SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

CBN raises weekly cash withdrawal limit for individuals & corporate bodies

Bans withdrawal from public accounts

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
December 22, 2022
in Business, News, SME, Trending News
0
The New CBN Cash Withdrawal Policy; What will happen to MSMEs now?
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Central Bank of Nigeria (CBN) has raised the weekly cash withdrawal limits set for individuals and Corporate Organisations to N500, 000 and N5 million respectively.

Join our communityJoin our communityJoin our community

The earlier limits pegged individual cash withdrawal per week at N100, 000; while Corporate organisations were limited to weekly withdrawals of N500, 000. This limit will take effect on January 9th, 2023 as earlier stipulated.

The Federal Government is also set to activate the stoppage of cash withdrawal from all public accounts with immediate effect.

In place of cash withdrawals, public officers have been directed to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which follows on the heels of the new Naira withdrawal policy introduced by the Central Bank of Nigeria.

According to a statement made available to the Press on Tuesday, said the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, gave the new directive at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.

The statement, which was signed by the NFIU’s Chief Media Analyst, Ahmed Dikko, said that the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.

The action is also said to have been activated following the observation that most cash withdrawals from government accounts including payments for estacode for public officials, are often in excess of the cash withdrawal limit provided by the Money Laundering Act.

The development, according to the NFIU boss, exposes innocent public officials to being liable to imprisonment.

Tukur also said the NFIU is already developing an advisory to the Secretary to the Government of the Federation, state governors and local government chairmen across the country to direct all public servants in their employ to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

Tukur said governors and LG chairmen will also need to organize training for market men and women on how to use ATM and POS Services.

He also dismissed as false claims being made by uninformed persons that the NFIU would block all federal government accounts from January 1, 2023.

 

 

 

Tags: Ahmed DikkoCBN cash withdrawal policyCentral Bank of NigeriaGodwin EmefieleNigerian Financial Intelligence Unit (NFIU)
Previous Post

We Would Continue To Support SMEs To Fight Poverty - Kwara State Governor

Next Post

Lekki Port ready for commercial operations

Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

Related Posts

Chinazom Arinze
Hustle life

How I saved my company from making a 30 million naira loss – Chinazom Arinze

by Ruth Okwumbu-Imafidon
March 29, 2023
0

Money is the lifeblood of any business, and while looking for ways to make money, entrepreneurs have to proactively look...

Read more
Twitter will be removing Blue Ticks from April 1, 2023
Trending News

Twitter will be removing Blue Ticks from April 1, 2023

by Ruth Okwumbu-Imafidon
March 29, 2023
0

From April 1, 2023, Twitter will be phasing out its "legacy verified programme" and removing some "legacy verified checkmarks". Users...

Read more
How to build business partnerships that last a lifetime
Trending News

7 things investors want to see in your Pitch Deck / Presentation

by Ruth Okwumbu-Imafidon
March 27, 2023
0

If you are at the point in your entrepreneurial journey where you have to seek funding from investors, then you...

Read more
Win Free Product Shoot In the #CaptureMyBusiness Challenge
Trending News

Win Free Product Shoot In the #CaptureMyBusiness Challenge

by Blessing Osazuwa
March 24, 2023
0

Smartpreneur, in partnership with Emblue Space and Studios, is offering an opportunity for female business owners to take their businesses...

Read more
Register now: Smartpreneur Webinar & Panel Discussion comes up on March 31
Trending News

Register now: Smartpreneur Webinar & Panel Discussion comes up on March 31

by Ruth Okwumbu-Imafidon
March 24, 2023
0

In today's fast-paced and rapidly changing economy in the country and the globe, it has become more important for today’s...

Read more
Mailchimp users will now pay 7.5% more as VAT from April 20, 2023.
Trending News

Mailchimp users will now pay 7.5% more as VAT from April 20, 2023.

by Ruth Okwumbu-Imafidon
March 22, 2023
0

Nigerians using MailChimp will have to pay 7.5% more from April 20, 2023, as the company is set to implement...

Read more
The New CBN Cash Withdrawal Policy; What will happen to MSMEs now?
Trending News

CBN Increases Lending Rate to 18%

by Ruth Okwumbu-Imafidon
March 22, 2023
0

In an aggressive push to contain the nation’s inflationary pressure, the Central Bank of Nigeria on Tuesday raised its benchmark...

Read more
Load More
Next Post
Lekki Port ready for commercial operations

Lekki Port ready for commercial operations

Please login to join discussion

Recent News

7 Things to Normalize in Your Daily Business Operations

7 Things to Normalize in Your Daily Business Operations

March 29, 2023
Chinazom Arinze

How I saved my company from making a 30 million naira loss – Chinazom Arinze

March 29, 2023
Twitter will be removing Blue Ticks from April 1, 2023

Twitter will be removing Blue Ticks from April 1, 2023

March 29, 2023
How to build business partnerships that last a lifetime

7 things investors want to see in your Pitch Deck / Presentation

March 27, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur