BREAKING: Nigerian Central Bank Limits Cash Withdrawals To N100,000 A Week For Individuals, N500,000 For OrganisationsThe Central Bank of Nigeria has imposed a weekly limit of N100,000 and N500,000 withdrawals on individuals and organisations.A memo issued to banks on Tuesday, signed by the Director of Banking Supervision, Haruna B.
The memo read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari , on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:
“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily. “a. Valid means of identification of the payee . b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.
Source: Financial Digest (financialdigest.net)
This is absolute rubbish
Nonsense. How does that stop the stealing of funds by politicians.
That is the highest level of insensitivity to Nigerian demography. Even urban centres, people are having challenges getting cash from bank to run their daily business activities, how much more difficult will it be to finance a small project in villages across the country!
No need to they open bank again
Osetigo 😂😂😂
Clueless CBN gov... The worst CBN gov ever
A good move
Welcome development.....
Is CBN governor and others applied to this rules? Abi Na for only the poor masses? If una make law try and obey the law too
I don't think this CBN Oga gave this policy a second thought.
This is beautiful and good for the Nigerian people at this time, the only way to stop official corruption in high places and restore confidence in the economy thereby creating a cash less economic environment that will enable us follow all the money movements at all levels.
failed state. the zoological republic is fast collapsing.
How will some parents pay for their children school fees when this types of update is going on from CBN ?
This move will kill small businesses, weaken medium and large ones because of liquidity and encourage massive looting in government agencies. First quarter of 2023 is going to be tough for Nigerians.
100K a week with this valueless naira? Why are you treating us this way? What have we done to all the politicians to deserve this? What kind of country is this? You pple looted our money & make life difficult for us & now this? The Masses must rise up........
They are to say, we are to complain..🤣🤣🤣 na where we dey, we dey.
I hope depositing cash will be 100,000 and 500,000 too
They think all these will make us not sponsor Peter obi, we too dey keep money for house like them, yes nah!
.
So an individual can not engage in business transactions that worth more than 100,000?😭😭😭😭😭 What are they cooking?
Really? Central Bank must have staff with nothing upstairs, in this Nigeria where Naira lacks value, pray, what can N100,000= buy for a family in a week? They are pegging family expenditure instead of brainstorming on making the Naira stronger!iyarnmyown
I am trying to figure out the advantage of this new policy especially at the grassroots. Isn't this another way of dealing with people? Our local markets will soon stop working.
What's all this the Nigeria government? With our own financial again, that means all bank's would not be existing
N nn b b. Ni n BBK uu. Lu
It's a wrong policy. Nothing can justify this action it just goes to show they never think anything through before taking action. What 100,000 and 500,000 worth?
These people are not alright
Wow...our cbn Gov just allowed d opposition Party to win next election easily. Thank u Mr Governor! Pls can our cbn Governor travel 2 kiru' Ungogo' Gaya all within d northern axis. Financial literacy is just too low in rural areas. APC just lost another 20m votes in secs wallahi
_screenshoter
It's time for everyone to buy steel safes and gun, because the way I'm seeing Nigeria now banks owners/managers fit fold/carry people money japa 🙄😒
cenbank all this is just rubbish and rubbish. You don't think before implementing rules on somethings, the politicians will still go and take above that amount in the bank. You are just trying to make we the non politicians to suffer from getting our hard worked money in peace
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At this time? Yuletide period? 😇😇😇 doing good things at the wrong time will continue to abuse the purpose of its.
This is absolutely nonsense
This is one of the thoughtless policies of this administration. It shows that they don't understand the dynamics of the informal sector of the economy.
Ordinary school fees sef pass 100k . Na wa o.
APC govt is doing abrakadabra with Nigerians' brains. The economic team and CBN management need to go back to the classroom. They're archaic with their policies. Banks no see dollars but BDC have. Two different exchange rates, shutdown borders,yet u expect economic growth.
Tom and Jerry explains.
