CBN limits cash withdrawals to N100,000 weekly
*N500,000 for corporate organisations, N100,000 for individuals, *N20,000 maximum daily ATM withdrawal, *Banks to load only N200, lower denominations into ATMs, *Good but implementation is difficult — Banks’ customers, It’ll put us out of business — Mobile money agents, CBN did not consult enough — Micro entrepreneurs group THE Central Bank of Nigeria (CBN) has restricted cash withdrawals from over the counter, Point of Sales, PoS terminals or the Automated Teller Machines (ATMs) to N100,000 and N500,000 per week for individuals and corporate organizations, respectively. The apex bank disclosed this on Tuesday, December 6, in a circular to all deposit money banks (DMBs) and other financial institutions (OFIs), signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa, adding that daily withdrawal from ATMs will now be N20,000 subject to N100,000 per week. The CBN also directed DMBs and OFIs to load only N200 and lower denominations into their ATMs. Howeve...