Union kicks against CBN’s directive on cash withdrawals

Written by on December 7, 2022

Mobile money operators and the organised banks’ customers have expressed their opposition to the new Central Bank of Nigeria’s, regulations on withdrawals, saying the Bank wants to send them out of business.

In an interaction with journalists today, the Association of Mobile Money and Bank Agents in Nigeria kicked against the CBN’s cash dispensing policy, saying it will not fly, and protested that it will dampen business for mobile banking agents.

Commenting on the new policy, President of AMMBAN, Mr. Olojo Victor, stressed that the apex bank wants to send them out of business.

It could be recalled in a circular signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa and released to the public on Tuesday, the CBN restricted cash withdrawals from over-the-counter, Automated Teller Machines (ATMs) to N100,000 and N500,000 per week for individuals and corporate organisations, respectively.

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