POS Operators, Falana Threaten Lawsuit Against CBN Over Withdrawal Limit

Point of Sale terminal operators better known as PoS operators and Lagos-based human rights lawyer, Femi Falana, has begun moves to sue the Central Bank of Nigeria if it does not stop the withdrawal policy it recently imposed on Nigerians.

The policy limits over-the-counter withdrawals by individuals and corporate bodies to N100,000 and N500,000 respectively weekly.

The CBN in the memo said third-party cheques above N50,000 would no longer be eligible for over-the-counter (OTC) payment while existing limits of N10m on clearing cheques still remain.

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The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawal to N20, 000 per day from ATMs. Withdrawals from PoS terminals were also limited to N20,000 daily.

The policy will take effect from January 9, 2023 and it had generated criticisms but the CBN clarified last Wednesday that PoS operators could apply for waivers.

However, Falana, on Monday, described the new cash withdrawal limit policy initiated by the CBN asunconstitutional.

As a result, he said would go ahead to sue the apex bank if its management failed to withdraw the new policy.