CBN Drops ATM Withdrawal Limit To N20k/Day - Business (6)

CBN Drops ATM Withdrawal Limit To N20k/Day - Business (6) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Drops ATM Withdrawal Limit To N20k/Day (87808 Views)

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Re: CBN Drops ATM Withdrawal Limit To N20k/Day by laplace19(m): 4:52pm On Dec 06, 2022

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.

Some people actually need such amounts.
A lot of Architects, builders, civil engineers, etc need such amounts to pay their workers after the days work. Some of us do jobs in the villages where banks are far from us, how do you pay these workers if not using the nearest POS to withdraw such amounts?
A situation you've like 12 labourers on site of which 4 would've bank accounts & others do not cos most of them are not educated, they can't even write their names or operate ATMs.
This CBN policy will affect project delivery.

14 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Whois(m): 4:53pm On Dec 06, 2022

Instead of new bank account, simply request for atm from Carbon, fairmoney, opay etc.

Segun91:
Will just go and open two more bank account.

3 Likes

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by MufasaLion: 4:53pm On Dec 06, 2022

temmyyem:
Very few can see the handwriting on the wall, it's not a Nigeria thing, it's global, bank branches are being closed, ATM machines going out of service and decommissioned. The digital prison of the one world system is being built and people are unaware of what is coming.

Bullshit!

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Nobody: 4:54pm On Dec 06, 2022

Wetin be this na?

2 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by cyndylove64(f): 4:54pm On Dec 06, 2022

yemmit90:
People will simply keep alot of cash at home, and there would be too much money in circulation. The policy doesn't make any sense to be honest.

200 or less denominations is more than ok to discourage heavy withdrawal. If I want to withdraw anything above 10k, I rarely patronize #500 ATM, let alone 200 or less.

am telling
I always make sure I use 1000ATM ... Thinking of 20k withdrawal in 200 denomination....omo I can't...I hate such notes

4 Likes 2 Shares

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by gulfer: 4:54pm On Dec 06, 2022

I hope they've considered the informal sector which primarily drives the economy undecided

3 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by abbasajao(m): 4:54pm On Dec 06, 2022

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

Conversion is not necessary in this case

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by arantess: 4:54pm On Dec 06, 2022

The idea of 200 and below in ATM is most welcome

4 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Pyhonist: 4:55pm On Dec 06, 2022*

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

That guy didn’t think about the value of US dollars before typing that gibberish. Even if the maximum u can do per week in LA is $10, you cannot spend 70% of it on your upkeep except you live a lavish lifestyle or responsible for a large family.

3 Likes

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Treadway: 4:55pm On Dec 06, 2022*

Good move by Emefoole. He has been getting some things right of recent. The naira redesign would be a grand futile venture if they don't use the opportunity of this reset to really enforce the cashless policy.

However, for a start, as things are right now, daily withdrawal at ATMs should be 50k limit. They can reduce it only after a while.

Also, all those stamp duty, ATM maintenance charges, ETL must go, at least at this early stages. If they want swift acceptance of cashless, make it easy, enticing and remove those costs/charges.

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by BennyDGreat: 4:55pm On Dec 06, 2022

RomanGreen:
Dude shut up, you're in LA where withdrawals above certain thresholds aren't allowed yet you calling nonsense here. Cashless policy is in full swing in advanced LA but you don't want it abi....bad belle

Does 20k look like a reasonable threshold...you sef reason am...the policy will summersault....what can 20k buy you in the market....shey na yam seller u go dey do transfer to or pepper seller...

7 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by kennyz247(m): 4:56pm On Dec 06, 2022

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?

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,

5 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by nurudeen181(m): 4:56pm On Dec 06, 2022

Paxxcarl:
Pos might be going out of business Cashless policy

Nope, pos is in for more profits

3 Likes 2 Shares

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Invest4growth: 4:56pm On Dec 06, 2022

I think they have realized their inefficiency. The new notes printed would not be enough to go round.

This is financial inclusion by force.

Why would CBN limit cash withdrawal to N20k per day?

5 Likes 2 Shares

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by AlphaTaikun: 4:56pm On Dec 06, 2022

linearity:
But you can do a transfer from you phone.

Let’s look at the big picture, there is no policy implemented that will satisfy everyone in the Country.

This one will help sap lucrativeness out of kidnapping because the only means of them receiving their high demands will be through a transfer which can be traced later.

This policy is good, especially in Nigeria and will help fight corruption, yes there will be little inconveniences as you indicated, but look at the bright side…….you now have one more reason to give to your dates why you can’t spend BIG on your date nights!

1 Like 2 Shares

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by charles614: 4:56pm On Dec 06, 2022

This is totally wrong , if there is case of emergency like hospital deposit before treatment how can that be handled

2 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by TOPCRUISE(m): 4:56pm On Dec 06, 2022

Maybe to curb criminality

1 Like

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by jayworld15(m): 4:57pm On Dec 06, 2022

SmartyPants:
It won't affect them much.

The vast majority of POS transactions are under 10k.

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.

1 Like 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by knowhowk: 4:57pm On Dec 06, 2022

POS that have strong Financial stand ot has a connection with bank Officials would make it now..

Say U have like 3 Million Naira Cash .
And when you exhaust it ,you put a call to the bank Officer ,u go in withdraw cash and leave no quieing up ..

Cool Business .

3 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Nobody: 4:57pm On Dec 06, 2022

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

It's good development.

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by oluwaseyi0: 4:57pm On Dec 06, 2022

yemmit90:
They will not as far as it does not affect electronic fransfer.

The implication of this policy is that, there would be too much money in circulation as people won't take their cash to the banks anymore. They would rather keep cash at home having known that they may unable to withdraw a certain amount if there is need for it. POS guys too will keep alot of cash instead of taking them to bank.

#200 or less denominations at ATM is more than enough to discourage heavy withdrawal. The policy will do more harm than good.

There won't be too much cash in circulation as anyone having this old currency notes is same as not having money, getting the new note out as cash will be more cumbersome

Where will the heavy cash come from

8 Likes

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by BennyDGreat: 4:58pm On Dec 06, 2022

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

You dey mind that guy...shey 20k na reasonable threshold?
Money wey no reach 50 dollars...

3 Likes 1 Share

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Ikea81: 4:58pm On Dec 06, 2022

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

Oga POS dey everywhere. Wetin your parents need more than 20k per day do.

1 Like

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Gozac: 4:58pm On Dec 06, 2022

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.

You are a very intelligent person. I got wind of these schemes few weeks ago. Those working against Tinubu are very powerful persons in his party

1 Like

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Henrydata(m): 4:58pm On Dec 06, 2022

temmyyem:
Very few can see the handwriting on the wall, it's not a Nigeria thing, it's global, bank branches are being closed, ATM machines going out of service and decommissioned. The digital prison of the one world system is being built and people are unaware of what is coming.

Flesh and blood did not reveal this to you

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Adiob200(m): 4:58pm On Dec 06, 2022

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

..Do we have strong network in Nigeria to move to online transactions...little that we are doing now there is error here and there...

4 Likes 2 Shares

Re: CBN Drops ATM Withdrawal Limit To N20k/Day by rezy15(m): 4:58pm On Dec 06, 2022

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

Oga go download your bank app

1 2 3 4 5 6 7 8 9 10 ... 20 Reply

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