With two days to the commencement of the cashless policy of the Central Bank of Nigeria (CBN) which places a limit on how much cash a bank customer can withdraw over the counter, Automated Teller Machines (ATMs) and Point of Sale (POS), many customers remain worried on how the policy will affect their daily transactions and businesses.
The CBN had on December 6, 2022, issued a circular to all deposit money banks, microfinance institutions, primary mortgage banks and other financial institutions, directing that the next step of the cashless policy will take effect from Monday, January 9, 2023.
The Cashless Banking Directive
According to the new policy, individual bank customers cannot withdraw more than N100,000 in cash over the counter, through ATMs or POS in a day.
This amounts to N500,000 every week. For corporate customers, the withdrawal limit was placed at N500,000 per day amounting to N2.5million per week.
