Emefiele, Gov of CBN
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that Nigerians are restricted to withdraw the maximum amount of N100,000 per week over-the-counter (OTC) and maximum of N500,000 for organizations.
This latest development was made known in a circular which was signed by the CBN Director of Banking Supervision, Haruna Mustafa and acknowledged by the CBN Governor, Godwin Emefiele.
“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,” the circular says.
In the circular which is currently making rounds on social media, CBN also restricted Nigerians who make use of point of sale (PoS) terminal not to be able to withdraw more than N20,000 per day.
Additionally, the CBN has also ordered that ATMs shouldn’t be loaded with denominations more than N200.
According to Channels Television, the CBN noted that this was done to restrict the ways Nigerians mismanage their funds, to reduce the activities of bandits and kidnappers who are usually demanding ransoms and also to promote the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari.
