from “hawkers” of cash is traced, will be penalized 10% of the total value of cash withdrawn on the day the seized cash was withdrawn from the Central Bank of Nigeria (CBN).

Every subsequent offense will be charged incremental penalty of 5%.

See also  Exchange rate falls to a record low of N2040/£1 and N1,712/$1 at the black market

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Banks found engaging in cash hoarding, diversion, or any actions that hinder efficient cash distribution, “including violations of the Clean Note Policy, will incur appropriate sanctions”.

As we approach the yuletide season, with an anticipated increase in cash demand. DMBs are advised to implement internal controls for responsible disbursement and accountability in respect of mint banknotes payouts at their outlets.

To enhance access to cash, we encourage banks to prioritize cash distribution through ATMs,” the circular reads.

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Banditry; Popular song write,r Nnam abducted in Anambra

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By Kayode Sanni-Arewa

Jude Nnam, the famous Nigerian Christian music composer, has been kidnapped.

Nnam, also known as ‘Ancestor,’ is the National Music Director for the Christian Association of Nigeria (CAN) and a member of the National Liturgical Commission, Catholic Secretariat of Nigeria (CSN).

He was allegedly kidnapped on Thursday evening around 6 p.m. in Umunnachi, Anambra State.

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The music icon is said to have traveled to Anambra for a church function.

A Catholic priest, Rev Fr Augustine Mario, shared the sad news of Nnam’s kidnap on his Facebook page on Friday.

“Please kindly keep Sir Dr. Jude Nnam (Ancestor) in your prayers.

He was allegedly kidnapped yesterday evening around 6 p.m. in Umunnachi, Anambra State.

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Sir Jude Nnam is the CAN National Music Director and Member of the National Liturgical Commission, CSN, etc.

“May God grant him safety and quick release from his abductors.

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SAD! Trailer Kills Mother, Two Daughters To Death In Ogbomoso

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By Kayode Sanni-Arewa

A middle-aged woman and two of her daughters have been crushed to death in Ogbomosho, Oyo State.

The incident occurred on Wednesday night at Apake area of Ogbomosho.

It was learned that the mother, identified as Kudirat, and her two daughters, Mariam (13 years) and Azeezat (10 years), were said to be returning from their shop when the incident occurred.

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It was gathered that the deceased left their shop at Takie at about 11 p.m.

They were going back to their residence at Nana River/Atenda area on a commercial motorcycle when the accident occurred.

It was gathered that the bodies of the victims have been deposited at a morgue.

A source within the town explained that the motorcyclist and the driver of the trailer escaped unhurt.

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“The three were crushed brutally. However, the motorcyclist escaped unhurt while the trailer driver also sped off; he was pursued but made his escape.”

All efforts made by Daily Post to get a reaction from the Sector Commander, Federal Road Safety Corps (FRSC) in the state, Rosemary Alo, proved abortive at the time of filing this report on Friday

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Adeyanju talks from both sides of his mouth -CRP slams activist

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…last year he hailed Tinubu for appointing Wike

…as Rivers Gov, Adeyanju outlined his remarkable achievements

…and now he’s mocking Wike as being too old

Concerned Rivers People CRP has accused activist lawyer, Deji Adeyanju as speaking from both sides of his mouth over his recent utterances on FCT minister, Nyesom Wike.

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The group in a statement issued and signed by its Director of Communications Robinson Uke on Saturday, they asserted that the social media influencer talks from both sides of his mouth.

It recalled how in 2023 , Adeyanju took his social media and poured encomiums on president Bola Tinubu for appointing thoroughbred administrator as FCT minister.

Still going on memory lane, Wike as Rivers Governor, same Adeyanju hailed him(Wike) for embarking on massive rejuvenation of projects in the state using Largos as a yardstick.

Adeyanju did not stop there, barely three months after Wike’s emergence as FCT minister, he showered praises on him.

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On PDP, same man (Adeyanju) heaped praises on Wike and Ortom as the bulwarks of the party and how Wike single handedly sustained the party from not kicking the bucket.

“If we may ask, what has changed that made Wike an aging personality suddenly after all these encomiums?

“Could it be that he didn’t get an expected favour from Wike? Or is all these activism just part of stomach infrastructure.

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