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BREAKING: CBN imposes fresh cash withdrawal limits

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The Central Bank Of Nigeria (CBN) has imposed fresh cash withdrawal limits on individuals and companies.

POLITICS NIGERIA reports that the directive takes effect from January 9, 2023.

According to a new memo to banks issued on Tuesday which was signed by the Director of Banking Supervision, Haruna Mustafa, individuals will only be able to withdraw N100,000 per week (from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 weekly.

Financial institutions have also been directed to load only N200 and lower denominations into their ATM.

The memo partly reads: “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
4. Only denominations of N200 and below shall be loaded into the ATMs.

“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”

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