The newly introduced Central Bank of Nigeria, CBN cash withdrawal limit did not greet Nigerians well, as a considerable number of individuals, Business owners and Corporations, have outrightly kicked against the idea.
An Expert who reacted to the development said the cash limit withdrawals in the bank range from one hundred thousand naira (N100,000) for individuals, five hundred thousand naira (N500,000) for Corporations and twenty thousand naira (N20,000) daily limit for Automated Teller Machine, ATM.
It would also be noted that transactions which exceed the aforementioned withdrawal limits attract 5% interest rates for individuals, while corporations are 10%.
Now, an Arise TV guest invited to speak on the new CBN directives and guidelines, noted that the policy does not consider persons that need to move heavy cash for their businesses.
The expert further hinted that it would discourage Nigerians from putting their hard-earned money in a bank when there are restrictions to the amount they could access in a week.
Another point raised is that people would rather travel with bags of money to avoid facing shortages on their way and are likely to suffer from road robberies since the criminal elements are also aware of these changes.
Also, the class of citizens that have no access to the cashless policy provisions and are conversant with the old money ways need reorientation to understand what the government is saying about cash limitations.
However, it is not the decision of Nigerians to decide for the Apex Bank, as Godwin Emefiele, CBN Governor and other prominent stakeholders in the financial sector have drawn and concluded on the money policy taking effect from January 9, 2023.
