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Traders Want Cash Lodgement, Withdrawal Limits’ Review

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13 years ago

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Some traders in Lagos have urged the Central Bank of Nigeria (CBN) to review upward the daily cash withdrawal limits for individuals and corporate organisations.

They told our correspondent in separate interviews that the customers’ inability to withdraw more than the daily cash limits had slowed down business activities.

Most of the traders at Balogun, Apongbon and Mushin markets said that the daily withdrawal ceiling of N500, 000 and N3 million for individuals and corporate organisations respectively were restrictive.

According to them, the policy has compelled customers to buy fewer goods than they earlier budgeted.

Mr Peter Johnson, an electronics dealer at Balogun Market, said that the inherent hitches in the cash-less policy resulted in less than 20 per cent recorded success during the recent experiment of the policy in Lagos.

Johnson said most traders’ feels that it was illogical to pay commission on cash lodgments beyond the stipulated daily limits and commission on transactions after paying duty on imported goods.

“The CBN need to review the policy so that when traders make sales that exceed the cash limit, they will willingly take the money to the banks,” he said.

He said the CBN’s ability to review the policy upward would encourage more people to embrace banking and the cash-less policy.

Mrs Sarah Onarah, another trader at Apongbon Market, urged government to adopt new measure that would eliminate transactions connectivity challenges.

Onarah said that the review of the daily cash limits would enhance peoples banking habits and automated induce payment for commodities.

She said that the introduction of Point of Sales (PoS) terminal, as a means of business transactions, would survive if CBN eliminates the multiple bank charges.

According to her, the PoS transaction window has created an avenue for banks to dupe Nigerians.

Mr  Charles Inomah, a trader at Mushin Market, told newsmen that network failures and multiple charges had impacted negatively on their overall profit margin.

Inomah said that only the leveraging of existing national infrastructure and general development would make the cash-less policy to meet desired goal.

It would be recalled that the CBN had in June, reviewed the daily cash limit for individuals and corporate organisations from N150,000 to N500,000 and from N1 million to N3 million, respectively.

The CBN in the review said that cash withdrawal above the stated limit shall attract a penalty of N100 per every N1000 and N200 per every N1000.

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NPA Assures On Staff Welfare 

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7 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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7 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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7 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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