The Street Reporters Newspaper

…Breaking News with Integrity!

Adsense

new naira notes Redesigned and CBN withdrawal limits
Business News

Mixed Reactions As CBN Slashes Withdrawal Limits, Orders Banks To Load N200 and Below On ATM

Spread the love

The Central Bank of Nigeria has reviewed cash withdrawal limits on individuals and organisations, with effect from January 9, 2023.

According to a memo issued by the CBN to banks on Tuesday, individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while organisations can access N500,000 per week.

The memo signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, directed banks to load only N200 and lower denominations into their ATMs.

This means Nigerians will only be able to withdraw N20,000 per day from ATMs when the directive becomes effective.

ALSO READ  CSO Lauds CNS Ogalla's Transformational Leadership of Nigerian Navy

The memo read, “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 per and 10 per, respectively.

“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.

“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. Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”

ALSO READ  Traderoot Technologies: First South African-Based Fintech Company Makes History with PCI SSF Certification

However, there is an exemption that allows up to N5m for individuals and N10m for corporate organisations once a month with certain requirements.

The CBN warned banks that any bank that would aid and abet the circumvention of this policy will attract severe sanctions.

While some Nigerians have criticised the directives, other have hailed the cash withdrawal limits.

Most people against the policy complained of low internet penetration in rural areas while others argued that the policy will affect illiterate petty business owners in the interior villages.

ALSO READ  Finnish Court Remands Biafran Separatist Leader Simon Ekpa, Four Others Over Terrorist Propaganda Charges

However, the policy has been louded as a measure against kidnapping for ransom and vote buying, among others, including stashing of idle funds in the houses by corrupt politicians and their allies.

StreetReporters.ng

This post has already been read at least653 times!

The Street Reporters Newspaper is reliable latest news portal and publishes opinions, business news, politics, and sports news from Nigeria and the world. Tel: +2348175047979

Discover more from The Street Reporters Newspaper

Subscribe now to keep reading and get access to the full archive.

Continue reading