CBN management board and the economic team are confused. they should swallow their pride and flow with modern economic trends by going back to d classroom. Their policies are archaic and barbaric to Nigeria economy.
This government have ended up making life more miserable,painful and hard for everyone living in Nigeria and may curse be upon any stooge still campaigning or planning on voting for APC.
Then we go use kuda na
The politicians should be ready to transfer to the...😂😂😂😂😂
In as much as this is a welcomed development going into the election season it's still not economically okay looking at the high level of inflation. Meanwhile if you would want to scale up your finances before this year ends check out my pinned tweet it's for you enjoy
Anybody against this bold step have criminal tendency possible is in kidnapping business and other banditry
Tinubu can not comprehend anything
This is crazy
Even as much as technology is good , can we stand the disappointment of it crashing and not been available for use some time. This limit will crash the economy finally and put 9ja in more trouble.
Rubbish how much is a bag of rice at market, what can 100,000 buy in a week under a week ? Nobody will order me on how to spend my hard earned money, if my family need over 100k for health care. They will die because of the rules from useless that doesn't care
The CBN doesn't have enough naira notes to go round and as a result of that they have placed the limit this low.
That's good.. Nigeria money will get values small against dollar..
This still hasn't solved our problems. The looters can still loot and ransom payment can only have another face, trust me.
get_screenshot
So we need about 10 Bank accounts to survive in a week, It's well, we move
Na to open multiple bank accounts remain now
Okay
Thank God. Ma dollar dem go share for polling booth
Ah ah I talk am say to bury my money in my parlor is more safer 😞
Wetin POS business operators won do now
🤔...🤐
Are they mad or something
A week not even a day, why na CBN
What kind of play is this?🤨🤨
Na lie .this nonsense will not work.
This Is Becoming Interesting...We Should Now Watch out For Fake Transfer Alerts...
Who teach these APC governments say if naira scarce he go add the value of the valueless naira. The worse and wrong CBN governor ever just like the president too
E be like I go do home saving bank ooo
Shey them dy mad ni?
This can not be true. Even if it, it would never stand.
Are this people okay?
They should also ban Private Citizens from employing Bullion Vans to carry their cash, for any reason whatsoever. Then permanent sanity will invade electioneering ahead of February 2023. IT'S TIME TO JOIN THE CASHLESS GLOBAL VILLAGE IN WHICH WE ARE LOCATED.
Cashless just begin if managed ok
Let them just get the banks to improve the services of their ATMs and PoSs.
Nigeria is on his last bleeding and needs an urgent intervention both spiritually physically even mentally .
The CBN is using a textbook approach to curb inflation and it's not a bad idea IMO. The plan is apparently to reduce the amount of money in circulation, thereby reducing inflation & as an economist, I'd love to see its effects within the first couple of months.
All these gragra will never stop corruption, Ransome paying, etc unless there is systemic overhauling and realignment Bad People will still find another leeway to conduct their illicit business.
JuventusNwafor All this restrictions can’t work…….politicians and elites know how to circumvent the restrictions.
The foolish people still supporting this set of useless leaders, will feel the pain, the feeling of their pain is not a problem, it is the honest smart Nigerians who are also put in their mess
Wetin be this, Nigeria my country
Fascism the loose?
How will CBN woke up and start lashing out policies without studying the country they are in. Have they even check faith of the poor masses which are of majority and our local markets how they will paid. you will tell pepper 🌶️🫑 seller you want to transfer
The only way I can be convinced that it is a good policy is IF there are no exceptions or preferential treatment - ALL customers (citizens) should be given equal treatment.
I agree with cashless policy. But can banks avoid having issues with their system/network?! I really needed to pay for something one day, I nearly cried because of bad service from the bank. Now they want to remove an easy and alternative way of paying for something important.
Time to move to crypto?
