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Tag: cash transfer

  • Cash transfer: FG supports 6 million Nigerians in 6 months – Minister 

    Cash transfer: FG supports 6 million Nigerians in 6 months – Minister 

    Prof. Nentawe Yilwatda, the Minister of Humanitarian Affairs and Poverty Reduction, says six million Nigerians have benefited from the Federal Government’s Conditional Cash Transfer programme in six months.

    Yilwatda disclosed this while addressing beneficiaries of the ongoing Skills-to- Wealth (S2W) Training programme on Thursday in Jos.

    The minister, who said that only two million Nigerians benefitted from the programme in the last nine years, however, disclosed that the ministry had adopted a new approach.

    “Only two million people benefitted from the conditional cash transfer in the past; it simply means that in nine years of that programme, just 200,000 people benefited in a year.

    “We are in the process of digitising all the homes of people on the social register, giving them digital identity, creating e-wallets account for them, and carrying out physical verification.

    “We have removed a lot of names out of the social register that have errors. They are not known, and we couldn’t verify and identify them and their homes within the social register.

    “In six months, we have reached out to six million people; it simply means that we are doing one million people per month,” he said.

    The minister added that 15 million Nigerians would be enrolled under the programme by October.

    “The President wants to ensure that before October, we can support 15 million households.

    “The president has directed that we should ensure that that money reached these people in nine months,” he explained.

    Read Also: FG sets up task force to accelerate cash transfers to 15 million households

    Yilwatda also said that the ministry engaged the World Bank to independently verify the programme.

    “After we delivered to the first four million people, I asked the World Bank to set an independent team to do a verification of these people we are paying.

    “We wanted to be sure that we are doing the right thing, and the result revealed that the people we paid were actually on the social register.

    “They visited the homes of the beneficiaries and met 96 per cent of them in person.

    “The remaining four per cent that they couldn’t verify are those in hard to reach areas and those who migrated due to insecurity,” he explained.

    On the S2W programme, the minister said that it was designed to empower Nigerian youths in three thematic sectors, including agriculture, renewable energy, and automobile.

    (NAN)

  • Cash transfer politics

    Cash transfer politics

    Revelations by the Minister of Humanitarian Affairs and Poverty Reduction, Nentawe Yilwatda, highlighted challenges faced by the Federal Government in implementing its conditional cash transfer programme. He said on Channels Television’s Sunrise Daily that certain people were trying to influence the composition of the social register for the scheme. 

     According to him, “Some people want us to bend and allow the governors or the states to just generate the list and send. It’s a conditional transfer; conditions are attached to qualifying to benefit from the social safety net.

    “So, we will not bend to allowing any political affiliation or attachment to this conditional cash transfer.”

    In July 2023, some state governors had questioned the integrity of the national social register and considered it unreliable. They gave the impression that the existing register had no input from the states. However, the National Social Safety Nets Coordinating Office (NASSCO) explained that the national social register “is an aggregation of state registers built by each of the 36 states and the FCT.” 

    Yilwatda’s revelations suggest that some political players still oppose the existing cash transfer register and want states to create their own, despite NASSSCO’s explanation of their involvement in its making. This is curious.

    Furthermore, the minister said the government had validated the identities of only 1.2 million out of 19.8 million Nigerians captured on the country’s social register to qualify for social safety nets. It is unclear why the identities of more than 18 million are unvalidated.

    Read Also: Nigerian women key to Africa’s projected $29tn economy by 2050 – Shettima

    Identity validation is crucial. If the processes are uncorrupted, identifying and validating the identities of the poor for cash distribution should be uncomplicated. The large number of unvalidated identities suggests the existing social register may be corrupted. It remains to be seen how many identities will ultimately be validated.

    Also, the minister said he suspended the cash transfers, explaining that National Identification Number (NIN) and Bank Verification Number (BVN) were now compulsory for all digital transfers for audit and transparency purposes. “It is going to be clearly digital,” he stated.

    He noted that the scheme is “a partnership between us and the international community involving also the World Bank and civil society organisations (CSOs),” adding, “This time around, we are carrying the CSOs along so that we will ask them to verify all payments. They can do follow-ups and we can have some levels of transparency in what we are doing.”

    It remains to be seen whether the conditional cash transfer programme can be implemented without any whiff of corruption.

