CBN Limits Cash Withdrawal To ₦100K Per Week

Posted by Nwa Diokpa Business News, Featured, Latest Headlines Tuesday, December 6th, 2022

(AFRICAN EXAMINER) – A new cash withdrawal limit which is a follow-up policy to the Naira Redesign Policy has been announced by the Central Bank of Nigeria.

In a statement signed by the Supervising Director of the CBN, Haruna B. Mustapha, the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week is now ₦100,000 and ₦500,000 respectively.

He stated that withdrawals above these limits will 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 ₦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.”