‘N500k for individuals’ — CBN increases weekly cash withdrawal limit after public outburst
The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking supervision department.
The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.
The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.
The policy had generated mixed reactions from Nigerians. While some said it would have a negative effect on small businesses, others applauded it as a strategic move towards boosting the cashless policy and reducing the amount of cash outside the banking system.
In the circular, the apex bank said it made the upward review based on feedback received from stakeholders.
“The Central Bank of Nigeria (CBN) hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively,” the circular reads.
“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of 3 percent and 5 percent for individuals and corporate organisations, respectively.
“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number (BVN) of the payee, tax identification number (TIN) of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”
The CBN said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions supervision and payments system management departments.
“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances,” it added.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.
The apex bank said it recognises the vital role that cash plays in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.
“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” CBN said.
"The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023.”
CalabarPikin: Thanks so much for this. I really appreciate.
One more thing please, what will you advice someone like me that is determined to learn, but I'm a hustler struggling to survive....I may find it difficult to spend up to 12 hours on the system just like someone suggested in a similar thread earlier.
You can learn at your own pace, you just need determination, passion and never give up.
You may spend 1 hour or even less to learn per day, what matter most is to finish the course and practice a lot.
Apart from learning you should also practice a lot like, solving JavaScript puzzles and quizzes build beginners friendly projects like Calculator, tic tac game etc. There are tons of materials on Google.
Focus on one language at a time and learn at your own pace, don't rush.
You can also download the 3 + hours JavaScript course by freecodecamp on You tube, there are also tons of Programming video on you tube you can learn from.
Truss20: Bro pls am interested in learning coding also but how do I go about it , I stay in Lagos. Just finished my apprenticeship of electrical work but I need a digital skill to back it up
JavaScript is the most popular and versatile, start from there to become a front end developer
After JavaScript you can learn Html and CSS and after that you also need to learn one of JavaScript framework, Node.Js, React,Vue. Js, or Angular to become a front end developer.
After becoming a front end developer you can start your journey to become a backend developer to and then become a full stack web developer
After JavaScript you can learn Html and CSS and after that you also need to learn one of JavaScript framework, Node.Js, React,Vue. Js, or Angular to become a front end web developer.
After becoming a front end web developer you can start your journey to become a backend web developer and then become a full stack web developer.
Devdevdev: It seems comprehension is your problem. Maybe that's why you've been coding since 1994 and yet still struggle to get a freelance job.
Calm down girl Programming isn't as easy as you think.
Deleting your social media app is a mistake because there are also several groups on Facebook for programmers and you will get a lot of helpful tips from them.
You started learning recently but you are already acting like you know it all, I like your passion though because coding require passion.
Moh247: Fast money isn't in programming or tech, Nigeria loves quick money
Truth is bitter, but it must be told
Yahoo is very very hard, time consuming and involves ritual yet most Nigerians prefer that to tech jobs
A good C++ developer would train constantly for over a year before you can get a tech job
Freelance sites are not even helping Nigeria as once you tell them you are Nigerian they label you a scammer or price you low
I once approached a school with a software proposal and the price offer was just ridiculous
Whogohost in Lagos was recruiting Web Developers and I was there.. only to get the offer letter with salary less than 50k and crazy work hours.. how will anyone survive on such
.
Most Nigerian companies don't want to pay Nigerian programmers what they deserve, they just want a slave. The best way to work as a programmer in Nigeria is as a freelancer or work remotely for foreign companies online.
FireUpNow: I really like this topic on coding as I want my brother to go into coding as he is very much interested in it. Can the youtube videos you talking about help him to learn coding? I was thinking that maybe their are schools that teach coding. Please I need your advice on which of the programming to choose from? I Thank you and God bless
JavaScript is the most popular and versatile, tell him to start from there to become a front end developer
After JavaScript he can learn Html and CSS and after that he also need to learn one of JavaScript framework, Node.Js, React,Vue. Js, or Angular to become a front end developer.
After becoming a front end developer he can start his journey to become a backend developer to and then become a full stack web developer
Devdevdev: You hardly see Nigerians teaching coding or talking about programming related stuff on on social media, especially on Youtube. This is because this is actually a legit way to be a successful person and it involves a lot of hard work, determination and consistence.
Nigerians only like to propagate get rich schemes and fraudulent stuff like plagiarizing books to post on Amazon or some rubbish Ponzi scheme. The common thread that links all these is that they don't involve much work and all you have to do is just do the little, then sit and wait for money to start pouring into your account. I admit there are a tiny minority of people who make money from these, but it's usually for a short period of time until it crashes or they get banned from Amazon, or get arrested, but the majority of people don't get shit, rather they jump from one get rich scheme to the other until they realize they've wasted their time.
Programming will never be saturated with competent programmers especially in this country because majority of people don't have the discipline and delligence to actually become competent programmers.
For the past month I've not been on social media. I deleted my Twitter, Facebook Tiktok, Instagram and vowed to never check status on WhatsApp because that's a very huge distraction. I only use Nairaland and Reddit, particularly for programming related information. I deleted every movie from my laptop and haven't watched TV for weeks.
How many people can do this? How many people can sit at a desk staring at a computer screen for 12+ hours everyday?
Nigerians are very lazy and are addicted to quick gratification and this works in the favor of programmers who are serious, because it reduces the competitiveness of the job market.