  • Cash transfer: 283,003 Lagos residents to get N25,000 each

    Cash transfer: 283,003 Lagos residents to get N25,000 each

    More than N30 billion may reach the hands of the poor and vulnerable people in Lagos in the next six months as the State Cash Transfer Unit has kick started the enrollment process for the Renewed Hope Conditional Cash Transfer (CCT) Programme.

    Part of the National Social Safety Net Project Scale-Up (NASSP-SU), the Renewed Hope Conditional Cash Transfer (CCT) Programme of President Bola Ahmed Tinubu aims to bring financial relief to vulnerable citizens across the 36 states of the Federation.

     The first tranche will come from Economic Shock Response Cash transfer while the second will come from the Extended Regular Cash Transfer (ER-CT).

    In his opening speech during the Renewed Hope Enrollment Training for 186 Cash Transfer Facilitators in the state, the Lagos Commissioner for Ministry of Wealth Creation and Employment Akinyemi Bankole Ajigbotafe said the NASSP-SU was part of reforms in the government’s support policies for the poor, which places the people at the center of development with an aim to leave no one behind.

    Ajigbotafe said the programme is focused on helping impoverished communities and people.

    According to him, it will contribute to promoting sustainable socioeconomic development and poverty reduction.

    Renewed Hope Conditional Cash Transfer, he explained that each beneficiary will receive #25,000 per circle, for three payment circles, culminating in total financial support of #75,000.

    According to him, beneficiaries of the second component which is Extended Regular would get #10,000.00 bi-monthly, bringing the total to #60,000.00.

    The financial assistance, he noted, would make a significant impact on the lives of the beneficiaries, contributing to their well-being and resilience due to the hardship caused by the current economic reforms in the country.

    According to him, over 283,003 households are to benefit from the ongoing enrollment across a total of 20 Local Government Areas and 37 Local Council Development Areas (LCDAs) in the state.

    He also appreciated Gov. Babajide Sanwo-Olu for his relentless support and care for the down trodden in the state.

    He said the great humanitarian strides and efforts were evidenced in the various humanitarian programmes to cater for the poorest of the poor, the vulnerable and the indigent citizens in the state.

    “It is truly a greater rising season for our state.

    Read Also: Fed Govt cash transfer scheme for 102,650 Edo beneficiaries

    “President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer in November, 2023 to mitigate amongst others the economic shocks arising from government policies.

    “Also from natural disasters add pandemics that negatively affect rural and urban livelihoods in Nigeria.

    “With this, the Federal Government established a time-limited economic shock Response – Cash Transfers (ESR-CT) of N25,000 for 283,003 poor and vulnerable households (PVHHs) in Lagos state to cushion the effect of the on-going economic reforms as mandated.

    “A total of 283,003 poor and vulnerable households have been mined for enrolment into conditional cash transfer in the state.

    “This includes 209,385 mined Poor and Vulnerable Households and 73,618  from the National Social Register (NSR) and Rapid Response exercise.

    “This will aid the capacity  building of the nominated 186 cash transfer facilitators to be equipped.

    The National Programme Manager, National Cash Transfer Office (NCTO), Dr Micheal Ajuluchuku, represented by Zainab Usman said the Federal Government commenced the immediate roll-out of Cash Transfers to beneficiaries of the Renewed Hope Cash Transfer Programme which aims to provide 15 million poor and vulnerable Nigerian households withN25,000 monthly, for three months.

     According to her, the roll out is leveraging the NASSP-SU implementation strategy and delivery platforms, with a view to providing a cushion against the on-going economic reforms

    She explained that NASSP SU is designed to support new beneficiaries for Economic Shock

    Response Cash transfer (ESR-CT) in urban and rural areas across the country and existing CT beneficiaries for Extended Regular Cash Transfer (ER-CT).

    She added that the beneficiaries of the programme are products of the recent Social Register verification and that they spread across the 774 LGs in the Country based on States quota.

    In his remarks, the Permanent Secretary, Ministry of Wealth Creation and Employment, Dr Abiodun Onayele   said there were efforts by the government towards implementation of programmes for sustainable poverty reduction.

    According to him, all beneficiaries will be paid through their bank accounts. Those with existing bank accounts, he noted, will be paid through their accounts while new accounts will be opened by the programme for those that do not have accounts. The strategy, he continued, will help to ensure all beneficiaries are financially included through the programme.

