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Economy

CBN reverses itself on cash withdrawal limits as Emefiele succumbs to pressure

Governor of Central Bank of Nigeria, Godwin Emefiele

 

—now pegs weekly withdrawal for individual to N500,000, Corporate N5million

The Eyewitness Reporter

The Central Bank of Nigeria(CBN) may have succumbed to pressure from the National Assembly and other rich Nigerians as it has reversed itself on its earlier cash withdrawal limits for individuals and corporate organisations.

In a circular number BSD/DIR/PUB/LAB/015/073 dated December 21st, 2022 and addressed to all Deposit Money Banks(DMBS) and other financial institutions, the apex bank disclosed that the new weekly cash withdrawal limits for both the individuals and corporate organisations have now been reviewed to N500,000 and N5million respectively.

The new weekly cash withdrawal limits now superseded the earlier one released on December 6th, 2022 which were put at N100,000 for individuals and N500,000 for corporate organisations.

In the new revised cash withdrawal limits, the CBN claimed the revision of the policy was in response to feedback from the stakeholders.

The new revised policy also slashed the processing fees for amounts above the approved threshold from an initial 5 percent for individuals to 3 percent and for corporate organisations from 10 percent to 5 percent.

The circular, which was signed by Haruna Mustafa, the Director of Banking supervision, the CBN said the new revised cash withdrawal policy takes effect from January, 9th,2022.

”Following our circular BSD/DIR/PUB/LAB/015/069 dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank Of Nigeria(CBN) hereby makes the following reviews;

–the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5 million respectively.

–In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3 percent and 5 percent for individuals and corporate organisations respectively.

–Futrher to (2) above, the financial institution shall obtain the following information from the Customer, at the minimum,and upload same on the CBN portal created for the purpose

a. Valid means of identification of the payee(National ID, International passport, or driver’s license)

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

c.Tax Identification Number(TIN) of both the payee and the payer.

d. Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

–Third-party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsists.

—Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision, Other financial institution supervision and Payment System Management  Departments as applicable

—Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence, currency and suspicious transaction reporting, etc is mandatory in all circumstances.

—Customers should be encouraged to use alternative channels(internet banking, mobile banking apps, USSD, cards/POS, eNaira,gets) to conduct their banking transactions”, the circular reads.

The CBN however warned all the banks and OFIS that aiding and abetting the circumvention of this policy will attract severe sanctions.

It could be recalled that the policy, which was first announced on December 6th, 2022, generated mixed reactions, especially from the members of the National Assembly who invited the CBN Governor. Godwin Emefiele to come and explain the rationale behind the cash withdrawal limits.

Twice, the National Assembly invited Mr. Emefiele, but twice, he did not appear, citing national assignment engagement as the reason for his non-appearance.

The review may, however, be as a result of the intense pressure that the CBN governor has lately been subjected to as a result of this policy which analysts believed does not favour the elites, the politicians and the rich Nigerians, especially giving the forthcoming elections.

 

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Economy

NSW onboards over 12,000 users, processes 156,026 trade permits in six months as Phase 2 commmences

Tola Fakolade: Project Director National Single Window and Damola Yusuf, Director Technology, National Single Window during the Press briefing in Abuja

Funso OLOJO, Editor

The National Single Window (NSW) platform has processed 156,026 trade-related licences, permits and certificates since its launch on March 27, 2026, marking a significant milestone in Nigeria’s drive to digitise trade procedures and streamline cross-border cargo movement.

The platform has also attracted more than 12,000 importers, customs agents, shipping lines, airlines and freight forwarders, while recording an impressive 99.98 per cent uptime since the commencement of operations.

These figures were disclosed by the NSW project team  led by Tola Fakolade during a stakeholder engagement with members of the press in Abuja on Tuesday October 13th, 2026  where it provided updates on the implementation of Phase 1 and preparations for the rollout of Phase 2.

The initiative is designed to establish a centralised digital platform through which traders can access trade-related regulatory services, reducing administrative bottlenecks, improving transparency and enhancing the efficiency of import and export procedures.

According to the project team, five government agencies have been fully onboarded on the platform, while more than 8,000 users have received training since operations commenced.

A breakdown of the licences and permits processed showed that the Standards Organisation of Nigeria (SON) accounted for 104,956 transactions, while the National Agency for Food and Drug Administration and Control (NAFDAC) processed 50,622.

The platform has also recorded significant progress in cargo manifest transmission, processing 3,964 air and sea cargo manifests since its launch.

Of this figure, 3,596 were air cargo manifests transmitted by 27 airlines, while 368 were sea cargo manifests transmitted by 56 shipping lines.

