Amendment of the CBN cash withdrawal policy

[Coyster]

The Central Bank of Nigeria have amended the policy on cash withdrawal. The CBN bin ealier this month release new policy on cash withdrawal, wey some of the limits be say you no go fit withdraw pass 100k every week for ATM stand and from PoS service, and OTC go be 100k and 500k for individuals and organizations respectively, with charges of 5% and 10% respectively if you decide to withdraw above it.

Well that policy has been amended by the CBN after the National Assembly intervene, and Nigerians bin they complain about am, the amended policy now be say:

The new directive which was communicated through a letter addressed to all banks, and signed on Wednesday by the Director of Banking Supervision, Haruna Mustafa, now allows individuals to withdraw up to N500,000 weekly and organisations, N5 million weekly

Them don increase/raise the limits, so now you as an individual go fit withdraw up to 500k weekly on all channels (ATM stand, PoS service and OTC as well), whilst organizations go fit withdraw 5 million weekly as well. Them also lessen the fee/charge for people wey go wish to withdraw above this limit, the new charge/fee now na:

In the event of compelling circumstances where cash withdrawal exceeds the limits required for legitimate purposes, such requests will attract a processing fee of 3 percent and 5 percent for individuals and corporate organizations, respectively.

But if you wan withdraw above the limit, no be only this charge/fee wey you go pay oh, e get some information/document wey you go submit to the financial institution, these documents/information are:

The information includes a 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 the approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

I think say this amendment they more lenient, and e make sense pass the earlier policy wey them bin release, they even talk say them go make sure say them assist rural and underserved communities in understanding this cashless policy of a thing, as them go carry them for mind for anything wey them they do via this cashless policy matter, see where them talk am:

The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society."

How una see the new amendment, una fit read the tori here for unaselves: https://allafrica.com/stories/202212220014.html & https://leadership.ng/cbn-bows-to-pressure-reviews-cash-withdrawal-policy/

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[Mpamaegbu]

Even from the first day wey the directionless CBN talk am sey na N100k weekly withdrawal e go be, I sabi sey e go fail woefully and na so e come be now. Shame on Meffy and his CBN gang. Since wey dat guy begin head dat institution, na so so issues we dey get with owa accounts for banks. Una don notice the regular withdrawals now once someone send una money? Before e nor be like dat oh. Na only persin wey send dey pay stamp duties, now na both parties dey pay am. E nor funny at all.

[Mate2237]

Even from the first day wey the directionless CBN talk am sey na N100k weekly withdrawal e go be, I sabi sey e go fail woefully and na so e come be now. Shame on Meffy and his CBN gang. Since wey dat guy begin head dat institution, na so so issues we dey get with owa accounts for banks. Una don notice the regular withdrawals now once someone send una money? Before e nor be like dat oh. Na only persin wey send dey pay stamp duties, now na both parties dey pay am. E nor funny at all.

U don see am finished na. But wan tin bi sae b4 CBN go carry out any policy, di president go dey aware. So me I believe sae Buhari sef e dey aware of di cashless policy b4 Emef.. pronounce. That limitation of di cashless withdrawal policy was an unrealized dream from CBN and Nigerian government.

[Frankolala]

Even from the first day wey the directionless CBN talk am sey na N100k weekly withdrawal e go be, I sabi sey e go fail woefully and na so e come be now. Shame on Meffy and his CBN gang. Since wey dat guy begin head dat institution, na so so issues we dey get with owa accounts for banks. Una don notice the regular withdrawals now once someone send una money? Before e nor be like dat oh. Na only persin wey send dey pay stamp duties, now na both parties dey pay am. E nor funny at all.

U don see am finished na. But wan tin bi sae b4 CBN go carry out any policy, di president go dey aware. So me I believe sae Buhari sef e dey aware of di cashless policy b4 Emef.. pronounce. That limitation of di cashless withdrawal policy was an unrealized dream from CBN and Nigerian government.

Buhari na old man e no fit decide things by himself na people dey help am do him work e own be say e just sit down for seat to show say we get president but he is not active.

This amendment make sense,no wonder CBN governor dey fear to go face the House because he know say na nonsense decision e make and won come suffer majority with him selfish act. I believe say now we are happy especially POS operators wey thinks say business won close down for them.

