CBN limits daily ATM cash withdrawals to N20,000

CBN limits daily ATM cash withdrawals to N20,000

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank made this known on Tuesday, December 6, in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023.

Further, the CBN fixed daily maximum withdrawals via point of sale (PoS) terminal at N20,000.

“The maximum cash withdrawal per week via Automatic Teller Machine (ATM) shall be N100,000; subject to a maximum of N20,000 cash withdrawal per day.

“Only denominations of N200 and below shall be loaded into the ATMs,” the bank also said; adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes; saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes that the redesigned notes will limit cash in circulation; therefore restricting the heinous activities of ransom-demanding kidnappers as well as politicians wont to rigging elections.

Meanwhile, the Nigeria Labour Congress (NLC), which represents the nation’s organized labor movement, on Monday, December 5, once more stated that it will oppose any attempt to eliminate fuel subsidies without first requiring the federal government to put regional refineries back into service.

It declared its intention to organize the workforce in advance of the general election of 2023; particularly to support candidates who are prepared to enact economic and social policies that would advance the welfare of its members.

NLC’s position was announced at the same time that Alhaji Abdulrahaman Abdulrazaq; the governor of Kwara State, declared that the present N30,000 national minimum salary was no longer a living wage. The governor attributed this to the inflationary tendency.

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At the 18th edition of the NLC Harmattan School’s inauguration ceremony on Monday; which was held at the Michael Imodu National Institute for Labour Studies (MINILS) in Ilorin, Kwara State; both the governor and Wabba gave speeches.

The President of the NLC, Ayuba Wabba, addressed the contentious issue of the government’s removal of the fuel subsidy. He stated that organized labor maintains its position on the opposition of the removal of subsidies on imported petroleum products, claiming that it would increase the hardships being experienced by Nigerians.

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