CBN Is Criticized For A New ATM Policy

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On August 17 bank customers criticised a new attempt of
the Central Bank of Nigeria (CBN) to stabilize the naira.
Trader Sunday John said that the policy would cripple business
activities, especially during weekends, adding that the
new directive contradicts its cashless policy and should be
reversed.
“This is because most banks customers, who have become used
to going to ATM’s to withdraw whenever they have need of
cash, are now constrained to make maximum withdrawals,” he
said.
Another customer, Emeka Chika, describes the policy as not
business-friendly saying that as a businessman, the policy
would affect his capacity, especially on Saturdays and Sundays.
Emmanuel Chukwu complained that the policy had delayed him
from finishing a project at the weekend due to insufficient
funds.
ATM’s withdrawal limit is N60,000 per day, while foreign
currency is about $300 per day. Before the measure adoption,
domestic withdrawal limit was N150,000 per day.
A CBN’s statement says: “The CBN once again advises
individuals that wish to source foreign currency for such
eligible transactions to approach their banks with their
legitimate demand as the CBN has made adequate provisions
of foreign currency for all such legitimate and eligible
purposes. Furthermore, holders of naira denominated debit
and credit cards shall continue to have access to the use of
their cards at ATMs in any part of the world but subject to the
annual limit of $50,000. ATM withdraws shall continue to be a
maximum of $300 per day.”

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