[Igebotz]

Even from the first day wey the directionless CBN talk am sey na N100k weekly withdrawal e go be, I sabi sey e go fail woefully and na so e come be now. Shame on Meffy and his CBN gang. Since wey dat guy begin head dat institution, na so so issues we dey get with owa accounts for banks. Una don notice the regular withdrawals now once someone send una money? Before e nor be like dat oh. Na only persin wey send dey pay stamp duties, now na both parties dey pay am. E nor funny at all.

U don see am finished na. But wan tin bi sae b4 CBN go carry out any policy, di president go dey aware. So me I believe sae Buhari sef e dey aware of di cashless policy b4 Emef.. pronounce. That limitation of di cashless withdrawal policy was an unrealized dream from CBN and Nigerian government.

This is a positive development. The new cashless policy aimed to reduce corruption and money laundering by corrupt politicians while also driving economic growth, improving our payment gateway, and lowering banking costs. The fact that the CBN changed its policy and increased the weekly cash withdrawal shows that they continue to prioritize the country's interests.. its a good move. make we no whine ourselves abeg how many person dey use more than 500k notes per week if no be illegal business?


PMB must be aware of any added or improvement to any national assets, he is the only one who gives approval, if its not in the interest or benefit of the country him go dis approve sha sha

[Mpamaegbu]

~

This is a positive development. The new cashless policy aimed to reduce corruption and money laundering by corrupt politicians while also driving economic growth, improving our payment gateway, and lowering banking costs.

Says who? My brother, thief nor fit catch thief. For owa korokoro eyes, a day to election bullion van enta Tinubu house go offload cash and till today nothing happen. The simple reason be sey na the ruling party im take the cash support. If to sey na another persin wey nor dey APC try dat nonsense, we kuku know how EFCC dey take work na. Owa problem for Naija nor be lack of policies and laws. Na lack of strong institutions be owa problem. In a sane society, Godwin Emefiele not fit try all these nonsense he's doing with going into politics while still serving as a government servant. It's unheard of.

The fact that the CBN changed its policy and increased the weekly cash withdrawal shows that they continue to prioritize the country's interests.

Which CBN get citizens interest? Abegi! Meffy just danced to the tune of the lawmakers because na those politicians e go affect pass. How many of the masses dey even do pass N50k weekly withdrawals sef. Most times I nor even do reach N40k sef, make e come remain N100k.

PMB must be aware of any added or improvement to any national assets, he is the only one who gives approval, if its not in the interest or benefit of the country him go dis approve sha sha

Which PMB you dey talk? The one wey don tell us for public many times at different times of how he isn't aware of many things? 🤪. This engineer sef, abeg nor dey wind me jor.

[Pokapoka124]

Obob I thank Jah say them revise this their useless bill because e for choke well well. I don Dey think how I go tay Dey package for the new year. First first pos business go fit cast cos them nor go dey see cash to run their business. That one go come make those guys join the jobless youth way bubu Dey always complain about. 500k a week nor bad but e nor make sense say government go dey tell person how much e go use for e own money.

[CryptopreneurBrainboss]

Well that policy has been amended by the CBN after the National Assembly intervene, and Nigerians bin they complain about am, the amended policy now be say:

The new directive which was communicated through a letter addressed to all banks, and signed on Wednesday by the Director of Banking Supervision, Haruna Mustafa, now allows individuals to withdraw up to N500,000 weekly and organisations, N5 million weekly

E get wan status I see for Whatsapp say "people wey get money dey follow they complain about the new cash withdrawal policy, and you wey no get shishi for account dey follow complain too". As I see this status e off me because no be lie sha. Nevertheless, I follow everybody dey happy as dem dun increase amas people go rest small. If no be say our taxes no dey accounted for, for this country I no been get issue with the former policy but the thiyne say even though we all all the changes and tax wey thid governments dey ask for, things no go still change form as e dey.

We get many businesses wey dey avoid taxes and just dey profit over profit for this country which POS businesses is one of them. I understand say job no dey but all this businesses wey no dey pay taxes follow for wetin dey kill our economy. Taxes is very vital for the sustainability of a country so if government get anyhow dey go use they bill dis business make them implement am and leave the common man.

[Mr.suevie]

Obob I thank Jah say them revise this their useless bill because e for choke well well. I don Dey think how I go tay Dey package for the new year. First first pos business go fit cast cos them nor go dey see cash to run their business. That one go come make those guys join the jobless youth way bubu Dey always complain about. 500k a week nor bad but e nor make sense say government go dey tell person how much e go use for e own money.

