Many bank customers in the country, have expressed their dissatisfaction at the Central Bank of Nigeria (CBN), as its cash withdrawal limit policy goes into force.
It would be recalled that on Tuesday, December 6, 2022, the CBN had said that with effect from Monday, January 9, 2023, the maximum over-the-counter cash withdrawal limit by individuals and corporate organisations per week, would be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of five percent and 10% respectively.
It further stated that the maximum cash withdrawal per week via Automated Teller Machines from January 9, would be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
However, succumbing to pressure as a result of the cash withdrawal limit, Governor Godwin Emefiele of the central bank, on Wednesday, 6th of last year, revised the bank’s withdrawal policy.
The CBN reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5m respectively.
As the policy took effect yesterday, a bank customer, identified as Sola Adewale, who spoke on the development in Mowe, Ogun State, said, “I personally think putting a limit on how people should spend money they worked for is crazy. N500,000 weekly withdrawal limit may be too much for some people while it is too small for others. This affects some businesses that need a lot of cash.
He added, “Putting a limit on cash expenditures won’t reform Nigeria in any way because the people who spend lavishly will still have access to whatever amount of money they need. So at the end of the day, it’s the common man that will suffer the most.”
Another bank customer, Grace Chukwu, who spoke in Ogba, Lagos, said, “I am an entrepreneur with three companies. I use First Bank, FCMB, Zenith Bank, and Sterling Bank. I will use this opportunity to applaud the service I receive from First Bank, Sterling Bank, and other banks. I’m not really bothered because I hardly transact with cash, I do bank transfers most time.
“But I can understand how this new policy will affect other organisations and people who still don’t trust the available Internet banking options in our rural and urban communities and need to move funds above the amount permitted via Internet banking. I’ve been a victim myself a few times. So, I don’t blame them. And let’s face it, cash is still king. I feel they should review it.”
Also, another bank customer, identified as Maduabuchi Mercy, who spoke in Abuja, said, “I don’t have much to say. This will surely limit individuals and businesses from their day-to-day activities. This really doesn’t show that we’re moving any forward. People make their money for themselves, and regulating how to spend our hard-earned money is a complete turnoff.
“Imagine me having a transaction above the stipulated limits, so I’ll have to spend up to a month to complete a particular transaction. How long will it take me to do five to 10 transactions as an individual let alone as a business owner?”