Programmers are scarce in Nigeria but that doesn't give you the opportunity to start saying trash about Nigerians.
When did you start to learn coding?, you will see many articles written by Nigerian programmers online
Go to freecodecamp and see several articles written by Nigerians.
BossGerald: Just few streets and gra?? Despite the fact that oyo state is almost the same size with the 5 east states.
Higher percentage of Ibadan is slummy
You should be praising Oyo government, they have more grounds to cover in terms of development because of the large landmass and still collecting the same allocation as that of a single state in the East.
Anambra is just as big as Ibadan and majority of it is also still slummy and dirty.
Obiano built Anambra cargo airport within 4yrs, umahi is about to complete ebonyi airport despite small budget and igr...
Have shame for once.
You are mistaking something
Our priority in the west is different
That Airport is very important to Anambra because they want to compete with Lagos state and grow their IGR. In the west we don't have the same priority and purpose.
Because of Anambra priority they couldn't afford to build a shoddy airport, they spent a lot on the project so that it can achieve what they want it to achieve.
EndsarsReloaded: Slowly read the topic under discussion again, then read what you wrote and see how senseless you are.
I used to think that Yorubas are educated but see how dull, unintelligent and foolish most of you sound. SMH.
You are the dunce here
I was replying to your comment not commenting under the topic
Who care what a nonentity like you think about Yoruba? Most Yoruba wouldn't even give a damn about whatever hole you crawled out from.
Even despite the fact Aregbesola squandered the state resources on that Airport and it still failed to manifest he still did and completed alot of projects across Osun state.
You are exhibiting your low IQ if you want to judge a government base on only Airport project. The Airport that was built in Anambra how much revenue and traffic is it now generating for Anambra government? I thought you guys said Anambra can now compete with Lagos with just that Airport lol
BossGerald: Here is a village in Abia, Abiriba...its even cooler than this nonsense you just posted...talk more of cities like enugu and Owerri and Awka
BossGerald: Here is a village in Abia, Abiriba...its even cooler than this nonsense you just posted...talk more of cities like enugu and Owerri and Awka
How many houses were even in that pictures?
You think those are really better than this? You guys are really delusional
EndsarsReloaded: Sorry, you're as foolish as your dumb governors. So, Osun State governor didn't realize an airport isn't a priority before wasting billions of naira on it
Since it's not priority according to you, then why did Ekiti and Ogun still go ahead to build those lock-up shops in the name of airports??
Make una continue to dey deceive unaselves. SMH.
You are just stupid
Osun didn't need that Airport Aregbsola was just looking for an avenue to siphon money but the Airport is useful in Ogun state and let Ogun Airport be complete first before saying trash.
BossGerald: You think roads like this don't exist in the EAST?? Even my village has three igbo markets, maternity, bank, well tarred roads, nice housing, village halls(three well furnished)
Mind you my home town that we do call village...
And by the way, that your 3rd picture,I have the full view of it
I can post pictures of developed Ibadan all day but it wouldn't change anything it is just a total waste of time, I can also post post pictures of Slummy Anambra
Look at the Google images of the East, but it is just a total waste of time.
EndsarsReloaded: In as much as I don't like getting involved in such dick measuring threads, I still couldn't overlook your unreasonable post.
Firstly, you're equating quoted budget figures as yardstick for measuring development, are you for real? Do you know how dumb that sounds?
Now let me show you, Ayade of Cross River State once budgeted over 1 trillion naira as annual budget! Quick questions: Did Ayade ever realize that crazy amount? Where are the projects he executed in Cross River? Yet he didn't even achieve up 5% of what Umahi with 200 billion naira budget did!
What about Delta and Bayelsa, each of them always budget humongous amounts annually, so can you list the projects they executed with such amounts?
You think it's about budget? No! It's about prudence, planning, priority, being less corrupt etc. Have you seen the airports built by Ekiti and Ogun despite the so-called huge budgets? Can you compare them in anyway to the ones built by Anambra and Ebonyi?
Okezie Ikpeazu of Abia state has been harrased and thoroughly humiliated by Igbos over "poor performance" yet I can bet you he did much better than most SW governors. You can pick Osun or Ekiti and less compare with Abia if you want to argue!
I think the issue is both cultural and ideological. Igbos don't mind disgracing their governors openly if they believe he is not performing well. They will constantly benchmark their governors against the best governors elsewhere. But unlike the SW, they will rather suffer in silence than allow others know about their sorry situation. Again, culturally, while Igbos won't hesitate to confront their leaders for not performing optimally, Yorubas would rather 'dobale' for their own leaders even when they are performing terribly. A case in point is the scandalous amount the new governor of Osun State is accusing his predecessor for mismanaging. Up till now, there is no outrage among Yorubas. However, had it been this happened in SE, by now, everyone will be calling out the past governor for being a rogue and why EFCC should arrest him ASAP.
Even you argument is based on tribal bigotry. So, if you want to factual, I double dare you to name a single SW governor since 1999 who achieved up to what Umahi did in Ebonyi. I'm waiting!!!
Shut up your Umahi did not do more projects than Aregbesola
We know Adeleke is likely lying and creating excuses for his coming woeful performances
When Obiano said Peter Obi left 200 billion debts for Anambra government? Did you believe Obiano ? Or where was the outrages?
Government in the west are lacking in so many areas but they are still working, World bank, UNDP etc have commended government in Osun and Ekiti on several things.