To Mitigate Related Risks, CBN Sets Limits for Contactless Payment Transactions Pegs daily cumulative threshold at N50,000, transaction band at N15,000 Says higher payments to require verification, authorisation, KYC James Emejo in Abuja and Nume Ekeghe in Lagos
Following the issuance of guidelines on contactless payments in the country, the Central Bank of Nigeria
(CBN) yesterday announced transaction limits above which verification and authorisation are required.
The central bank explained that the restrictions were put in place in view of the risks associated with
contactless payment. As a result, the bank said the transaction limit for the payment
innovation would be N15,000 while Continued on page 40
Shettima: FG to Fastrack Access to Single-digit Loans for MSMEs... Page 6 Wednesday 28 June, 2023 Vol 28. No 10304. Price: N250
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EU Presents Final Report on Nigeria’s General Election... Page 41
At Sallah,Tinubu Greets Muslims, Promises Security, Economic Reforms Buhari seeks support for president as Atiku, govs, others canvass love, sacrifice IG orders tight security nationwide By Our Correspondents President Bola Tinubu has felicitated with Nigerian Muslims as they join other faithful around the world to
celebrate this year’s Eid-el-Kabir. Also, yesterday, former President Muhammadu Buhari, seized the advantage of the Eid period to call on Nigerians to support the
administration of his successor, Tinubu, with a view to succeeding. At the same time, former VicePresident Atiku Abubakar, and governors of the federation among
other prominent leaders, have also congratulated Muslims in Nigeria and across the world on this year’s celebration of the Eid-el-Kabir festival. This, nonetheless, the Acting
Inspector-General of Police, Kayode Egbetokun, has ordered Assistant Inspectors-General of Police (AIGs) and Commissioners of Police in the 36 states and the Federal Capital
Territory (FCT) to ensure adequate deployment of personnel to ensure a hitch-free Eid-el-Kabir celebration. Continued on page 40
World Bank: Four Million More Nigerians Pushed into Poverty in First Six Months of 2023 7.1 million more to join if subsidy removal is not properly managed Seeks new social compact to protect poor and most vulnerable Savings from subsidy removal to surpass N11tn by 2025 Explains fresh $500m for Nigeria Otti, Makinde, Imoukhuede proffer perspectives on sustainable post-subsidy mgt Edun: Govt, stakeholders working on palliatives Ndubuisi Francis in Abuja, Nume Ekeghe and Ugo Aliogo in Lagos The World Bank has disclosed that no fewer than four million Nigerians were pushed into the poverty trap in
the first six months of this year, with another 7.1 million more expected to join the conundrum if properly targeted measures are not taken to Continued on page 40
TINUBU RETURNS TO LAGOS FOR SALLAH CELEBRATION... L-R: National Security Adviser, Mallam Nuhu Ribadu; Chief of Staff to the President, Hon. Femi Gbajabiamila, and Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, welcoming President Bola Ahmed Tinubu back to the country at the Presidential Wing of Murtala Mohammed International Airport in Lagos…yesterday