FACT CHECK: Did the Central Bank of Nigeria Ban Cash Withdrawals Above $500 for Commercial Enterprises?
Viral WhatsApp and TikTok posts claimed a new emergency decree was signed. Our investigative desk examined official gazettes.
Executive Brief & Key Points
- •Alleged circular is a doctored graphic reusing an obsolete 2019 administrative code.
- •CBN confirmed existing commercial banking withdrawal ceilings remain unaltered.
- •Social media users advised to verify regulatory notices via verified apex bank channels.
This claim was independently cross-referenced with primary gazettes and verified authorities by The Point Africa Fact Check Desk.
LAGOS, Nigeria — Over the past 72 hours, misleading circulars mimicking the official letterhead of the Central Bank of Nigeria (CBN) have circulated across social media platforms, alleging Drastic new limits on daily enterprise liquidity.
The Claim
Social media posts claimed that the CBN Governor signed Circular BSD/DIR/GEN/LAB/014/099 on March 28, declaring all cash transactions above ₦800,000 illegal with immediate asset forfeiture penalties.
The Verdict: FALSE
The Point Africa contacted the Corporate Communications Directorate of the CBN and cross-referenced the official registry of circulars on the CBN portal. The referenced reference number corresponds to a 2019 routine compliance advisory and contains fabricated clauses.
The CBN has issued no such emergency decree. Standard tiered corporate withdrawal guidelines established in 2023 remain in effect without alteration.
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