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CBN increases cash withdrawal limit to N500,000 weekly

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The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.

The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

The apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.

The policy had generated mixed reactions among Nigerians, with the House of Representatives also wading into the matter.

In the Wednesday circular, the apex bank said it made the upward review based on feedback received from stakeholders.

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“The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.

“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”

The CBN also said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions supervision and payments system management departments.

It added, “Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

The apex bank noted that it recognised the vital role that cash played in supporting underserved and rural communities and would ensure an inclusive approach as it implemented the transition to a more cashless society.

“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” CBN said.

“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the CBN said.

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Another child dumped at Pastor Chibuzor’s gate in Rivers

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Chibuzo Chinyere
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A cleric, Chibuzor Gift Chinyere, has raised alarm after another child was reportedly abandoned at his residence on April 23, 2026.

According to him, the incident occurred earlier in the day when the young boy was discovered at his gate. He stated that he has immediately notified the police and is making arrangements to hand the child over to the appropriate authorities.

The cleric explained that he is unable to take in new children at the moment due to ongoing registration processes with the Ministry of Social Welfare. He stressed that accepting the child would violate existing legal requirements guiding child care and protection.

He further disclosed that his facility is already accommodating over 500 children, making it necessary to strictly adhere to regulations before admitting more.

Chinyere also expressed appreciation to the Federation of International Women Lawyers and the Ministry of Social Welfare for educating him on proper legal procedures.

He reiterated that the child would be transferred to the custody of the Ministry, emphasizing that compliance with the law remains his top priority.

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OAU medical student collapses, dies before final exam

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Adewole Emmanuel, a 400-level medical student of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, has died after reportedly collapsing moments before his final session examination.

Emmanuel’s death was announced on Thursday in a statement by the Ife University Medical Students Association.

The association lamented the sudden departure, describing Emmanuel as a solid pillar of his class.

The statement read in part, “Under the cover of dark clouds, we write to you with the heaviest of hearts to inform you of the passing of one of our own, an integral part of the association and a solid pillar of his class.

While describing the deceased as “a colleague, friend, roommate, and a Part 4 medical student with an undeniably bright future until the time of his passing”, the association added that “This incident is not only sad, but crucially painful as we lost a rising star and a loving member of the IFUMSA family.”

“In honoring his dearest memories, we kindly ask the general public to do without speculations and respect the privacy of the family during this vulnerable period.”

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Speaking under condition of anonymity, a senior member of the association said the student died on Wednesday without an underlying ailment.

“He died yesterday. But he hadn’t been sick. He just collapsed and couldn’t be resuscitated,” the source said.

“We were about to write our final exam for the session. And during the process of waiting for the exam, he suddenly collapsed in the college and died.

“It’s just unfortunate as he didn’t have any underlying medical condition. We have contacted his family already.”

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Misdemeanor: Senator Jim Nwobodo’s wife, Patricia loses at Enugu Magistrate Court

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Father remanded in prison for alleged sexual assault of 7-year-old daughter
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..As court srikes out charges against CEO, Energy FM Enugu, Pastor Ogbuanu, 3 others, Awards N1m cost against her

An Enugu State Magistrate Court has struck out a four-count criminal charge brought against a Lagos-based cleric and Chief Executive Officer, Energy FM Enugu, Pastor Basil Ogbuanu, and three of his workers.
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The court also awarded a N1m cost against Mrs. Patricia Nwobodo, the wife of a former governor of Old Anambra State, Chief Jim Ifeanyichukwu Nwobodo, for her failure to prosecute the case.
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The ruling, delivered by His Worship D.K. Ekoh at the Enugu South Magisterial District, followed the persistent absence of the complainants since the inception of the matter in January 2026.
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The defendants, Ezeh Patrick Muoneke, 46; Arinze Onoja, 26; Sedro Theodore, 28; and Basil Ogbuanu, 56, were arraigned on January 20, 2026, on charges bordering on conspiracy, deprivation of liberty, and assault.
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The four- count charge levelled against them read:
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“That you Eze Patrick Muoneke ‘m’, Arinze Only a ‘m’, on the 16th day of January, 2026 at about 1300hours at Patin-Son Estate, Ozubulu Street, Independence Layout, Enugu within Enugu Magisterial District did conspire among themselves to commit misdemeanor to wit: Deprivation of Liberty and thereby committed an offence punishable under section 496(a) of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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Count 11: That you Ede Patrick Muoneke ‘m’, Arinze Onoja ‘m’, Sedro Theodore ‘m’ and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully confine the movement and detain Mrs Patricia M. Nwobodo ‘f’ against her will from 11hours to 13hours and thereby committed an offence punishable under section 316 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State 2004.
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Count 111: That you Ede Patrick Muoneke ‘m’, Arinze Onoja ‘m’, Sedro Theodore ‘m’ and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully confine the movement and detain Police Constable Ugwu Emmanuel ‘m’ against his will from 1100hours to 1300hours and thereby committed an offence punishable under section 316 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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Count IV: That you Ede Patrick Muoneke ‘m’ Arinze Onoja ‘m’, Sedro Theodore and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully assault Police Constable Ugwu Emmanuel ‘m’ by beating him all over his body and thereby committed an offence punishable under section 252 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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However, during the proceedings on April 15, 2026, the police prosecutor, B.C. Nnadozie, admitted that he had not seen the complainants since the matter started.
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Nnadozie told the court that he could not “manufacture oath” or serve witness statements on the defence as he had no contact with the nominal complainants.
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Counsel for the defendants, Emeka Oko, urged the court to dismiss the charge, noting that his clients, who are busy artisans and a Lagos resident, had suffered by traveling to Enugu for a case the complainants were not interested in pursuing.
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Delivering his ruling, Magistrate Ekoh lambasted the conduct of the complainants, describing it as a clear indication of their lack of desire to prosecute the matter.
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“A complainant whose complaint was investigated and to her knowledge is aware of the charge proffered against the defendants decides to stay in her luxury home without prosecuting her complaint, should as well pay damages to the person(s) she wrongfully complained against”, he said
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The court subsequently struck out the charge and ordered that the defendants must not be re-arrested on the strength of the same complaint.
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The trial Magistrate also granted the application for N1m cost against the complainant to be paid to the defendants.

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