CBN Says Cash Withdrawal Limits Policy Has no Political Consideration

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The Central Bank of Nigeria, CBN, has said the new cash withdrawal limits policy was approved without political consideration.

CBN’s Deputy Governor, Financial Systems Stability, Aisha Ahmed, explained that the CBN is an independent body that takes well-thought-out decisions.

Ahmed noted that 94 percent of all cash transactions in the country fall within the initial N100,000 while 82 percent of corporate transactions are below the N5 million threshold.

The Deputy Governor added that the new policy will limit costs associated with processing and moving cash as well as address terrorism financing.

Written by: Helen Obih

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