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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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CBN bows to pressure, limits withdrawals to N.5m and N5m weekly

CBN head office, Abuja


By Favour Ajibade


The Central Bank of Nigeria ( CBN) has increased the maximum  weekly withdrawal for individuals and companies to N500,000 and N5million  respectively.

Before now, the weekly maximum withdrawal for individuals was  N100,000, a development, which was frowned at many Nigerians, especially the business oriented ones. 

The apex banking body, in a letter dated Thursday, November 12,2022 and signed by its Director, Banking Supervision, Haruna Mustapha said it has become necessary to upwardly review the issue in order not to cause disquiet in the country.

The letter reads: "Following our circular BSD/DIR/PUB/LAB/015/06dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:

" In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”





 on Thursday, and addressed to banks in Nigeria, said that it has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500, 000 and N5m, respectively.

The bank said it made the decision based on feedback received from stakeholders.



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