CBN raises daily cash withdrawal limit to N500,000; Nigeria’s problem stems from country’s poor leadership – Peter Obi | 5 Things That Should Matter Today

  • CBN raises daily cash withdrawal limit to N500,000
  • Nigeria’s problem stems from country’s poor leadership – Peter Obi
  • PDP chieftain, driver die in auto crash in Delta
  • Osinbajo visits Tinubu in Abuja
  • Saraki ties Emefiele’s DSS probe to top politicians

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss:

CBN raises daily cash withdrawal limit to N500,000

On Wednesday, the Central Bank of Nigeria (CBN) raised the daily withdrawal limit for personal accounts to N500,000 and the limit for business accounts to N5,000,000.

The top bank also reduced the statutory percentage rate for withdrawals exceeding the restrictions.

This was announced on Wednesday by Haruna Mustapha, Director of Banking Supervision at the Central Bank of Nigeria.

In exceptional cases where withdrawals in excess of the limitations are necessary, he added, customers will be charged a fee of 3% for individuals and 5% for businesses.

On December 6th, CBN announced that effective January 9th, 2023, the weekly withdrawal limits for individuals and corporations would be capped at N100,000 and N500,000, respectively.

Numerous groups and individuals, including some lawmakers in the National Assembly, voiced their disapproval of the move and requested CBN Governor Godwin Emefiele to raise the withdrawal limits.

Emefiele was also asked to address the House of Representatives to elaborate on the policy.

CBN, however, stated that Emefiele was unable to make it to the briefing due to health reasons.

Mustapha went on to say that despite the new evaluation, clients should still be pushed to do their financial business using non-traditional channels such as the Internet, mobile applications, USSD, POS systems, and eNaira.

In addition, he emphasized the role that banks and mobile agents play in the financial system by expanding people’s access to such services in underserved and rural areas.

Nigeria’s problem stems from country’s poor leadership – Peter Obi 

Mr. Peter Obi, the LP presidential candidate, has stated that the country’s most serious challenge is the result of a lackluster selection of leaders.

He made this statement on Wednesday during a party rally in Calabar.

Earlier in the day, Obi met with the local youth in a town hall meeting held at the UJ Esuene Stadium, where the rally was held.

After that, he went to see His Eminence Obong Ekpo Abasi-Otu V of Calabar.

If elected, he promised, the country will be safe and united, and law and order would be maintained.

He promised that his administration would end the frequent strikes that have plagued institutions around the country.

Obi elaborated on his vision for Cross River’s growth in his last speech.

His argument was that because the state already possesses cocoa, all that needs to be done is to cultivate it and make sure it is exported.

“We will also boost the tourism potential of the state because it is the tourism capital of Nigeria.

“We want to make Nigeria work. You can trust us.

“Don’t vote for people you cannot trust to turn around the nation,” the presidential hopeful said.

PDP chieftain, driver die in auto crash in Delta


Chief Joe Unuame of the Peoples Democratic Party, PDP, and his driver were killed in a vehicle accident in Ughelli South Local Government Area, Delta State.

According to reports, the victims were on their way to the PDP campaign’s official launch in Patani, Patani Local Government Area, when tragedy struck.

They were killed when Unuame’s Toyota black Jeep collided head-on with a tanker at the Umeh intersection of the East/West Road.

According to reports, the driver was killed instantly, while Unuame was pronounced dead shortly after arriving at the hospital.

Osinbajo visits Tinubu in Abuja

The Vice president, Yemi Osinbajo on Wednesday, visited All Progressives Congress presidential candidate, Bola Tinubu at his Abuja residence.

The APC vice presidential candidate, Kashim Shettima, was present during the meeting.

Osinbajo’s media aide, Laolu Akande, disclosed this while tweeting some still pictures captured during the meeting.

He wrote, “Vice President Yemi Osinbajo stopped by for a friendly visit at the Abuja residence of Asiwaju Bola Tinubu just now.”

Osinbajo has not been part of any campaign since he lost the presidential ticket of the ruling party to the former Lagos Governor in May this year.

Saraki ties Emefiele’s DSS probe to top politicians

Former Senate President, Bukola Saraki says the move to remove Godwin Emefiele as Central Bank of Nigeria (CBN) Governor is related to the 2023 election.

The ex-Kwara Governor warned security agencies not to allow themselves to be used to scuttle the presidential poll.

The Department of State Services (DSS) accused Emefiele of terrorism financing and economic crimes, a situation that dents the image of the apex bank amid fears of further naira fall.

In a statement on Wednesday, Saraki said as a victim of a similar “politically-motivated accusation”, he noticed some clouds around the DSS court action.

The politician said the case was initiated just over two months before the general elections after the CBN introduced tough guidelines on the cashless regime and redesigned the naira.

“As somebody who had been wrongly accused of involvement in the Offa robbery by political opportunists, I feel that a similar intrigue is being weaved by those who are bent on sabotaging the 2023 elections.

Saraki observed that the DSS suit at the Federal High Court in Abuja has been described as frivolous and without concrete evidence.

“My position is not to support Emefiele but to support democracy which is being targeted by the plotters.

“With all the due respect that I have for the DSS as a very professional security agency, I still found it very difficult to understand what led to the charges.”

Saraki wondered why the DSS did not provide concrete evidence that will enable the court to take a good decision, giving room for suspicion and speculations.

He noted that the case is being seen as part of “a grand plot by those who want to undermine and sabotage the coming general election because their calculation on vote buying, rigging, and excessive use of money is falling apart”.

The new CBN regulation on a cashless regime is sure to frustrate the partisan fraudsters, the mischievous politicians, and unpatriotic elements, the statement added.

Saraki said the same elements attempted to use the National Assembly to tamper with the electoral process by frustrating the electronic transmission of results, the Biometric Voters Accreditation System (BVAS), the new guidelines on currency change, and cash withdrawal.

The Peoples Democratic Party (PDP) chieftain urged security agencies to distance themselves “from the anarchists and anti-democratic elements masquerading as democrats or political players”.

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