The Central bank has issued a new withdrawal limit that will take effect from January 9, 2023 for both ATM and over the counter as earlier promised at the launch of the redesigned Naira notes.
In a letter sent to all commercial banks seen by Quick News Africa, Individual and Corporate cash withdrawal limits per week will be ₦100,000 and ₦500,000 respectively.
The letter which was signed by the Director of Banking Supervision, Haruna Mustafa also noted that the ATM will no longer dispense ₦500 and ₦1000 notes but only ₦200 and below while POS withdrawal limit is now ₦20,000 daily.
“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 (DMBs) and other financial institutions (OFls) are hereby directed to note and comply with the following,” the statement read.
“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be ₦100,000 and ₦500,000 respectively.
“Third party cheques above ₦50,000 shall not be eligible for payment over the counter, while extant limits of ₦100,000 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 the statement signed by Mustafa, it was stated that any withdrawal above the limits stated will attract processing fees of 5% and 10%, for individuals and corporate respectively and for it to be processed by the bank, it will be supported by official documents such BVN and National Identification Number.
This is an act to be able to trace every naira that leaves the bank and in circulation so as to tackle the hoarding of naira notes and kidnapping cases in the country.
“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 and ₦10,000,000 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. You are required to obtain the following information at the minimum and upload the same on the CBN portal created for the purpose.
