What is the CBN cash limit?
The Central Bank of Nigeria (CBN) on Tuesday, December 6, 2022, with a revision on December 21 ,2022 issued a new directive to banks and other financial institutions to reduce cash transactions in the country. According to the letter it sent to banks, the new order will :
- Reduce withdrawals at ATMs and PoS terminals to ₦20,000 ($27) daily.
- Reduce over-the-counter (OTC) cash withdrawals to N500,000 and N5,000,000, respectively.
- Only naira denominations of N200 and below will be available at ATMs.
- Maximum withdrawal from the point of sale (PoS) terminals will be N20,000 daily.
- Individuals will be required to pay a processing fee of five percent for cash withdrawals above the prescribed limits while organizations will pay 10 percent.
These are some of the main points of the new order. On January 9, 2023, the new rule will come into force.
Should this be a problem for you?
The CBN’s goal is to increase the number of transactions conducted electronically while reducing the amount of physical cash that is used in the economy.
This would also mandate small businesses to embrace digital payments, enabling them to track daily sales and manage inventories easily. However there still remains some need for discretion and privacy of certain transactions that direct cash transactions enable .
A Stellas Solution
While you may not be able to continue your direct high level cash transactions, you can still maintain your discretion and privacy whilst enabling your transactions digitally.
- HOW?
The Stellas ghost mode lets you send money anonymously, with your details and identity redacted and inaccessible to the recipient. You simply have to make sure you are upgraded to Tier 3 on the app (insert clickable link to how to upgrade your tiers ) , once you’ve done this you would have passed the KYC requirements to freely use this feature and continue these transactions.
The Best Part?
You know what the best part about this is? This way you get to continue your discretionary transactions whilst transaction digitally. In line with the mandate of the CBN which seeks to promote an increase in digital transactions and reduce cash transactions.