    He urged the public to visit their communities to enquire if their community is part of the current disclosure and check their names on the disclosure list which is often displayed on a location agreed by the community members for unhindered access and convenience of the members for validation and enrollment.

    Speaking further on this, the State Programme Manager, Mrs Lola Korede Orimogunje  said  the enrollment targets beneficiaries from the National Social Register (NSR) and additional  beneficiaries from the Rapid Response Register (RRR). The enrollment, according to her, is actively ongoing in all the Local Government Areas, Wards and Communities across the State.

     She urged beneficiaries to provide their National Identification Numbers (NIN) during the enrollment process to meet the eligibility criteria for opening bank accounts in fulfillment of the recent Central Bank of Nigeria (CBN) directives.  The enrolment exercise which began last week is going to last for ten days.

  • Cash transfer office investigates ‘non-payment’ of 10,000

    Cash transfer office investigates ‘non-payment’ of 10,000

    The Zamfara unit of the National Cash Transfer Programme says it has started investigation into alleged non-payment of more than 10,000 cash transfer beneficiaries in Tsafe Local Government Area of the state.

    More than 10,000 beneficiaries from 17 communities in the local government area staged a protest on Thursday over alleged non-payment of their benefits since their enrolment in 2018.

    The Training and Communication Officer of the unit, Mr Nasir Ja’afar told newsmen in Gusau yesterday that the matter had already been channeled to the National Cash Transfer Office, Abuja.

    He said: “We are aware of the uproar coming from communities in Tsafe Local Government Area over non-payment of the benefits.

    Read Also: Pensioners are to benefit from Conditional Cash Transfer

    “I am appealing to affected beneficiaries and communities to be patient as the issue has already been channelled to the National Cash Transfer Office, Abuja. A total of 130,000 poor and vulnerable households were enrolled into the National Cash Transfer Programme in Zamfara in a pilot scheme.  The pilot scheme covered Anka, Bungudu, Birnin-Magaji, Kaura-Namoda, Tsafe and Talata-Mafara local government areas.”

    The National Cash Transfer Programme is one of the social safety net programmes of the Federal Government.

    The programme, conceived as part of Federal Government’s larger growth and social inclusion strategies to address key social concerns, began in September 2016.

    It is a component of the National Social Safety Nets Project supported by the World Bank to provide financial support for targeted poor and vulnerable households.

  • On Fed. Govt.’s conditional cash transfer 

    On Fed. Govt.’s conditional cash transfer 

    • By Kene Obiezu

    Sir: What won’t Nigeria give to eradicate poverty? A monstrous problem, entire budgets and even generations have been guzzled up in an attempt to eradicate it.

    Successive administrations have thrown everything but the kitchen sink at the problem, or so they said, but the problem has persisted.

    Poverty has become an affliction as well as a symptom. An affliction many years in the making. A symptom that has manifested for many years.

    In November last year, Nigeria’s population was 217 million. Before then ,a damning report by the World Bank put the figures of Nigeria’s poor at about a hundred million. Can any country experience serious development with millions of its people languishing beneath the international poverty line?

    The gravity of the problem of poverty in Nigeria is best understood by singling out some of the problems that are directly linked to the grotesque specter of unemployment.

    Youth crime and restiveness as well as poor education are only some of them.

    Malnutrition among children is another understated but potent effect of poverty.

    Nigeria has always sought to shell and solve its biggest conundrum. But many of the steps it has taken so far have careened into controversy almost as soon as they have started.

    In a country battered by corruption, it is no surprise that efforts to eradicate poverty have themselves become mired in corruption in the recent past.

    On May 29, Asiwaju Bola Ahmed  Tinubu was sworn in as Nigeria’s sixteenth president. In his bid to address the problem, he has launched the conditional cash transfer program.

    According to Betta Edu who is the Minister for Humanitarian Affairs, the sum of N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.

    The scheme targets 15 million households and a total of about 61 million Nigerians as it seems to blunt the sharpest edge of poverty in the country. 

    Read Also: Ministry set target to achieve new foreign Affairs’ vision

    There should be no mistake about it. The scheme, which is projected to cost one trillion Naira, targets Nigeria’s most vulnerable. Experience  has shown that it can well be a lifeline.

