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Criticism trails CBN policy on ATM withdrawal limit

By on August 18, 2015

Some bank customers in Jos on Monday criticised the new Central Bank of Nigeria’s policy which cut down withdrawals from Automated Teller Machines.

The customers, in separate interviews with the News Agency of Nigeria, expressed disappointment with the policy which cut down ATM withdrawals from N100,00 to N60,000.

Mr. Sunday John, a trader, said the policy would cripple business activities especially during weekends.

According to him, the new CBN policy contradicts its cashless policy and should be reversed.

“This is because most banks customers, who have become used to going to ATMs to withdraw whenever they have need of cash, are now constrained to make maximum withdrawals.”

Mr. Emeka Chika, another customer, said the policy was “not business-friendly.”

He said as a businessman, the policy would affect his capacity, especially during weekends.

Mr. Emmanuel Chukwu told NAN that the policy had delayed him from finishing a project at the weekend due to insufficient funds.

He appealed to the CBN to “provide an alternative or increase the cash withdrawal limit.”

 

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