KWARA GOVT DONATES 150 OFF-ROAD MOTORCYCLES TO NIGERIAN ARMY. (PHOTO). #PRESS RELEASE

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 Kwara Govt donates 150 off-road motorcycles to Nigerian Army •LGAs acquire 320 motorcycles to boost vigilantes' security operations  In a bid to further strengthen security operations and maintain peace across Kwara State, His Excellency Governor AbdulRahman AbdulRazaq-led Kwara State Government has donated 150 off-road motorcycles to the Nigerian Army. The motorcycles are expected to enhance troops' mobility and effectiveness, particularly in rugged terrains such as forests, where non-state actors may be hiding with intent to destabilise the peaceful atmosphere of the state. This strategic intervention follows recent reports of the disturbances of non-state actors in parts of Kwara South and Kwara North.  In response, on Monday, April 21, 2025, Governor AbdulRazaq led a high-powered joint security delegation on an operational assessment tour to the Kaiama Local Government Area in Kwara North. Within 24 hours of the tour, the Governor also held a strategic meeting with t...
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CBN EXTENDS SUSPENSION OF CASH DEPOSIT CHARGES. (PHOTO).

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 CBN extends suspension of cash deposit charges


The Central Bank of Nigeria (CBN) has extended the suspension of charges on cash deposits above certain thresholds.

The new directive, effective immediately, will see Nigerians continuing to deposit cash without incurring processing fees until September 30th, 2024.

This announcement comes after a brief period of confusion. On May 1st, banks resumed charging processing fees on cash deposits, in response to the CBN’s “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued in December 2019.

These fees were two per cent for individual accounts exceeding N500,000 and three per cent for corporate accounts exceeding N3 million.

The CBN, in a new circular signed by Adetona Adedeji, Director of Banking Supervision, referred to a previous suspension of these charges implemented in December 2023 and officially extended that suspension until the end of the third quarter of 2024.

The latest circular reads: “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019.

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