CBN to Review Cash Withdrawal Limit Policy, As Banks Get Ready to Circulate New Naira Notes

CBN to Review Cash Withdrawal Limit Policy, As Banks Get Ready to Circulate New Naira Notes

  • The Central bank of Nigeria has sent a message to Nigerians on its cash withdrawal limit policy
  • The House of Representatives ordered the suspension of the cash withdrawal limit regulation on Thursday
  • CBN boss Emefiele has responded to the representatives, while also confirming that commercial banks are ready

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has stated his willingness to revisit some of the rules stated in its cash withdrawal policy that has sparked controversy since its announcement, if necessary.

However, Emefiele noted that the policy will not be scraped or discarded as suggested by some Nigerians.

The Punch reports that Emefiele disclosed this on Thursday, December 8, 2022, during a visit to President Muhammadu Buhari in Daura, Katsina state.

CBN cash withdrawal policy
CBN Governor, Godwin Emefiele assures of cash withdrawal implementation Credit: @cbn
Source: Getty Images

Legit.ng had earlier reported that CBN is seeking to implement weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers respectively, from January 6.

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The policy also placed limits on Point of Sale(POS) transactions including Automatic Teller Machines (ATMs).

Speaking on the policy, Emefiele assured that the apex bank would not be rigid on the policy as it was not meant to hurt anybody but to strengthen the nation’s economy.

New naira notes

Concerning the new naira notes, the CBN governor stated that banks have already received them and are prepared to distribute redesigned naira notes to Nigerians beginning December 15, 2022.

Emefiele also disclosed that since the announcement of the new policy, the apex bank has taken more than N500 billion from the banks and has also deposited close to that number there, BusinessDay reports.

He said:

“Only yesterday, the new currency has now reached the banks and we believe that the banks will begin to distribute them to the members of the public who are their customers,”

Read also

CBN commences distribution of new notes to banks as December 15 deadline approaches

The governor also added that the visit was also to assure the president of no hitches so far in the implementation process.

Emefiele assured that there were already 1.4 million super agents all over the country offering banking services that citizens can explore, particularly the rural dwellers.

List of approved CBN bank charges

Meanwhile, in another report, Legit.ng provided a breakdown of the list of various electronic bank charges.

The list of electronic bank charges is set to become more prominent as the CBN places limits on cash withdrawals.

When the policy goes into force, it is expected that more Nigerians will use electronic channels for transactions.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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