CBN to Sanction Customers Withdrawing Above $50,000 Annually

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Godwin Emefiele CBN Governor

As part of efforts to enforce compliance among banks customers that uses foreign currency in conducting business in Nigeria, the Central Bank of Nigeria (CBN) said henceforth customers that uses Naira Automated Teller Machine Cards such as Naira MasterCard to withdraw above $50,000 in a year will be sanctioned.

The Director Banking Supervision Mrs Tokunbo Martins disclosed this at the end of 329 Bankers Committee Meeting in Lagos on Wednesday.

Mrs Martins noted that offenders risk losing access to the foreign exchange market. Last year the CBN came up with guide lines that banks customers can only spend $50,000 per annum, from $150,000 previously allowed. While assuring Nigerian to disregards reports that Nigerian seven banks are challenged. She said other issues that they discussed at the meeting includes, the issue of mass retrenchment going on in the banking industry. According to her, the banks chiefs has assured the apex bank that there is nothing like retrenchments going on the banks.

She also explained to financial journalist that the CBN management and banks chiefs had a meeting with members of the Manufacturers Association of Nigeria (MAN), which centered on how they can access foreign exchange for their operations. On his part the Managing Director of Skye Bank Plc Mr Tokunbo Abiru said the committee discussed the need to improve on financial literacy.

He said the banks are going to play a major role in the World Savings Day coming up next month. While Mr Yinka Sanni Managing Director Stanbic IBTC said banks were reminded about their roles and responsibility to the economy. Adding that they also had an interface with the Pension industry on how to leverage on the huge resource in the industry for investment.

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