The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent.

Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday after the panel’s 298th meeting in Abuja.

He said the committee increased the MPR by 25 basis points.

Nigerians across the country are facing cash shortages as the festive season approaches.

Some Automated Teller Machines (ATMs) dispense only small sums—if functional at all—while Point of Sale (POS) operators charge exorbitant fees for transactions.

This crisis persists despite assurances from the Central Bank of Nigeria (CBN) that measures are in place to ensure cash availability.

Just two months ago, the CBN announced plans to sanction banks failing to load cash in ATMs and that it will release an additional N1.4 trillion into circulation over the next three months to improve cash flow within the banking system.

Speaking after the 297th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Yemi Cardoso said that all deposit money banks must ensure there is always enough cash available for withdrawals.

This move, Cardoso said, is aimed at ensuring sufficient cash availability in ATMs and across bank branches, addressing the challenges of cash insufficiency that many customers have faced.

He said: “Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system and cash velocity.

“So, from our perspective, we are doing everything possible to ensure that there is sufficient cash in the system. There is no excuse for not having sufficient cash in the system.

“Now it goes to the deployment of that cash and quite frankly, we are working very, very closely, we are engaging with all the deposit money banks to ensure that they are putting these things through their ATMs, effectively dispensing cash to those that are in need.

“And whether they are in need or not, that’s the function of the deposit money banks. And at all points in time, there should be sufficient cash in their system that nobody should go there without being able to withdraw.”

Despite these measures, POS operators report challenges accessing cash, pushing transaction fees to unprecedented levels.

In many locations, withdrawing ₦1,000 to ₦5,000 now attracts a charge of ₦100, while amounts above ₦5,000 cost ₦200 to ₦300, depending on the area.

Residents in remote areas, where ATMs are scarce or non-functional, face even higher charges, with some operators reportedly charging ₦100 for as little as ₦2,000 and N200 for amounts above N2,000 and below N5000, and N300 for amounts above N5,000 and below N10,000.

With just 29 days to Christmas, the shortage of cash is forcing many to make drastic adjustments to their finances.

Entrepreneurs and small business owners are among the hardest hit, with some resorting to hoarding cash for essential transactions.

An entrepreneur, Mr John Otafu, told DailyPost that things were just becoming more difficult, noting that customers could only withdraw a maximum of N10,000 at some ATM points, while many ATMs were empty.

“You will just see that you are moving from one point to another, looking for a working ATM to collect your money,” Otafu said.

“The condition is still not pleasant, and this has forced many people to be patronising POS operators.”

A food vendor, Titilayo Abayomi, said the scarcity has forced her to stop saving in the bank.

“I go to the ATM and only get a fraction of what I need for my business. Imagine needing ₦100,000 and being restricted to ₦5,000 or ₦10,000 withdrawals. The banks are benefiting from innocent Nigerians who are working hard just to survive,” Abayomi lamented to DailyPost.

Meanwhile, the National Secretary of the Association of Point of Sale Users in Nigeria (APOSUN), Mr. Isah Zakari, accused commercial banks of exacerbating the crisis by reducing cash withdrawals for POS agents.

Zakari, in a recent statement, alleged that some bank officials sell cash directly to POS operators, prioritizing their personal outlets over customers.

“As an individual, let me not speak as a POS operator. If I need N50,000, I have to go to the ATM to withdraw and when I go to the bank, I also have the right to withdraw. It is my right because I paid the money there.

“So now, the POS operator wants to use money in the bank, but he does not get it. At ATM points, limits on withdrawals have been placed; he cannot get more than N10,000 or N20,000.

“Our members have been complaining, saying the only amount of money they can withdraw is N10,000,” Zakari said.

The usage of the Contactless Passport Application System app will commence on the 1st of December, 2024.

The Nigerian Immigration Service (NIS) announced this in an update it provided on its official X account on Sunday evening.

“The Contactless Passport Application System app is now available on the Google Play Store as “NIS Mobile”,” NIS announced.

“Please remember that the worldwide usage will commence from the 1st of December, 2024.”

According to the statement, the current Geo-fencing feature is only available for Nigerians in Canada and the United States of America (USA).

The Federal Government, meanwhile recently partnered with the United Kingdom (UK) to strengthen security in Nigeria and also work on a lasting contactless biometrics solution.

