Cashless Policy: CBN Insists On N100, 000 Withdrawal

The Central Bank of Nigeria (CBN) yesterday insisted on the N100,000 withdrawal limit for individuals adding that the policy was introduced in 2012.

The bank has  succeeded in convincing the Senate Committee on Banking, Insurance and other Financial Institutions of the need for it.

As controversies  continue  to trail the planned policy of the Central Bank of Nigeria ( CBN) to limited  cash withdrawal for individuals at N100,000 and Corporate Bodies N500, 000 per week, the policy, according to the Deputy Governor of the CBN on Financial System Stability, Mrs Aishat Ahmad was  introduced in 2012 during former President Good luck Jonathan ‘s administration and extended to Abuja and six other states in 2013.

The CBN deputy governor  made the disclosure during screening exercise carried out on her and her counterpart on corporate services, Edward Lametek Adamu, for re-appointments by the Senate Committee on Banking , Insurance and other Financial Institutions.

She said the cashless policy being fully implemented by CBN now is not new, as required steps in that direction were taken in 2012 with Lagos State as pilot scheme and Abuja and Six other states in 2013 .

She explained that though full implementation of the policy had not been carried out by CBN  since then, its introduction then, has brought a lot of transformation in the banking and payment system.

“Distinguished chairman of this committee and members , I ‘m happy for the opportunity given to make presentations on the planned N100,000 withdraw limit for individuals and N500, 000 for Corporate Bodies per week , beginning from 9th January , 2023 , in line with cashless  policy introduced in 2012.