The team disclosed that all airlines and air cargo companies had been onboarded for the platform’s operations.

For sea cargo, however, 56 of the 88 shipping lines had so far been onboarded for manifest transmission.

The reported 99.98 per cent platform uptime, the team said, reflected the system’s operational stability and the growing adoption of the digital trade facilitation initiative.
Regulatory Processes Go Digital.

The project team further disclosed that the submission, processing and approval of import licences, permits and certificates for four key regulatory agencies had been fully implemented on the platform.

The agencies are NAFDAC, SON, the Nigeria Agricultural Quarantine Service (NAQS) and the National Environmental Standards and Regulations Enforcement Agency (NESREA).

Payments associated with the relevant import licences, permits and certificates are also being processed through the platform, further integrating regulatory approvals and payment procedures into a single digital environment.

The development is expected to simplify interactions between traders and regulatory agencies by reducing the need to navigate multiple administrative channels for trade documentation.

On the harmonisation of Harmonised System (HS) Codes, the team said rationalisation workshops had been conducted with relevant regulatory agencies, including the Nigeria Customs Service (NCS).

The harmonised codes are expected to be updated on both the NSW platform and the Customs Service’s B’Odogwu system by November 2026.

The harmonisation exercise is intended to promote consistency in the classification of goods, improve coordination between trade-related government agencies and minimise discrepancies in the processing of import and export transactions.

Meanwhile, the onboarding of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) for Ships Entry Notice (SEN) submission is ongoing.

The service is scheduled to go live on November 16, 2026, marking another step towards integrating maritime regulatory processes into the national digital trade facilitation framework.

Phase 2 Targets Export Processes, Wider Agency Integration

Beyond the progress recorded under Phase 1, the NSW project team confirmed that implementation of Phase 2 had commenced, with delivery scheduled in stages between the fourth quarter of 2026 and the first quarter of 2027.

The second phase is expected to expand the platform’s scope beyond existing import-related processes to cover critical export documentation, additional regulatory approvals and a broader range of trade transactions.

Key components include export-related licences, permits and certificates; Forms NXP and NCX; export cargo manifests; Import Duty Exemption Certificates (IDEC); import and export permits for Free Trade Zones; and payments for export licences, permits and certificates.

The planned expansion is expected to deepen the digitalisation of Nigeria’s trade processes by bringing additional agencies and documentation requirements into a coordinated electronic system.

Under the rollout schedule, the first batch of agencies and services is expected to go live in the fourth quarter of 2026.

The batch comprises the Nigerian Export Promotion Council (NEPC); the Federal Produce Inspection Service (FPIS) and Registered Exporter System (REX) under the Federal Ministry of Industry, Trade and Investment; SON; NAFDAC; and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

The second batch, scheduled for implementation in the first quarter of 2027, will involve the Central Bank of Nigeria (CBN), Nigeria Customs Service, NAQS, Federal Ministry of Livestock Development, Federal Ministry of Marine and Blue Economy, Nigeria Export Processing Zones Authority (NEPZA) and Federal Ministry of Finance.

The inclusion of these institutions is expected to extend the platform’s reach across key areas of export promotion, customs administration, agricultural inspection, financial regulation, marine and blue economy-related trade, and the management of export processing zones.

Testing and Training Ahead of Full Deployment

The project team said preparations for Phase 2 had progressed through several implementation stages, including current-state assessment, technology readiness assessment, future-state design and system customisation.

The remaining implementation activities include user acceptance testing, pilot testing and end-user training ahead of the scheduled go-live dates.

These processes are intended to ensure that the platform’s new functionalities meet operational requirements and that participating agencies and users are adequately prepared before deployment.

The phased implementation approach is expected to allow the project team to address technical and operational issues progressively while expanding the range of services available to stakeholders.

Phase 3 Projected for Late 2027

Looking beyond Phase 2, the team disclosed that Phase 3 of the NSW rollout was projected for implementation between the third and fourth quarters of 2027.

The third phase is expected to introduce additional trade and customs functionalities, including Customs Declaration submission, Form M application and approval, oil and gas-related processes, Advanced Risk Analytics and a Trade Visualisation System.

These proposed features are expected to broaden the platform’s operational coverage and strengthen the digital infrastructure supporting trade documentation, customs processes, risk assessment and trade data analysis.

The planned introduction of Advanced Risk Analytics and the Trade Visualisation System also points to a wider ambition to improve the use of data in trade monitoring and regulatory decision-making.

