Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the recently-introduced cash withdrawal policy is not intended to make life difficult for Nigerians but to strengthen the country’s economy.
Speaking with newsmen after a meeting with President Muhammadu Buhari in Daura, Katsina State, Emefiele said many nations were adopting digitisation and going cashless.
Under the new policy, the CBN restricted the maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000, respectively.
Emefiele said he embarked on a courtesy visit to Buhari to brief him about happenings in the CBN and the economy.
The apex bank’s governor said Buhari was “very happy and said we should carry on our work, no need to fear, no need to bother about anybody.”
Emefiele also said there were no plans to reverse the new cash withdrawal policy, but added that any necessary assessments of the policy’s specifics will be carried out after performance was assessed.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid,” Emefiele said.
“But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking (sic) some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them.
“So, there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.
“We think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy.
“We cannot continue to allow a situation where over 85 percent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.”
Emefiele further said the policy was not targeted at specific persons or groups.
“I said it at different fora, that this is not targeted at anybody, it’s just meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it,” he explained.
The CBN boss also said N1 trillion of existing denominations of the currency has been received by the banking system.
“We have taken more than half a trillion and in the bank we also have close to half a trillion. But what we have done in the central bank is to move more people from different departments into currency processing so that they can process this cash as quickly as possible and from there, banks can now move what they have with them,” he said.
He added that banks have started dispensing the new cash which reached their various offices on Wednesday to their customers.
“I can only just assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023.
“So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible.”
BREAKING: BUA cement slashes price to N3,500, plans further cut for 2024
BUA Cement PLC, on Sunday, announced the reduction of the price of its cement product to N3,500 per bag starting from Monday, October 2, 2023.
It said the price reduction was in line with its commitment to spur development in the “building materials and infrastructural sectors”.
The company announced the price reduction in a statement posted on its X (formerly Twitter) page.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, after meeting with President Bola Tinubu, promised to review the price of the product.
The statement read in part, “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.”
FAAC shares N1.1trillion to FG, states, LGs for August
The Federation Account Allocation Committee (FAAC), has shared N1.1 trillion among the Federal Government, states and Local Government Councils for August.
This is more than the N966 billion shared in July.
According to the FAAC communique, the N1.1 trillion total distributable revenue comprised statutory revenue of N357.398 billion, Value Added Tax (VAT) revenue of N 321.941 billion and Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion.
It also comprised Exchange Difference revenue of N229.568 billion and Augmentation of N177.092 billion.
The communiqué said total revenue of N1.48 trillion billion was available in the month of August 2023.
“Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71 billion.
“Gross statutory revenue of N 891.934 billion was received for the month of August 2023. This was lower than the N1.1 trillion received in the month of July by N258.49 billion.
“The gross revenue available from VAT was N345.727 billion. This was higher than the N298.78 billion available in the month of July by N46.938 billion,’’ it said.
It said that from the N1.1 trillion total distributable revenue, the Federal Government received N431.245 billion, the state governments received N361.188 billion and the LGCs received N266.538 billion.
“A total sum of N26.473 billion, (13 per cent of mineral revenue) and N14.657 billion (13 per cent of savings from NNPCL), were shared to the relevant states as derivation revenue.
“From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the state governments received N87.800 billion and the LGs received N67.690 billion.
“The Federal Government received N48.291 billion, the state governments received N160.971 billion and the LGs received N112.679 billion from the N321.941 billion distributable VAT revenue,” it said.
The communiqué said the N14.102 billion EMTL was shared among the three tiers of government.
“The Federal Government received N2.115 billion, the state governments received N7.051 billion and the LGCs received N4.936 billion.
“The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue.
“The state governments received N58.048 billion, and the LGCs received N44.752 billion.
“The sum of N12.027 billion (13 per cent of mineral revenue) and N0.296 billion (13 per cent of savings from NNPCL) went to the relevant states as derivation revenue,’’ it said.
It said that from the N177.092 billion augmentation, the Federal Government received N93.292 billion, the state governments received N47.319 billion and the LGCs received N36.481 billion.
“In the month of August, VAT, Import and Excise Duties and EMTL increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.
“The balance in the Excess Crude Account (ECA) was 473.75 million dollars.
Tinubu rings Nasdaq stock market closing bell, tells investors ‘the greatest economy is Nigeria’
President Bola Tinubu rang the closing bell at the Nasdaq Stock Market in New York on Wednesday as he called on the United States business community to invest in Nigeria’s “bubbling market”.
Tinubu, who is attending the ongoing 78th session of the United Nations General Assembly, was accompanied to the bell ceremony by the President of the U.S.-Africa Business Center (USAfBC) at the U.S. Chamber of Commerce, Scott Eisner.
The closing bell ceremony, held at the seven-storey tower of the Nasdaq headquarters in New York, signifies the end of a trading session.
“I am happy to bring Nigeria to your doorsteps and honoured that we’re here today with a bubbling maket that will evolve the West African subregion,” Tinubu said.
“The greatest economy is Nigeria. There is an immense opportunity in Nigeria that you can invest your money without fear.”
The Nigerian leader cited the removal of “a lot of the bottlenecks”, including the fuel subsidy which he described as corrupt, adding that his administration had retooled the exchange rate to a “reliable, dependable one-figure floating of the exchange naira”.
“You are free to take in your money and bring out your money,” he continued. ” I count on you to invest in Nigeria.”
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