CBN Stands Firm on Cash Withdrawal Limits Despite Public Concerns
The Central Bank of Nigeria (CBN) appears resolute in its implementation of recently announced cash withdrawal limits, despite facing considerable criticism. The policy, introduced last Tuesday, has sparked a debate within the Nigerian financial landscape. This commitment suggests the CBN is determined to push forward with its new regulations despite the mixed reactions from individuals and organizations.
Details of the New Cash Withdrawal Policy
In a circular issued to financial institutions on December 6, 2022, the CBN outlined the specifics of the new policy, which is scheduled to take effect on January 9, 2023. Under the new rules, individual bank withdrawals will be capped at 100,000 Naira, while organizations are limited to 500,000 Naira. Furthermore, the policy restricts ATMs to dispensing only 200 Naira notes and limits withdrawals to a maximum of 100,000 Naira per week, with a daily limit of 20,000 Naira. Point of Sale (PoS) transactions are also impacted, capped at 20,000 Naira daily. Any cash withdrawals that surpass these limits will incur processing fees of 5% and 10%, respectively. This policy was introduced shortly after the President unveiled new Naira notes.
The policy’s introduction has generated immediate condemnation and concerns regarding its potential impact on various sectors and the general public, but the CBN appears determined to implement the policy changes.
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