Kayode Olabanji,
Adedotun Aderoboye &
Kayode Afolabi

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As banks began the implementation of Central Bank of Nigeria, CBN, cashless policy in Ondo State, customers across the state are passing through terrible challenges

The customers that CBN must review what they termed as terribly bad and killing policy if banks and government care for the masses.

The CBN had on December 6, 2022, ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The policy was later reviewed to N500,000 and N5,000,000 respectively after much agitations from all concerned.

The cash withdrawal limits became effective on Monday January 9, 2023, amid concerns over the slow spread and quality of three newly redesigned naira notes.

Speaking with our correspondent, a customer at one of the commercial banks, a businessman in Okitipupa, Dele Otaibayomi, said there have not been any effect of the CBN orders at the bank.

“As you can see, we’re still receiving the old notes from the Automated Teller Machine (ATM) and someone just withdrew about N100,000 some minutes ago which was supposed to be weekly if implemented, or maybe he is not coming back for the week anyway”

As for me, I doubt if the N500,000 withdrawal limit per week will work if our economy is not worked on. In a country where a bag of rice is sold for N40,000. Moreover, not everyone can operate the cashless policy.

If eventually, the orders were implemented, then the negative impacts it would be more than the positive impact.s For instance, the queue in the banking halls would be doubled while the service of the ATM would be reduced,” Otaibayomi said.

Also, an attendant at the Point of sale, (POS) who identified herself as Morenikeji, said if the implementation is for the betterment of the citizens, so be it.

But seems it has not been effective, because I still collected N100,000 today at the ATM, which should be N20,000 per day and N100, 000 per week according to the CBN order. she said.

Speaking on the three redesigned naira notes, she said, she has not seen the new notes.

“I only heard people grumbling about the low quality of the naira notes which is yet to be in circulation, so, it is the government alone that understands the purpose of the newly redesigned notes”. She said.

The Hope report that despite the CBN order, people are still able to withdraw more than the given limit. Moreover, people are also withdrawing old notes from the ATM instead of new notes following the CBN order.

A grocery store owner in Ondo City, Mrs. Oluwatosin Oni described the CBN policy as one which puts a huge question mark on the survival of business owners who gets their products from rural areas that lack basic amenities and internet connection.

A trader, Mr. Michael Akinduro believed that the CBN’s cashless policy is not suitabe to the current level of technological development in the country and will pile misery on those who depend largely on the use of cash for their survival.

His words: “Nigeria is not there yet. From my own perspective, I think it is a wrong decision by the Central Bank. If Nigeria were to be a more digitalized country, it would have been a good decision.

Mr Ayobami Adebayo in Ore lamented that the new CBN policy is going to affect customers negatively.

He said the new policy is going to affect some businesses that solely rely on cash for their work, like Point of Sales (POS) business.

“The POS operators are cash in cash out agents,  because without cash, it is impossible to run the business

He predicted that some Point of Sales (POS) agents will be forced to pull down their businesses if they fail to register.