Business
Traders Want Cash Lodgement, Withdrawal Limits’ Review
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.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.