Business
CBN Exempts Embassies, Others From Daily Cash Limit
The Central Bank of Nigeria (CBN) on Tuesday exempted embassies, diplomatic missions, multilateral and aid donor agencies from penalties and charges on daily cash withdrawal and deposit limits.
The CBN disclosed this in a circular posted on its website on Tuesday to all banks, Cash-in-Transit (CIT) companies, payment system services providers and switches.
Others include the issuers and processors, card acquirers and the general public.
The circular was titled “Industry Policy on Retail Cash Collection and Lodgment (IITP/C/001) as it Affects Specialised International Institutions”.
The circular, signed by the Acting Director, Banking and Payments System Department, Mr Giaus Emokpae, said that the exemption was because Nigeria was signatory to several treaties.
It said the apex bank therefore exempted the above mentioned institutions from all fees and charges as penalties on the daily cash withdrawal and deposit limit in the country.
It said that as a matter of international practice, sovereign states would not impose financial penalties on other sovereign states.
The circular said that it, therefore, became necessary to extend the exemption on cash withdrawal and deposit limits to the institutions.
We recalled that the apex bank, had on March 5, exempted mortgage banks and microfinance banks from the cash withdrawal and deposit limits.
CBN said that the specialised banks should be able to have access to amount above the daily withdrawal and deposit limits because of the nature of the business and to be able to satisfy their customers.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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