Review On CBN Cash Withdrawal Limit

Royal Diary
Royal Diary
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The proposed reform of the Central Bank of Nigeria’s cash withdrawal limit regulation for private citizens and businesses has the support of financial professionals. On Wednesday in Lagos, they each stated this in separate interviews with the News Agency of Nigeria.

According to NAN, the experts commented in light of the CBN Governor’s remark that the government would not be strict in its implementation of the cashless policy,  Godwin Emefiele. After briefing Major General Muhammadu Buhari (ret.), the President, Emefiele told reporters in Daura, Katsina State, that the policy will be periodically reviewed to address public concerns.

The apex bank’s proposal to review the policy, according to Uju Ogubunka, a former executive secretary of the Chartered Institute of Bankers of Nigeria, is a positive development. “Revising the withdrawal policy is the greatest idea because calling for its repeal is impractical given the state of the economy now.”

Third-party cheques worth more than N50,000 would no longer be eligible for Over-The-Counter payment, according to the CBN’s memo introducing the policy, while the current clearing cheque limits of N10 million would still apply. The circular further instructed banks to limit ATM withdrawals to N20,000 per day and to only load N200 and lesser denominations into their ATMs. A daily withdrawal limit of N20,000 also applied to Point of Sales terminal withdrawals.

The policy had drawn criticisms and it will be put into force on January 9, 2023.

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