Business
Consumers Blame Hard Times On Poor Planning
The inconsistency in the country’s economy and poor spending habits by some families have been identified as major causes of hardship experienced, especially in the month of January.
Speaking with newsmen in Port Harcourt last Tuesday, a clergy man, Rev. John Ezekwu, said responsibilities saddled around one’s shoulders in January is often greater than normal.
He advised that plans should be made in advance towards it in order to avoid financial incapability.
“The new year comes with so many things like new budgeting, fresh commitment to God and also domestic cares, room provision and children’s education,” he said.
According to him, such challenges were bound to be accompanied by an increase in expenditure.
“As a matter of fact it would not come without a heightening of expenditure”, he said.
Other residents in Port Harcourt who spoke to The Tide on the matter pointed out that while the prices of commodities and every other item increased, salary rate remained the same.
“January is always tough, but this one is something else, I dare say it is a lot tougher than others in the recent past”, according to a house wife, Mrs Flora Onu.
Another respondent, Helen Uka, however advised that Nigerians should plan towards surmounting the challenges posed by January, even as she urged people to downplay Christmas and New year celebrations in order to forestall unnecessary expenses.
“Many people, especially women, go for new dresses, despite the fact that they have old cloths that are better.
“The funniest thing is that such women have not used such clothings as to warrant the purchase of new one”, she wondered.
Also, an Associate Professor of Economics, Dr Hycinth Ajie, gave tips on how spending should be done in order to remain buoyant even at the beginning of the year.
He advised that Nigerians should learn not to save up their earnings for eleven months and then to waste all in December, only to be stranded in January.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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