    But as well as being a lifeline, isn’t it another stopgap measure? Does one of Nigeria’s monstrous problems not deserve decisive solutions?

    For how long does Nigeria expect to keep circulating measures that at best paper over the cracks of the poverty grinding down its considerable population?

    Poverty in itself is a mark of injustice, inequity, and inequality. On its own, it tells a chillingly complete story of what could happen when resources are not evenly distributed. In Nigeria, it also tells of  corruption and a startling lack of vision.

    There is really no explanation for the fact that so many people in a country that is very rich lives under less than a dollar a day.

    It has taken years to render Nigerians dirt poor. It will take years to make them prosperous once again.

    Successive governments have shown no appetite for the considerable task of setting Nigerians on the way to lasting prosperity. Many have favoured stop-gap measures.

    But rooting out poverty takes a lot of planning, policy and patience. It is a considerable job.

    But if the current administration can commit to it, Nigeria would no doubt reap a harvest of bountiful fruits in the near future.

    It would mean less out of school children. It would mean fewer vulnerable communities. It would mean more educated and better informed citizens. Crucially, it would mean healthier and happier citizens.

    Until this is done, attempts to recycle poverty such as the conditional cash transfer would remain unnecessary distractions on Nigeria’s path to prosperity. 

    •Kene Obiezu,

    keneobiezu@gmail.com

  • BREAKING: Tinubu launches Cash Transfer relief aid for 15m households

    BREAKING: Tinubu launches Cash Transfer relief aid for 15m households

    President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer initiative, targeting more than 61 million vulnerable Nigerians for post-fuel subsidy removal relief.

    The launching ceremony of the initiative was programmed to coincide with this year’s International Day for the Eradication of Poverty.

    The Renewed Hope Conditional Cash Transfer initiative, which will give monthly N25,000 cash support to 15 million households nationwide is expected to gulp nothing less than N1.125 trillion.

    Speaking at the flag-off ceremony of the initiative, which was held on Tuesday, October 17, at the State House Press Gallery, Abuja, President Tinubu, who was represented by the Secretary to the Government of the Federation, George Akume, described the launch as a statement of his administration’s commitment to poverty alleviation.  

    According to the president, the theme of this year’s commemoration; “Decent Work and Social Protection: Putting Dignity in Practice for All” is no doubt in perfect alignment with the Renewed Hope Agenda.

    He said: “Today is a significant day for us in Nigeria and for my administration for it brings with it an opportunity for me to restate my administration’s commitment to poverty alleviation as expressed in my 8 point Agenda.

    “My government will lead from the front in seeking to ensure that all Nigerians have opportunities decent for dignified work and sustained social protection.

    “It is only via a sustained collaborative approach that we can win this war against poverty in Nigeria and the world at large. Hope is here. I ask the Nigerian people to please ensure that they key into all the available programmes because they are here to help.

    Read Also: Tinubu administration committed to improving lives of Nigerians, says minister

    “Our objective is to lift millions of Nigerians out of poverty. Yet, this will only be possible with the cooperation of the people we seek to help. Let us continue to work together to achieve our collective goal of eradicating poverty in Nigeria”, he said.

    Earlier in her address, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, warned that ignoring poverty alleviation in the country will amount to sitting on a keg of gunpowder.

    She observed that the N75,000 already announced by the President for disbursement to vulnerable households in the country is enough to successfully run small-scale businesses.

    Edu noted: “Beyond this, the government will be providing low-cost shelter for the poor and internally displaced persons as a form of providing that cover for them. Several other interventions, including the rural vocational skills Intervention will be carried out at mass scale. All of these are targeted at the various dimensions of poverty in the country.

    “As a nation, we must come together to fight poverty. Poverty is that scourge, poverty is that hydra-headed cobra in the room that if not tackled, would consume everyone.

    “Sitting and ignoring poverty at any level, will only seem or equate to sitting on a keg of gunpowder and that’s why today, the president is taking it headlong.

    “We want to encourage Nigerians, we want to encourage the private sector, we want to encourage our development partners that are here, it’s time to step up to the occasion.

    “We have a clear-cut roadmap, an action plan for implementation of the eradication of poverty from Nigeria. Everyone must key in and be part of it.”

    Edu assured that Tinubu will eradicate poverty in the country by the year 2030.

