NIGER SAYS MILITARY ACTIVITY IN CAPITAL BROUGHT UNDER CONTROL. (PHOTO).

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 Niger says military activity in capital brought under control Niger's defense minister said Saturday that military activity in the capital, Niamey, had been brought under control and security forces had regained control of critical sites that were targeted. Gen. Salifou Mody's remarks were broadcast on national television after heavy gunfire and explosions were reported around Diori Hamani International Airport and the presidential palace in Niamey. Mody said a group of soldiers had "broken away from military order" and attempted to detain some of their fellow soldiers at the Base 101 military facility in Niamey before opening fire on several critical sites in the capital. He said the activity was brought under control thanks to the swift intervention of Nigerien defense and security forces, adding that control was gradually restored in the targeted areas. Mody urged residents of Niamey to remain calm and continue their daily activities as usual.
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RELIEF AS CBN SUSPENDS CHARGES ON LARGE CASH DEPOSITS.(PHOTO).

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Relief as CBN suspends charges on large cash deposits
 
Relief came the way of bank depositors on Monday as the Central Bank of Nigeria has directed all banks, other financial institutions, and non-bank financial institutions, to suspend the processing charges previously imposed on large cash deposits.

This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2019 (FPR/DIR/GEN/CIR/07/042), affects deposits over N500,000 for individual accounts and N3,000,000 for corporate accounts.

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Analysts say the suspension is a significant shift in policy and will remain in effect until the end of April 2024.

The move is seen as a fortification of the new financial landscape the apex bank is creating which demolishes some of the previous policies of the CBN.

It is also in response to the yearnings of depositors across Nigeria.

The directive mandates all financial institutions regulated by the CBN to comply by not imposing any charges on cash deposits that meet or exceed these thresholds. This development is expected to encourage more significant cash deposits, enhance liquidity, and possibly impact various sectors positively, including small and large businesses.

The move is expected to encourage hoarders to release huge chunk of cash in their possession as the fear of charges made them to withhold huge cash.

 

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