Suspend limits on cash withdrawal, Reps tell CBN

On Thursday, the House of Representatives requested that the Central Bank of Nigeria suspend its most recent policy, which among other things places restrictions on the amount of cash that can be withdrawn from deposit money banks and other financial institutions.

As a result, the House called Godwin Emefiele, the Governor of the Central Bank of Nigeria, to appear and defend the policy before the legislature.

On Thursday, he will appear before the lawmakers. This is based on a motion of urgent public significance made at the House’s plenary on Thursday by Aliyu Magaji.

Many senators expressed concern that the measure will harm businesses and Nigerians without access to the banking system, as well as have catastrophic repercussions.

Although monies would now be tracked through the banking system, the minority leader, Ndudi Elumelu, claimed that the move would reduce crime. The country would gain more from it, he claimed, despite the timing being off.

BREAKING: CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

According to a new regulation that the Central Bank of Nigeria (CBN) has announced, deposit money banks and other financial institutions must make sure that over-the-counter cash withdrawals by both individuals and corporate entities do not exceed N100,000 and N500,00 per week, respectively.

The updated cash withdrawal restrictions would be in force nationally starting on January 9, 2023, according to a circular released today by the apex bank.

The freshly revised N200, N500, and N1000 banknotes were introduced by President Muhammadu Buhari just a few weeks prior to the implementation of the new policy.

Any third-party checks that are worth more than N50,000 won’t be processed over the counter by any bank in accordance with the new cash withdrawal caps. According to the CBN, there are still “extant limits of N10,000,000 on clearing cheques.”

The amount that each person may withdraw each week from an ATM would be lowered to N100,000. A daily withdrawal cap of N20,000 will also apply to withdrawals made using this method.
In a similar vein, N20,000 is the daily withdrawal cap for POS terminal withdrawals.

It should be noted that only N200 and below will be made available through the channel, therefore the new N500 and N1000 banknotes cannot be withdrawn through ATMs.

Continue Reading: BREAKING: CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies