CBN Reveals How POS Operators Can Get More Cash Amid New Withdrawal Limits Policy
The Central Bank of Nigeria (CBN) said point-of-sale (POS) operators can get more cash for their businesses despite the new withdrawal limits announced a few days ago.
The policy limits over-the-counter cash withdrawals by individuals and businesses to N100,000 and N500,000, respectively, per week.
It also limits point-of-sale (POS) and automated teller machines (ATMs) to 20,000 each.
POS operators have rejected the new policy, saying that it will kill their means of livelihood. They argued that the POS business depends largely on cash and can’t survive the new CBN policy.
In an interview with The Punch, the Director of Corporate Communications of the Central Bank, Mr. Osita Nwanisobi, said POS operators can take advantage of the waiver in the new policy to get cash for their businesses.
He added that there is an exemption in the circular released by the CBN, and operators can get more cash once they meet the requirements.
The requirements include a valid means of identification such as the National Identity Card, an international passport, or a driving license; the Bank Verification Number of the payee; a notarized customer declaration of the purpose of the cash withdrawal; senior management approval for the withdrawal by the managing director of the payee, where applicable; and approval in writing by the MD or CEO of the bank authorizing the withdrawal.