Cashless Policy: CBN To Limit Across-The-Counter Cash Withdrawals To N10,000

In an effort to deepen cashless policy and upscale electronic banking, the Central Bank of Nigeria (CBN) has concluded plans to implement the limiting of the across the counter cash withdrawals to N10, 000.

According to reports, a sub- Committee of the Bankers’ Committee on Payments Systems and Infrastructure, which has been quietly working on the plan last week briefed the Committee on its scope of work with the hope of the implementation of the policy set to roll soonest, according to a member of the Committee who asked not to be named.

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The cashless policy will reduce the movement and need of physical cash in markets. The move is aimed at making traders more involved with electronic banking, which most experts regard as the future of bank transaction.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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