    Nigeria’s Minister of Finance and Coordinating Minister of Economy, Wale Edun, said the 63% statistics of Nigerians living in poverty, representing 84million of the population, is unacceptable to President Tinubu

    He stated: “Clearly to Mr. President, it is totally unacceptable as it is to the rest of us. And that is why it is perhaps his number one priority, tackling poverty and he has a program to stabilize the economy and grow the economy in general.

    Edun added that the cash transfer program will help reduce poverty in a significant way.

    The World Bank country representative, Shubham Chaudhuri confirmed that cash transfers are a method widely acknowledged and universally accepted.

    Chaudhuri stressed that the method has proven to be one of the most effective ways to provide assistance to citizens, particularly the impoverished and vulnerable who have been impacted by economic shocks or rising living costs.

    He said: “This aid is crucial in helping them overcome the initial period during which they might otherwise be compelled to make decisions with long-term consequences. For instance, these decisions might include reducing daily meals to just one or withdrawing their children from school.

    “The type of cash transfer referred to as ‘shock-responsive cash transfer’ that is currently being implemented is utilized by countries worldwide to offer temporary relief in such situations.”

    The Beneficiaries present at the flag were, Larai Suleiman, Shuaibu Hassana, Sariki Bala Gamu,Okor Jonah and Hameed Kosemani Isiaka.

  • 10,000 benefit from Fed Govt’s cash transfer in Kwara

    Ten thousand persons have benefited from the first phase of the Federal Government’s cash transfer programme in Kwara State.

    Twelve local governments participated in the first phase while the remaining four councils will benefit in the second phase.

    Unit Head, Conditional Cash Transfer, Kwara State Ministry of Women Affairs and Social Development, Hajia Aminah Yahya-Bagudu, stated this yesterday.

    According to her, the programme was part of the components designed by the Federal Government to tackle poverty. She added that beneficiaries were receiving the N5,000 monthly from the Federal Government.

    Hajia Yahya-Bagudu explained that the selection process was based on data collected for the World Bank-supported Youth Employment and Social Support Operation (YESSO), where each community identified those considered as poor.

    She noted that the process was transparent and devoid of any influence, adding that the second phase would begin as soon the social register is shared with her unit for payment.

    Kogi State Governor Yahaya Bello has lauded the Federal Government for the initiative.

    In a statement by his Chief Press Secretary, Petra Akinti Onyegbule, Bello hailed the social welfare programme which aims at ameliorating the plight of vulnerable Nigerians.

    The statement reads: “The delivery of this promise by the Federal Government, at a time many have dismissed it as the usual campaign rhetoric, is heartwarming and a sign that the harsh economic climate is not getting the better of us.

    “Also coming on the heels of the administration’s Homegrown School Feeding programme for primary school pupils, as well as the N-Power programme for unemployed graduates, it underlines the commitment of President Muhammadu Buhari to meeting the needs of Nigerians of all social strata.”

    Bello appealed to beneficiaries to make do with the token and assured them that governments will continue to act in the people’s interest, to ensure their living standards are gradually improved.

    He encouraged the Federal Government not to relent and consolidate on the gains recorded.

  • 17,000 Kwarans to benefit from Fed Govt’s cash transfer

    17,000 Kwarans to benefit from Fed Govt’s cash transfer

    •Govt launches N41m empowerment for women

    About 17,000 persons in Kwara State will benefit from the Federal Government’s cash transfer programme of the federal government, Commissioner for Women Affairs and Social Development, Hajia Asiat Ayinke Saka, has said.
    She said the beneficiaries will cut across 360 communities in the 16 councils, adding that
    30 communities will be captured from each local government.
    She said the biometric data of the beneficiaries, consisting of women and vulnerable children, had been captured.
    On the Small Medium Enterprises, Hajia Saka added that about N200 million will be disbursed to 10,000 widows in the 16 councils to start their own businesses.
    She stressed the need for government at all levels to empower women to enable them fend for themselves and reduce their sufferings.
    She also said that the Ministry’s Vocational Centre is currently training women and youths in 42 trades, with five beneficiaries from each local government.
    On the special intervention for people of special needs, the commissioner noted that mobility aides had been provided for them to enable them move around and earn a living.
    She said the ministry’s legal department also fights for and advocates the right of women and children.
    Governor Abdulfatah Ahmed has launched a N41 million empowerment scheme for women.
    The governor, who presented a N20 million cheque to beneficiaries at the Banquet hall, Ilorin, said his administration has prioritised the informal sector as a major driver of economic activities, and as the area in which majority of the people are making a living.
    He said the balance of N21 million will be released to qualifying women in the coming months, noting that empowerment is part of his administration’s efforts to enhance women’s livelihoods.
    “It is designed to assist women who, are the powerful majority of the electorate and, are in dire need of financial assistance to do their businesses,” he noted.