The stakeholder engagement in Abuja provided an opportunity for journalists to examine the project’s progress, obtain updates on implementation timelines and engage members of the project team on the platform’s operational performance and future expansion.

The NSW team encouraged stakeholders to continue using the platform and provided help desk contacts for users requiring technical support and assistance.

With Phase 1 recording substantial transaction volumes and preparations for the next stages underway, the project’s success will increasingly depend on the effective integration of participating agencies, the smooth onboarding of remaining stakeholders and the reliable delivery of planned digital services.

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Economy

FOU A seizes N3.95bn worth of Illicit drugs, mercury, hands over to NDLEA, NESREA

Funso OLOJO, Editor

The Federal Operations Unit (FOU), Zone A of the Nigeria Customs Service (NCS), has intercepted illicit drugs and other prohibited substances with a combined duty-paid value of N3.951 billion along trans-border routes within its area of operations.

The seizures, which included thousands of parcels of cannabis, tramadol tablets, codeine syrup and crystal methamphetamine, were handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

The Unit also seized four cylinders of high-grade mercury, weighing 34.5kg each, allegedly intended for use in illegal gold mining.

The mercury was subsequently handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA).

Addressing journalists at the Unit’s headquarters in Lagos on Thursday, September 3rd, 2026, the Controller of FOU Zone A, Comptroller Gambo Aliu, said the seizures were the outcome of intelligence-driven operations and sustained surveillance along the nation’s trans-border routes.

Among the narcotics seized were 5,669 parcels and 19 sacks of synthetic cannabis sativa weighing 3,116.9kg; three-and-a-half packs of ground cannabis (Skunk) weighing 3.45kg; two packs of granulated cannabis (Skunk) weighing 1kg; and 11 small packs of granulated cannabis weighing 0.35kg.

Others were 24 packets of Backwoods Russian Cream cigars weighing 0.5kg; 49 wraps of cannabis (Skunk) weighing 26.1kg; and one wrap of crystal methamphetamine weighing 0.35kg.

The Unit also intercepted 1,754 packs and 6,948 sachets of tramadol tablets in 225mg and 100mg variants, 1,200 Hypnox tablets of 1mg each, and 97 bottles of codeine syrup.

Comptroller Aliu said the latest enforcement operation was deliberately targeted at drug-trafficking syndicates operating within the Unit’s jurisdiction, stressing that the illicit movement of narcotics and other dangerous substances posed grave threats to public health, national security and the future of Nigerian youths.

He described the handover of the seized items to the relevant agencies as evidence of the growing operational synergy among government agencies in the fight against trans-border crime.

“Today’s event is a practical demonstration of the commitment of the Nigeria Customs Service to national security, public health, environmental safety and the economic well-being of Nigerians.

“It also reflects the importance of strategic partnership in the fight against smuggling and other forms of trans-border crime,” Aliu said.

According to him, the Customs Service would continue to strengthen the integrity of the nation’s supply chain while supporting the NDLEA in disrupting the movement of narcotics and other illicit goods across Nigeria’s borders.

“We are equally committed to providing relevant information and supporting further investigation whenever necessary,” he added.

Aliu explained that the formal transfer of the narcotics to the NDLEA would enable the agency to undertake the necessary forensic, investigative and prosecutorial processes in accordance with the law.

He added that the procedure would also ensure that the seized drugs were handled, stored and disposed of securely and professionally.

On the mercury seizure, the FOU Controller said its transfer to NESREA would enable the agency to take appropriate regulatory and environmental action, particularly given the use of mercury in illegal mining activities.

While assuring Nigerians that the crackdown on illicit traders and trans-border criminal networks would continue, Aliu said the Unit would simultaneously facilitate legitimate trade and sustain collaboration with sister agencies.

“I wish to commend the leadership and personnel of the NDLEA and NESREA for their cooperation and professionalism.

“I also appreciate the support of all sister security and regulatory agencies whose contributions continue to strengthen our collective efforts,” he said.

Aliu warned smugglers and criminal networks that the FOU Zone A would not relent in its enforcement responsibilities.

“Let me reiterate that the Federal Operations Unit will not relent in its responsibilities. We will continue to deploy intelligence-driven strategies, enhanced surveillance, effective patrols and robust enforcement operations to disrupt the activities of smugglers and criminal networks,” he declared.

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Economy

Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone  to boost investment, jobs,SMEs

Members of maritime journalists coalition in a group photograph with Asiwaju Bola Oyebamiji

Funso Olojo Editor

The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.

Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.

The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.

Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.

He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.

According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.

“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.

On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.

He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.

To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.

He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.

On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.

He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.

Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.

Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.

Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.

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