Naija na so the mata deh be na,  dem just like to deh condition us wey be the citizens wey no deh for power. I just thank God atleast the rate or limit don increase small so we fit manage ourselves after all dis country no be today we don deh see nonsense deh come. Imagine you get moni but people deh control how you go take you your money nai make crypto currency be the best .

[Wiwo]

We get many businesses wey dey avoid taxes and just dey profit over profit for this country which POS businesses is one of them. I understand say job no dey but all this businesses wey no dey pay taxes follow for wetin dey kill our economy. Taxes is very vital for the sustainability of a country so if government get anyhow dey go use they bill dis business make them implement am and leave the common man.

The matter tire me Broz, how we except to be like other country in terms of infrastructural development when almost 80% of the businesses in Nigeria are either not paying g tax or sub charging their tax amount. But the koko with tax invasion in Nigeria which is popular among small/retail businesses and politicians is because Nigeria's tax agency being federal inland revenue (FIRC) is highly corrupt and the staffs are more involved in the corruption, to the extent that government have his own receipt and tax official have their receipt in some places. So the matter of taxation comes to be like the case of robbing Paul to pay Peter e no fit work. Na why we no fit make any progress in that direction be that. Take countries like the United States for example one of the major sources of government funding is via taxation and since the citizens are seeing the result of the tax in the area of provision of social amenities, infrastructural and other government programs that have a direct impact on the citizens which have build motivation in the citizens to prompt compliance reverse is the case here in 9ja because instead of taxes be used in providing more services by the government to generate more taxes the only thing we see is, one government official walking away with billions of Naira taxpayers money, stolen for personals gains. This practice has destroyed Nigeria's tax regime, instead to see infrastructural development what we see is government officials with stomach infrastructure building their stomachs instead of building the Nation.

[CryptSafe]

Dem don try. The reverse of the policy by increasing the minimum weekly withdrawal shows how guilty they are.  If they had given this a proper examination before implementation, all these  policy reversal and the rest of the other bruhaha would not be coming forth. I have come to realize that in government, irrespective of the fact that we have representatives at the national house, public opinion still matters to knowing and hearing from the people whom you govern. Sometimes, the representatives at the national Chambers might not be speaking the mind of the people they represent.
The reversal is quite alright and atleast for the interim, petty businesses and traders can work with that while the system gets more review and evaluation.
With this unfolding series of events, we now see the importance of Crypto currency and bitcoin. Transfer of large volume of amount in bitcoin equivalent would not be an issue. Your privacy protected,  no much charges, no restrictions.

[DaNNy001]

This mata be won cause serious issue for the country oo as many people just dey deliberate on how them take they manage their life. Imagine say na only 100k for a week wey people go fit withdraw and 20k for a day,  omo e for no easy at all because even the cost of living for the country sef e past limit wey dem one wan try to implement. Guy 20k no fit reach buy anything for this country again oo . This matter for too affect many businesses  and people for the country.

Well i just dey happy at least they don amend am a bit for people,  atleast this one dey more better than the 100k weekly. Even my fiat bank account wey dem block  sef still send me gmail as if i still dey bank with them. Nonsense people since wey dem block my account say na due to crytocurrency transactions this people still dey worry my email with their mumu messages

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[Hyphen(-)]

We get many businesses wey dey avoid taxes and just dey profit over profit for this country which POS businesses is one of them. I understand say job no dey but all this businesses wey no dey pay taxes follow for wetin dey kill our economy. Taxes is very vital for the sustainability of a country so if government get anyhow dey go use they bill dis business make them implement am and leave the common man.

I de wonder too my brother, na so dis country be. All the geo-political regions we we get no any region wan de pay tax and if we no pay tax how the government wan take use money work for us abeg?

For Kaduna here wey I de live, the Governor try make people they pay tax, him know say even is people they pay, some people de wey go still chop am and e no de reach government side. Him implement digital payment system for almost all transportation vehicles and other organizations too which really help because him de very strict about am.

[cytpoway121]

meffy case be like person weh get idea and no get thought process to carry out hin idea. the cash withdrawal policy na to attack politicians; instead make meffy find way to balance am out; e con de attack poor masses join, and the problem be say nobodi fit challenge meffy. I reckon say most of these policies go de reversed by the new year cos e no go work.

