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CBN removes restrictions on domiciliary accounts

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The Central Bank of Nigeria (CBN) has removed the restrictions on domiciliary accounts and has increased the cash deposits to $10,000 daily.

The bank confirmed this development in a statement on Sunday after an extraordinary Bankers’ Committee meeting to discuss the new foreign exchange (FX) policy aimed to converge the various exchange rate regimes in the country.

The CBN said domiciliary account holders must be allowed full access to their funds.

“Domiciliary account holders are permitted to utilize cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer,” a part of the notice from the central bank said.

“Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts,” the bank added.

Also, the bank said its new forex policy, which was announced on June 14, 2023, is aimed to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.

It said as a result, all visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors and Exporters (I&E) segment of the market,

The CBN further said cash deposits into domiciliary accounts will not be restricted, subject to deposit money banks (DMBs) conducting proper know your customer (KYC), due diligence, and adhering to the spirit and letter of extant AML/FT laws and other relevant rules and regulations.

“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the  I&E window,” it also stated, noting that, “DMBs shall provide returns to the CBN including the purpose for such transactions.”

In the statement, the CBN promised to prioritise orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.

It assured the banking public that it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users.

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FRSC warns truck drivers against speeding, reckless driving

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Mr Joshua Ibitomi, the Area Commander of Federal Road Safety Corps (FRSC),
Ibeju-Lekki, Epe Division, Lagos State, has warned truck drivers against speeding and reckless driving.

He gave the warning in an interview with the News Agency of Nigeria (NAN) in Ibeju-Lekki on Tuesday.

The FRSC official, who blamed speeding on the ghastly vehicle accident that occurred at Aiyetoro market in Epe
which claimed several lives and left some injured, said that with careful driving, such accident could be avoided.

He added that “the accident was as a result of speeding, reckless driving and loading of truck beyond its capacity.

“All these are factors responsible for accident when drivers are not conscious of the driving rules.

“Vehicle can develop technical fault at any time, therefore, speed limit and caution need to be applied while driving.”

He said FRSC had been sensitising drivers on the need to install speed limit device and be road conscious while driving, in line with the mandate to instill decent use of road.

Ibitomi also advised passers-by and the public to be safety conscious while walking on roadsides to avoid falling victim of accidents.

He attributed major road crashes on roads to speed limit violation, urging drivers to respect the sanctity of human life by obeying traffic rules.

He added that the FRSC had evolved measures to ensure accident-free yuletide and new year festivities in 2024

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Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters

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Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters

Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.

At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”

“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”

Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.

“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.

In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.

As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.

“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.

Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”

While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.

“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.

The contrasting scenes highlighted the nation’s deep political divide on election night.

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Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties

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Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties

President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.

The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.

Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.

Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”

Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.

Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”

The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.

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