Is this for real? Is Bank planning on move to limit over-the-counter withdrawals to N10,000? But there are various Why We Should Reject The N10,000 Withdrawal Limit. The new so-called development won’t favor any body in Nigeria. And they have been skeptical about this update.
A proposal was made on June 12th of 2016, that they want to limit the over the counter cash withdrawal by bank customers to N10,000, and it has been tabled before the Central Bank of Nigeria (CBN). Then Sub-committee on Payments Systems and Infrastructure of the Bankers Committee on the 13th of June, 2016 is-about-to approve the proposal.
Sources said the measure being contemplated would drastically reduce the number of customers that would need to physically visit banking halls for transactions. According to the source, who said that It is even doubtful if there are enough ATMs to service customers who will have to resort to ATM withdrawals if across the counter cash withdrawal is limited to N10,000.
Hence, we call on the CBN bank customers to reject the proposal -Deposit Money Banks to limit over the counter cash withdrawal by bank customers to N10,000. If they implement this proposal then we will be left with no choice. Say no to #no10kbankwithdrawallimit.
According to the body, the objectives of this policy if passed by the Central Bank of Nigeria CBN will include greater use of electronic banking and smaller workforce. The banking sector have been carrying out serious restructuring with many staff losing jobs in recent times.