The Central Bank Of Nigeria (CBN) had on the 6th of December, introduced new cash withdrawal limits on individuals and organisations. While organisations can only access N500,000 cash on a weekly basis via over-the-counter transactions, Automated Teller Machines or Point of Sale machines, individuals are restricted to N100,000 per week.
The CBN says the directive is to drive the cashless policy of the government but the development has raised serious concerns amongst Micro Small and Medium-sized Enterprise Owners and Entrepreneurs.
MSME Africa hosts the Co Founder of Gradient Partners Limited, Yemi Soneye on its weekly Enterprise Chat to discuss the effects of the withdrawal limit and by consequence, the cashless policy move by the CBN on entrepreneurs and how entrepreneurs can mitigate these effects.
