Economy

Hardship: Labour Begins Strike, Vows to Ground Economy

Published

2 years ago

September 5, 2023

Eric

The Nigeria Labour Congress has vowed to ground the economy as it says the stage is set for a two-day nationwide warning strike in response to the severe economic hardships plaguing the nation on the aftermath of subsidy removal by the Federal Government.

This move has garnered widespread support from key stakeholders, including the banking sector, civil society organisations, and workers’ unions, as they unite to address the growing economic crisis in the country.

The National Union of Banks, Insurance and Financial Institutions Employees, the umbrella organisation representing workers in the banking and insurance industry, on Monday vowed to take part in the strike, effectively shutting down financial activities across Nigeria.

A statement signed by the General Secretary of NUBIFIE, Mr Mohammed Sheikh, underscored the importance of their participation in the two-day warning strike by the NLC, citing the need to draw the government’s attention to the dire economic situation faced by Nigerians.

The leadership of NUBIFIE has issued a notice that all banks will be shut down on Tuesday, 5 and Wednesday, 6 September 2023, in line with the NLC two-day strike directive.

“The directives are imperative to get the needed attention of the government and to warn it against interfering in the internal affairs of unions instead of addressing the punishing economic circumstances we find ourselves in,” the statement emphasised.

Speaking with The PUNCH, the Senior Deputy General Secretary of NUBIFIE, Mr. Aboderin Olusola, reiterated their commitment to the NLC’s cause, stressing the necessity of solidarity among industrial unions during these trying times.

Olusola said, “It was NLC’s directive to all the industrial unions and NUBIFIE didn’t have any option than to issue that circular to all our members and management of banks and insurance companies in Nigeria.”

Joining the chorus of concern, the United Action Front of Civil Society has thrown its full support behind the NLC’s two-day warning strike.

In a statement signed by the Head of the National Coordinating Centre for the United Action Front of Civil Society, Wale Okunniyi, the organisation expressed outrage over the hardship inflicted on Nigerians by the government’s decision to remove fuel subsidies and subsequently raise the price of premium motor spirit.

The Maritime Workers Union of Nigeria has backed the Nigerian Labour Congress to embark on the two-day warning strike.

This was contained in a letter on Monday titled, ‘Compliance to the Nigerian Labour Congress directive on a nationwide two-day warning strike’, signed by the Head of Media, MWUN, John Ikemefuna.

The PUNCH reports that on Friday, the NLC in a communiqué jointly signed by its National President, Joe Ajaero and Secretary, Emmanuel Ugboaja, said it decided to embark on a two-day warning strike following what was described as the failure of the Tinubu-led Federal Government to dialogue and engage stakeholders within the organised labor on efforts to cushion the effects of fuel subsidy removal on Premium Motor Spirit, popularly known as petrol, on the “poor masses”.

The President General of MWUN, Adewale Adeyanju, directed all its affiliates to embark on the two-day nationwide strike.

He said, “This decision is due to the Federal Government’s refusal to engage and reach an agreement with the organized labor on critical issues of the consequences of the unfortunate hike in the price of petrol, which has unleashed massive suffering on Nigerian workers and the generality of the Nigerian citizens.”

“The MWUN as an affiliate of the NLC, is obliged to comply with the directive and has consequently instructed all our members in all ports, jetties, terminals, and oil and gas platforms nationwide to partake on the two days total shut down warning strike as directed by the NLC.”

The Punch

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

2 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

1 week 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.