These limits for free cash withdrawal and deposits were part of a new policy aimed at reducing the high usage of cash in the economy announced by the Central Bank of Nigeria, CBN, on April 28.
So let me get this straight. If I want to withdraw say N1m, I will pay the bank N8, 500 as penalty? For withdrawing my own money? And no third party cheques above N150,000 across the counter? How will this work? I'm really trying to make sense out of this, won't this move cause inflation or something? And won't it result to people keeping money at home instead?
Read the CBN policy after the cut and tell us what you think.
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