Trouble in Nigeria!!! CBN is at it again.
The Deposit Money Banks (DMOs) and other financial institutions have been directed by the Central Bank of Nigeria ( CBN ) to guarantee that weekly over-the-counter (OTC) cash withdrawals by both private people and corporate entities do not exceed N100,000 and N500,000, respectively.
The CBN Director of Banking Supervision, Haruna Mustafa, signed a circular that the apex bank released on Tuesday.
The apex bank stated that as on January 9, 2023, all states will be subject to the regulatory directives.
The CBN also set a daily maximum withdrawal limit of N20,000 for point of sale (PoS) terminals.
The CBN also set a N20,000 daily maximum withdrawal limit for PoS terminals.
“The weekly maximum cash withdrawal by Automatic Teller Machine (ATM) shall not exceed N100,000, subject to a daily maximum of N20,000.
The bank also stated, “Only denominations of N200 and lower shall be fed into the ATMs,” noting that the new policy follows President Muhammadu Buhari’s November 23, 2022 introduction of the revised N200, N500, and N1,000 notes.
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The redesign of the three bank notes was announced by CBN Governor Godwin Emefiele on October 26, 2022. He said that the new and old currencies would continue to be accepted as legal currency and circulate side by side until January 31, 2023.
The central bank thinks the new notes will reduce the amount of currency in circulation, which will stop politicians from rigging elections and ransom-demanding kidnappers from engaging in their horrific crimes.
The Peoples Democratic Party (PDP) and other notable Nigerians, including Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG) and Governor Godwin Obaseki of Edo State, have criticized the redesign of the naira as lacking any economic foundation.