Wednesday, 18 January 2023 06:07

New Naira notes scarcity: Banks suspend transactions via Naira credit, prepaid cards

Rate this item
(0 votes)

In compliance with Central Bank of Nigeria’s (CBN) currency redesign and cash withdrawal policy that limit withdrawals across all channels to N500,000 weekly, banks have suspended further cash disbursement via customers’ Naira Credit and prepaid cards.

As a result, the banks have informed customers through text messages that these channels can no longer be used to access cash for the time being.

For instance, Stanbic IBTC in a message to one of its customers stated: “Following the naira redesign policy limiting local cash withdrawals across all channels to N500,000 weekly, please be informed that cash withdrawal on your naira credit and prepaid card will not be available for now.”

Following its currency redesign project, the CBN had announced an upward review of its cash withdrawal policy across all payment channels by individuals and corporate organisations.

Under the updated regime, the bank said effective January 9, 2023, individuals and corporate entities can withdraw a maximum of N500,000 and N5 million respectively compared to N100,000 and N500,000 which was previously announced on December 6, 2022.