Headlines
CBN removes restrictions on domiciliary accounts
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.
Headlines
Commission, journalists partner to revamp water sector in Kaduna
The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.
Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.
Bashir said the commission was aware of the importance of the role media practitioners played in the society.
He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.
Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public
“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.
“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.
“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations
“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”
He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.
The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.
Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.
According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.
Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.
Crime
2 ladies docked for allegedly obtaining money by fraud
The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.
Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.
They each, however, pleaded not guilty to the charge.
The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.
He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.
The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.
He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.
The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.
The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.
He adjourned the case until Jan. 8, 2025 for mention.
Headlines
Driver jailed 6 months for attempting to steal a car
A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.
The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.
Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.
Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.
Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.
“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.
“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.
“The prosecutor said that the offence contravened the Plateau Penal Code Law.
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