News

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

Published

2 months ago

September 25, 2024

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.

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.”

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.

“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.”

News

FG Commends Ghana for Rebuilding Nigerian High Commission Property

Published

12 minutes ago

November 21, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government of Nigeria has commended the Republic of Ghana for successfully rebuilding and formally handing over property belonging to the Nigerian High Commission in Accra.

The handover ceremony, which took place on Wednesday, November 20, 2024, marked a significant milestone in the relationship between the two West African nations.

In a statement signed by the Acting Spokesperson, Kimiebi Imomotimi Ebienfa, the Ministry noted that the gesture reflects “the spirit of cooperation and mutual respect that defines the relationship between the Republic of Nigeria and Ghana.”

Naijablitznews.com reports that in 2020, a block of four-bedroom flats, was demolished in a controversial incident that sparked strong condemnation from the Nigerian government.

Following extensive diplomatic engagements, Ghana pledged to reconstruct the building, reaffirming its commitment to the long-standing bilateral ties between the countries.

Speaking during the handover ceremony in Accra, Ghana’s Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, described the project as a testament to Ghana’s dedication to fostering mutual respect and cooperation with Nigeria.

“We deeply value our relationship with Nigeria, and this effort demonstrates our commitment to resolving disputes amicably and strengthening our ties,” she said.

The keys to the reconstructed building were received on behalf of the Nigerian government by Ambassador Chimezie Ogu, Director of the Foreign Service Academy, Lagos, who represented Nigeria’s Minister of Foreign Affairs.

“This occasion is a moment of great significance and demonstrates the power of diplomacy.

“The Nigerian government appreciates the efforts of the Ghanaian authorities in addressing this matter with integrity and ensuring the restoration of this important property. It is a gesture that will not be forgotten,” Ambassador Ogu remarked

The Ministry of Foreign Affairs in Abuja lauded the Ghanaian government for its efforts, describing the reconstruction and handover as a “commendable development” and a “symbol of Ghana’s commitment to strengthening ties between both nations.”

The demolition of the property in 2020 had initially strained relations between the two countries, with Nigerian authorities expressing outrage over the incident. However, through sustained dialogue and diplomacy, both nations were able to reach a resolution, demonstrating the strength of their historical and strategic partnership.

Observers have hailed the handover as a positive step toward deepening regional collaboration and ensuring peaceful resolution of disputes. Analysts also see the move as a model for other nations in handling similar diplomatic challenges.

The reconstructed building, located in a prime area of Accra, will once again serve as part of the Nigerian High Commission’s facilities, supporting the mission’s operations and housing some of its personnel.

As the ceremony concluded, officials from both nations expressed optimism about future collaborations. “This is a victory for diplomacy and mutual understanding,” Ambassador Ogu stated, adding that the two nations must continue to work together for the prosperity of the region.

The symbolic gesture is expected to strengthen Nigeria-Ghana relations, which have been built on shared cultural, economic, and political values over decades. Both governments reiterated their commitment to fostering peace, security, and development in the West African sub-region.

News

I am done – Chidimma Adetshina quits pageantry

Published

1 hour ago

November 21, 2024

Kayode Sanni-Arewa

Miss Universe runner-up, Chidimma Adetshina, has announced her decision to quit pageantry.

Speaking during a recent interview with Silverbird TV, Adetshina said pageantry has been a traumatic experience for her.

She said she’s quitting for personal reasons and relocating to Nigeria from her estranged country, South Africa.

“Finishing in the top 2 [at the Miss Universe competition] is still a shocker for me… Honestly, I am done. Pageantry was a real traumatic experience for me,” she said.

“People still don’t understand how I felt. There were times when I almost quit during the Miss Universe contest. I’m really done with pageantry. I want to focus on myself and establish who I am. And forward my education as well.”

After finishing as 1st runner-up at the Miss Universe competition, Adetshina was named Miss Universe Africa and Oceania.

She won Miss Nigeria after withdrawing from the Miss South Africa contest after she attracted scrutiny over her nationality.