CBN Asks Banks To Suspend Charges On Deposit
The Central Bank of Nigeria (CBN) has instructed commercial banks to suspend charges on cash deposits until September 30, 2024. This directive, conveyed through a circular signed by Adetona Adedeji, the Director of Banking Supervision at CBN, follows objections from customers regarding processing fees for cash deposits, which were reintroduced on May 1. The suspension applies to the 2% charge on individual deposits exceeding N500,000 and the 3% charge on corporate deposits over N3 million. The CBN has mandated financial institutions to accept cash deposits from the public without any charges until the end of the third quarter of 2024.
NLC Kicks Against Cybersecurity Levy
The Nigeria Labour Congress (NLC) has strongly opposed the introduction of a 0.5% cybersecurity levy on all electronic bank transactions by the Central Bank of Nigeria (CBN). The CBN issued a circular mandating banks and payment service operators to implement this levy, starting in two weeks from May 6, 2024. The NLC, represented by its President, Joe Ajaero, condemned the levy as an additional burden on hardworking Nigerians amidst existing economic challenges. The NLC demanded the immediate withdrawal of the levy, citing concerns that it would worsen financial strain on the populace.
‘It’s Additional Hardship For Students’, NANS Rejects Cybersecurity Levy
The National Association of Nigerian Students (NANS) has criticized the newly introduced 0.5% cybersecurity levy on all bank transactions by the Central Bank of Nigeria (CBN). In response to the CBN's circular issued on Monday, NANS President Pedro Obi expressed deep concerns over the levy, stating that it further burdens the already strained populace, especially amid prevailing economic challenges.
NANS denounced the levy as an undue strain on hardworking Nigerians and urged the government to reconsider, proposing alternative measures to finance cybersecurity enhancements without imposing additional taxes on the populace. The student union emphasized the need for policies that alleviate economic burdens rather than exacerbating them.
Petroleum marketers knock FG policies, blames scarcity on low refining capacity
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the ongoing fuel scarcity in Nigeria to a combination of factors including low refining capacity and inconsistent government policies in the petroleum sector. IPMAN Deputy President, Zarma Mustapha, explained that the scarcity is mainly due to dwindling petroleum product supply, particularly Premium Motor Spirit (PMS or petrol).
Mustapha highlighted historical challenges dating back to the late '70s when IPMAN and major marketers were established to address supply issues. Despite efforts to expand refining capacity and infrastructure, the country has struggled to meet the growing demand for petroleum products. Government policies, especially pricing regulations affecting PMS, have deterred private investment in importation and distribution. High operational costs and unfavorable foreign exchange rates have made private importation unprofitable, leaving NNPC as the primary fuel importer.
IPMAN urged the government to review policies and invest more in refining capacity to ensure stable and reliable petroleum product supply nationwide amidst citizen inconvenience due to the fuel scarcity.