Netizens have taken to various social media platforms to react to the new law by the Central Bank of Nigeria (CBN) to limit over-the-counter withdrawals to a hundred thousand naira only.
Kemi Filani News reported earlier that CBN announced on Tuesday, 6th December that as from 9th January 2023, individuals and organisations will not be able to withdraw cash beyond a certain amount from banks.
According to the memo issued to banks and signed by the Director of Banking Supervision, Haruna .B. Mustafa, the CBN said individuals will only be able to withdraw N100,000 per week ( from over-the-counter, Point of Sale Machines or the Automated Teller Machines).
As for organisations, the withdrawal of nothing more than N500,000 per week was permitted. The apex bank also directed banks to ensure that ATMs don’t pay beyond N200 denomination.
Mixed relations have trailed CBN’s cash limit withdrawals by individuals and organization. While many asserted that the limit will make businesses suffer, other noted that the denomination for ATM will cause unnecessary queues.
“Go and renew your atm cards, set up online banking , secure your phones, change your banking passwords, get POS for your business or register with third party payment portals to receive customer’s payment etc. This policy is in favor of the masses (if well implemented). We must uphold it!” – One MegaKid Naija advised Nigerians.
How would businesses survive like this?? One Paschal Pepper asked
“The most important question is; Will controlling the amount of physical currency In the country reduce the cost of commodities? If it’s not going to, all this is doing is suffering the common man”. One groundnut Naija wrote
“I guess they are trying to tackle kidnapping, hopefully it helps really”. – One Sane jay wrote
One Zelater wrote: Lol seen a lot of people criticizing the govt but this is a good idea. They’re trying to control hoarding of money, by being in charge. This would in turn help boost the naira seriously!
One Hamilton wrote: Lol I’m amused at people saying it’ll tackle hoarding, people who hoard money do not even wait in line, they sit in their houses and the money is brought to them. This shit only frustrates the normal citizens like us.
One Joshua wrote: How can they stop the banks from making deliveries of huge sums of money to individuals?
One Vincilee wrote: Godwin Emefiele is easily the worst CBN governor in the history of this country.
One Brown Chocolate wrote: CBN just want to have a level of control over
the flow of naira, The naira redesign has lodged money back in the financial system
and they are doing everything in their power to keep it in the system, this policy is to implement a cashless economy for more cash in banks for investment. Although I find the 10% commission evil.
One Veevoolee wrote: The only thing wey pain me pass be say I still dey naija
If una like no vote wisely. I kukuma don dey arrange night bus to UK
One Hamonbeeding wrote: At this point, Emefiele should just resign. Omo! Smh all these their policies won’t affect looters it’s the innocent masses who would suffer it te most Nigeria we hail thee!
One Stockholm wrote: What happens in cases where there is no network for transactions. Abeg we aren’t ready for this move.
One Olaedo wrote: This is actually a good idea until you go to the atm and withdraw 50,000 in #50 notes.
One Horpeh wrote: Can’t relate, na kolo I dey kukuma use and the money no pass 4,280.
One Sightunseen wrote: If they are putting N200 naira and below on ATM they should as well cancel ATM withdrawal charges.
One Sporonto plug wrote: Ease of doing business in the mud 😢
One Bebe wrote: And here comes Naira black market..😂 internet banking has been a massive failure & now u want to restrict cash withdrawal to peanut. Wetin una wan gain to dey frustrate Nigerians?