What Nigerians Are Saying About CBN’s N100,000 Limit Withdrawals

In the dawn of a newly redesigned N200, N500, and N1000 banknotes launched a couple of weeks ago, the Central Bank of Nigeria (CBN) unveiled new policies yesterday which have become a thing of scrutiny among Nigerians.

To many Nigerians, the policies came as shock, citing issues that might not be looked into by the CBN before taking the steps while others drum support, explaining the advantages it has on the economy.

The most striking, limiting over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week has been the uppermost of their reactions.

To be made effective from the 9th of January, 2023, processing fees of 5% and 10%, respectively, will apply to all cash withdrawals that exceed the aforementioned limitations.

Here are what Nigerian tweeps are saying regarding the new CBN policies:

@wildeyeq wrote: “You want to impose a cashless policy against the backdrop of unreliable digital banking infrastructure in a country where over 50% of the population is unbanked and the informal sector is estimated to be 57%. Surely the sense has departed.”

@FinPlanKaluAja1, a self-acclaimed economist explained the new policy is a step by the CBN to ensure Naira is scarce thereby, increasing the value of the currency.

According to another tweep, @Benn_X1, he notes that the policies will be a good way to checkmate rogue policemen and thieves who extort and steal from citizens.

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He wrote “With the new cashless policy, even policemen who want to harass you must provide a bank account for transfer or accept N20k which is your daily withdrawal” limit (that’s if you have not withdrawn money that day). Also, armed robbers will have to find another job or get POS machine”

Journalist, @4EyedLiwa_, on the other hand, opines that the polices will render POS businesses useless, hence, dispose many of their sources of income.

His tweet reads “With just one policy, the CBN is about to render POS businesses useless. That means some more people are about to become jobless in addition to the 33% per cent already on ground. Meanwhile, 133 million people are said to be living in abject poverty.”