Following reports of a probe by the DSS against the governor of the Central Bank of Nigeria, Godwin Emefiele, the apex banks withdrawal limit has been adjusted. These events have rocked the country as their backstories are still unfolding. Of major concern are the extreme charges levelled against the CBN governor Godwin Emefiele.
In a suit filed by the DSS, the secret agency alleges that Emefiele is guilty of financing terrorism in the country. The allegation was escalated to the federal high court in Abuja but lacked concrete evidence. Also, filling such a case required presidential approval, which wasn’t available.
These issues make the allegation against the CBN governor Godwin Emefiele a bit messy. Already, the federal high court has thrown the case out but the DSS persists on investigating the alleged case.
Following the surprising DSS allegation, some adjustments have been made to the CBN withdrawal limit. Some say that the redesign of the naira as well as the withdrawal limits earlier set by the CBN contribute to the DSS case.
In an update however, the weekly withdrawal limit for individuals has been set to N500,000 from the previous N100,000 limit. Organizations can now withdraw up to N5,000,000 weekly. For weekly withdrawals exceeding the limit above, there will be certain documents required and a 3% and 5% processing fee for individuals and organizations, respectively. And, third-party cheques above N100,000 will not be cashed over the counter.
These changes are expected to help Nigerians settle into the new regulations whilst being able to fend for their daily needs. There are no limits on cashless transactions like bank transfers, encouraging a cashless society.