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Cashless Policy: CBN Caps Withdrawals at N20,000 a Day, N100,000 a Week

Nigerians can no longer withdraw more than N20,000 a day

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In an effort to reduce cash transactions, frustrate activities of Kidnappers and other criminals, the Central Bank of Nigeria (CBN) on Tuesday directed all Deposit Money Banks (DMBs) and other financial Institutions (OFIs) to reduce their over the counter withdrawal to N100,000 per week for individual, while withdrawals by corporate organisations were capped at N500,000 per week.

According to the apex bank, withdrawals above these limits would attract 5% processing fees for individuals and 10% for corporate organisations.

For Automated Teller Machines (ATM), cash withdrawal was also capped at N100,000 per week with a maximum cash withdrawal of N20,000 per day. ATM operators are thereby advised to load only N200 denominations and below into their machines.

Similarly, Point of Sale (PoS) cash withdrawal was set at N20,000 a day.

However, in certain compelling circumstances, the central bank allows individuals and corporate organisations with legitimate reasons to withdraw cash of up to N15 million and N110 million, respectively.

Such transactions, however, will attract appropriate processing fees as stated above, in addition to enhanced due diligence and further information requirements as follow:

a. Valid means of identification of the payee (National ID, International Passport, Driver’s License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

The apex bank advised financial institutions to start encouraging customers to embrace alternative channels for their financial transactions.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.

“Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.”

The new directive would take effect on January 9, 2023, Investors King reports.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt

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Falcon Corporation Limited, a prominent player in Nigeria’s energy sector, has successfully secured a N19.41 billion debt facility from the Chapel Hill Denham Nigeria-managed Infrastructure Debt Fund (NIDF).

The financing will be used for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State.

The Managing Director of Falcon Corporation, Prof. Joe Ezigbo, emphasized the company’s commitment to national service through investments in the gas industry.

He highlighted the strategic positioning of the LPG facility in proximity to major gas sources and navigable water routes, anticipating economic gains, job creation, income growth, health improvements, and environmental sustainability.

“We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs,” said Prof. Joe Ezigbo.

The project has achieved significant milestones, reaching a completion rate of 65% as of October 2023. Various phases of development, including the completion of the jetty, shoreline protection, and engineering activities, have contributed to this progress.

The entire project is expected to be completed and commissioned by Q4 2024.

Falcon’s General Manager, Finance, Nelson Walter, expressed satisfaction with the partnership with NIDF, highlighting their reputation for providing reasonable terms for impactful infrastructure projects.

The flexible long-term loan repayment structure aligns with Falcon’s goals, making the collaboration instrumental in realizing this groundbreaking project.

Financial advisers Vetiva Capital Management Limited and Chapel Hill Denham Advisory, along with legal counsel Detail Commercial Solicitors, played crucial roles in facilitating this strategic debt facility for Falcon Corporation’s ambitious LPG infrastructure development in Rivers State.

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Nigerian Financial Market Sees Vibrant Trading Amidst N90bn Loss

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The Nigerian financial market showcased robust trading activities, dominated by the financial services sector.

Despite this upbeat activity, investors witnessed a net loss of N90 billion by the close of trading.

The financial services industry took the lead in trading, accounting for 67.68% of the total equity turnover volume and 47.30% of the value.

A total of 1.721 billion shares valued at N18.28 billion exchanged hands in 17,151 deals.

The conglomerates industry followed suit with 200.584 million shares worth N1.55 billion traded in 2,073 deals.

The services industry claimed the third position, boasting a turnover of 122.025 million shares valued at N376.17 million in 2,051 deals.

Despite the overall market capitalization dipping by 0.23% to N39.082 trillion due to the delisting of Union Bank of Nigeria’s entire issued share capital, the NGX All-Share Index experienced a 0.27% increase, closing the week at 71,419.87.

Additionally, McNichols Consolidated Plc contributed to the market dynamics by listing 398,053,129 ordinary shares at N0.50 arising from its rights issue.

The total issued and fully paid up shares of McNichols expanded from 718,740,000 to 1,116,793,129 ordinary shares.

The trading landscape witnessed a significant surge, with a 4.88% increase in total traded volume, reaching 2.54 billion units in weekly deals.

The number of trades grew by 8.75%, totaling 36,138, and the weekly traded value surged by 70.50%, amounting to N38.64 billion.

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Zenith Bank Signs MOU With CFA Institute to Develop Finance and Investment Professionals

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Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. 

The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.

Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.

According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.

In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.

At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity.

He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.

In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.”

He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals.

In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.

She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years.

She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank.

Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

 

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