Reactions Trail CBN's Weekly Withdrawal Limit Of N100,000, N500,000

The Central Bank of Nigeria's new policy on cash withdrawal limits on individuals and organisations has stirred massive reactions on Twitter.

The apex bank on Tuesday, December 6, 2022, issued a memo revealing that individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while organisations can access N500,000 per week.

Reacting to the new CBN policy, David Hundeyin, a popular Nigerian journalist, asked why new revenues have been put in place since electronic transfers are already taxed.

His post elicited varied reactions from Nigerians who shared their opinion on the issue.

Below are some of the reactions:

That's literally the entire point of this. This administration'd only tool is a hammer that it uses to either ban stuff or extract more revenue by imposing new taxes.

Since electronic transfers are already taxed, how do you raise new revenues? Force people to pay for using cash.

— David Hundeyin (@DavidHundeyin) December 7, 2022

If the CBN actually believed that it could impose cashlessness on Nigeria, the policy would have simply banned cash withdrawals over a certain threshold, or made them subject to an application.

Instead all it did was charge individuals 5% and corporates 10% to exceed the limit.

— David Hundeyin (@DavidHundeyin) December 7, 2022

I think Emefiele is using his power to make sure the politicians don’t see any way to rig this election. He bought form for apc presidency but fail. I think the idea is “I will make it difficult for you guys” otherwise why does it have to take this long. He had 7 years

— siso? (@bigmansiso) December 7, 2022

My question now is what will happen to youths who have employed themselves with POS business? How can you run your POS business when you cannot withdraw from the bank up to 200k daily at least?

— Big Ben ?? (@Hon_Tenacious) December 7, 2022

The CBN knows the country isn't ripe yet for a cashless policy.
Their resolve must be for a different purpose. To perceive it as another form of taxation is more fitting.

— Shabbah Manfred (@shabbahgreen) December 7, 2022

I literally had this conversation with my colleagues this morning! It is so impractical for a country as underdeveloped as Nigeria to go cashless. I’m convinced that every single day, our FG sits down to discuss how best to frustrate the lives of its citizens.

— Boma Jacks, MD (@ebjacks1) December 7, 2022

I still think it’s a ploy to disenfranchise all opposition. The CBN governor is overtly partisan. I’m still trying to figure out the end game of this whole process.

— it is POssible ?️ (@threefaceIdibia) December 7, 2022

The entire point of this CBN policy is not any cashless kinikan - even Emefiele is not dumb enough to believe that a country of 180 million+ people that generates less than 5,000MW of electricity can go "cashless."

The point is to tax cash transactions like transfers are taxed.

— David Hundeyin (@DavidHundeyin) December 7, 2022

We pay tax on every interbank electronic transaction and still pay service charge at the end of every month, now they are forcing everybody just to generate revenue that does not even translate to raising citizens standard of living... APC is just ripping us at will...

— Taiwo (@DaSteve001) December 7, 2022