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Transactions On eNaira Platform Free For 90 Days – CBN

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The Central Bank of Nigeria has said that all transactions conducted on the newly launched digital currency platform, eNaira will be free for 90 days.

The bank, however, stated that it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.

The apex bank disclosed this in the framework titled, ‘eNaira Circular and Guidelines’ released on Monday.’

The news is coming after President Major General Muhammadu Buhari (retd.) launched the currency in Abuja on Monday.

The CBN said, “The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.”

The apex bank noted that Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.

The bank also said phone numbers without verified National Identification Number (Tier 0) will have a daily transaction limit of N20,000, while the maximum that the account can hold is N120,000.

For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of N50,000 and a maximum balance of N300,000.

Tier Two accounts will have access to a daily transaction of N200,000, while N500,000 is the maximum balance that can be held.

The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.

However, the CBN noted that merchant accounts have access to unlimited transactions.

According to the Bank, merchants are duly accredited individuals and non-individual (corporates) authorized to conduct business in Nigeria.

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Breaking: Saraki’s Cousin, Ex-Kwara Commissioner, Moronfoye Re-arraigned for Money Laundering, Contract Scam

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The aides to Governor Abubakar Bukola Saraki were today re-arraigned at the Ilorin Zonal Command of the EFCC on charges bordering on abuse of office, diversion of public funds and money laundering..

Ope Saraki, a cousin to former Senate President, Dr. Bukola Saraki, and a former Commissioner for Information in Kwara State, Olatunji Oyeyemi Moronfoye, were re-arraigned on separate charges before Justice Muhammed Sani of the Federal High Court, Ilorin.

The case, which first geared on May 13, 2015 before Justice A. O. Faji of the Federal High Court, Ilorin has suffered series of setbacks occasioned by transfer of trial judges.

Ope Saraki, as the Senior Special Assistant on Millennium Development Goals, MDGs, allegedly received a cash payment of N11,180,000.00 (Eleven Million, One Hundred and Eighty Thousand Naira) from one Kunle Adimula, a sum which exceeded the cash amount payable to an individual.

Similarly, Moronfoye while being the Special Adviser on Millennium Development Goals, MDGs, allegedly committed procurement fraud by means of unlawful influence in the award of two contracts involving renovation of Ijagbo Primary Health Centre and supply of medical equipment to two hospitals in Kwara State.

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Residents commend Gov Abdulrazaq for construction of road leading to Akogun Oyedepo’s house

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The residents around Overcomers Junction at Government Day Secondary School area, along University road have showered encomiums on Kwara state Governor, Adbdulrahman Abdulrazaq for the construction of the road leading to Chief Akogun Iyiola Oyedepo’s house.

The road which has been in a terrible state of disrepair over the years, has received the attention of Governor Abdulrazaq.

The residents of the area in a statement signed by the Secretary, Prince Oyebanji Yusuf said they were surprised that such a road despite its importance would receive such targeted attention, given the stance of a prominent critic of the government, who is a well known resident of the area.

The community association stated that the road would reduce traffic and enhance the economic development of the area, commending the Kwara State Government for spread of economic development across the state.

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Governor Abdulrazaq sponsors Nigeria’s youngest Commissioner for post graduate studies abroad

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The Kwara state Governor, Adbdulrahman Abdulrazaq, has sponsored the youngest Commissioner in Nigeria’s history on post graduate studies at the University of York, United Kingdom.

Abdulrazaq at his recent interview recalled the emphasis on the importance of succession of women and youths in every sphere of leadership, harping on the need to mentor the younger generation of politicians in order to achieve inclusive governance in the country.

Joana Nnazua Kolo, who was the former Commissioner for Youth and Sports was dropped during the last cabinet reshuffling, but has since been sponsored for a Masters programme at University of York, by the state government.

“When we chose the youth corps member who was our youngest commissioner then — she’s from Edu local government and a Christian. They brought several names to me, but I said I want a woman. Then they came up and said the only woman we have will finish her youth service next month. I said bring her, we will wait till next month to swear her in. The community brought her. Maybe it was deliberate to show that she’s in youth service, but we embraced her. And she’s done well. She’s not in the cabinet any more. We’re sponsoring her for a master’s programme in the UK. She’s had the experience but we have to also prepare her for the future. She’s had this experience. What next? We will mentor her” Governor Abdulrazaq stated in his recent interview with This Day.

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