Di CBN announce on Tuesday say starting from 9 January 2023, individuals no go fit withdraw more dan N100,000 ova di counter weekly while corporate organisations go get limit of N500,000.
According to di bank, daily maximum withdrawals via point of sale (POS) terminal na N20,000.
Dem also tok say na only N200 and lower denominations banks go fit dey load put for dia ATM.
Dis news dey come just on di back of di unveiling of di newly redesigned naira notes.
Since dis tori break, pipo don dey worry say how dis new policy go affect di citizens and di kontri.
How much you go fit withdraw from bank, ATM and POS weekly?
Di highpoint of di statement from CBN be say e no go be business as usual for any cash transaction weda na for bank, ATM and POS.
Di statement announce a reduction in di limit of cash transactions wey individuals and organisations go fit do through dis channels.
- For individuals, na 100,000 be di weekly limit ova di counter.
- Corporate organisations go fit withdraw maximum of 500,000 ova di counter weekly.
- If pesin one withdraw above dis limit, e go attract processing fees of 5% for individuals and 10% for corporate organisations.
- Di maximum cash withdrawal per week for Automated Teller Machine, ATM go be N100,000 but e dey subject to maximum of N20,000 cash withdrawal per day.
- Only denominations of N200 and below na im dem go load for ATMs.
- Di maximum cash withdrawal for di point of sale terminal go be N20,000 daily.
- Third-party cheques wey dey above N50,000 no go dey eligible for payment ova di counter, while di current limit of N10,000,000 on clearing cheques still dey.
Di statement again add say for case of emergency and if pesin get strong reason, wia pesin require cash above di limits for legal purpose, dat kind cash withdrawals no go pass N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively.
CBN also add say e go be subject to di referenced processing fees for (1) above.And make dem do due diligence and further information requirements.
And dis kain situation no go pass once in a month.
CBN releases new cash withdrawal limits
The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100k and N500k respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively. pic.twitter.com/deC5emK4If
— Bashir Ahmad (@BashirAhmaad) December 6, 2022
Wetin you go need to provide if you wan collect cash wey pass di new CBN limit?
Wetin customers go need provide to fit collect cash wey pass di limit na:
- Valid means of identification of di payee (National Identity Card, International Passport, Drivers License.)
- Bank Verification Number of di payee.c.
- Notarised customer declaration of di purpose of di cash withdrawal.d.
- Senior management approval for di withdrawal by di Managing Director of di drawee, where e dey applicable.e.
- Approval for writing by di MD/CEO of di bank wey authorise di withdrawal.
Why dis new policy?
Port Harcourt-based business analyst Ignatius Chukwu say di new policy na to check rigging and for security
“I see dis Central Bank of Nigeria (CBN) review of withdrawal limit as Part B of di Naira design policy wey di CBN earlier bring out, Chukwu tok.
E say dis go further make pipo embrace di cashless policy as e no affect internet banking and di cashless economy.
Chukwu observe say for 1984, President Muhammadu Buhari den as Head of State, bin do a similar policy wey bring in most of di money wey bin dey in circulation and also do a second policy of small-small release of money just like dis two policies CBN dey plan.
E add say dis dey mostly target mega cash owners as di ordinary man for street no need up to N100,000 cash a week.
“Dis policy no affect electronic transfers, na cash movement e target and cash movement go dey needed during elections so e show say na di election period be di main target.”
Ignatius Chukwu add say e go also help security especially with paying ransom to kidnappers as dem prefer cash payments as opposed to transfers wey go make am easy to trace and track dem.
“So you see say to raise money to pay kidnappers – weda for naira or dollars go dey very difficult.
Den to buy large votes, you go need hundreds of millions so I suspect say di policy dey look at some large-scale cash users.” E tok.
E go help fight inflation?
Chukwu say one of di tins wey dey feed inflation na di fact say so much money wey no dey di control of CBN dey for di economy so e believe say at di end of dis exercise, dem go dey able to know di genuine money and ‘unknown’ currency wey dey di parallel (i.e black) market.
“I believe say dis go unite di two economies – di jungle economy and di real economy- na dat time we go know how e go affect inflation, Chukwu tok.
‘E go promote banking inclusiveness’
Di Business Analyst say for di past 15 years, CBN dey pursue banking inclusiveness, dat na to make sure say evribodi get into di banking system and get bank account.
Dia policy go also help mop up those pipo wey still dey “unbanked” to get into di system.
Time dey come wen pipo wey no dey di banking system go dey cut off. If you remain unbanked, e mean say you go only transact wit cash, you no fit transact with any oda form. So anybodi wey dey do dat one dey like pesin wey refuse to go school. Time dey come wen you no fit transact except you get some form of education.
Any pesin wey dey unbanked dey deliberately comot imsef from di financial system and now dat door dey close small-small; wen e go close finally, I no know wetin dem go do. So dis policy go help pipo to dey within di banking system.” E tok.
Di time frame for dis policy to begin take effect na 9 January 2023 and by 31 January 2023, di old currency go stop to be legal tender. Dis give a very short time for implementation in less dan a month.
But for Chukwu, pesin wey get di kain money wey e no go fit put am for bank within di given period get comma as e mean say dat pesin get cash money wey pass wetin a state suppose get and na dat kain pipo dis policy dey afta.
Some Nigerians no happy wit di new policy
Some Nigerians wey follow BBC Pidgin tok no happy wit di new policy sake of di suffering dem believe say e go cause dem.
Eze Okoli wey be business man say im don hear of di new directive but no believe say goment go go ahead wit di plan.
Mr Okoli say “Dis na like say we dey under military regime, you bring any law and you force am on di pipo, you no send di kain suffering e go cause di pipo”.
According to Mr Okoli, CBN for keep di withdrawal limit at 500,000 a week for individuals and two or three million for companies, den watch as e go go wit di pipo before dem trim am down.
One POS vendor simply identified as Haruna say im still dey confused about di new policy as e no dey clear unto how dem wey be POS vendors go dey get di money dem go dey give dia customers.
“What if I get three customers wey need 100,000 naira each, and una don restrict me to get 100,000 only per week, how I want settle my customers, Abi dem wan run us out of business?” Mr Okoli wey be POS vendor for ova three years tok.
Chikamso wey dey work for one financial institution say wetin she understand by di policy be say goment want to put banks out of business, unto say plenti pipo go use di small window withdraw plenti money keep for house and say bye bye to banks.
Some oda pipo even thogh dem agree say cashless policy dey ok wit dem, dem no agree wit di way CBN wan run am.