CBN sets new ridiculous limits on withdrawals
It is no news again that the Naira was redesigned and the newly designed notes will be in circulation soon but this week the CBN has gone a step further to release a memo to various financial institutions with a new set of directives that a lot of Nigerians will find absolutely ridiculous.
As stated in the memo released to all financial institutions, The CBN has ordered that the maximum withdrawal over the counter by individuals and corporate organizations per week will be 100,00 Naira and 500,000 Naira respectively. Any withdrawal above the stipulated amount will attract a processing fee of 5% and 10% respectively.
In another part of this memo, the CBN has also ordered that only denominations of 200 Naira and below should be loaded into Automated Teller Machines (ATMs). It gets even worse, the CBN also ordered that the maximum cash withdrawal per week on ATMs is now 100,000 Naira subject to a maximum of 20,000 Naira cash withdrawal per day.
According to the memo, the maximum cash withdrawal from Point Of Sale terminals will be reduced to 20,000 Naira daily. Third-party cheques above 50,000 Naira will not be eligible for payment over the counter.
The CBN also specified in the memo that, in compelling circumstances (which shouldn’t be more than once a month) where cash withdrawal above the specified limit is required for something pertinent and important, such cash withdrawals should not exceed 5 million Naira and 10 million Naira for individuals and corporate organizations.
The directives specified in the memo are set to take effect on the 9th of January 2023 and any attempt to aid and abet the circumvention of the policies will attract severe sanctions.
2023 seems to be a very crucial year for Nigerians with the Naira change, different financial systems, and a huge election coming up early in the year.
#STATEAFFAIRS is a segment that gives you a quick rundown of various political and state issues as they happen in the most simple, subtle language. In this edition, we are looking at CBN’s new directive on withdrawals.