The Minister of Interior, Olubunmi Tunji-Ojo disclosed this in a statement on his official X account after meeting with the Home Secretary of the UK, Rt Hon Yvette Cooper early November.

Tunji-Ojo said the FG’s commitment to building strategic partnerships that enhance security and public service delivery was reinforced after the meeting.

“We discussed mutual goals to strengthen security, efficiency, and service delivery, showing our administration’s dedication to sustainable development through cooperation and shared purpose,” he said.

“In line with our initiative to extend contactless biometrics solution to the UK, having successfully launched in Canada with impressive success rate, I also led senior officials, including the Permanent Secretary, Dr Magdalene Ajani, on an oversight visit to the Nigeria High Commission.”

According to Tunji-Ojo, the visit reaffirms the federal government’s support for the attachés working to improve their services to Nigerians abroad.

The NIS decided to implement the contactless biometric solution process for passports and visa applications to ease challenges associated with the process and curb corruption.

Tunji-Ojo while presenting a scorecard of his achievements within one year in office had explained that the contactless biometric system allows applicants to apply for passports or visas from the comfort of their homes or offices.

He added that they would do this without visiting any passport office, particularly for Nigeria’s consulates, where the number of applications often exceeds the daily capture capacity.

“With the contactless biometric solution, you won’t need to go to the embassies to book an appointment anymore because of the new system,” the minister explained.

“The era of resource wastage in the passport process is over. In Canada, for example, over 16,000 applications are received as against 260 captures per day.”

Tunji-Ojo was joined in the meeting with the UK Home Secretary, Cooper by key Nigerian officials including the Comptroller General of Immigration, Kemi Nandap and the Controller General of Fire Service, Engr. Abdulganiyu Olola Jaji.

The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter of 2024.

NBS disclosed this in a statement titled “National Gross Domestic Product Q3 2024” on Monday.

NBS said this growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%.

The agency noted that the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

Meanwhile, the agriculture sector grew by 1.14% from the growth of 1.30% recorded in the third quarter of 2023. The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023,” NBS said.

“In the quarter under review, aggregate GDP at basic price stood at N71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023 which recorded aggregate GDP of N60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

NBS also added that for the oil sector, the nation in the third quarter of 2024 recorded an average daily oil production of 1.47 million barrels per day (mbpd), higher than the daily average production of 1.45 mbpd recorded in the same quarter of 2023 by 0.02 mbpd and higher than the second quarter of 2024 production volume of 1.41 mbpd by 0.07 mbpd.

According to NBS, the real growth of the oil sector was 5.17% (year-on-year) in Q3 2024, indicating an increase of 6.02% points relative to the rate recorded in the corresponding quarter of 2023 (-0.85%).

It noted that growth decreased by 4.98% points when compared to Q2 2024, which was 10.15%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 7.39% in Q3 2024.

“The oil sector contributed 5.57% to the total real GDP in Q3 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.48% and 5.70%, respectively,” NBS added.

For the non-oil sector, NBS disclosed that the sector grew by 3.37% in real terms during the reference quarter (Q3 2024).

“This rate was higher by 0.62% points compared to the rate recorded in the same quarter of 2023, which was 2.75% and higher than the 2.80% recorded in the second quarter of 2024.”

This sector was driven in the third quarter of 2024 mainly by Financial and Insurance (Financial Institutions); Information and Communication (Telecommunications); Agriculture (Crop Production); Transportation and Storage (Road Transport); Trade; and Construction, accounting for positive GDP growth.

“In real terms, the non-oil sector contributed 94.43% to the nation’s GDP in the third quarter of 2024, lower than the share recorded in the third quarter of 2023 which was 94.52% and higher than the second quarter of 2024 recorded as 94.30%.”

Stakeholders in the rice sector have lamented the rising cost of the produce in spite of the Federal Government’s tax waiver.

The stakeholders disclosed this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.

NAN reports that the Federal Government temporarily waived import duties and Value Added Tax on rice and other essential food items to help curb food inflation and ease economic pressures on citizens from July 15, 2024 to Dec. 31, 2024.

The eligible items include husked brown rice, sorghum, millet, maize, wheat, and beans.

Specifically, the Nigeria Customs Service, on Aug. 14, released implementation guidelines that temporarily waives all import (and associated levy) taxes for rice, sorghum, millet, corn, wheat, and beans until Dec. 31, 2024.

