The new report is titled: “Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation.”
Browsing: Deposit Money Banks
This was contained in a statement on Sunday directing Deposit Money Banks on the operational of the accounts.
Checks by the News Agency of Nigeria saw huge crowd of customers, with bank officials making efforts to meet their cash needs.
This followed the instruction of the apex bank to the Deposit Money Banks to come for notes it deposited with it.
The acting Director of Corporation Communications of the CBN, Isa Abdulmumin, made this known in a statement
Without any official pronouncement from the CBN, Deposit Money Banks cannot act outside the last instruction by the apex bank
The Force spokesman, Olumuyiwa Adejobi, made the disclosure in a statement on Saturday in Abuja.
He gave the directive at the State Headquarters of the CBN on Hassan Katsina Road, Zone 8 in Lokoja, the Kogi State capital
The gesture is in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira and enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.
The CBN stated that it would launch a cash swap programme in rural and underserved areas of the country on Monday.
If you wish to withdraw above the fixed limit, it will attract a processing fee of 5 per cent and 10 per cent respectively.
The warning was contained in a circular by Ahmed Umar, the Director, Currency Operations Department of the CBN.
The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department.
This particularly relates to requests of travelers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisibles
The apex bank gave the order in a circular signed by its Director of Currency Operations Department, Ahmed Umar.
Making the clarification in a statement on the CBN official website, Osita Nwanisobi, the bank’s Acting Director of Communications, said the directive was not new but only a reminder of a 2017 directive to the same effect.
The Central Bank of Nigeria says it has retained the minimum 65 per cent of Loan Deposit Ratio in the interim.
Vanguard learnt at the weekend that the DMBs, under the aegis of the Bankers Committee, have already approached the Central Bank of Nigeria to propose the limit