Nigerians Reacts As CBN Limits Cash Withdrawal To N20,000 Daily, N100,000 Weekly

The Central Bank of Nigeria (CBN) has come under heavy criticism after imposing fresh cash withdrawal limits on individuals and organizations, which takes effect from January 9, 2023.

CBN Limits Cash Withdrawal

KanyiDaily recalls that the CBN had announced that individuals can only withdraw N100,000 per week (from over-the-counter, Point of Sale (PoS) Machines, or Automated Teller Machines (ATM), while organizations can access N500,000 per week.

The apex bank also limited individual Point of Service (POS) to N20,000 per day.

The Director of Banking Supervision, Haruna .B. Mustafa, who disclosed this in a memo issued on Tuesday, said Banks were also directed to load only N200 and lower denominations into their ATM.

Withdrawals above these limits, the memo stated, will attract processing fees of five per cent for individuals and 10 percent for corporate organizations.

The development has triggered mixed reactions on social media with some Nigerians commending the CBN for reducing cash supply, while others slam the apex bank for restricting citizens of the money.

See some Twitter reactions below:

https://twitter.com/FinPlanKaluAja1/status/1600142657338363904?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/_SirWilliam_/status/1600178928978518023?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/BodeThomas_/status/1600144543110029317?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/AbbaM_Abiyos/status/1600163248078147584?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/TokunboAdesina/status/1600150806446997504?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/Aminaruk/status/1600175223029964800?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/ShehuSani/status/1600177138375614468?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/IAtalkspace/status/1600162494953443328?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/_SirWilliam_/status/1600174524657328136?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/FinPlanKaluAja1/status/1600168236691394560?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/Mrczarr/status/1600160751729070085?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/Benn_X1/status/1600156423673245696?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/woye1/status/1600158195883835392?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/OyinadeGeorge/status/1600154860069888000?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/self_boss_/status/1600169846217375749?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/General_Oluchi/status/1600196308861476864?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

https://twitter.com/MojiDelanoBlog/status/1600150271438376960?s=20&t=VZM5gFQzKpN6jFa6rdz5IQ

This comes two weeks after President Muhammadu Buhari unveiled three redesigned naira notes while boasting that Nigeria is among four of the 54 African countries that print their currencies locally.