CBN Sparks Reactions Over Increase In Cash Withdrawal Limit For Individuals, Corporate Bodies

Mixed reactions have trailed the increase of the maximum weekly limit for cash withdrawals across all channels for individuals and corporate bodies.

Naija News reported that the Central Bank of Nigeria (CBN) on Wednesday announced the upward review of the withdrawal limit for individuals to N500,000 and N5 million for corporate organizations.

The policy, which is to take effect from January 9, 2023, also restricts how much customers can withdraw from their accounts through Point of Sale terminals (POS) and Automated Teller Machines (ATMs) to N20,000 per day.

The apex bank made this known in a circular signed by the Director of Banking Supervision, Haruna B. Mustapha, and issued to all deposit money banks, other financial institutions, banking agents as well as mobile money operators.

The CBN said it recognizes cash’s vital role in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society.

Following the announcement, some netizens took to social media to express their opinions on the new development by the apex bank.

See some of the reactions below.

@papi_demillie wrote:  “Fair enough. However, I still feel people should do more cashless transactions. Having lots of cash in your possession is as risky as putting the safety of a gun off.”

@ElikorBenson wrote: “This is what happens when a government is irrational and thinks about just themselves.
Just stay and make decisions. Now they’d use this one to say they listen to the masses when they are trying to redeem themselves from their mistakes.”

@CyprianJnr12 wrote: “As good as it may sound, the cashless policy won’t be effective anymore… If I can withdraw 500k a week, then no need for any cashless transaction.”

@unkonwun wrote: “In a country whereby you can withdraw such huge amounts. Which is half a million it’s a sign of how valueless the currency is and from predictions, and analysis there’s no hope or sign of Growth for us. It’s a shame how we’re falling everyday.”

@AdesinaJikiemi wrote: “Policy Somersaults, signs of weak and bad governance and government!! How sad! Has the decision not previously been well thought out, before introducing it to the whole nation?
EFCC of selective anti-corruption and justice.”

@TrueTyger wrote: “I knew these criminals will stop at nothing to reverse the policy. Imagine the federal government through the DSS accusing the central bank governor of sponsoring terrorism. They didn’t care what that does to the nation’s already battered image.”

@OgechukwuOkong3 wrote: “I knew the 100k and 50k withdrawal limits will not be sustainable. This policy won’t stand because it will cause more hardship in the economy, especially for small-scale businesses. God bless Nigeria.”

@Mr_Vigour wrote: “If you run something like a construction site or a warehouse, whereby labourers depend on the daily pay to survive you’ll understand, Shey you wan Dey do transfer give aboki wey no get Acct ??”

@kachsy wrote: “No due diligence in policy delivery. Why didn’t they make the right consultation before getting out the news rather than going back & forth? Nigerian Air, Border closure & now this one.😢”

@BabasolaThanni wrote: “Uhmmm, policy inconsistency due to inadequate public opinion gathering before formulation. The policy is reversed to sustain the doling out of cash by rich politicians, FGN Trader Money, and embezzlers for d enslavement of d poor masses. Random payment to Kidnappers resumes too.”