kennyz247:

or someone travel to a village where there's no network for an occasion that requires a lot of spendings,how will such person source for money in situation like dat,

I guess you will use USSD for transfer

I feel uncomfortable reading this honestly. What the heck
20k daily

Let's see how fair this would.

The traffic on this thread is much. We're all directly touched by this

jayworld15:



It will affect them a lot. Check the reason why people do transaction with POS agents. One of them is unavailability of cash in ATM machines.

I've pointed out that the vast majority of POS transactions are below 10k.

Anything beyond that, you would most likely do a transfer in the first place.

This is a welcome development and a very good way to fight corruption. Most financial transactions will now be through the banking system and can therefore be effectively monitored. It will also become more difficult to pay ransom to kidnappers.

I support these measures in the interim. Let’s see how far we can go with the implementation.

SmartyPants:
Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

Same here oh. If I'm hanging out, I don't like paying with POS. I always carry cash oh and 20k is too minimal.

Intellectuall01:


Same here oh. If I'm hanging out, I don't like paying with POS. I always carry cash oh and 20k is too minimal.

You get it.

jefdr001:
Nice one. I totally support this. Imagine situation where only one individual will keep people waiting on ATM queue because he is withdrawing over 150k and holding 2 or more cards like someone going to buy cow in the hinterlands. The truth is you don't really need more than 5k cash in the wallet at any given time because everything can be paid for online or card transaction.

People carry cash for fast transactions knowing the bank networks are not reliable.
I was somewhere today and a man had to leave in a hurry as they couldn't confirm his transfer.
He will have to come back tomorrow to pick up his goods when payment has been confirmed...stress

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for 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 bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

Would this solve Nigeria problems
How una dey think self.
We are not in 1920

How do I sell cows to intended buyers ?

Another fantastic policy from an Igbo man
The only performers in this useless administration are igbos
Amaechi and the cbn governor ….

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

So u think this is applicable to those politicians? Wake up from ur slumber, all those policies are for poor ppl.

iwaeda:
APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

Olodo ni e..
All you and plenty like you do on SM is to just type and complain. una no get sense at all

This will only discourage people from ising banking system more and keep their money at home.

Unfortunately, more business for armed robbers.

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for 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 bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

so if I have exhausted my 20k per day withdrawal and I don't have any cash in me. So if I want to but tomatoes of #200, na to send #200 enter malle account wey wan sell tomatoes for me.....this thing go hard Sha. Cbn should have made pos machine free/very subsidized for these set of traders.

sonature1:


You live in America, but you cannot enlighten your aged parents to embrace technology. It's entirely your fault.

You want Nigeria to remain backwards so you can insult the country at will. Sorry, it won't work.

Just the way old people moved from cowries to paper money, they will have to embrace technology as well. It's no longer optional - it's a necessity.

If his aged parents need to buy stuff at home, say something worth 50k for all they need in a month....they would have to start sending someone everyday to the bank till the money is complete...how many old folks are comfortable using internet banking....

emefiele and his oga buhari are werey :
U created Economic Suppression, depression and repression. Only u. U created scarcity and insecurity.
Now pegging pos withdrawal to 20k.

If I withdraw 20k , see the table of spending:
Fill my 70L tank === 19k
Buy paint of rice ====
Buy paint of beans ====
Fill 12.5kg Gas ====11k or 12k
Paint of Garri ====
Pure water
Vegetable oil 5L =====
D list go on and on.

>>>>>>>>>>>>>>>>>>>>>
Let us assume, this is a working govt and are cerebral in their thinking, this policy would have been very useful in 2015 when cost of commodities and services are innocent and pocket friendly.

All I see is a mumu policy.

Na the 200# ATM withdrawal sweet me

Cbn have gone gaga trying to create more poverty by putting Pos operators out of business. Inflicting more pains on the masses. Market women and Smes shoo. Clueless government and voodoo economics

obi58:


POS guys will have to think out of the box.... For example if I want to withdraw 100k from POS instead of using ATM card I will transfer to the POS person who will include charge. However the challenge they will have is sourcing for cash with the new bank withdrawal charges I suspect POS charges per withdrawal will have to increase.

The real difficulty lies in going to the market. If you want to pay a market woman who is not enlightened above 20k how you go fit do am?

This policy will summersault....it doesn't capture this scenario you made mention and many other scenarios

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

Ok we don hear chinedu.....everything is against tinubu.....don't worry Buhari is working for hoebi mumu

I love this development. This makes EFCC to trace fraudulent money. If you are legit, you have no course to worry.

Regarding those sympathising with POS, all policies must affect someone. They will switch to another business eventually.

This will reduce corruption. This will reduce money being stolen at the ATM via theft of ATM card.

The good outweighs the negatives

I think i love the #200 being the highest denomination in ATM

iwaeda:
APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

Because you are very naïve and oblivious of the implication of the pronouncement.

Learn!!! It is not too late!

Superwave16320:
What stops u from transferring
Na still APC I go thumb print and Bola Ahmed Tinubu gangan the Ipob Igbo nightmare I go vote as president with my entire family.

No body say make you no sell your comedy of gaffes

You don't have limits in LA?

Mrfksb1:
How about old people? I live in LA how will my aged parents withdraw when I send cash to them? Please I need some answers


What kinda of shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for 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 bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

When you are digging hole for your enemy to fall into it, let it not be too deep incase your friend mistakenly falls into it.

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

Reason you'd see TVC and the Nation newspaper attacking change of the higher denomination notes.

lrman:
So what if you go to a shop to buy a product with price of more than 20k..?? That means you cannot pay via pos unless you use a bank transfer ??smh..

You can pay via POS now, you can't withdraw

Mrfksb1:
you know nothing. You can withdraw even more than $10k a day. Do you know how much is $10k to naira

Which America bank give daily limit of 10k on Atm withdrawal ?

Policy that will end up strangling the economy