 new cash withdrawal limit, describing it as “illegal,){kind=link}
Human rights lawyer Femi Falana has faulted the Central Bank of Nigeria’s (CBN) new cash withdrawal limit, describing it as “illegal, null and void”.
The CBN had ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The CBN also fixed daily maximum withdrawals via point of sale (PoS) terminals at N20,000. The apex bank said the move will take effect from January 9, 2023.
But in a statement on Monday, Falana said the recent move by the apex bank is “embarrassing” and contravenes the country’s law.