The Association of Mobile Money and Bank Agents in Nigeria is hopeful that before the new year, the Central Bank of Nigeria will change its policy about cash withdrawal limits.
The National Assembly has vowed to pressure CBN Governor Godwin Emefiele to change the policy, according to AMMBAN National President Victor Olojo, who spoke to reporters on Sunday.
The CBN’s new policy set weekly cash withdrawal limits for both individuals and corporations at N100,000 and N500,000, respectively.
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The directive further said that as of January 9, processing fees of 5% and 10% would apply to both individual and corporate withdrawals that exceeded the levels.
Additionally, third-party cheques for more than N50,000 would not be accepted for over-the-counter payments as long as the current clearing cheque restrictions of N10 million are in effect.
In a petition dated December 16, 2022, the PoS operators urged the CBN to rethink its policies and prevent 1.4 million bank agents from losing their source of income.
Olojo however warned that if the policy was not reversed before the end of the year, its members would take to the streets to demand its reversal and also drag the apex bank to court.
The PoS operators’ union president said, “We have not gone to court yet because we have gotten assurances and we are waiting for a formal response from the CBN. We have visited the National Assembly and we have also explored other tools at our disposal at this time.
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