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Nigerians, especially traders have expressed shock over the new policy by the Central Bank of Nigeria (CBN) which set N100,000 as the maximum limit for weekly cash withdrawal over the counter by individuals and N500,000 as the maximum withdrawal by organisations with effect from January 9, 2023.
Many traders who spoke to PLATFORM TIMES expresses mixed feelings over the new development .
Many of them described the policy as shocking and hostile to business plans.
Others lauded the policy as being targeted at corrupt people and a move to encourage cashless policy .
The apex bank had said this via a memo signed by the Director of Banking Supervision, CBN, Haruna Mustafa, on Tuesday.
According to the CBN withdrawal at POS terminals is limited to N20,000 per day.
The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.
The memo read: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:
The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“Third party cheques above 50,000 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 (ATM) shall be #100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of #200 and below shall be loaded into the ATMs.
The maximum cash withdrawal via Point of Sale (POS) terminal shall be N20,000 daily.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed #5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose,” the CBN noted.
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