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Nairaland Forum / Nairaland / General / Business / CBN Drops ATM Withdrawal Limit To N20k/Day (80229 Views)
CBN Increases Cash Withdrawal Limit To ₦500,000 Weekly / CBN Slashes Banks’ ATM Withdrawal Fee From N65 To N35 / CBN Drops Interest Rates By 50bps To 13.50% (2) (3) (4)
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Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Princess80(f): 5:38pm On Dec 06, 2022 |
yemmit90:The central bank wont be producing so many cash. If you hoard the notes, then paper currency will not be there for people to access as you people already have limited notes. If you bring it out, others will hoard it which will in turn make everyone go cashless. Thats what i believe though |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Onebigman(m): 5:38pm On Dec 06, 2022 |
I dun tire for all this banks wahala,before if you transfer 1k to person,na that 1k the person go receive but now if you send 1k ,na like #96.. d person go see,,,shey Dem want mk we de collect charges from client nii 5 Likes |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Tezzi(m): 5:39pm On Dec 06, 2022 |
Obinnau: |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Aboguede(m): 5:39pm On Dec 06, 2022 |
3 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by wolebest: 5:39pm On Dec 06, 2022 |
What is going on? CBN is courting trouble. They don't have the infrastructure to bank the unbanked and planning to limit withdrawals to 20 thousand Naira daily 5 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Omoapena(m): 5:41pm On Dec 06, 2022 |
Paxxcarl: Nope. This is best time for their business... They will have access for more cash through withdrawal form and people that needs more than 20k cash will have to goto POS to get the cash cuz ATM won't dispense it, so more money for POS investors... 4 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by observanc1: 5:41pm On Dec 06, 2022 |
Sweetnesstwins:effect from Jan 9, 2023. wount affect the festive season 3 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by yemi1504: 5:42pm On Dec 06, 2022 |
Bonesbreaker: More than bad! Infact, worst! |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by macaranta(m): 5:42pm On Dec 06, 2022 |
This will stifle economic growth. Imagine the countless man hours that will be lost trying to say for instance pay artisans at a work site. 4 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Akinsete19(m): 5:43pm On Dec 06, 2022 |
DJInfluence:Lai Lai |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by angelfallz(m): 5:43pm On Dec 06, 2022 |
Lol. The job of the CBN is not about building the economy or destroying the economy, that is the job of the government. Obinnau: |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Googledotcom: 5:43pm On Dec 06, 2022 |
linearity:Wow, thanks for this, it will greatly reduce insecurity in the country. Firstly people won't be able to move large cash about and kidnappers would find it really tough to get huge monies as ransom. Kidnapped victims would be given a long period to pay up due to the withdrawal limit and this will notify the security personnel that something fishy is going on. 3 Likes |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Rubbiish(m): 5:45pm On Dec 06, 2022 |
obi58:@bold they will embrace transfer A lot of these market vendors are already embracing transfer. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by tollyboy5(m): 5:46pm On Dec 06, 2022 |
Akwamkpuruamu:How does it affect pos business? You know how many times I do transfer and collect cash lol 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Juanmike(m): 5:47pm On Dec 06, 2022 |
Mrfksb1:Send through Udela |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Iqtest: 5:47pm On Dec 06, 2022 |
Mrfksb1:Stop lying no bank in america give you $10k without federal requirement. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by rainlover(m): 5:47pm On Dec 06, 2022 |
Whois:The same limit still applies. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by yemmit90: 5:48pm On Dec 06, 2022 |
Princess80: Will they instruct banks to stop loading ATM? Will they forcefully denied people their money in banks after setting a daily limit backed by law? There is no way they won't produce cash except if they are telling Nigerians that commercial banks will no longer functions. Nigeria is not yet ripe for full scale Cashless policy. It should be gradual process starting from excessive charges on cash payment and withdrawal, lowest denominations on ATMs, time limit on Naira notes, etc. 4 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by AngelicBeing: 5:48pm On Dec 06, 2022 |
@ sukkot, what sayest Thou |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by yemi1504: 5:49pm On Dec 06, 2022 |
yemmit90: You can say that again about doing more harm than good as a lot of people will be keeping money in their houses which attracts armed robbers unfortunately SMH. This policy will soon have a somersault as their useless bad policies they keep churning out from time to time (see NIN). |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Googledotcom: 5:50pm On Dec 06, 2022 |
AutoRedux:have you forgotten all your five bank accounts have same BVN ? 7 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Aboguede(m): 5:50pm On Dec 06, 2022 |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by DenreleDave(m): 5:51pm On Dec 06, 2022 |
i can help Mrfksb1: |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Odidigboigbo(m): 5:52pm On Dec 06, 2022 |
jibrilELsudan:You will do app transfer give Ashowo and wait for her to confirm your transfer before she will let you go |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by yemi1504: 5:54pm On Dec 06, 2022 |
Kayyus09: More withdrawals for the same amount unlike before (especially those over 20k). Downside is they will now be targeted by armed robbers due to the amount of 200 naira notes they will be carrying around. Only way round this for POS guys is to withdraw 1000 naira notes over the counter! If not, e no go make sense o! 1 Like |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Iqtest: 5:54pm On Dec 06, 2022 |
sonature1:He is obviously lying or new in the US, no bank gives you $10k cash in the us without federal requirement |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by nairamaniac: 5:55pm On Dec 06, 2022 |
SmartyPants: Did you read and understand number 5 at all? 5. The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily. Meaning the TOTAL MAXIMUM WITHDRAWAL VIA POS would be 20k daily. Not 10k per person as you seem to have misunderstood. |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by nedu666: 5:57pm On Dec 06, 2022 |
So wat happens if want to buy goods in the market more than 20k. Will Aboki selling cows agree to transfer. Will trucks selling baskets of tomato and fruits agree to transfer. Wat if u want to buy cow 500k. U transfer and cow seller no see transfer yet money hve leave ur account. Wat happens.... 6 Likes 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by yemi1504: 5:57pm On Dec 06, 2022 |
Biafraaa: Opay is a payment service bank (PSB) so Yes. No way to circumvent this policy. Except the POS guys can be creative by withdrawing 1000 naira notes over the counter through bribing the cashiers in the bank and agreeing with customers for over 20k withdrawals over more than 1 day for the same POS withdrawal fees like before. That is the only way out. 1 Like 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by Abdullateef33: 5:57pm On Dec 06, 2022 |
Paxxcarl:How |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by blackmantis: 5:57pm On Dec 06, 2022 |
Akwamkpuruamu: Pos operators will soon run out of business. Everyone will now carry a POS to collect money from taxi drivers to pepper sellers. 1 Like 1 Share |
Re: CBN Drops ATM Withdrawal Limit To N20k/Day by emmydee(m): 5:58pm On Dec 06, 2022 |
Still too high. 2k is enough. Let us embrace this cashless policy. CBN steals our money in the guise of printing new notes. |
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