Economy
Banks Ration New Naira Notes as Cash Shortage Hits Financial System
By Adedapo Adesanya
Days after the Central Bank of Nigeria (CBN) rolled out the new Naira notes, Business Post can independently verify that Nigerian banks are rationing the banknotes.
According to conversations with employees and customers of several banks in the country, the old notes would still be given out to customers alongside the new notes due to the limited supply of the redesigned N200, N500, and N1,000 from the CBN.
Recall that the central bank had announced limits on cash withdrawals via over-the-counter (OTC), Automated Teller Machines (ATMs), and other channels after it called on customers to deposit their old N200, N500, and N1,000 notes. This move was part of initiatives to increase the use of electronic transfers.
In a notice, the CBN said customers would no longer be able to withdraw more than N20,000 per day via the ATM and PoS terminals and N100,000 per week via the same channels.
“The maximum cash withdrawal per week via Automated Teller Machine (ATM)) shall be N100,000, subject to a maximum of N20,000 cash withdrawals per day. Only denominations of N200 and below shall be loaded into the ATMs,” the disclosure stated.
It also said, “the maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”
As for cash withdrawals via OTC, the central bank stated that it would be N100,000 for individuals, with a 5 per cent processing fee for amounts above the cap, while for corporate organisations, the limit is N500,000 and 10 per cent charge for amounts above the limit.
The maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organizations per week was pegged at N100,000 and N500,000, respectively, from January 9, 2023.
This newspaper confirmed that customers who opted for cash withdrawals were given a mix of the old and new N1,000 notes, which is not the usual practice when new notes are introduced into the financial system.
For instance, a customer who doesn’t want to be named said he went to a Wema Bank branch on Monday (December 19) for a N30,000 withdrawal via cheque and was given N20,000 in old N1,000 notes and N10,000 in the redesigned notes.
Another bank customer said the GTCO in her area gave her about 40 per cent of the new notes while the rest were the old notes. She, however, expressed that it would drive her to adopt electronic platforms rather than visit the ATMs.
Speaking with a staff of one of the commercial banks, who asked for anonymity, it was confirmed that they were instructed to ration the notes.
Another bank rep, who is familiar with banking operations, confirmed to this reporter that, “People get it at the branch. I hear it’s being rationed, yes.”
Meanwhile, Business Post gathered that some of the commercial banks are battling with cash shortages ahead of the January 9, 2023 commencement of the new cash withdrawal policy of the CBN. At one of the branches of a tier-one bank on Akonwonjo Road, Egbeda, Lagos, on Wednesday, customers who wanted to withdraw cash were asked to wait for customers to make cash deposits before they could be attended to.
Also, at the branch of another bank on Idimu Road in Egbeda, it was a similar situation, as a few customers with large cash withdrawals had to wait for a while to have their requests granted.
This has already frustrated some customers, who are beginning to doubt the efficacy of the new CBN policy.
One of them, who identified himself as Mr Raymond Ademola, said, “This policy is only meant to frustrate the masses. I don’t know why people would be restricted from taking their funds from banks. But I thought this policy is supposed to start next year; why is it difficult to withdraw cash?
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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