JUST IN: CBN Limits POS Withdrawal to N20,000 Daily

The Central Bank Of Nigeria has imposed fresh cash withdrawal limits across all financial channels. The withdrawal which takes effect from January 9, 2023, will affect both individuals and organisations.

According to the new memo issued to commercial banks late on Tuesday, cash withdrawal in banks is set to N100,000 while organisations are limited to N500,000 per week. Similarly, cash withdrawal from POS is set to N20,000 per day. 

“Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily,” the memo partly read. 

The memo added that any transactions above the sat limit will attract charges. As contained in the memo, cash withdrawals above N100,000 and N500,000 will henceforth attract 5 per cent and 10 per cent, respectively. 

Investors King learnt that the new development is part of the overall measures to curtail the humongous circulation of naira. An important reason why the apex bank redesigned a portion of the naira notes. 

It will be recalled that while announcing the redesigned notes, the CBN Governor, Godwin Emefiele noted that the redesigned policy will help to address a number of prevailing issues which include currency circulation, counterfeiting and terrorism. 

In addition, the apex bank noted that Automated Teller Machines, (ATM) will henceforth dispense N200 and other lower denominations. 

The memo which was circulated to commercial banks and signed by the Director of Banking Supervision, Haruna .B. Mustafa included that withdrawal from the Automated Teller Machines for individuals is set to N100,000 while organisations can access N500,000 per week.

Following the release of this new policy, a number of Nigerians have showcased mixed feelings regarding the impacts it will have on the way people transact and the overall business environment. 

While some people welcome the new policy, claiming it will help tackle the excessive circulation of the naira among other issues, some hold the opinion that the new policy will make business transactions a bit difficult for both small and big businesses.