CBN Places Limits on Cash Withdrawals

The Central Bank of Nigeria (CBN) has imposed restrictions on the amount of cash that individuals and organizations can withdraw with effect from January 9, 2023.

The apex bank ordered all banks and other financial institutions to make sure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week in a memo that was released on Tuesday and signed by the Director of Banking Supervision, Haruna Mustafa.

The memo reads in part:

“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 cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“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 percent and 10 percent, respectively.

“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.

“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be #100,000 subject to a maximum of N20,000 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 N20,000 daily.”

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