NDC STATEMENT ON COURT RULING. (PHOTO). #PRESS RELEASE.

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 NDC STATEMENT ON COURT RULING Our attention has been drawn to a ruling by the Federal High Court sitting in Lokoja this morning, wherein His Lordship, Honourable Justice Isah Dashen, gave a ruling on an application filed by an unregistered association known as Peace Movement Party. The public knows that by December 2025, the Nigeria Democratic Congress  as an association complained of INEC’s refusal to register us as a political party, whereupon we proceeded to the Federal High Court. The Federal High Court upheld our constitutional right to freedom of association under the Constitution and compelled INEC to register us, which INEC did. Since then, we have started political activities, embarked on the registration of members, held congresses from ward to national levels, held conventions, and concluded primaries to all offices following INEC’s timetable. We have been fully participating in all INEC activities without let or hindrance. NDC also fielded candidates, and fully pa...
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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.

How stronger regulatory framework can pull more Fintechs into Nigeria’s capital market
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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