Business
NPA Bans Barge Movement At Night
The Nigerian Ports Authority(NPA) has issued a standard operating procedure which aims at streamlining the operation of barges, and banned their movement at night to avoid collision or impeding navigation of vessels on the channels.
Managing Director of NPA , Mohammed Bello-Koko, who disclosed this in Lagos at a media parley, said the NPA has set minimum operating standard for the barges just as it is doing for trucks .
According to him, the move is to enhance safety and remove encumbrances to quick access to berthing area for oncoming ships .
“We are also encouraging the use of barges. We have come up with a Standard Operating Procedure for barge operations because we have all forms of barges that are not safe.
“Same way we created minimum standards for trucks is what we did for barges, and we have called them for meetings. They have been operating on free tickets for long, and that has to stop and they need to start paying us tariffs.
“We gave them concessions because at least the government generates revenue from it. Most of the barges do not have communication systems and are not identifiable individually, with their sailors often driving with reckless abandon.
“Sometimes you hear vessels blaring their horns; it’s not to signal goodbye but to tell someone to get off the channel.
“In fact, we have had occasions where ships had to anchor right in the middle of the channel because of a barge on the way.
“That has to stop, or we will start cracking down on them. We are going to be very firm on this.
“The day a ship sinks in the middle of the channel is the day we are done. We will also insist that they don’t operate at night,’’ he said.
“A few weeks ago, a barge sneaked out to operate at night and almost hit a vessel that was offloading liquid cargo. Imagine if the vessel had gone aflame. You sometimes see them double-banking or even triple-banking, which is not allowed’ he said.
By: Nkpemenyie Mcdominic, Lagos
Business
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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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