The Chairman Rice Farmers Association of Nigeria (RIFAN), Lagos State chapter, Mr Raphael Hunsa, urged the government to engage local rice farmers than overdependence on import of the produce.

“The tax waiver is being mishandled that is why we are not seeing its impact in cutting down the price of rice in our markets.

“The Federal Government is trying its best to do something about the food inflation in the country. It is just that when these provisions gets to the middlemen, before getting to the grassroots there are discrepancies.

“The government should call together the stakeholders in the rice sector to address the hike in the price of the produce.

“Let the government work together with the stakeholders for the sustainability, availability and sufficiency of rice locally.

“These set of businessmen that the government is giving license to import rice with tax waivers are just working for their own benefits.

“When the government partners with RIFAN and all stakeholders in the rice sector, it will get to the grassroots and the price of rice will drastically drop,” Hunsa said.

According to him, there will be enough rice if farmers are cultivating and harvesting regularly.

“When we have enough rice farmers cultivating and harvesting rice regularly, things will work well and there will be no need to import rice to country.

“The countries where we are importing rice if they do not cultivate rice then we will feed them and who will feed Nigerians?

“Let the government focus its attention on the local rice sector and then things will work well,” he said.

On his part, Mr Akin Alabi, agriculture expert and co-founder Corporate Farmers International, called for monitoring and compliance of the tax waiver at the nation’s borders.

“The government has effected tax waiver on rice, and that has been done many months ago. However, the reason why it is not effective is because there is difference between pronouncement and action.

“Now, the question is, when the Federal Government pronounces it, will government ensure it is actionable? That is the question. Are those tax waiver actionable at the borders?

“So, the government needs to work effectively with customs and ensure that the pronouncement of tax waiver on rice and other essential commodities is duly effected for the citizens.

So that we can get these food items at affordable prices.

“The festive season is just few days away and to be realistic, we do not know what the price of rice, a staple, might be in the next couple of days because of the rush that is going to come with it.

“So, government needs to tailor down the effectiveness of the tax waiver pronunciation to reflect on food prices,” Alabi said.

Also speaking, Mr John Nwabueze, foodstuff trader at Alimosho area of Lagos State, said the tax waiver on rice is not evident as the price of the produce is on the increase daily.

“The price of short grain rice is at N86,000 compared with N70,000 and below we sold two months ago. While the long grain rice now sells from N120,000 and above as against N80,000 sold two months ago.

“We heard the government has granted tax waiver for rice importation, but it is only in the news we see that, the case in the market is different, the price keep soaring.

“If the tax waiver on rice is enforced we will see it in the price of the produce, but they can say it and when we go to the market, we see something different.

“The price of rice may likely go up during the Christmas season but if the tax waiver is really implemented the price of a 50kg bag of rice can go as low as N50,000 to N65,000,” Nwabueze said.

Mrs Ada Okoli, a consumer, decried the current price of the produce in the market.

Okoli called for government’s intervention to address the persistent hike in the price of the produce and others ahead of the yuletide.

The Nigerian Financial Intelligence Unit (NFIU) has announced that the Financial Action Task Force (FATF) has approved three additional grades in its anti-money laundering and counter-terrorism financing efforts, marking the fifth progress report since Nigeria was greylisted in February 2023.

FATF, established in 1995, is the global body tasked with leading actions to combat money laundering, terrorism financing, and proliferation financing.

The organisation greylisted Nigeria due to increasing capital inflows and deficiencies in addressing money laundering, terrorism, and arms financing.

In a statement issued on Sunday by the NFIU’s Strategic Communications Office in Abuja, the FATF granted the approval during a meeting of the Group Against Money Laundering in West Africa (GIABA) Technical Commission, which took place between November 17 and 23, 2024, in Freetown, Sierra Leone.

Statutorily, Nigeria is now compliant (C) or largely compliant (LC) in 37 out of the 40 FATF recommendations, leaving three more to address.

The Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, who also serves as Nigeria’s National Correspondent (NC) for ECOWAS (GIABA), led Nigeria’s delegation to the meeting.

Included in the delegation were representatives from the Economic and Financial Crimes Commission (EFCC), the Special Control Unit Against Money Laundering (SCUML), the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Federal Ministry of Justice (FMOJ), the Corporate Affairs Commission (CAC), and the Nigeria Export Processing Zones Authority (NEPZA).