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Mixed reactions trail CBN’s new cash withdrawal policy

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Mixed reactions trail CBN’s new cash withdrawal policy

 

By John Eche

 

Mixed reactions have trailed the newly introduced cash withdrawal policy of the Central Bank of Nigeria, CBN.

 

According to the apex bank, the policy has been triggered by its continuing drive to promote a cashless policy.

 

One of the key features of the new policy is the lien placed on owners of bank accounts who use Automated teller Machines, ATMs to access funds from their accounts. Going forward, they would no longer be able to withdraw more than N20,000 daily or a maximum of N100,000 weekly.

 

Operators of Point of Sale, POS machines also have new restrictions placed on them. by the policy.

 

While some commentators believe the apex bank should be encouraged to drive its cashless policy as best as it feels, others are worried that the current state of electronic transactions and the huge volumes of Nigerians still wedded to the cash economy may introduce hardships that could have been better provisioned for.

 

 

CBN Governor, Mr Godwin Emefiele

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