Nigeria's CBN cuts ATM and POS transaction caps

1

Yesterday, you could withdraw up to NGN150,000 every day from an ATM. Now you can’t withdraw more than N60,000. And what is more, the cap applies to POS/online transactions as well. Wait, doesn’t that automatically put goods on Konga/Jumia et al above N60k out of everyone’s reach?

Also, you can’t spend more than $300 daily. GTBank has already warned its customers.

I wish this were about cashless societies, but nah. This is about the deep economic shit that Nigeria is in.

http://www.vanguardngr.com/2015/08/banks-reduce-withdrawal-limits-on-atms/

This is not hard to believe anymore

http://twitter.com/AfroVII/status/629924511350177792/photo/1

CL3xAAJXAAA46Gb.jpg600×600 40.4 KB

4 Likes
2

3 Likes
3

So much for cashless society. This man has destroyed all the good policies Sanusi put in place over the years.

2 Likes
4

Why would the CBN put a CAP on POS/Online Transactions? In a Cashless Society, how else would you purchase items if not via Cashless Transactions? Nigeria is quickly becoming the African Greece. What a pity!!

1 Like
5

i don’t get!
how is one expected to pay for stuffs online? i think he should be kicked outta there

6

Plus 65 Naira charge for every Cash Withdrawal you do on ATM machine that is Not of your ATM card’s Bank. I recall how that suffered me from taking a round figure, too many Limitations.
I should be leaving this country soon, I need a break :confused:

7

Our president needs a chief Economist who not only knows what he’s doing but can persuade the president to do what is right for the economy against his natural paternalistic instincts. Unfortunately,…

8

SMH! This is an opportunity for foreign financial instituition or cryptocurrencies like bitcoin (beyond FG control) will start routing our money from Nigeria to abroad and back to Nigeria to outsmart this policy, and then a long term harm is done to the economy. this an opportunity for an online currency like Bitcoin, which cannot be controlled by the Nigeria Government. This Guys seem not to get, ICT can make fool every unnecesarry and conservative policies issued. Also NCC is also in for a very big surprise

9

Lol. In my experience tho, that ATM withdrawal charge is lenient in Nigeria. I think Canada charges $3 dollars.

10

$5 on some US ATMs

11

@kehers how many times do you think an American uses an ATM in a month?

12

Still trying to understand the Logic behind the limit in POS, ATM is understandable…The price we have to pay for Clueless Governance… We move forward one step and back 10 steps…

13

1 Like
14

It doesn’t really matter, there’s nothing like a free lunch. At the end of the day how many Nigerians pay income tax? Too much entitlement… Jeez

15

Got a message via the GTBank app that the International POS/Online limit has been changed to about $10,000. So, clearly the initial limit was really unpopular. Thank God.

16

I think the $10,000 message from GTB is referring to a monthly limit.

1 Like
17

The cap was put on cards that are not wholly denominated in Naira. That is, if your card can be used in international transactions then you’ve got the 60k cap. You can go around this by asking for another card from your bank for domestic transactions.

I doubt it was the CBN that issued this directive, the banks were the ones that took this initiative just as the other time where they refused deposits in domiciliary accounts. Read here for clarification on that - http://www.naij.com/505647-speculators-round-trippers-innocent-bystanders-cbn.html

I think you guys should cut Godwin some slack, he’s doing his best to win the war, however the battle has been viciously stupid with his half-measure policies.

But Godwin!

18

i think most cards can be used for international transactions, even at that this whole thing is silly, soon they’ll start requesting money from you for being a Nigerian and owning a card in Nigeria.