Nigerian Bank Customers are to be limited to a daily Withdrawal of N10,000

However true the story that Nigerian Bank Customers are to be limited to a daily Withdrawal of N10,000 is, is is simply not a welcome development. For crying out loud, what can N10, 000 really achieve for a family or even individual with demand for much cash per day. 

However, for persons with less financial needs (cash), this is simply ok. The banks should lend money for agriculture purpose to generate revenue, rather than disturb Nigerians because no reason is really feasible for Nigerian Bank Customers are to be limited to a daily Withdrawal of N10,000.

 

See full gist below:


A proposal to limit the over the counter cash withdrawal by bank customers to N10,000 has been submitted by the banks to the Central Bank of Nigeria (CBN) by the Sub-committee on Payments Systems and Infrastructure of the Bankers Committee last week.

This was presented at the committee’s meeting and the CBN is expected to “give feedback on the request”.

Some paltry reasons have been adjudged for this. All this, one faction has it, is because deposits taken by banks declined by N1.029 trillion between April 2015 and April 2016, according to a report by the Central Bank of Nigeria (CBN).

Besides, as another has it, more customers are finding their loans difficult to service, the report said.

However, a report by CBN Deputy Governor (Economic Policy) Dr. Sarah Alade to the Bankers’ Committee meeting in Abuja attributed the reduction in deposits to the Treasury Single Account (TSA).

The banks should lend money for agriculture purpose to generate revenue, rather than disturb Nigerians. This would be the most holistic cause, primetimegists opines.