Economy

Border Closure: Benin Republic Retaliates, Stops 3700 Nigerian-Bound Cargo-Laden-Trucks

Published

4 years ago

July 12, 2021

Eric

In what appeared to be payback over Nigeria’s closure of some borders in 2019, the Government of the Republic of Benin has stopped 3,700 Nigerian-bound cargo-laden trucks from Cote D’Ivoire, Ghana and Togo at Ilakoji border, the border between Togo and the Benin Republic.

This development has left over 3,700 Nigeria-bound trucks laden with transit goods worth several billions of Naira trapped between Togo and the Benin Republic.

As a result of the blockage at Ilakoji, Tribune Online learnt that the Benin Government has imposed a new import duty payment of CFA9 million per transit truck laden with Nigeria-bound goods, an equivalent of about N6.5 million which are exempted from all forms of duty under ECOWAS protocols on transit goods.

Confirming the development, the Chairman of the Association of Nigeria Licensed Customs Agents (ANCLA) Seme border chapter, Bisiriyu Fanu said Benin authority actually stopped the cargoes that were coming from Côte d’Ivoire, Ghana and Togo to Nigeria at Ilakoji.

“Benin government wants to be collecting full duty on these goods. The Benin authorities claimed that they suspected that the goods are not West African produced goods.

“They didn’t even give any reason why they stopped the goods because when we asked them, they said they were investigating. What they are investigating, nobody knows. The Benin Republic Controller at Seme border said they didn’t give Ilakoji any circular.

“The issue has been on now for more than two weeks and it has not been resolved. I went with my team to the Nigerian embassy in Cotonou to make a formal report and they have escalated it to Abuja.

“The Republic of Togo and Ghana have also escalated it to ECOWAS. They held about two to three meetings between the last two weeks and now, but they have not come to any conclusion.”

When asked if it’s a retaliatory move by the Benin Republic government over the Nigerian border closure policy, Fanu explained that he cannot authoritatively say that is the reason.

“I am not saying it’s a retaliatory move. The Benin Republic Controller told me it is a verbal directive and that they have to comply with it.

“Legally, a transit good is not supposed to pay a kobo because, in the transiting country, it will just pass through, but the Benin Republic government is demanding for duty on these goods at Ilakoji,” Fanu added.

Also speaking on the matter, the President, National Council of Managing Director of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, expressed surprise over the development and said the decision violates all protocols of the Economic Community of West African States ECOWAS on free trade, especially the ECOWAS Trade Liberalisation Scheme ETLS.

He said the Nigerian government shouldn’t have closed it border against Benin for one and a half year, adding that Nigeria started what is happening now, which was a big mistake.

“If you look at the Benin Republic, they rely on Nigeria to survive. There must be something that made them do what they have done. We need to be very careful. I continue to say this; you don’t run Government on the impulse of body language. You run the government on the impulse of law.

“When you have an ECOWAS treaty, you don’t go and block the border without informing your neighbours that you want to close the border. What they supposed to have done like what America has done, which is mutual administrative assistance.

“There should have been mutual administrative assistance between Benin and Nigeria because both countries have Customs union,” Amiwero explained.

He added that what has happened now is like the Benin Republic is trying to pay Nigeria back in her own coins.

“If you look at the Benin Republic and other West African countries, they have built their economy over time Their ports is now the hub in the region. It looks like they are now ready to withstand Nigeria in terms of economic blockage.

“I don’t see any reason why the Benin Republic is blocking borders because it has never happened before. It is Nigeria that has closed its borders before now.

“This one that the Benin Republic is closing border, it is a very serious issue. How can Nigeria now go into this Africa Continental Free Trade Agreement? It is a serious issue,” Amiwero added.

Culled from Tribune

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

3 days ago

December 3, 2025

Eric

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

The development is a major shift from tighter cash policy measures introduced under the previous administration.

In December 2022, the central bank, under Godwin Emefiele, its former governor, had directed deposit money banks and other financial institutions to limit over-the-counter cash withdrawals by individuals and corporate entities per week N100,000 and N500, 000, respectively.

The CBN’s latest policy reversal, also removed the cumulative deposit limit, saying the fee on excess deposit “shall no longer apply”.

According to the regulator, the policies form part of efforts to moderate the rising cost of cash management, address security concerns, and “reduce the potential for money laundering associated with the economy’s heavy reliance on cash”.

The bank said the policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

However, with the “effluxion of time”, the apex bank said the need has arisen to streamline the policies’ provisions to reflect present-day realities.

“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” the circular reads.

“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.

“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.

“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly. As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”

According to the circular, signed by Rita Sike, CBN’s director of financial policy and regulation department, said all currency denominations “may be loaded in ATMs”.

However, the CBN retained the limit on over-the-counter encashment of third-party cheques at N100,000.

“Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in ‘2’ above”.

“Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

“a . Returns on cash withdrawal transactions above the specified limit;

“b. Returns on Cash Deposits

“Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

“i. Revenue generating accounts of federal, state, and local governments; and

ii. Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

The CBN also said the exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies “shall no longer apply”.

Economy

CBN Retains Interest Rate at 27%

Published

2 weeks ago

November 25, 2025

Eric

The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.

Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.

The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.

It also marks the fourth consecutive hold this year.

The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.

The Punch

Economy

FG Stops Proposed 15% Import Duty on Diesel, Petrol

Published

3 weeks ago

November 13, 2025

Eric

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.

NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.

President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Implementation was slated to take effect on November 21, 2025.

The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.

While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.

Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.

Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.