What of bank customers that intends to buy a car, a house or pay a huge amount of money for a transaction?

Weekly withdrawal limit for individuals should not exceed 10k and there should not be any other way to withdraw more than that amount.
Weekly withdrawal limit for corporate bodies should be zero! Corporate bodies have no business with cash at all.
This is the only way this cashless policy would work. Once you fail to do this, then it has become another jamboree!

Noted.

The only thing I see new in all that you have written there is writing an application and stating purpose of withdrawal. All others are normal proceedings of the bank when applying for withdrawal.

The limit for ATM sweet me pass. Na so some people will stay with ATM withdrawing N150k instead make dem enter bank.

Expect increase in POS charges - dem go charge N500 to withdraw 10k as from next year.

IamtheTruth1:


I do support the cashless Policy they Wana introduce. But is it with the shitty networks our banks have? I no even know how Zenith take dey win best bank.

Them worst

I will spread 100,000 naira to my 5 accounts, giving me 100, 000 naira daily withdrawal

What's your rate

noble71:

Thanks for this information



Meanwhile sell your Pi to us at good rate.

You typed alot but still not say nothing, after providing all the required documents, you will still pay the 5% processing fee am I right?? Or providing those stuffs automatically nullify the processing fee?.

FunkyAlhaji2015:
I will spread 100,000 naira to my 5 accounts, giving me 100, 000 naira daily withdrawal

weekly limit bros. read am well

Andrewkinggg:
What of bank customers that intends to buy a car, a house or pay a huge amount of money for a transaction?

you make transfer

Well, even though we Nigerians disagreed to this senseless and baseless policy.
At the other hand, we all knows that the country called Nigeria is a nation where no Policy or law holds water. All will soon fade off like a smoke.

It is a good initiative
Let us hope the implementation does not cause avoidable suffering to the vulnerable
The timing just before elections is suspicious.
Anyway maybe we won't see bullion vans

noble71:

Thanks for this information



Meanwhile sell your Pi to us at good rate.

. How much will you buy it

FunkyAlhaji2015:
I will spread 100,000 naira to my 5 accounts, giving me 100, 000 naira daily withdrawal

it is thesame bvn,so u cant

https://www.youtube.com/watch?v=KYlv0RLcKCY

They should make electronic money transfer free

Go and register a business name and use it to withdraw cash.

postbox:


SOURCE:https://brandspurng.com/2022/12/15/how-to-withdraw-above-cbn-cash-limits/

Loopholes in the Policy already.

1. The withdrawal/s or Limits are not BVN restricted. They are Account restrictions.

2. I can have a regular Savings Accounts, one or two of these hybrids savings accounts. With this I can take 20k Daily from the Accounts without paying any penalty or run foul of the Policy.

3. Open Accounts for my Kids. Since I am the Signatory, technically the Accounts are still mine and I can do 20k daily on them also.

4. Companies with Account I, Account II and so on can easily make Multiple 500k Withdrawals in a Day.

So, for this to work, let the restrictions be BVN based and not Account based. With this, everybody will comply.

Trust your Bankers and Banks to begin marketing hybrid Accounts to customers more now in order from them to beat this policy.

Make it a BVN based restrictions otherwise it will fail.

This is complete rubbish, it like you are begging to collect your hard earned money. They should have demanded for land documents to get your own cash

like begging to collect your own cash

millionboi:
it is thesame bvn,so u cant

The restrictions are Account based and not BVN based.

flexyrule:
These ones didn't even bother to read the topic.







OP. Thanks for the info.

I like what the CBN and Buhari administration are doing.

Most times, money laundry is carried out using cash. With this new initiative, proceeds of crime and corruption can be effectively traced.

But they should have sorted out the issue of security. Imagine when kidnappers demand 20m ransom...

Omoh. You go just dey play.

Is that why my new ATM can't make payment online?

flexyrule:
These ones didn't even bother to read the topic.







OP. Thanks for the info.

I like what the CBN and Buhari administration are doing.

Most times, money laundry is carried out using cash. With this new initiative, proceeds of crime and corruption can be effectively traced.

But they should have sorted out the issue of security. Imagine when kidnappers demand 20m ransom...

Omoh. You go just dey play.

Lol. ...

Like say the goverment don't know those hoarding the cash.

Are they also telling us they don't know those sponsoring terrorism?

noble71:

Thanks for this information



Meanwhile sell your Pi to us at good rate.

How much?

APC and Tinubu be looking at Emefiele with left eye
If they catch that guy eehn

Thanks be to El Shaddai the Lord that makes me worthy of trust.

Thanks be to God Most High for exalting me and for this great honour.

A305:
This would only prevent people from saving huge sum of money in the bank when they know It will be a mountainous task to take out the money when needed urgently, (especially business men who need huge cash to run their business), in other words — the whole idea of cashless policy will be defeated if these set of huge spenders refuses to keep huge cash in the bank.

Unfortunately, mindset like this will defeat the purpose

noble71:

Thanks for this information



Meanwhile sell your Pi to us at good rate.

How much are you willing to buy my pi

flexyrule:
These ones didn't even bother to read the topic.







OP. Thanks for the info.

I like what the CBN and Buhari administration are doing.

Most times, money laundry is carried out using cash. With this new initiative, proceeds of crime and corruption can be effectively traced.

But they should have sorted out the issue of security. Imagine when kidnappers demand 20m ransom...

Omoh. You go just dey play.

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

If nothing has been achieved with all the wahala nigerians went thru because of BVN and NIN, is it now cash limit withdrawal that will trace trace the proceeds of crime and corruption ? The abacha money that was returned, did you get a share of it from buhari? The Abba kyari that was facilitating criminal activities as a police man, what has happened to him? Honestly, it is very easy for govt to deceive some of u