I Wanted To Withdraw 500K From My Bank Acct & Was Told I Can Only Withdraw 150k –Akin Alabi

Popular Nigerian entrepreneur and House of Representative Member, Hon Oloye Akin Alabi, has reveals his experience at a branch of Access Bank in Oyo State.

According to the lawmaker representing the Ona Ara Federal Constituency, he entered the branch with the aim of withdrawing the sum of N500k from his account but to his surprise, he was told that there is a new withdrawal policy and the maximum amount he can withdraw is N150k as against N500k which is the limit set on individual account by the Central Bank.

The young lawmaker said the money is meant for about 120 elderly widows who will receive the sum of N50k each hence, his decision to withdraw the 500k to make up the amount needed to be given to the old widows.

Nigeria is a country where despite the cashless policy of the Central Bank of Nigeria, many still prefer cash based transactions to the cashless, no thanks to the Nigerian system that is not working as it ought to else, the lawmaker would have just make a transfer to the beneficiaries of the fund but trust Nigerian banks, they will frustrate the elderly women from withdrawing their money from the bank.

Please, is anyone aware of this “new CBN policy”?

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