Wed. Jan 11th, 2023

CBN’s Withdrawal Limits Begin Amid Concerns Over New Naira Notes

The cash withdrawal limits set by the Central Bank of Nigeria CBN, became effective today amid concerns over the slow spread and quality of three newly redesigned Naira notes.

The CBN had on December sixth last year ordered Deposit Money Banks, and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed one hundred thousand and five hundred thousand respectively which was later adjusted to five hundred thousand naira for individuals and five million naira for corporate firms.

It had also pegged maximum daily withdrawals via Automated Teller Machines, ATM, to twenty thousand naira adding that only denominations of two hundred naira and below would be loaded into the ATMs.

The CBN had said the new policy was sequel to the launch of the redesigned two hundred naira, five hundred naira and one thousand naira notes by President Muhammadu Buhari on November 23, 2022.

The directive created controversy and outrage from millions of Nigerians and members of the National Assembly who disapproved of the policy.

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