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Tag: limit

  • CBN: Limit for naira card is $150,000

    CBN: Limit for naira card is $150,000

    The Central Bank of Nigeria (CBN) has raised the limit for naira debit and credit cards use from $40,000 to $150,000 yearly.

    But this is subject to the monthly returns by authorised dealer banks and card issuers to the CBN.

    According to the apex bank, settlement for the cards would remain interbank funds, adding that recipients of International Inward Money Transfers would be paid in naira only.

    It said the exchange rate for conversion of the proceeds would be the interbank rate on the day of payment by the dealer. Also, dealers are required to display the naira exchange rate in their banking halls.

    “Recipients of proceeds of International Inward Money Transfers shall, henceforth, be paid in naira only. The applicable exchange rate for conversion of the proceeds shall be the prevailing interbank rate on the day of payment by the authorised dealer. Accordingly, authorised dealers are required to conspicuously display the prevailing Naira exchange rate in their banking halls,” it said.

    Dealers, the CBN added, would continue to sell foreign exchange cash to Bureau De Change (BDC) subject to a maximum limit of $250,000 weekly per BDC. Dealers are required to conduct Know-Your-Customer (KYC) checks on the BDCs they deal with.

    Furthermore, the apex bank said BDCs are required to render weekly returns on use of funds bought from all sources to the CBN, or sanctions would be imposed.

    Also, importers who wish to pay for import of non-regulated products worth not more than $250,000 per year by telegraphic transfer shall only complete e-Form “M” supported with proforma invoice.

    However, the shipping documents shall be submitted to the bank by the importer not later than 90 days from the date of the transfer.

    It advised dealers to report defaulters to the CBN monthly for sanctions. The selling rate of foreign exchange by dealers shall be the interbank exchange rate plus a margin not exceeding one per cent, while foreign exchange cash bought by BDCs from dealers and the CBN shall be sold to foreign exchange end-users at a rate not exceeding two per cent margin above the buying rate.

     

  • Osinbajo to National Assembly: limit court’s jurisdiction

    Former Lagos State Attorney-General and Commissioner for Justice Prof Yemi Osinbajo (SAN) has called for the limitation of the jurisdiction of the Federal High Court to end delays in the trial of cases.

    This, he said, is in line with federal principles.

    Osinbajo said the court’s jurisdiction has drawn extensive controversy and led to a waste of time.

    The former commissioner said the proper observance of federal principles could invariably mean that the federal high court’s jurisdiction should be “extremely limited” since state high courts exist.

    He spoke at the multi-stakeholder forum on civil society’s viewpoint on the amendment of the 1999 Constitution in Lagos.

    It was organised by the State Accountability and Voice Initiative (SAVI) and the Lagos State Civil Society Partnership (LACSOP).

    Osinbajo said: “It is now proposed that the civil jurisdiction of the Federal High Court should be limited to federal revenue, admiralty and intellectual property matters while its criminal jurisdiction should cover only offences created by an Act of the National Assembly.

    “The current situation where the inclusion of a federal institution or agency as a party in an action is frequently held to confer jurisdiction on the federal high court even where the subject matter is obviously not suitable for its jurisdiction should end.”

    The ex-commissioner said the proposal to terminate all interlocutory appeals at the Court of Appeal is to reduce the extensive delays in our trial process.

    The law professor said Nigerians must ensure that federalism is a non-negotiable basis of a new constitution.

    The effect, he said, is that the courts can be compelled by express principles in the constitution to interpret its provisions to give effect to the principles of federalism.

    Osinbajo proposed two exclusive legislative lists – one Federal, the other State.

    On state police, he said: “Our proposal is that establishment of a state police force should be on the states legislative list.

    “The federal police will have jurisdiction over federal offences and cross-border criminality while the state police has jurisdiction over state offences.”

    A Steering Committee member of LACSOP, Ayo Adebusoye, said the 1999 Constitution was full of paradoxes and ambiguity.

    He argued that the constitution in its present form cannot guarantee fundamental rights nor a vibrant legislature and dynamic executive.

  • Reps pass bill to limit National Awards recipients

    Reps pass bill to limit National Awards recipients

    The House of Representatives yesterday passed a bill to limit the number of recipients of the National Honours Awards through second reading.

    The bill sponsored by the Minority Leader, Femi Gbajabiamila, was titled: ” A bill for an Act to amend the Honours Warrant of the Subsidiary Legislation of the National Honours Act, Cap.43, Laws of the Federation of Nigeria 2004 to provide for the limit to the numbers of persons appointed to the different Ranks of the Order in any year and Related Matters.”

    The bill was referred to the House Committee on Governmental Affairs.

    Gbajabiamila said the award has been denigrated to a level of penality.

    According to him, it should be for extra ordinary achievement, and certain standards and it should not be limited to people in the private sector but also be open to people in the public sector.

    The lawmaker said the number of annual recipients is much and ought to be trimmed down.

    Two members of the House Sanni Kalgo and Samson Ogbu objected to some aspects of the proposed bill, saying it was an effort to reduce the power of the President to confer national award on any citizen he considers deserving.

    But Speaker Aminu Tambuwal said: “What the bill chooses to do is set a standard and not to limit the powers of the President.”