CBN Revokes Licenses For 47 Finance Houses While Increasing Daily Deposit And Withdrawal Limits

Licenses for 47 finance houses were revoked by the Central Bank of Nigeria, CBN, on Monday, the organisation confirmed, adding that it also accredited 55 others.

The bank released the information on its website today, in a list that showed the status of financed companies.

According to reports, Central Bank said it shut down the 47 finance houses due to the fact that they had either closed up shop and had ceased to operate. It also added that the newly accredited companies were reputable finance institutions, active in business.

The reports add that four more companies were undergoing restructuring and would join the number of accredited finance houses, bringing them to 59.

CBN is warning members of the public against doing any business with the 47 closed finance companies.

Meanwhile the CBN on Monday said that it had raised the cash withdrawal and deposit limit for individuals from N150,000 to N500,000 and that for corporate bodies from N1 million to N3 million.

This was disclosed in a statement issued by the CBN's Head of Corporate Communication, Mohammed Abdullahi.

According to the statement, the proposed cashless policy will begin in Lagos from April 1 and will be extended to other cities on January 1, 2013.

"The processing fee for withdrawals above the limit for individual customers has been reviewed downwards from 10 per cent to 3%, while the processing fee for withdrawals above the limit for corporate bodies has also been reviewed downwards from 20% to 5%.

"The processing fee for lodgements above the limit for individual customers has been reviewed downwards from 10% to 2%, while the processing fee for lodgements above the limit for corporate bodies has also been reviewed downwards from 20% to 3%," the statement said.

The CBN also said, "Exemptions have been granted to Ministries, Departments and Agencies (MDAs) of the federal and state governments on lodgements for accounts operated by them, for the purpose of revenue collections ONLY."


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