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CBN’s cash withdrawal policy’ll enhance financial inclusion – Expert

Mr. Godwin Emefiele, CBN Governor

By Ige Adekunle

Sango-Ota (Ogun), Dec. 8, 2022

Dr Samuel Nzekwe, ex-president, Association of National Accountants of Nigeria (ANAN), says the new cash withdrawal policy of the Central Bank of Nigeria (CBN) would enhance financial inclusion and curb fraudulent practices.

Nzekwe said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun.

He spoke while reacting to the introduction of the new policy of CBN, which stipulates that individuals and corporate organisations could only withdraw from the bank 50,000 and 500,000 over the counter respectively per week.

Nzekwe noted that the CBN was trying to encourage the public to embrace e-platforms such as credit cards and debit cards for financial transactions.

Nzekwe said there was nothing wrong with the new policy of the CBN but noted that good telecommunications network and stable electricity were needed for the policy to thrive.

He urged the Federal Government to make concerted efforts to provide critical infrastructure like stable electricity and good telecommunications equipment to boost the apex bank’s policy.

“It is not only to bring policy but the backup like infrastructure to boost such policy.

“Good network and stable power supply are important for the nation’s digitalisation system and to enable most of CBN’s policies to run effectively,” he said.

He commended the new policy of the CBN, which he said would help to curb criminal activities like kidnapping, terrorism, among others.

NAN reports that the CBN had on Tuesday introduced a revised cash withdrawal policy, where individuals and corporate organisations can only withdraw N50,000 and N500,000 respectively over the counter, per week, from January 2023.

The maximum cash withdrawal per week via Automated Teller Machine (ATM) is fixed at N100,000 subject to a maximum of N20,000 cash withdrawal per day. 

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