[Majestic-milf]

This matter tire me oh, some times them dy put law dy think say pipo wey them dy impose the law on nah mumu. Una sure say this put dy reason at all?

 Tomorrow them go wake up say nah 100k in a week, I no just understand again oh, like say this na our problem for this contri to withdraw moni. Our own moni dy worry them again.
I just wish to wake up hear say all these unnecessary laws no dy, so we fit face oda important matas.

[Pokapoka124]

Well that policy has been amended by the CBN after the National Assembly intervene, and Nigerians bin they complain about am, the amended policy now be say:

The new directive which was communicated through a letter addressed to all banks, and signed on Wednesday by the Director of Banking Supervision, Haruna Mustafa, now allows individuals to withdraw up to N500,000 weekly and organisations, N5 million weekly

E get wan status I see for Whatsapp say "people wey get money dey follow they complain about the new cash withdrawal policy, and you wey no get shishi for account dey follow complain too". As I see this status e off me because no be lie sha. Nevertheless, I follow everybody dey happy as dem dun increase amas people go rest small. If no be say our taxes no dey accounted for, for this country I no been get issue with the former policy but the thiyne say even though we all all the changes and tax wey thid governments dey ask for, things no go still change form as e dey.

We get many businesses wey dey avoid taxes and just dey profit over profit for this country which POS businesses is one of them. I understand say job no dey but all this businesses wey no dey pay taxes follow for wetin dey kill our economy. Taxes is very vital for the sustainability of a country so if government get anyhow dey go use they bill dis business make them implement am and leave the common man.

Abeg o I don laff taya na wa because of sapa make person nor talk true again? Nigeria too like play. I won shook mouth for the tax matter, I nor agree with you for that one at all why you think say pos nor dey pay tax, the big companies Kuda, Opay, money point and so on get structure and dey registered under CBN. Government Dey tax these guys steady and them Dey deliver. The individuals way you dey see for road way dey stay under umbrella nai you want make them Dey pay government separate money, you Dey forget say the opay, kuda, money point machine way them dey use do their business, the company dey charge them for each transaction. Them go still community boys put for the matter. My brother nor be tax put us for where we Dey so.
Okay make I gree say na failure to pay tax na Dey worry each sector. Me I know say I Dey pay my light bill steady but I no Dey see light….Wetin Dey cause that one abi the tax way I dey pay for light them dey use am work road?

[Wolfblood200$]

Soon the average citizens of Nigeria will be forced to keep their money at home,their won't be need for banking.

[Coyster]

Soon the average citizens of Nigeria will be forced to keep their money at home,their won't be need for banking.

I don't think so, this withdrawal/cashless policy has nothing to do with trying to force people 'out of the banks', it is just a policy that the CBN thinks would help regulate cash in circulation and aid in the valuation of the naira. The problem i had with the policy was earlier on when the limits were set at 100k (for individuals) and 500k (for organizations) weekly OTC, and 100k weekly at PoS services and ATM stands, i felt that it would greatly affect individuals whom the government have provided nothing for, but have made out things for themselves through running PoS services, it would have ruined their businesses, though this amendment isn't a panacea to that, but it makes things better for them; other than that i don't see anything wrong with the policy, you don't have to withdraw/hold cash to spend it.

Having said that, holding your cash in your home is too risky an option, banks are relatively safe for you to keep your funds and if you are struggling to withdraw as much as you want, you can basically pay through mobile transfer or with your ATM card; a better option if you don't want to use the bank would be the Bitcoin network.

[Agbe]

Di Central Bank of Nigeria (CBN) was trying to be bigger than di Nigerian lawmakers, but in whatever way lawmakers can not be intimidated if the country really practice human rights and true democracy. Emef. Was trying to use the presidential immunity to over do the citizens but he was not favoured of the presidential immunity of the cashless policy of recent events or happenings. CBN has lost focus, they don't have any good policy to elevate the country's economy. He gave 20k cash withdrawal limit now base on pressure he has lifted the 20k to 71k or 72k daily. That is the pre-planned was poor. If really the 20k was good for the country's economy they wouldn't remove it.

[Zaguru12]

Sincerely if no be say some irregularities dey ba afor talk say na better idea for this limit. Me I believe say any payment way pass 50k make he be through transfer. But the main issue be say dem too dey charge for it. Another thing be say some local market women/men no sabi or even get android phone for mobile app. Them ghats use USSD, which dey poor for network and dem dey charge for every transaction. Make CBN review this issues