…Weekly limit now N500,000 …Corporate body weekly limit N5m …Third party cheques above N100,000 not eligible for payment …Extant limit of N10m on clearing cheques still subsists …Compliance with extant AML/CFT regulations to KYC, CDD, currency, STR etc. mandatory …Monthly, returns on cash withdrawals above specified limits be rendered for …
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PETROLUEM products marketers have urged the Federal Government to shift subsidies from premium motor spirit (petrol) to Automotive Gas Oil (diesel) to reduce the operational cost of distributing petrol across the country. The independent marketers under the aegis of Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, said the …
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If you get a call from your tailor asking, “how far? I have new designs that will fit you”, don’t be surprised. That has become a common practice among them these days as most people have abandoned making new clothes due to the cost of purchasing the materials and of …
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THE Central Bank of Nigeria (CBN) has refuted claims that its new policy restricting cash withdrawals is aimed specifically at point-of-sale (PoS) agents. Though the apex bank set the daily withdrawal limit for individuals and organizations at N100,000 and N500,000, respectively, it allowed for compelling cases to withdraw up to …
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The Manufacturers Association of Nigeria, MAN and experts have described moves by the Federal Government, FG, to use health reasons as justification to increase excise tax on non-alcoholic drinks as misleading, adding that the reasoning defies all economic logic and Nigeria’s realities. This is coming barely two weeks after the …
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The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly Federal Executive Council meeting …
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EXECUTIVE Chairman FIRS, Muhammad Nami, on Thursday joined the Group CEO NNPC Limited, Mele Kolo Kyari on a visitation exercise to the Bida-Lapai-Lambata Road which is being reconstructed by the NNPC under the Road Infrastructure Tax Credit Scheme. The visit was graced by the Etsu Nupe, HRH Alh. Yahaya Abubakar, …
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Some economists and industrialists have faulted the proposed 20 per cent excise on carbonated and non-alcoholic beverages, saying it would adversely affect Micro, Small and Medium Enterprises (MSME) operators. Mr Segun Kuti-George, Former Chairman, the Nigerian Association of Small Scale Industrialists (NASSI), in an interview with the News Agency of …
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Political parties have kicked against the new cash withdrawal limits introduced by the Central Bank of Nigeria, stating that it could choke the political process. Parties including the Peoples Democratic Party, Social Democratic Party, Africa Democratic Congress and African Democratic Party contended that the policy would affect the fundraising …
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The stock market gained N281 billion or 1.07 per cent on Friday as market capitalisation closed at N26.624 trillion from N246.343 trillion recorded on Thursday at the Nigerian Exchange Ltd. All-Share Index (ASI) increased by 561.79 basis points or 1.07 per cent on Friday to close at 48,881.93 as against …
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