RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

SmartyPants:
Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

AquaPetals:

This policy would hugely put a dent to the POS business vendors littering across the country...

20k daily withdrawal limit? damn!
Any loopholes?

Akwamkpuruamu:
Now, how will POS guys survive? This is not fair to the common man

lrman:
So what if you go to a shop to buy a product with price of more than 20k..?? That means you cannot pay via pos unless you use a bank transfer ??smh..

iwaeda:

How many banks are operating outside the state capitals and big towns and cities?

Mrfksb1:
How about old people? I live in LA how will my aged parents withdraw when I send cash to them? Please I need some answers


What kinda of shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

Mrfksb1:
How about old people? I live in LA how will my aged parents withdraw when I send cash to them? Please I need some answers


What kinda of shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

Iamfavored:
To what intent?
To frustrate an average Nigerian or is it politics?

Well, I know the incoming CBN governor might reverse it.

Moh247:




Politician and Criminals are smart in collaborations with bankers

I pray we get things right...

Some criminals have started approaching random POS agents to help them make deposits for a percentage commission higher than their usual charges

.

linearity:


But you can do a transfer from you phone.

Let’s look at the big picture, there is no policy implemented that will satisfy everyone in the Country.

This one will help sap lucrativeness out of kidnapping because the only means of them receiving their high demands will be through a transfer which can be traced later.

This policy is good, especially in Nigeria and will help fight corruption, yes there will be little inconveniences as you indicated, but look at the bright side…….you now have one more reason to give to your dates why you can’t spend BIG on your date nights!

RomanGreen:
Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

iwaeda:
APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

Paxxcarl:
Pos might be going out of business
Cashless policy