The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.
Withdrawal at POS terminals has also been limited to N20,000 per day for individuals. The directive will take effect from January 9, 2023.
The directive comes as the CBN prepares to effect a change of naira notes in circulation starting next week, precisely on December 15.
The directive is contained in a December 6 memo classified as Confidential titled: “NAIRA REDESIGN POLICY-REVISED CASH WITHDRAWAL LIMITS”, sent to commercial banks, Micro-Finance Banks and others.
Signed by Haruna Mustafa, Director of Banking Supervision, the memo reads:
“Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:
“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“Third party cheques above 50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs.
The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose”.
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