CBN’s N20,000 Daily Withdrawal Illegal – Falana

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Activist lawyer Femi Falana (SAN) has said that the decision of the Central Bank of Nigeria (CBN) fixing N20, 000 and N100,000 limits for daily and weekly withdrawal by individuals from January 9, 2023 is illegal, null and void in every material.

He also noted that the CBN has also ordered Deposit Money Banks (DMOs) and other financial Institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

Falana said since the Money Laundering Act 2022, which has fixed maximum cash withdrawal to N5 million, has not been amended, the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the CBN is illegal.

Falana, who is the Chair of the Alliance on Surviving COVID- 19 and Beyond (ASCAB), stated this in a statement in Lagos titled: “Maximum withdrawal limit is N5m in Nigeria”.

The regulatory directives will take effect nationwide from January 9, 2023.

(Nation)

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