CBN limits cash withdrawal to N100K per week

The Central Bank of Nigeria has announced new cash withdrawal limits, as a follow-up policy to the Naira Redesign Policy.

The new cash withdrawal limits: In a statement sighted by Pulse, the Supervising Director of the CBN, Haruna B. Mustapha, disclosed The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be ₦100,000 and ₦500,000 respectively.

He added that withdrawals above these limits shall attract processing fees of 5 and 10%, respectively.

Other withdrawal limits: "Third party cheques above ₦50,000 shall not be eligible for payment over the counter, while extant limits of ₦10,000,000 on clearing cheques still subsist.

"The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be ₦100,000 subject to a maximum of ₦20,000 cash withdrawal per day.

"Only denominations of ₦200 and below shall be loaded into the ATMs.

"The maximum cash withdrawal via point of sale (POS) terminal shall be ₦20,000

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 ₦5,000,000.00 and ₦10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in addition to enhanced due diligence and further information requirements.

"The above regulatory directives take effect nationwide from January 9, 2023."

Recall the apex bank has called for a return of old naira notes, and has begun distribution of redesigned naira notes.