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CBN’S Withdrawal Limit Policy Draws Criticism

The Central Bank of Nigeria (CBN) is on a recent rash of policies and it is seemingly impossible to keep up with them.

The Central Bank recently announced a reduction of the limits allowed from Automated Teller Machines from 150,000 to 60,000.

The policy is in direct contrast with the cashless policy which the Central Bank has been pushing in recent years. The new policy understandably drew the ire of Nigerians as many are trying to fathom the rationale of the recent decision.

This comes after the Central Bank has made a decision to invalidate the use of traditional ATM Cards abroad. Only Mastercards can be used for transactions from outside Nigeria.

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