On August 17 bank customers criticised a new attempt of the Central Bank of Nigeria (CBN) to stabilize the naira.
Numerous customers in interviews with the News Agency of Nigeria (NAN) expressed disappointment with the ATM withdrawal limit policy.
Trader Sunday John said that the policy would cripple business activities, especially during weekends, adding that the new directive contradicts its cashless policy and should be reversed.
“This is because most banks customers, who have become used to going to ATM’s to withdraw whenever they have need of cash, are now constrained to make maximum withdrawals,” he said.
Another customer, Emeka Chika, describes the policy as not business-friendly saying that as a businessman, the policy would affect his capacity, especially on Saturdays and Sundays.
Emmanuel Chukwu complained that the policy had delayed him from finishing a project at the weekend due to insufficient funds.
ATM’s withdrawal limit is N60,000 per day, while foreign currency is about $300 per day. Before the measure adoption, domestic withdrawal limit was N150,000 per day.
A CBN’s statement says: “The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes. Furthermore, holders of naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”
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