The Central Bank of Nigeria (CBN) has recently announced an increase in cash withdrawal limits.
In a circular issued Wednesday, Dec. 21, the apex bank announced that individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels, including ATMs and Point Of Sale (PoS) terminals.
There had been a previous policy already laid out which stated that ‘The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5 per and 10 per, respectively.
But this policy had to be nullified in response to the bitter complaints laid out by citizens including Point of Sale(POS) workers and transporters who were affected by the previous policy.
Although, Dr Sam Nzekwe, a former President of the Association of National Accountants of Nigeria, stated that by limiting withdrawals, the CBN was attempting to reduce cash in circulation while also driving financial inclusion, which was not a bad thing.
CBN still promises to carry out all their good intentions towards the money circulation in the country even as they effect these changes.
Good intentions which include
♦ A reduced risk in money laundering.
♦ Potential for small businesses to go digital.
♦ Increase financial inclusion for underprivileged communities.
These intentions are great and hopefully will be manifested although there are also downsides to this such as
♦ Individuals and organizations with high cash transaction needs may face inconvenience.
♦ Limited capacity for supporting digital payments.
What are your thoughts on this?
Is this just another way for the money to be hoarded again by a certain set of people who seem to have a way around anything they wish for or Could it be that they’re being sincere with their promises of a better, well-developed country?
Like Our Story ? Donate to Support Us, Click Here
You want to share a story with us? Do you want to advertise with us? Do you need publicity/live coverage for product, service, or event? Contact us on WhatsApp +16477721660 or email Adebaconnector@gmail.com