I think is time we all join hands to save life's and properties by activeting a revolution for referendum is ether we stay as a country with a new agreement or we go our separate ways. Because the madness is getting too much or we all die in it
The Frog does not run in daylight for nothing,it's either something is after them or they are after something, why did Tinubu avoids question at Chatham instead he direct someone to answer them? He dont have shame at all, Peter Obi answers to every questions. vote for Peter Obi
Arant nonsense!
Everybody don broke be dat My dear no money on ground Lol
The CBN don finally wake up ,some of the best economic measures so far. Only true economists will know the long time effect cenbank kudos 👍😊 .
Hmmmm akachichi don start 🙆♀️
When will it take infect ?
Lmao that's less than 1000 dollars 😫🤣👍
AhanotuIkenna ⚓🔥👹Human being na devil ooh
What’s this? Buhari is planning a war against Nigeria?
Make transfer.
Lives in Nigeria is always ahead and forward do you see why criminality and corruption can never stop in so called country,well to think outside the box I hope this implementation is not to fight against the agitation if that is true the have failed on arriva
O9
They should reverse it
Don't know if app transfer is applicable since it's not mentioned.
But Banks can still carry millions of naira in cash and go to the politicians' house to give it to them. Who is deceiving who?
U can make transfer but cash withdrawals is limited
This is not good . A lot of ppl in the village don’t use bank apps
E no kuku concern me
Cashless transaction 😂😂😂😂😂😂 2 days no service una never see anything
Socialism is in real in Nigeria 🇳🇬
N100k per week! Can Emefiele swear that he cannot need more than that in a week? Businesses only N500k. Haba nau! That is retrogression! Do they believe that no Nigerian does honest business that requires more than that? Is Nigeria a dying donkey?
Opor Oh
With 5 different accounts that like 500k per week
This is the craziest, most cruel, and most clueless policy in this regime. It's not thought out, it's ill-conceived and aimed at satisfying someone at the expense of the poor masses. Nigerians will definitely return to Ghana-must-go bags. We shall dig holes to save our monies.
Madness
This will likely make some people stop keeping money in banks. The POS operators May be affected.
It’s a welcome Development
Encouraging cashlessnes is good. However, do we have good technology to back it up? Bank facilities are obsolete including the internet that is needed to power them. This country is really a joke!
All to cripple Igbo traders.
This law i can bet you will only work with the poor or less previledge in nigeria. We are found of double standard laws to target the rich and the poor.
Cbn govonor be coming out with stupid policies
Just Cash withdrawal,you can transfer and received more but u can't go to bank and collect more than 100k or 500k per week
If Nigeria want to do like Europe, then they need to fix the country like Europe, Is a idea but is not too good for system of Nigeria
Not realistic,with this level of inflation?. Dreamers .
Nigeria kasarmu ta gado teejay suhaib
Cashless policy compulsory
This policy is just ridiculous, naira has no value anymore, but of course we can always count on our government to make its citizens life more frustrating
this people are trying Kill us and our small businesses that needs cash
Wonder shall never end ...
Till when
Transfer to BDC and collect cash in Dollar 💵 and change it . Period, I no fit shout for Nigeria 🇳🇬 matter
Omg
People go see shege in coming years under APC
Abeg central bank is this the problem of Nigeria?
Good job so that PMB and his brothers will not see road spent thousands of money in the bush
Wahala 🤣😂🤣😂🤣😂🤣
Can u imagine ?
Omo Una no bleach enough money to circulate neh why una de reduce money in circulation to 100k per week 😢
Hash leader , hash government , bad economy . So people can't spend their money as they desire anymore ?
Mmmmm
Yet some people want APC to continue.
E no go work. Agbero go start to sell cash 😂. How you go take pay alagbo? The street need cash 💵
Nice
The CBN governor should be arranging his house and fast about it because after this regime he will be cooling his feet in Ikoyi prison .
Too SMALL NOWWWW, why do we always do things out of contest
How about Government MDAs? Are they included among the organisations/ corporate bodies too?
What nonsense is all this
😂😂😂 is it really your money… that’s we Bitcoin…
Kinlonsele bai
No be who get money d withdraw 100k . Beside who d even d use una banks 😏
My concern is to the P.O.S people, what plan do they have for them.
