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The Central Financial institution of Nigeria’s (CBN) money withdrawal coverage has commenced at this time throughout the nation regardless of the shortage of the brand new naira notes and the senate’s plea to “significantly modify the withdrawal limits” in response to public outcry on the coverage.
The CBN’s director of banking supervision, Haruna Mustafa, final 12 months introduced limits on over-the-counter money withdrawals, Automated Teller Machine (ATM) withdrawals, and level of sale (PoS) withdrawals.
Mustafa, in a communique, acknowledged that over-the-counter money withdrawals by people and company entities shouldn’t exceed ₦100,000 and ₦500,000, respectively, per week and famous that withdrawal above these limits would entice processing charges of 5% and 10%, respectively
The apex financial institution additionally declared that the utmost money withdrawal per week through ATM needs to be ₦100,000 topic to a most of ₦420,000 money withdrawal per day including that solely denominations of ₦200 and under needs to be loaded into the ATM.
In accordance with the CBN director, the utmost money withdrawal from PoS terminals needs to be ₦20,000 each day.
Mustafa additionally inspired prospects to make use of different different channels like web banking, cellular banking apps, USSD, playing cards/POS, eNaira and many others. to conduct their banking transactions.
He famous that anybody who doesn’t adhere to the brand new coverage will face extreme sanctions.
After the outcry from the general public and enterprise homeowners, CBN ultimately elevated the withdrawal restrict of people and company organisations to N500,000 and N5 million, respectively.
The directive was a results of the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on Wednesday, November 23, 2022.
CBN additionally insisted that Tuesday, January 31 stays the deadline for the utilization of previous notes in circulation regardless of worries in regards to the shortages of latest naira notes.
In the meantime, an investigation confirmed that over-the-counter money transactions inside banking halls had been nonetheless being finished principally with previous notes, together with withdrawals, as a substitute of latest notes, at a time the banks needs to be receiving previous notes. Even the Automated Teller Machines (ATM) dispense previous notes.
CBN mentioned that there can be no extension for the usage of the previous notes past January 31, and suggested Nigerians to make sure they deposited all of the previous N200, N500 and N1,000 banknotes of their possession earlier than the deadline.
The CBN’s Deputy Governor in control of monetary system stability, Aisha Ahmad, advised the Home of Representatives throughout a public listening to on the implementation of the CBN cashless coverage and the brand new withdrawal limits, that the CBN had ordered the printing of 500 million items of latest naira notes within the first contract.
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