CBN transitions to cashless economy
CBN to limit withdrawal amount
In a bid to transition into a cashless economy, the central bank of Nigeria has said it plans to reduce to a bare minimum the amount of monies being withdrawn over the counter. The Governor of the Central Bank of Nigeria, Godwin Emefiele said this during the unveiling of the new naira notes on Wednesday. He added that the restriction on withdrawal volume includes online transactions. He maintained that this was necessary in order to control the amount of money in circulation, curtail the activities of criminals and kidnappers, and prevent hoarding of the Naira. He added that the apex bank will enable the commercial banks to use NIN and BVN to track all withdrawal exceeding a certain amount to make sure the transaction is being initiated for a good cause. Speaking further, the governor added that the new naira notes have security features which makes it impossible to be counterfeited by criminals. Recall that on Wednesday, the CBN and president Muhammadu Buhari unveiled a redesigned version of the currency notes including the N100, N200, 500, and the N1000 notes. However, Nigeria today reported that Nigerians could not hide their disappointment at the poor quality of the new Naira notes.
Baby factory orphanage in Nasarawa State
The Nasarawa State Police Command has uncovered a suspected baby factory in the Karu Local Government Area of the state. The command noted that six girls and a six-month-old baby were rescued from the factory. The state Police Public Relations Officer, DSP Ramhan Nansel, in a statement in Lafia on Wednesday, said that police detectives attached to the Area Command, New Karu, acting on a tip-off, burst a suspected baby factory at Ado Kasa and rescued six young girls and a baby of about six months at St. Bridget Orphanage Home being operated by one Eze Ezeogu Norbert of New Karu and three others. Punch reports that the suspects, Eze Ezeogu Norbert, Nnaemeka Eze, Okechukwu Ogechi and Obiagheli Chidi, abducts underage pregnant girls, hold them hostage till they give birth and sell their children to the highest bidder. The suspects have been arrested and investigations are underway.
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- Buhari to unveil new naira notes today
- Nigeria unveils poorly designed new Naira notes
- CBN launches countdown clock against old Naira notes
GF recovers $1bn looted funds in 7 years
The Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami said yesterday the Federal Government has recovered $1 billion of looted funds since the inception of President Muhammadu Buhari’s administration in 2015. The Minister of Justice disclosed this while briefing State House correspondents at the end of the weekly Federal Executive Council, FEC, meeting presided over by President Buhari at the Council Chamber, Presidential Villa, Abuja, affirmed that the recovered assets had been deployed to various sectors of the economy, including poverty alleviation. The AGF, while revealing that preceding government recorded only 109 convictions before 2015, said the Buhari administration has convicted over 3,000 offenders and recovered about $1b to date. He expressed government’s concern over sundry cases of budget padding, describing the development as worrisome.