The Central Bank of Nigeria has released a public memo assigning different restrictions to various money withdrawal and deposit channels. The Central Bank revealed that this new rule is in line with the redesigning of the naira notes and the bank's furtherance of it's cashless policy.
According to the Central Bank of Nigeria, the maximum weekly over the counter cash withdrawal for individuals is now #100,000 while corporation organisations cannot withdraw more than #500,000. Withdrawals above these specified limits shall attract processing fees of 5% and 10% respectively. The Central Bank of Nigeria further stated that the maximum cash withdrawal via Automated Teller Machines( ATMs) is now #100,000 weekly with a daily maximum withdrawal of #20,000 while the the ATMs shall henceforth be loaded with naira denominations of #200 and below. The daily maximum withdrawal of #20,000 also applies to POS terminals.
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Nigerians have reacted vehemently to these seemingly harsh and restricting rules while accusing the federal government of always finding new ways to make life even more difficult for Nigerian citizens. Nigerians have stated that these new restrictions will only make financial transactions extremely difficult and slow for businesses and individuals.
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