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Business News of Wednesday, 18 January 2023


Banks suspend cash transactions via naira credit, prepaid cards as CBN domestic card scheme kicks off

Banks suspends naira debit withdrawal (file phot) Banks suspends naira debit withdrawal (file phot)

Commercial Banks in the country have suspended further cash disbursement via customers’ naira Credit and prepaid cards.

This is in compliance with the Central Bank of Nigeria’s (CBN) currency redesign cash withdrawal policy that limited withdrawals across all channels.

ThisDay reports that banks have informed customers through text messages that these channels can no longer be used to access cash for the time being.

Banks send messages to customers

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.”

It is unclear how many banks have made these adjustments, and attempts to contact some of the banks' communication departments for clarification were unsuccessful.