CBN fixes daily withdrawal across counter at N20,000
Written by Joey Shekwonuzhibo on February 3, 2023
Shortly after extending the deadline for the collection of old naira notes, the Central Bank of Nigeria CBN has directed banks to commence immediate over-the-counter cash payments to their customers with a fixed daily amount of N20,000.
The move it says, is to reduce queues at Automated Teller Machines terminals across the country.
Similarly, the Federal Government has implored Nigerians to see the current scarcity of the naira as a temporary sacrifice for a saner national economy.
Elsewhere, the Federal Competition and Consumer Protection Commission and the Egyptian Competition Authority have signed a Memorandum of Understanding to promote trade fairness between both countries.
The process began in 2019 when the FCCPC and the ECA initiated discussions on enhancing competition law and policy between both parties.
According to a statement by the management of FCCPC, the key mandates of the commission include protection of consumers, and promoting fair competition in Nigeria, with its scope of application to all undertakings, conduct, and commercial activities within or having effect within Nigeria.
The statement notes that the MoU recognises crucial issues that seek to progress both agencies’ engagements through joint investigation, capacity development, and sharing of information and experiences to ensure consumers and businesses derive the protection and benefits that are inherent in the economic expansion this engagement enhances.