News
JUST IN: CBN Limits Cash Withdrawals To N100,000 Weekly , POS N20,000
The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023.
According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM.
The memo read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:


“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“4. Only denominations of N200 and below shall be loaded into the ATMs.
“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”
The CBN said in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
It also said banks were required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:
“a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.). b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.
“Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
“Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.
“The above regulatory directives take effect nationwide from January 9, 2023. Please be guided accordingly,” the memo added.
News
Oluyede Appointed New CDS as Tinubu Sacks Service Chiefs
President Bola Tinubu has announced major changes in Nigeria’s military leadership, appointing General Olufemi Oluyede as the new Chief of Defence Staff (CDS), replacing General Christopher Musa.
The shake-up, revealed on Friday in a statement signed by the Special Adviser to the President on Media and Public Communication, Sunday Dare, also saw new appointments across the Army, Navy, and Air Force.
Under the new military hierarchy, Major-General W. Shaibu becomes the Chief of Army Staff, Air Vice Marshal S.K. Aneke takes over as the Chief of Air Staff, while Rear Admiral I. Abbas assumes office as the Chief of Naval Staff.
The Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retains his position.
According to the statement, the changes are part of ongoing efforts by the Federal Government to strengthen Nigeria’s national security architecture.
“The President, Commander-in-Chief of the Armed Forces, expresses most profound appreciation to the outgoing Chief of Defence Staff, General Christopher Musa, and the other Service Chiefs for their patriotic service and dedicated leadership,” the statement read.
“He charges the newly appointed Service Chiefs to justify the confidence reposed in them by further enhancing the professionalism, vigilance, and comradeship that define the Armed Forces of Nigeria.”
All the appointments take immediate effect.
General Oluyede’s elevation to CDS marks a rapid rise within the military leadership. He was appointed acting Chief of Army Staff in December 2024, following the death of Lt. General Taoreed Abiodun Lagbaja.
News
Nottingham Forest Beats Porto in Sean Dyche’s Europa League Debut
Nottingham Forest began a new chapter under manager Sean Dyche with an impressive 2-0 victory over FC Porto in the Europa League on Thursday night at the City Ground.
The win marked Forest’s first European triumph since the 1995/96 season, ending a decade-long wait for continental glory.
Morgan Gibbs-White opened the scoring in the 19th minute from the penalty spot after a handball in the area, while Brazilian forward Igor Jesus sealed the result with another spot-kick in the 77th minute.
The disciplined performance also saw Forest earn their first clean sheet since April, signaling an immediate impact from Dyche’s trademark defensive organization.
READ ALSO: Nottingham Forest Appoint Sean Dyche as Head Coach Until 2027
The hosts, who had gone 10 games without a win prior to Dyche’s arrival following Ange Postecoglou’s sacking, frustrated a Porto side that entered the fixture unbeaten in 11 matches across all competitions. Dyche’s compact 4-4-2 setup neutralized Porto’s attacking threat, with goalkeeper Matt Turner rarely tested throughout the encounter.
The victory lifts Forest into a promising position in their Europa League group and gives fans renewed optimism for the rest of the campaign. Dyche hailed the result as “a foundation to build on” as he looks to restore stability and resilience to the side.
Follow BONA NAIJA for more
News
BREAKING: Omoyele Sowore Arrested at Federal High Court, Abuja After Meeting Nnamdi Kanu
Human rights activist and politician Omoyele Sowore was reportedly arrested on Thursday at the Federal High Court in Abuja shortly after meeting the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.
Eyewitnesses said Sowore was whisked away by security operatives on the orders of the Commissioner of Police, moments after leaving the courtroom where he had exchanged greetings with Kanu.
The activist, known for his outspoken stance on governance and civil rights, had earlier shared a post on X (formerly Twitter) confirming his meeting with Kanu, describing him as “powerful and unrelenting.”
Reacting to the arrest, prominent human rights lawyer Inibehe Effiong condemned the incident on X, calling it “preposterous” and a violation of judicial integrity.
Effiong wrote:
“The arrest of Omoyele Sowore at the Federal High Court in Abuja moments ago is preposterous.
The police and the Tinubu regime are making a mockery of our judicial system.
He should be freed immediately.
Stop the shenanigans.”
As of press time, the reason for Sowore’s arrest remains unclear, and authorities have not issued an official statement regarding the incident.
A video circulating online shows the moment the activist was surrounded by police officers before being taken away from the court premises.
This development comes just hours after Nnamdi Kanu told the court he would be representing himself following the withdrawal of his legal team, led by Chief Kanu Agabi (SAN).
