CBN May Review Cash Withdrawal Policy

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Possible adjustments to the cash withdrawal limit has not been ruled out, but the January 9 take-off for the policy is sacrosanct, the Central Bank of Nigeria (CBN) said yesterday.

CBN Governor Godwin Emefiele, who dropped the hint yesterday, said the plan, which he described as the continuation of the apex bank’s monetary policy direction, has the backing of President Muhammadu Buhari.

The CBN on Tuesday unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for companies.

The limits also affect other payment channels, including Automated Teller Machines (ATM), Point of Sale (PoS) and cheque-based transactions.

The maximum cash withdrawal through ATM is set at N100,000 per week, subject to a maximum of N20,000 cash withdrawal per day.

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DISCLAIMER: Opinions and articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of Daily News Reporters.

ADVERT/PUBLICATION: Reach the right people at the right time with Daily News Reporters. Try and advertise any kind of your business to users online today. Kindly call or WhatsApp us for your advert or publication on +2348037097936

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