Reactions, CBN’s increase in cash withdrawal limits for individuals, corporate bodies

The increase in the maximum weekly limit for cash withdrawals across all channels for individuals and corporate bodies has elicited mixed reactions.
According to Naija News, the Central Bank of Nigeria (CBN) increased the withdrawal limit for individuals to N500,000 and for corporate organizations to N5 million on Wednesday.

The policy, which goes into effect on January 9, 2023, also limits the amount of money customers can withdraw from their accounts via Point of Sale terminals (POS) and Automated Teller Machines (ATMs) to N20,000 per day.

The central bank announced this in a circular signed by Haruna B. Mustapha, Director of Banking Supervision, and distributed to all deposit money banks, other financial institutions, banking agents, and mobile money operators.

The CBN stated that it recognizes the importance of cash in supporting underserved and rural communities and that it will take an inclusive approach as it implements the transition to a cashless society.

Following the announcement, some netizens took to social media to express their thoughts on the apex bank’s new development.

Some of the reactions are shown below.

“Fair enough,” wrote @papi demillie. However, I believe that people should engage in more cashless transactions. Having a large sum of money in your possession is as dangerous as disabling a gun’s safety.”

“This is what happens when a government is irrational and only thinks about itself,” @ElikorBenson wrote.
Simply stay and make a decision. They’d use this one now to say they listen to the masses when trying to atone for their mistakes.”

“As good as it may sound, the cashless policy will no longer be effective,” @CyprianJnr12 wrote. There is no need for any cashless transactions if I can withdraw $500k per week.”

“In a country where you can withdraw such large sums,” wrote @unkonwun. This is a sign of how worthless the currency is, and based on predictions and analysis, there is no hope or sign of growth for us. It’s a shame how we keep falling.”

“Policy Somersaults, signs of weak and bad governance and government!!” wrote @AdesinaJikiemi. What a pity! Has the decision not been thoroughly considered before being announced to the entire nation?
The EFCC is a selective anti-corruption and justice agency.”

“I knew these criminals would stop at nothing to reverse the policy,” @TrueTyger wrote. Consider the federal government accusing the central bank governor of supporting terrorism via the DSS. They didn’t care what that did to the country’s already tarnished image.”

“I knew the $100,000 and $50,000 withdrawal limits would not be sustainable,” @OgechukwuOkong3 wrote. This policy will not be tolerated because it will exacerbate economic hardship, particularly for small businesses. “May God bless Nigeria.”

“If you run something like a construction site or a warehouse, where laborers rely on daily pay to survive, you’ll understand,” @Mr Vigour wrote. “Shey you wan Dey do transfer give aboki wey no get Acct?”

“No due diligence in policy delivery,” wrote @kachsy. Why didn’t they consult properly before releasing the news instead of going back and forth? Nigerian Airlines, Border Closure, and now this.”

“Uhmmm, policy inconsistency due to insufficient public opinion gathering before formulation,” wrote @BabasolaThanni. The policy has been reversed in order to continue the distribution of cash by rich politicians, FGN Trader Money, and embezzlers for the enslavement of the poor masses. Random payment to kidnappers has also resumed.”