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Don Disagrees with Falana, Backs Cash Withdrawal Limits
Don Disagrees with Falana, Backs Cash Withdrawal Limits
“Since the Money Laundering Act 2022 (which has fixed maximum cash withdrawal to N5 million) has not been amended the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the central bank is illegal, null and void in every material,” he had argued.
Duruji, on the other hand, maintained that the CBN Act of 2007 gives the regulator freedom with regard to monetary policy. In his view, the naira redesign strategy and the cash withdrawal caps would help prevent vote buying in the national elections of the next year.
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The don explained: “The CBN, according to the CBN Act of 2007, has enormous powers when it has to do with monetary policy in Nigeria. So, they are within their rights to redesign the currency as well as set withdrawal limits. I believe strongly that the CBN in working in collaboration with the Independent National Electoral Commission (INEC) to ensure that the 2023 elections are successful.
The don explained: “The CBN, according to the CBN Act of 2007, has enormous powers when it has to do with monetary policy in Nigeria. So, they are within their rights to redesign the currency as well as set withdrawal limits. I believe strongly that the CBN in working in collaboration with the Independent National Electoral Commission (INEC) to ensure that the 2023 elections are successful.
“But with the naira redesigning and the cash withdrawal limits, that means it would be difficult for any politician that intends to compromise voters to have large volume of cash that they would deploy on election days. I strongly believe that the objectives of these policies are to curtail vote-buying.”
Banks and other financial institutions now have new cash withdrawal caps thanks to the CBN. The recent currency redesign project, which voiced worries about the large amount of cash outside the banking system, was followed by the new policy.
The central bank set weekly limits on the amount of cash that can be withdrawn over the counter (OTC) by both individuals and business organizations at N100,000 and N500,000, respectively, under the new regime. However, the CBN announced that going forward, withdrawals beyond the levels will be subject to processing fees of 5% and 10% for both private persons and business entities.
Additionally, while the current clearing cheque restrictions of N10 million are still in effect, third party checks over N50,000 would not be eligible for OTC payment. The new withdrawal rule also set a weekly cap of N100,000 on the most cash that may be withdrawn using an ATM, with a daily cap of N20,000.
Additionally, only notes worth N200 or less may be inserted into ATMs, and daily withdrawal limits of N20,000 were placed on Point of Sale (POS) terminals.
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