Finance News

After arrest conspiracy, governor of the Central Bank of Nigeria succumbs to pressure, raises withdrawals to N500k, N5m

On October 26, 2022, the new designs for Nigeria’s money were shown off by President Muhammadu Buhari and the governor of the Central Bank of Nigeria, Godwin Emefiele.

With the new design came some changes to the country’s money policies, such as a new limit on how much you can take out of the bank. Over-the-counter cash withdrawal limits for individuals and businesses were set by the CBN at N100,000 and N500,000 per week, respectively.Information Guide Nigeria

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But this policy got a lot of pushback from government officials, which led to a lot of drama. A few days ago, it was said that the Department of State Service, or DSS, had accused the Governor of the Central Bank of Nigeria of financing terrorism and other “economic crimes of national security dimension.”NYSC portal

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This caused government officials to protest and come to the governor’s defense. The Court then decided not to order Godwin Emefiele’s arrest. The DSS office neither denied nor confirmed the claims of arrest.JAMB portal

After the whole mess, the Central Bank of Nigeria (CBN) changed its policy and raised the weekly withdrawal limit for individuals to N500,000 and for corporations to N5,000,000.

The CBN said that cash transactions are very important to the Nigerian economy as a whole because they are the most common way to do business.

An extract from the CBN’s report of the withdrawal revision reads in part; “the CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society. All banks and OFIs are to note that aiding and abetting the circumvention of this policy will attract severe sanctions.”

The new policy would go into effect on January 9, 2023, and cash withdrawals exceeding the limit would incur processing costs of 3% and 5% as opposed to the previous penalties of 5% and 10%.JAMB Result

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