Cash Withdrawal Limits: Controversies Trail Deadline, CBN Says Subject To Review

In a bid to put Nigeria at the forefront of digital payment innovations in Africa and the world at large, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, insisted that contrary to speculations, the cashless policy was not targeted at anybody, adding that there was no going back on the policy.

The CBN governor also said the Apex bank would honour the invitation by the Senate to brief the lawmakers on its recent policy direction.

Emefiele, insisted that the apex bank’s policies were in the interest of Nigerians and the economy, in general, adding that it was, “just meant for the good and development of the Nigerian economy”. As he clarifies that the new cash withdrawal limits expected to be implemented from next month was not politically motivated, insisting that it was for the overall benefit of the economy.

He insisted that cash withdrawal limits is subject to review, the deadline of January 31st to deposit all old notes remains sacrosanct.

In addition, the CBN governor disclosed that deposit money banks were now in possession of the redesigned N200, N500 and N1,000 banknotes and would start to dispense them to customers, earlier than the December 15 timeline initially projected.

Emefiele disclosed this to journalists after a meeting he had with President Muhammadu Buhari in his hometown, in Daura, Katsina State.

This was as the president reiterated his firm support for the central bank’s Naira redesign project and well as the revised cashless policy which put a cap on the amount of physical currency that could be withdrawn at any particular time.

The CBN had on Tuesday introduced new cash withdrawal limits for banks and other financial institutions. The new policy followed its recent currency redesign project in which it had expressed concerns over the high volume of cash outside the banking system.

Under the new dispensation, the central bank among other limits, restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.