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Banks set new ATM withdrawal limits for customers below CBN’s provision

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Nigerian commercial banks have set withdrawal limits on their automated teller machines (ATMs), TheCable can report.

Findings by TheCable also showed the limits vary across banks.

This followed reported cases of cash scarcity in some parts of the country in the second half of last year.

On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of withdrawals from its branches by banks and panic withdrawals by customers from ATMs.

The CBN also said there was sufficient stock of currency notes for economic activities in Nigeria and assured its branches across the country were working to ensure seamless cash circulation in their respective states of operation.

While the scarcity persisted, the apex bank, on December 13, blamed the situation on hoarding, stating most of the cash given to banks was in the hands of individuals.

A year before, the CBN had attempted to limit cash circulation by implementing a cap on ATM withdrawals, to encourage cashless transactions.

The CBN reduced ATM withdrawals on December 6, 2022, to N20,000 daily and N100,000 per week. However, on December 21 of the same year, the regulator reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 per week for individual and corporate organisations, respectively — after a public outburst.

This took effect on January 9, 2023.

However, recent findings across various locations in Lagos showed that banks have restored limits on ATM withdrawals.

TheCable gathered the cap set on account holders also restricts the customers to a certain amount should they attempt to withdraw from a different bank.

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Econony

SEE States With Highest And Lowest Food Price Inflation Rates In Nigeria For March 2024

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The lastest data released by the National Bureau of Statistics (NBS), has unveiled states in Nigeria with the highest and lowest food inflation rates.

The data released on Monday by the NBS, are for the month of March 2024.

According to the NBS, the states with the highest food inflation rates are:

Abia (5.17%)

Cross River (5.14%)

Bayelsa (4.75%)

Those with the lowest food inflation rates are:

Borno (1.59%)

Yobe (2.08%)

Adamawa (2.12%)

Meanwhile, Nigeria’s inflation rate has increased to 33.2% for the month of March 2024 according to the latest data released on Monday by the National Bureau of Statistics (NBS).

The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.

The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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Econony

JUST IN: Inflation Rises to 33.20% in March

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The National Bureau of Statistics (NBS) Monday, April 15, has said that inflation rate increased from 31.70% in February 2024 to 33.20% in March 2024.

According to the Bureau in its Consumer Price Index (CPI) and Inflation Report March 2024, inflation rose by 1.50% point compared to the previous month.

NBS said: “In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%.

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.”

The document said on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in March 2024 when compared to the same month in the preceding year (i.e., March 2023).

NBS further noted that on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

The Bureau explained this means that in March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

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Econony

SEE Black Market Dollar To Naira Exchange Rate Today – April 15, 2024

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The exchange rate for the dollar to the Naira in the black market, also known as the parallel market, stands at N1135 for buying and N1140 for selling as of Sunday, April 14, 2024. These rates were reported by sources at Bureau De Change (BDC) in Lagos.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.

Buying Rate: N1135
Selling Rate: N1140
Meanwhile, the CBN’s official rates for the dollar to the Naira today are:

Buying Rate: N1237
Selling Rate: N1238
Please be aware that actual rates may vary depending on where you conduct your forex transactions, as prices are subject to change.

Optimistic Forecast for Naira: In a recent forecast by Goldman Sachs Group Inc., it is anticipated that the Nigerian currency, the Naira, could significantly strengthen, potentially trading below ₦1,000 to the dollar in the near future. This outlook follows an earlier projection by Goldman Sachs on March 10, which predicted the Naira reaching ₦1,200 per dollar within the next twelve months.

Andrew Matheny, an economist at Goldman Sachs, expressed optimism during an interview with Bloomberg, suggesting that the Naira might surpass earlier expectations by trading even lower than the projected ₦1,200 against the dollar. He indicated the possibility of the Naira trading below ₦1,000 in the foreseeable future.

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