In a Move That May Prevent Vote Buying, CBN Sets New Withdrawal Limits


•Restricts individuals to N100,000, corporate withdrawals to N500,000 weekly, daily PoS withdrawal pegged at N20,000, ATM N100,000 at weekly 

•Says third party cheques above N50,000 not eligible for OTC payment

•Urges customers to use eNaira, other digital payment channels, warns banks against policy violation

•Apex bank records N8bn eNaira transactions in one year 

•Buhari seeks second term for two CBN deputy governors

Sunday Aborisade, James Emejo and Emameh Gabriel in Abuja and Nume Ekeghe in Lagos

In an apparent move to tackle vote buying as the 2023 general elections draw closer, and control the amount of cash in circulation, the Central Bank of Nigeria (CBN) yesterday introduced new cash withdrawal limits for banks and other financial institutions.

The new policy followed its recent currency redesign project in which it had expressed concerns over the high volume of cash outside the banking system.

Under the new dispensation, the…

Source: Thisday Newspaper