Who says this man is CBN governor is not OBIdient?
This will never work! I am expecting different responses from different quarters. This Emefiele guy is not so smart
I support this idea 💯 Corruption and Criminal activities will drastically reduce and also comes to an end..
Nice move
These guys are really stretching Nigerians beyond their elastic limit..
Na to dey save money for kolo o
How
What is going on
This is stupid stuff
Finally serious with cashless policy.
That’s what you get when you’re govern by a Fulani man, the earlier we go our separate ways the better for us. Even if an igbo or a Yoruba man succeed Bubu, another Fulani man will still come for more destruction.
Cap
great news
And you still say you want OfficialAPCNg at the helm of Nigeria's affair? God forbid....
Before January nine my money don full my house and the remaining one go dey many banks and microfinance If I wise,there is always a loophole 😍
People from the pit of hell
They want ti force E Naira on us ni sha
It looks like I have to identify as an organisation. 🤣
It is welcomed, Provided it is done for good intentions.
This is where enaira comes in
CBN sending pos people wey dey go empty money inside ATM red signal. But joke apart I think CBN policy this time will cause problem. Real politicians no dey go queue for bank na bullion van dey deliver their money so why is CBN trying to affect the middle man of Nigeria?
We go dey transfer for each other💪
How about those without access to the bank
Season greeting.
They are not serious
Is this limit only for cash withdrawal?
It simply means u should do more in mobile transfer
Maybe withdrawing the cash limit is 100k. Using transfer nko?
The target is the February elections, good one
Going to the market now will be challenging 😊😊
Impossible now
How much is the limit per day deposit
Maybe they meant 1,000,000 for a week. Cos this 100,000 for a week,no sense in it o
They said this over and again, they will not maintain it.
This is a target against flagrant abuse of Cash 💷 in 2023 elections.
The suffering continues. Wetin concern you with my money?
This is warrant of rubbish ,, what of company that have 20 workers each collecting 120k a month ,how will they get paid at the end of the month
A perfect excuse not to give money this festive period 😂😂
The fact is, they want to subject everyone to one will while the politicians and the pot bellys' continue to oppress the masses. Ko Le werk! !
You got it wrong. Your information is wrong.
A policy aimed at limiting cash in circulation, other transactions could be pàid for on-line (transfer).
I think and hope cash stashing will be regulated.
Thus is the real reason governments hate Bitcoin and Crypto They want to control you; anyone who controls your money has control over you. Bitcoin prevents this. If you don't know anything about Crypto you are not doing yourself ģood.
Story for the gods
Nigeria is a bad joke.
What's the meaning of this Debtors will be empowered not to pay when due. They'd claim to have reach limit for the week
It's high time we start digging ground to be saving our money....they can accept millions of Naira deposits in a day and more in a week but when one wants to withdraw same money of his, then restrictions implies...
So if you have emergency surgery that is above 100k, you’ll wait for weeks just to cash your own money 🤦🏽♂️. Wahala wa ooo
Buharinomics.. this is back to 1983 to 1984 essenco. This is almost like the wayward and reckless border closures
I won't even lie this is absolute rubbish
What if the money is needed for medical reasons or something serious. Dis limit is only applicable to the masses, the politicians and terrorist are not included
I think MBuhari is taking a step ahead of economic saboteurs. He’s kill the dream of pay in and and withdraw in new notes.
Mad ohhh😂😂
Nigeria is going cashless?
Omo! Na transfer things oo! Make I check my
Las las put your money at home, since these unreasonable leaders want to take us to stone age. If I see head take come and my family from this country I go tear anything that concerns this country without thinking twice.
E don reach where una go Dey tell person how to spend money again😂😂 Wahala pro max
Very good move. That is the legitimate way to go
P O S nkor?
The country is officially broke .Buhari, you did this one .
Senseless people.
I no kukuma get money for account.waiting concern bicycle and filling station
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