Business
Report Cash Withdrawal Issues At ATMs from 1st Dec – CBN
The Central Bank of Nigeria (CBN) has called on bank customers to report any difficulties encountered while withdrawing cash from bank branches or ATMs, effective December 1, 2024.
This CBN Governor, Olayemi Cardoso, issued the directive recently during the 2024 annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states”, Cardoso said.
He stated that financial institutions found engaging in malpractices or deliberate acts of sabotage would face stringent penalties.
Cardoso assured Nigerians that the CBN remains committed to maintaining a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
He said this move is aimed at ensuring seamless cash flow while fostering trust and stability in the financial system.
“The payment system vision initiative for 2025 will further enhance confidence in the nation’s payment system”, the CBN Governor noted.
Cardoso also highlighted the CBN’s efforts to improve payment gateways, assuring that delays in settling financial transactions would be addressed by 2025.
“Trust is fundamental to fostering digital transactions, l emphasise the importance of preserving consumer confidence. Delays often disproportionately affect vulnerable populations”, he said, warning that the CBN would apply penalties to non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
He said key initiatives for 2025 include implementing an open banking framework, advancing contactless payment systems, and expanding the regulatory sandbox.
He noted that CBN plans to additionally issue revised guidelines for agency banking and strengthen electronic payment channels.
Cardoso also stated that Nigeria is on track to exit the Financial Action Task Force (FATF) grey list by the second quarter (Q2) of 2025. He said enforcement plans against money laundering, cybercrime, fraud, and corruption are being intensified.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
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