Today, Monday, January 9, the country will begin to implement the Central Bank of Nigeria’s policy restricting daily cash withdrawals.
In December 6, 2022, Wakadaily reported that the Central Bank of Nigeria (CBN), has set a new cash withdrawal restrictions seek to limit over-the-counter cash withdrawals by individuals and organisations to N100,000 and N500,000 per week, respectively, which takes effect from January 9, 2023.
However, due to the mixed reactions from Nigerians, the apex bank increased its weekly cash withdrawal limits set for individuals and corporate accounts to N500,000 and N5 million, respectively.
Wakadaily earlier reported that the CBN has ordered banks not to pay customers making over-the-counter withdrawal of new notes again on Wednesday, January 4.
Instead, banks are expected to load their ATM with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline.
However, as of Friday, the banks had been unable to follow the instruction since they reported that there wasn’t enough of the new notes available, leading them to fill their ATMs with the old notes.”