  • Labour backs conditional cash transfer for the poor

    … condemns renewed bombing of pipelines in Niger Delta

    Organised labour has thrown its weight behind the proposed conditional cash transfer, a programme modelled after the social security schemes of developed countries by the Federal Government.

    National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN) General Secretary Comrade Issa Aremu, who clarified the position of organised labour – Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) – said the unions supported it and would collaborate with the Office of the Vice President.

    At the 40th Day prayer for his late wife, Hajia Hamdalat Abiodun in Kaduna, Aremu praised the Muhammadu Buhari administration for setting aside N500 billion for direct social transfers in the 2016 budget before the National Assembly.

    “The Office of the Vice President as directed by the President, must work with NLC and TUC to realise this objective. There is a link between support for those who are losing out in this country’s callous market rat race and economic growth.

    “The organised labour movement is ready to assist the Federal Government to make this programme a success. The conditional, legitimate transfers should serve as the basis for a national comprehensive social security programme for Nigeria. As a worthy investment in our country’s human infrastructure, not stomach infrastructure, it is as important an investment as physical infrastructure,” he said.

    Aremu praised President Buhari for looking at the faces of about 70 million poor Nigerians, who are living on less than a dollar per day and making them to access national resources as a matter of right, not of abuse as some corrupt politicians do on the eve of elections.

    Aremu, who praised the school feeding programmes of some state governments, including that of Governor Nasir el-Rufai administration in Kaduna State, reiterated his call for gender mainstreaming in Nigeria.

    “It is time we intensified the advocacy for gender mainstreaming. Governments and corporate organisations must mainstream women in the families, at workplaces, government and society at large,” he said.

    Also, NLC President, Comrade Ayuba Wabba, condemned the renewed blowing-up of major oil and gas pipelines by suspected militants in the Niger Delta region, adding that the issue of national security should not be taken lightly.

    “Pipeline vandalism is highly condemnable. This should not be allowed to happen in a civilised society,” he said, pointing out that oil and gas pipeline vandalism will contribute largely to the air and water pollution of the region and reduce the revenue base of the country.

    Wabba said pipeline vandalism is a threat to national security, saying that the issue should not be taken lightly. He advised the Niger- Delta militants to engage in dialogue with the Federal Government rather than confrontation in resolving issues.

    He urged the Federal Government to sustain the amnesty programme as it would serve as a means of addressing some of the challenges in the region. “I hope that the renewed blowing-up of major oil and gas pipelines is not as a result of the ongoing probe of some political leaders in the region.

    “Our call is that the government should remain focused in its fight against corruption and it should not be tired by whatever pressure. We also want to appreciate what the security agencies have been able to do in terms of protecting the pipelines in the region. They should put in more effort to contain the crisis,” Wabba said.

    He assured Nigerians that NLC would give its support to the Federal Government to protect important installations in the region and the country at large.

    The NLC President led the social, religious and political leaders to the prayer that held at the Aremu’s residence in Kaduna.

    The prayer session also had in attendance: Prof. Ibrahim Gambari, Justice Wale Abiru of the Court of Appeal, Abuja; General Zarmani Lekwot, Major- General Lawrence Onoja; as well as Mrs. Chinelo Anohu-Amazu of PENCOM and Alhaji Aliko Dangote, both of whom were represented.

  • Foreign currency deposits in domiciliary accounts restored

    Bank customers can now transfer Foreign Currency Cash deposits made into their domiciliary accounts via Internet Banking, Mobile App or at any branch nationwide.

    Amount to be transferred is however subject to a daily cumulative limit of $10,000.

    The new policy has been communicated to bank customers.

    Late last year, the Central Bank of Nigeria banned cash deposit into domiciliary accounts.