CENTRAL BANK OF NIGERIA LIMITS OVER THE COUNTER WITHDRAWALS TO N100,000, AS NIGERIANS REACTS (DETAILS)

Netizens have taken to various social media platforms to express their displeasure with the Central Bank of Nigeria (CBN).

However, New legislation limits over-the-counter withdrawals to one hundred thousand nairas.

As previously reported, the CBN declared on Tuesday, December 6th, that from January 9, 2023, individuals and organizations will be unable to withdraw cash from banks in excess of a specific amount.

Individuals would only be entitled to withdraw N100,000 per week, according to a memo issued to banks and signed by the Director of Banking Supervision, Haruna.B. Mustafa ( from over-the-counter, Point of Sale Machines or the Automated Teller Machines).

In the case of organizations, no more than N500,000 each week could be withdrawn. The apex bank also urged banks to ensure that ATMs do not pay denominations greater than N200.

See how Nigerians reacts below:

Brown Chocolate wrote: 

"CBN just want to have a level of control over

the flow of naira, The naira redesign has lodged money back in the financial system

and they are doing everything in their power to keep it in the system, this policy is to implement a cashless economy for more cash in banks for investment. Although I find the 10% commission evil."

Veevoolee wrote: 

"The only thing wey pain me pass be say I still dey naija

If una like no vote wisely. I kukuma don dey arrange night bus to UK"

Hamonbeeding wrote: 

"At this point, Emefiele should just resign. Omo! Smh all these their policies won’t affect looters it’s the innocent masses who would suffer it te most Nigeria we hail thee!"

Stockholm wrote: 

"What happens in cases where there is no network for transactions. Abeg we aren’t ready for this move."

How would businesses survive like this??"

Groundnut Naija wrote:

“The most important question is; Will controlling the amount of physical currency In the country reduce the cost of commodities? If it’s not going to, all this is doing is suffering the common man”.

Sane jay wrote:

“I guess they are trying to tackle kidnapping, hopefully it helps really”. 

Zelater wrote: 

"Lol seen a lot of people criticizing the govt but this is a good idea. They’re trying to control hoarding of money, by being in charge. This would in turn help boost the naira seriously!"