World News
Two Killed, Two Injured as Plane Bursts Into Flames After Takeoff Crash in Venezuela
A tragic plane crash in Venezuela has claimed two lives and left two others injured after a Piper Cheyenne I aircraft erupted into flames shortly after takeoff on Wednesday, October 22, 2025.
The incident occurred at Paramillo Airport in Táchira State, with the aircraft crashing within the vicinity of San Cristóbal National Park moments after takeoff.
A shocking video circulating online shows the aircraft struggling to gain altitude before tilting sharply, striking one of its wings on the ground, and exploding into a massive fireball.
Witnesses nearby can be heard screaming in horror as the plane hit the ground and burst into flames.
According to Mail Online, local authorities identified the deceased as Toni Bortone and Juan Maldonado, while two other passengers survived but sustained serious injuries.
Preliminary reports suggest the pilot may have lost control after one of the aircraft’s tires exploded during takeoff.
Emergency services, including firefighters, Táchira Civil Protection, and the Bolivarian National Police (PNB), responded swiftly to the crash site around noon, battling the blaze and rescuing survivors from the wreckage.
Officials confirmed that the aircraft was being used for government logistics operations, although further details about its mission remain under investigation.
The ill-fated plane, identified as a Piper Cheyenne I (PA-31T1), is a twin-engine turboprop model manufactured by Piper Aircraft in the late 1970s. The aircraft type is widely used in both civilian and governmental operations due to its reliability and performance.
Aviation authorities have launched an investigation to determine the exact cause of the crash, focusing on potential mechanical failure or maintenance issues.
This latest tragedy follows another aviation accident in Venezuela last month. In September 2025, a Learjet 55 crashed near Simón Bolívar International Airport outside Caracas during takeoff amid adverse weather conditions, leaving two passengers injured.
Follow BONA NAIJA FOR MORE
Biafra
Nnamdi Kanu Tells Court He’ll Defend Himself as Lead Counsel Kanu Agabi, Others Withdraw
The detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, on Thursday informed the Federal High Court that he would be representing himself in his ongoing trial after his legal team, led by Chief Kanu Agabi (SAN), withdrew from the case.
Agabi, a former Attorney-General of the Federation, told the court that the entire defence team was stepping down, explaining that the defendant had decided to personally take over the conduct of his case.
“All counsel in the defence have agreed to withdraw as the defendant has chosen to represent himself,” Agabi announced before the presiding judge.
Confirming the development in open court, Kanu stated that he had opted to handle his own defence “for now,” though he might reconsider that decision at a later stage. When asked by the judge whether he wanted the court to assign him another lawyer, Kanu declined, insisting he would proceed on his own terms.
In his brief oral argument, the IPOB leader maintained that the court lacked jurisdiction to try him, reiterating his long-standing position on the matter.
Meanwhile, confirming Kanu’s presence in court, human rights activist Omoyele Sowore shared an update on his X (formerly Twitter) account, saying he met with the separatist leader in person.
Sowore wrote:
“Finally, Mazi Nnamdi Kanu and I met at the Federal High Court today. The man is powerful and unrelenting. We greeted and hugged and the bond is strong!”
Thursday’s proceedings mark another dramatic twist in the long-running legal battle between the Nigerian government and Nnamdi Kanu, who has been in custody facing charges related to treasonable felony and separatist activities.
Follow BONA NAIJA for more
-
Entertainment3 weeks agoBig Brother Naija Live Update: KOLA, SULTANA Evicted #BBNaija
-
Entertainment3 weeks agoImisi Crowned Winner of Big Brother Naija Season 10
-
Music News3 weeks agoOdumodublvck Set to Drop ‘Industry Machine’ The Album Featuring Davido, Wizkid, Skepta & Stormzy
-
News3 weeks agoFirst Lady, Oluremi Tinubu Celebrates World Teachers’ Day 2025
-
Entertainment3 weeks agoBig Brother Naija Winners Ranked by Vote Share (2006 – 2025)
-
News6 days ago16 Nigerian Military Officers Arrested Over Alleged Coup Plot to Oust President Tinubu
-
News3 weeks agoNdigbo Youth Parliament Speaker Calls for Equity, Unity, and Youth Empowerment on Independence Day
-
Business6 days agoUnity Bank Corpreneurship Challenge Empowers 578 Young Entrepreneurs, Awards ₦16 Million to 30 New Winners
-
Entertainment3 weeks agoBBNaija Season 10: Faith Wins Innoson Task, Gets First Car
-
Lagos State2 weeks agoVIDEO: Lagos Govt demolishes Ola of Lagos showroom



