Economy

Reactions Trail CBN Policy on New Charges

By Web News 105

By Fasilat Lawal/Rotimi Famakin

Following the  directive given by the Central Bank of Nigeria, CBN to commercial banks  on the commencement of  new transaction charges for the use of Automated Teller Machines, ATMs, some residents of Ibadan have expressed mixed reactions over the new policy.

The new charges took effect on the 1st of March this year. 

Two residents, Tomisin Toriola and Ahmed Babatunde, who spoke with Radio Nigeria in Ibadan, condemned the policy, saying it would inflict more hardship on them. 

Another resident, Mr Habeeb Aduroja noted that  with the new policy, bank customers would have no choice but to visit their banks for transactions which he said could be hectic

However, Mr Steven Odumola expressed contrary opinion saying the money generated from the charges could be used to improve infrastructures that would ease bank transaction and be beneficial to the masses. 

The Central Bank of Nigeria, CBN had in a circular signed by the apex bank’s Acting Director of financial policy and regulation department, John Onojah that customers withdrawing from their bank ATMs  will continue to enjoy free withdrawals.

Mr Onojah also stated that One hundred naira fee will apply per twenty thousand naira withdrawal at ATMs located at bank branches.

He noted that For withdrawals at ATMs of other banks, one hundred naira fee plus a surcharge of up to four hundred and fifty naira per twenty thousand naira withdrawal will be charged.

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Economy

New Naira Notes Scarcity: Banks Pay across Counters, Ignore ATM

By Web News 921

Adetutu Adetule/Tawakalt Famuyiwa

Commercial banks in some parts of Ibadan have started paying the old N200 notes across the counter.

Radio Nigeria correspondent who visited some banks around the Dugbe axis of the metropolis observed that ATMs were not dispensing although people loitered around them.

A customer, Mr John Akinshola, said he was given the sum of N5000 in 200 cash over the counter.

Another respondent, Mrs Sharon Emeka said there had been progress in the cash swap policy due to the enlightenment of accredited PoS agents, while a customer, Mr. Femi Eriife said he was able to exchange his old naira notes without charges.

At Dugbe, many residents complained of the inability to exchange their notes due to the unavailability of the new notes, with some bank customers expressing concerns over the activities of persons who sell the newly redesigned banknotes.

Meanwhile, at the Central Bank Ibadan, people were sighted at the entrance wanting to deposit the old N500 and N1000 in line with the directive by the apex bank governor.

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Crime

EFCC Nabs Suspected Internet Fraudster with a Coffin

By Web News 670

A mini coffin suspected to contain fetish materials was found with a 38-year-old suspected internet fraudster, Azeez Adebowale, when operatives of the Economic and Financial Crimes Commission, EFCC, raided his house in Ibadan on Monday, March 2, 2020.

Adebowale, who claimed to be using the coffin as soap rack, was among the six persons arrested following weeks of piecing together intelligence tips received on their alleged involvement in internet fraud.

The suspects which included a lady, Toyinsola Bolumole, were picked up by men of the commission’s zonal office Ibadan around Oluyole and Alao-Akala Estates of the ancient city.

Others are Ifelowo Ololade, Sonuyi Ayodeji, Folarin Oladele Olayinka and Aluko Olawale.

Items recovered from them include four cars, various brands of sophisticated phones and an Automated Teller Machine (ATM) card.

Sunday Ogunyemi