Editorial
That CBN Policy On Cash Withdrawal
Recently, the Central Bank of Nigeria (CBN) came out with a new policy pegging daily cash withdrawal and lodgement by individual at N150,000 and corporate organizations at N1million. According to the apex bank, implementation of the policy would kick off in June, 2012. The aims, the CBN says are to reduce the dominance of cash in the economy, the cost of cash management to the banking industry, security problem and money laundering.
Since the announcement of this policy, there have been scores of protest and contrast views by many Nigerians, whose lives and investments would be affected when this policy comes into effect. Even the die-hard optimists in the nation’s suffocating investment environment, are worried that the policy is coming at an embryonic stage of the economy.
While some investors argue that there is a drop in both internal and external revenue, others add that most small and medium scale entrepreneurs, including majority of the purchasing public in the country’s business environment, still prefer cash transactions as a means of payment for goods and services. They even insist that the Automatic Teller Machine (ATM) has a limit on cash withdrawal that lowers their ability to meet urgent financial needs. In fact, the bottom line of the argument is that the Nigerian society has not developed to the level of operating a cashless economy as it is practiced in most western countries. For them, the CBN is trying to make the economy run when it should be crawling.
However, it was to allay these fears that CBN Deputy Governor, Tunde Lemo, clarified that the limit to withdrawal is not absolute as those who wished to withdraw more than the stipulated amount could do so but with a fee. He said the CBN has already put in place measures to match the ATM by deploying over 10,000 sales points by 2012. According to him, by 2015, Nigeria would be where Brazil is by deploying additional 350,000 ATM terminals.
The deputy governor further said that CBN was also making biometric withdrawal possible so that everyone, including those who cannot read or write, will be covered by the new policy. According to him, the needed infrastructure would be put in place to facilitate smooth take off while a committee had been set up to ensure error free, end-to-end e-payment transaction. He also said that implementation of the new policy would begin in Lagos, the Federal Capital Territory (FCT), Port Harcourt, Kano and Aba, which account for 80 per cent of the volume of cash in the country.
The Tide believes that this CBN policy framework is a welcome development for a growing economy like ours that is striving to drive the Sub-Saharan economic landscape. There is no doubt that if the new policy is successfully implemented, it would bring lots of economic gains to the country. Although we fear that given the poor state of infrastructure and the level of illiteracy in the country, the policy may not get near the anticipated economic breakthrough that would drive the country’s Vision 20-2020, aimed at putting Nigeria in the ranks of the world’s 20 biggest economies in the next nine years.
The Tide notes that the policy is coming at a time when the nation is just recovering from the threat of global recession, and the value of the Naira against other major currencies is greatly undermining the purchasing power of many Nigerians.
Perhaps, it may be apt to draw attention to the fact that Nigeria lacks enough commercial banks to manage their daily financial transactions for several years. Out of about 89 banks before the CBN policy on capitalization in 2004/2005, only about 25 banks are now operational. Even the recent CBN reforms have exposed the vulnerability and liquidity status of some banks, triggering questions of confidence problems in the banking system.
For this new cash withdrawal policy to be effective, therefore, The Tide commends adequate public enlightenment of the banking publics. Besides, the CBN should proceed with the strategic medium and long-term goals in order to achieve the desired results. We say this because in the past, CBN had initiated policies on coins as means of business transactions which suffered setbacks due mainly to the inconveniences of conveying large coins instead of its equivalent denominations in currency notes.
We think that the success of the new policy depends largely on consistency and continuity of implementation and enforcement by the apex bank. We urge the CBN to avoid a flurry of policy changes that may compromise the gains already made. The Tide insists that the CBN should stick to its June, 2012 deadline for the take off of the new cash withdrawal policy in order not to encourage corruption. We say so because previous CBN deadlines, especially that on capitalization of banks, updating of accounts, bank reforms, among others, failed to guarantee sustainable confidence in the banking system.
The Tide, therefore, urges the CBN to adequately address the challenges of the new cash policy, and work to ensure that the Nigerian economy drives national development in such a way that every citizen is confident that their money is not only safe and secure but can guarantee them value for their sweat and hard work.
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Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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