Banks Want Withdrawal Limit To Be Just N10,000?

*Bank deposit declines by N1.029tr
A proposal to limit the over the counter cash withdrawal by bank customers to N10,000 has been tabled by the banks before the Central Bank of Nigeria (CBN).

The Sub-committee on Payments Systems and Infrastructure of the Bankers Committee last week sent the proposal to the CBN. The proposal was presented at the committee’s meeting.

The CBN is expected to “give feedback on the request”.


All this 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, more customers are finding their loans difficult to service, the report said.

But 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.